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67. ACCOUNTING FOR OPERATIONS ON CURRENCY ACCOUNTS
In order to carry out business transactions related to the use of foreign currency, resident organizations have the right to open currency accounts in authorized Russian banks.
To open a foreign currency account, a legal entity must submit relevant documents to an authorized bank. An authorized bank, on the basis of a concluded bank account agreement, opens three accounts for a legal entity at the same time:
- transit currency account - for crediting the full amount of receipts in foreign currency;
- current currency account - to account for funds remaining at the disposal of a legal entity after the mandatory sale of a part of export earnings, to reflect the organization's settlements with its counterparties;
- special transit account - used to carry out currency transactions in cases established by federal law.
In accordance with the current legislation, the generalization of information on the availability and movement of funds in foreign currencies on the organization's foreign currency accounts opened with credit institutions in Russia and abroad is carried out on account 52 "Currency accounts". It is advisable to open sub-accounts for it: 52-1 “Currency accounts within the country”; 52-2 "Currency accounts abroad."
Within the currency sub-account 52-1, sub-accounts are opened: "Transit currency account"; "Current currency account"; "Special transit account", inside separate sub-accounts by types of currencies.
On debit account 52 correspondence is made on credit of the following accounts: 50, 57, 62, 66, 75 and 91.
Residents are obliged, within the terms stipulated by the contracts, to ensure that the proceeds for the sold goods, rendered services are credited to their bank accounts in authorized banks or the return of funds paid to non-residents in case of non-fulfillment of the terms of the contracts. From this requirement of repatriation of foreign exchange earnings, a number of exceptions have been made in the currency legislation relating to settlements on credits and loans, the use of part of the proceeds to cover expenses abroad. Not later than 7 days after the receipt of funds to the foreign exchange account, the mandatory sale of a part of foreign exchange earnings must be carried out in accordance with the Instruction of the Central Bank of the Russian Federation "On the mandatory sale of a part of foreign exchange earnings in the domestic foreign exchange market of the Russian Federation" dated March 30, 2004 No. 111- AND.
On credit account 52 correspondence is recorded in the debit of the following accounts: 50, 57, 60, 75, 91.
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