Conducting foreign trade operations is a rather complicated process, not only during documentary registration. Many accountants are faced with the problems of capitalizing imported goods in accounting. A particular difficulty arises with determining the date of reflection, the procedure for recalculating currency amounts and posting the calculated VAT.
Instructions
Step 1
Decide on which account you will draw up the purchase of inventories represented by imported goods. To do this, you can use account 15 "Procurement and purchase of material assets", account 10 "Materials" or account 41 "Goods". For the last two options, it is worth opening two sub-accounts "Additional costs" and "Materials (goods) in transit".
Step 2
Open a foreign currency account in a servicing bank to purchase imported goods and get a passport for foreign economic transactions. Reflect the payment of the commission for drawing up a passport of the transaction by opening a loan on account 51 "Current accounts" with correspondence to account 15 or subaccount 10 or 41 "Additional expenses".
Step 3
Write off the VAT on the bank's commission to the debit of account 19 "VAT on purchased values" with reference to the credit of account 51. The transfer of funds for the purchase of currency is reflected in the debit of account 57 "Transfers in transit". Reflect the receipt of currency to the current account on the debit of account 52 "Currency accounts" with the correspondence to account 57. Show the resulting exchange rate difference on the debit of account 91-2 "Other expenses".
Step 4
Pay the supplier for the imported item. Open a debit on account 60-2 "Settlements with suppliers in foreign currency" and a credit on account 52. For currency translation, the bank will withdraw a commission, which reflects on the debit of account 15 or sub-account "Additional expenses" on account 10 or 41.
Step 5
Capitalize the imported goods received at the customs. Enter this operation into accounting by opening a debit on account 15, 10 or 41 with correspondence to the credit of account 60-2. After the fact of import is confirmed, on the basis of the cargo customs declaration (CCD), reflect in the accounting department the return of the amount of the bank deposit to the importer. To do this, open a debit on account 51 "Current accounts" and credit account 55-3 "Deposit accounts".
