Various organizations and individuals buy currency for their own purposes, for example, to repay a loan, pay under a foreign contract and other trading operations, but only with the participation of an authorized bank and exclusively according to the rules established by the National Bank. Neither the purchase nor the sale of currency is possible without the participation of the bank, and if this condition is violated, the transaction is considered invalid.
Instructions
Step 1
Buying and selling currencies is possible through interbank currency exchanges. Buying currency through a bank is the acquisition of foreign currency under a concluded purchase and sale agreement with a bank or under an order agreement. Transactions on the purchase of foreign currency are reflected using the account "Settlements with debtors and creditors" No. 76, and on sales - the account "Transfers in transit" No. 57.
Step 2
In order to buy currency to pay for goods or services provided by a foreign organization, you must submit an application to the bank for the purchase of currency, provide an agreement according to which this currency will be further sent to its destination and transfer the required amount of funds in national currency using posting " Debit of account number 76 - Credit of account number 51 ".
Step 3
To carry out currency control, the bank must put on the originals of each document provided by the organization a mark on its accounting as the basis for the purchase of foreign currency, on the basis of an agreement, open a transit currency account and a current account in the required currency for the organization.
Step 4
After the bank acquires non-cash foreign currency, the bank credits funds to the organization's current foreign currency account in the following way: "Debit of account No. 52 - credit of account No. 76". An entry in the accounting register for the account of assets and liabilities is made in the national currency and at the same time in foreign currency. All expenses and incomes that have arisen in the course of transactions for the purchase and sale of foreign currency should be accounted for as other payments. In this case, the entry "Debit of account No. 76 - Credit of account No. 52" is made, and then "Debit of account No. 91 - Credit of account No. 76". That is, first the payment of the bank's commission is drawn up, and then this amount refers to other expenses.
Step 5
The received currency is accounted for at the official rate set by the National Bank as of the date of receipt of funds, although the bank may acquire currency at a different rate from the official rate. In this case, the difference should be included in other expenses or income and reflected using the entry "Debit of account No. 91 - Credit of account No. 76".
