What is the accounting of currency transactions

Practically at every enterprise occurvarious currency transactions. And it's a sin to talk about banking and other financial organizations, because practically all activity is based on this type of activity. Of course, they need to somehow declare. This is always the accountant, as well as the chief accountant. These people must necessarily have a special education in order to know how to properly organize the recording of currency transactions. Otherwise, the enterprise or bank may experience problems with various services.

Accounting and analysis of foreign exchange transactionsincludes an entire organizational system that has its own rules, methods, and principles. For example, each action must be accounted for in a specific account. So, on the 52nd, under the name "Currency Accounts", an operation such as a written-off / sold foreign currency must be indicated.

It should be said that in the legislativelevel there are absolutely no restrictions on the performance of procedures of this type between residents, as well as non-residents. But, the account of currency transactions is very strictly controlled, and any mistake can be very expensive. Therefore, every accountant must perform his work very carefully.

Accounting for foreign exchange transactions has somefeatures. First of all, this refers to the fact that there is a need to recalculate assets, as well as liabilities into the national currency. Also it is necessary to take into account exchange rate differences, which are formed as a result of recalculation.

It should be noted that in any enterprise accountingcurrency transactions should be made in some cases. First of all, it concerns, for example, when an enterprise buys or sells goods and services, the prices for which are indicated in foreign currency. That is, accounting for import transactions takes place. The accountant creates a separate account, on which he conducts all the actions. For example, accounting of foreign exchange transactions should be organized when a business entity receives a loan in foreign currency or, conversely, repays it. There are also a lot of examples of when such accounting should be kept, but, as practice shows, these situations are the most common.

Incidentally, accounting for currency transactions followsconduct at the current exchange rate, which is called "spot." That is, if the transaction was carried out on the 12th day, and the accountant started work on the 14th, then it is necessary to conduct it at the rate of 12, that is, to be guided by the date of the operation.

In the end I would like to say that if you havethere is no special economic education, then you can not keep track of currency transactions simply because you will not know how to do it right. In this case, it's impossible to just learn, then you have to understand what needs to be done and how, for example, money is written off. That is why every enterprise has an accountant, who ensures that all operations are correctly conducted, and there are no errors.