The use of bank transfer in international settlement transactions. Bank transfer as a form of international payments. Types of international payments for collection
One of the forms of the latter is international settlements, which is understood as a set of settlement methods for trade and non-commercial operations between counterparties located in different states. They are carried out through banking institutions and are governed by agreements between the parties, national legal acts and international rules.
In the process of concluding an agreement between counterparties, the type of currency used for mutual settlements and the procedure for its exchange are determined. This can be the national currency of one of the states of the parties to the agreement or any other. Most of the international settlements are made in US dollars. More than 50% of payments for trade transactions and over 80% of foreign exchange transactions are made in US currency.
Forms
With the development of trade relations between countries, a certain system of mutual settlements has developed and is constantly being improved. The following forms of settlement between countries are most often used:
- Full or partial advance payment. In the latter case, it can be from 20 to 30% of the transaction amount and allows you to minimize the risks of exporters.
- Deferred payment with a bank guarantee or backed by a standby letter of credit. Payment is made using an open account with appropriate collateral.
- Documentary (commercial) letter of credit. The most complex and expensive option for international settlements, which avoids the possibility of incomplete payment under the agreement.
- Collection documentary. A fairly safe method of mutual settlements, but there is a risk that the buyer will not pay.
- Open account. This method of mutual settlements involves the delivery of goods with their subsequent payment within the terms established by the contract (usually 30, 60 or 90 days).
The latter form of international settlements is used between reliable business partners, when the creditworthiness of the importer is beyond doubt. In order to reduce risks, exporters resort to credit insurance. There are other forms of international settlements in the form of bank or electronic transfers, bills of exchange, checks (travel and tourist), as well as the use of debit or credit cards. Foreign exchange clearing is a special type of mutual settlements between counterparties.
Functions and rules
Financial and credit operations, within the framework of foreign economic activity of legal entities and individual citizens, involve payments and a system that guarantees the observance of the interests of the parties when concluding transactions. International settlements perform the following functions:
- Payment. Payment is made by the buyer (importer) by bank or wire transfer, bank draft or otherwise.
- Security. Provision of guarantees for the fulfillment of obligations by the parties to the contract, using documentary or commercial letters of credit, as well as insurance instruments.
- Lending or financing. Provides for the provision of borrowed funds to the seller or buyer for export-import operations. It is possible to use such instruments as transfer or compensation letters of credit, as well as other forms of mutual settlements.
In world practice, there are three basic rules for international settlements. First of all, export credits are insured to guarantee and secure payment for supplies. Second, reducing the risks associated with fluctuations in exchange rates. Thirdly, the involvement of factoring companies that specialize in checking payment discipline, making advance payments and recovering overdue obligations.
3.5.1. Economic essence, purpose, objectives of accounting international settlements. Forms of international payments
Documentary operations - a generalized concept, which is understood as operations on international settlements in the form of a letter of credit, collection, as well as operations on bank guarantees and reserve obligations.
International calculations- these are payments in foreign currency for foreign trade transactions related to the transfer of money from one country atanother.
For the timely and rational implementation of international settlements, banks usually maintain the necessary foreign exchange positions atdifferent currencies atin accordance with the structure and timing of forthcoming payments andpursuing a policy of diversifying their foreign exchange reserves. Coordination of the opposing interests of counterparties in international economic relations and the organization of their payment relations is implemented through the use of various formsinternational settlements.
92
A feature of the organization of international settlement transactions is international unification of the procedure for carrying out international calculationscomradeThey are carried out through:
preparation and signing of international conventions, contracts, agreements, which determine the general terms of settlements between counterparties from different countries. These international instruments include, for example, the Geneva Convention on the Uniform Law on a Bill of Exchange and Promissory Note of 1930, the UN Convention on International Promissory Notes and Bills of Exchange 1988, the UN Convention on Independent Guarantees and Standby Letters of Credit;
the introduction by the International Chamber of Commerce (ICC) into the practice of international settlements of unified rules and customs of business turnover, in particular, the Unified rules and customs for documentary letters of credit, the Unified rules for collection, the Unified rules for interbank reimbursements for documentary letters of credit and others that determine the nature of the relationship between banks - participants in the settlement operation. ICC publications dont Havelegal force,but are widely used in banking practice for international settlements.
For the effective conduct of international settlement transactions by banks, the used system of transferring messages (payment instructions) between correspondent banks is of great importance. In modern conditions, instead of traditional means of interbank communications, such as post, telegraph, telex, international banking systems for electronic funds transfer are increasingly used. In particular, Belarusian banks when carrying out international settlement transactions
93
radios widely use the S.W.I.F.T. (SWIFT), in which the transfer of messages when making a payment occurs on a paperless basis through the channels of international banking computer communications.
The SWIFT system (Society for the World's Interbank Telecommunications) was organized in 1977 by a consortium of major banks in Western Europe and the United States. Banks receive and send payment instructions through electronic terminals that are connected to regional processors that send information to switching centers (group processors), which are the main nodes of the system. In them, messages are checked for compliance with SWIFT standards and forwarded to the recipient banks. For the correct delivery of the message, all SWIFT participating banks have an identifier code, which is their address in the system. In addition, message numbering systems are used to identify the sending bank and the receiving bank.
A SWIFT message is equivalent to a postal order and is called an international money order. The priority message of the SWIFT system is also used, which is equivalent to a wire transfer and is called an international express money transfer. The SWIFT system allows banks to quickly exchange information in the process of carrying out international settlements, thereby speeding up payments while saving costs for these operations and high security of settlements.
The main forms of international paymentsare letter of credit, collection and bank transfer. They differ from each other, among other things, the role that banks play in these forms of settlement.
The purposeaccounting for international settlements is the observance of the basic requirements for carrying out these settlements in accordance with the national currency legislation of the country and the established international practice, which exists in the form of unified international rules.
Based on the goal, main tasksaccounting for international settlements are:
strict adherence to the procedure for documenting transactions related to international settlements;
reflection in the accounting of claims and obligations arising between banks, banks and their clients in the process of carrying out bank documentary operations;
referring the received income and expenses related to the performance of documentary operations to the corresponding balance sheet accounts according to their economic nature;
application of the accrual principle and approaches to the reflection in the accounting of income and expenses for bank documentary operations
radios in the manner prescribed by the regulatory legal acts of the National Bank of the Republic of Belarus;
compliance with the principles of accounting for transactions in foreign currency in accordance with the regulations of the National Bank of the Republic of Belarus;
reflection of interbank settlements in Belarusian rubles for bank documentary transactions in accordance with the regulations of the National Bank of the Republic of Belarus, regulating the accounting procedure for these transactions;
reflection in accounting of reserve liabilities, depending on the form in which they were issued.
Bank transfer is a form of settlement in which the buyer gives an order to the bank serving him to transfer a certain amount to another country and pay the transfer to the recipient. Bank transfer is the simplest, cheapest and most prompt form of making a payment.
The execution of a bank transfer begins with the issuance of payment instructions by the initiator of the payment to the sending bank for transferring funds at the expense of the payer to the receiving bank in favor of the beneficiary specified in these payment instructions.
Bank transfer for international settlements is carried out using a payment order. It is submitted to the bank in the amount required for the transfer (at least two copies).
The first copy of the payment order is certified by the seal imprint and signatures of the payer's officials in accordance with the declared samples and the seal imprint. When accepting a payment order from a client, the responsible executor checks the correctness of the compilation and filling of the required details, the compliance of signatures and seal imprints with the declared samples, the presence on the payer's account of the funds necessary for the transfer, the legality of the transfer and the availability of supporting documents. On the payment order, the responsible executor puts down the value date, the name of the correspondent bank through which the transfer will be made. The sending bank, on the basis of the payment order, draws up a message to the foreign bank for the transfer of foreign currency.
The first copy of the payment order, on the basis of which the message to the foreign bank is drawn up, is attached to the documents of the day. The second copy with the bank mark is returned to the client. In fig. 3.8 shows the bank transfer scheme.
Table 3.9 reflects the correspondence of accounting accounts of bank transfers on behalf of customers.
Table 3.9.in foreign currency on behalf of clients
| Contents of operation | Correspondence of invoices |
|
| Debit | Credit |
|
| 1. Funds were debited from an account in a non-resident bank (in case of coincidence with the value date in S.W.I.F.T of messages on transfers) of the client of the parent bank | | |
| 2. Funds have been debited from an account in a non-resident bank (if they coincide with the value date in S.W.I.F.T messages on transfers) of the client of the branch | ||
96
The end of the table. 3.9
| 1 | 2 | 3 |
| 2.1. On the balance sheet of the parent bank | | 1502 "Correspondent accounts with non-resident banks" |
| 2.2. On the balance sheet of the branch | 301X "Current (settlement) client account" | |
| 3. Funds were debited in a non-resident bank from the client's account of the parent bank in case of a mismatch in the value date in S.WI.F.T. | ||
| 3.1. On the day of debiting funds from the client's account | 301X "Current (settlement) client account" | |
| 3 2. On the value date in S.W.I.F.T. | 1814 "Settlements for interbank transfers" | 1502 "Correspondent accounts with non-resident banks" |
Table 3.10 reflects the correspondence of accounting accounts of bank transfers on behalf of banks.
Table 3.10Correspondence of accounting accounts of bank transfers
in foreign currency on behalf of banks
| Contents of operation | Correspondence of invoices |
|
| Debit | Credit |
|
| 1 | 2 | 3 |
| 1. Funds have been debited from an account in a non-resident bank if the date of debiting of funds coincides with the value date in S.WI.F.T. | | 1502 "Correspondent accounts with non-resident banks |
| 2. Funds were debited from an account in a non-resident bank if the date of debiting the funds did not coincide with the value date in S.W.I.F.T .: | ||
| 2.1. On the day of debiting funds from a resident bank account 2.2. On the value date in | 1702 "Correspondent accounts of non-resident banks" 1814 "Settlements for interbank transfers" | 1814 "Settlements for interbank transfers" 1502 "Correspondent accounts with non-resident banks" |
97
The end of the table. 3.10
| 1 | 2 | 3 |
| 3. The received funds in foreign currency were credited to the correspondent account of the non-resident bank in favor of the client of the parent bank | 1502 "Correspondent accounts with non-resident banks" | 30IX "Current (settlement) client account" |
| 4. The received funds in foreign currency were credited to the correspondent account of the non-resident bank in favor of the client of the branch | 1502 "Correspondent accounts with non-resident banks" | 6111 "Sub-correspondent accounts of the branch for settlements in foreign currency" |
| 5. Funds are credited to the beneficiary's account in a foreign currency other than the currency of his account (with conversion) in favor of the client of the parent bank | ||
| 5.1. For the amount of incoming foreign currency | 1502 "Correspondent accounts with non-resident banks" | 6901 "Currency position" |
| 5.2. For the amount of foreign currency credited to the beneficiary's account | 6901 "Currency position" | 301X "Current (settlement) client account" |
| 5.3. For the amount of the ruble equivalent of a currency position | | 6911 "Ruble equivalent of currency position" |
Clients pay for the services of banks related to the implementation of bank transfer operations, on the terms specified in the agreement between the bank and the client, unless otherwise provided by legislative acts of the Republic of Belarus. Payment of the commission is carried out in Belarusian rubles or foreign currency. The accounting procedure for the commission is presented in table. 3.11.
Table 3.11.Correspondence of commission accounting accounts
when making a bank transfer in foreign currency
98
The end of the table. 3.11
| 1 | 2 | 3 |
| 1.1. For bank transfers of clients (except banks) | 301X "Current (settlement) client account" | 8101 "Commission income for opening and (or) maintaining customer bank accounts" |
| 1.2. For transfers of non-resident banks | 1702 "Correspondent accounts of non-resident banks" | 8100 "Commission income for opening and (or) maintaining bank bank accounts" |
| 2. Reimbursed the amount of expenses incurred by the head bank on transfers of branch clients in foreign currency and the amount of the bank's commission for international transfers of branch clients | ||
| 2.1. At the head bank | 6111 "Sub-correspondent accounts of the branch for settlements in foreign currency" | 8280 "Income from operations between branches" |
| 2.2. At a bank branch | 9280 "Expenses on transactions between branches" | 6101 "Sub-correspondent accounts of the branch for settlements in foreign currency" |
| 3. Commission paid to a non-resident bank for the execution of bank transfers in foreign currency, servicing the accounts of a resident bank | 9100 "Commission expenses for opening and (or) maintaining bank accounts of banks" | 1702 "Correspondent accounts of non-resident banks" 1502 "Correspondent accounts with non-resident banks" |
3.5.3. Accounting for settlements by letters of credit
Letter of credit -this is the order of the payer to his bank to provide in favor of the recipient of funds an obligation to make payment on the terms set out in the application.
Letters of credit, depending on the conditions and the procedure for their execution, are revocable and irrevocable.
Revocable letter of creditmay be changed or canceled without prior notice to the beneficiary.
Irrevocable letter of creditcan neither be changed nor canceled without the consent of the issuing bank, the confirming bank and the beneficiary.
Depending on the method of collateral, letters of credit are divided into covered and uncovered.
99
Covered L / C- these are the funds previously provided by the issuing bank at the disposal of the beneficiary bank in the amount of the letter of credit.
Uncovered Letter of Credit- coverage for it may not be debited from the issuer's account, but transferred during the validity period of the letter of credit until the payment is made.
The cover of the letter of credit is drawn up with a memorial order in triplicate. The first copy is filed in the documents of the day, the second - in the dossier under the letter of credit. The third copy is given to the issuer.
Letter of credit can be revolving,those. as payments under the letter of credit are made, the amount of the letter of credit is automatically restored without changing its terms. In turn, revolving letters of credit can be cumulative or non-cumulative. By cumulative accreditedthivuthe amount not used within a certain time can be additionally used in the next period.
Letter of credit with red clausein its terms, provides that the issuing bank authorizes the nominated bank to make an advance payment to the beneficiary prior to the submission of all documents under the letter of credit.
Standby letter of credit- this is a letter of credit, according to which the bank issues an obligation to pay a certain amount of money to the beneficiary in the event of failure of the applicant to fulfill any obligation or the occurrence of any event. By means of a standby letter of credit, the fulfillment of obligations to the beneficiary is guaranteed.
The banks participating in the settlement of the letter of credit have the following names: issuing bank, executing bank, advising bank, confirming bank, reimbursing bank, advertising bank.
The provision of funds to a nominated bank to make a payment under a letter of credit or reimbursement of funds paid under a letter of credit is called reimbursement.It can be done by the issuing bank or another bank in accordance with the instructions or authority received.
The issuer (applicant) submits an application to its bank in two copies. The first copy is used to draw up a letter of credit and is placed in the dossier under the letter of credit. The second copy with the bank mark is given to the issuer. The application is the basis for issuing a letter of credit.
The issuing bank sends a message to the beneficiary bank on the opening of a letter of credit, a copy of the message is sent to the issuer.
The beneficiary bank (advising bank) verifies the authenticity of the letter of credit and sends a notice (advice note) with a copy of the letter of credit attached to the beneficiary no later than the second banking day,following the day of receipt of the letter of credit.
100
After sending the notification to the beneficiary, the advising bank sends the beneficiary a letter on the execution of his order. The beneficiary, having received an advice note, checks whether the letter of credit complies with the terms of the agreement. The beneficiary must submit the documents to the bank in accordance with the terms of the agreement with a covering letter (in duplicate), which must contain a list of the submitted documents. The first copy of the letter is certified by the seal and signature of the officials. The second copy with the bank mark is given to the beneficiary. Beneficiary's bank on time, don't mindseven banking days,checks documents. If there are deviations in the documents in relation to the amount of the letter of credit and the quantity of goods shipped or its price per unit within 10%, both upward and downward, the bank may accept such documents if the letter of credit in relation to its amount, the amount of shipped goods or prices used the words "about", "approximately". If there is no such clause - within 5%.
After checking the documents, the beneficiary bank sends the documents to the issuing bank.
The issuing bank checks the received documents and issues them against receipt to the issuer. If the documents meet the terms of the letter of credit, the issuing bank makes payment under the letter of credit. If the documents do not meet the terms of the letter of credit, the issuing bank must contact the issuer and clarify whether he agrees to pay for the documents with the discrepancy. If the issuer refuses to accept the documents with a discrepancy, the issuing bank has the right to demand the return of the amount of the letter of credit.
The accounting procedure for the example of providing a letter of credit to a commercial organization is shown in table. 3.12.
The document flow procedure for a letter of credit is schematically shown in Fig. 3.9.
Table 3.12.Correspondence of accounting accounts of settlements with letters of credit in the issuing bank
| Contents of operation | Correspondence of invoices |
|
| Debit | Credit |
|
| 1 | 2 | 3 |
| 1. The bank's liabilities for the execution of the letter of credit at its opening were capitalized | | |
| 2.The fulfilled obligations under the letter of credit are written off at closing | 99012 "Liabilities under a letter of credit" |
|
| 3. Received from the applicant funds intended for the execution of the letter of credit | | |
| 4. Received funds from the applicant as security for the fulfillment of obligations under the letter of credit | 3012 "Current account of commercial organizations" | |
| 5. Foreign exchange coverage provided | | Correspondent account |
| 6. Received documents for making payment under the letter of credit | 99816 "Documents on letters of credit" | |
| 7. A letter of credit was opened at the expense of a loan provided to a commercial organization | 2120 "Short-term loans to commercial organizations" | 3162 "Letters of credit of commercial organizations" |
| 8. A letter of credit was opened at the expense of funds received as security for the fulfillment of obligations | 3152 "Funds received from commercial organizations as fulfillment of obligations" | 3162 "Letters of credit of commercial organizations" |
| 9. A letter of credit has been opened at the expense of the issuing bank (in case of failure of the order-tel to fulfill its obligations to provide funds) | 2150 "Fulfillment of obligations for commercial organizations" | 3162 "Letters of credit of commercial organizations" |
| 10 Paid documents for the execution of the letter of credit | 3162 "Letters of credit of commercial organizations" | Correspondent account |
102
The end of the table. 3 12
| 1 | 2 | 3 |
| 11. The letter of credit was executed due to foreign exchange coverage | 3162 "Letters of credit of commercial organizations" | 1515 "Funds transferred by resident banks as fulfillment of obligations" |
| 12. The letter of credit was executed at the expense of the financing bank in case of post-financing | 3162 "Letters of credit of commercial organizations" | 1731 "Short-term loans from resident banks" |
| 13. The applicant's unused funds provided for the execution of the letter of credit were returned | Correspondent account | 1515 "Funds transferred by resident banks as fulfillment of obligations" |
| 14. Unused foreign exchange cover returned | Correspondent account | 1515 "Funds transferred by resident banks as fulfillment of obligations" |
Documents received for making a payment under a letter of credit are reflected upon receipt of off-balance sheet account 99816 “Documents on letters of credit”.
Accounting for the execution of a letter of credit in the confirming and executing bank is reflected in the accounting in the manner presented in table. 3.13 -3.15.
3.2.1. Bank transfer concept
A bank transfer is a simple order of the bank to its correspondent bank, to pay a certain amount of money at the request and at the expense of the originator to the foreign recipient (beneficiary), indicating the method of reimbursement of the paid amount to the paying bank. Bank transfer is carried out by means of payment orders addressed by one bank to another, as well as (if there is a special interbank agreement) by bank checks or other payment documents. Commercial or shipping documents are sent in this form of payment from the exporter to the importer directly, i.e. bypassing the bank.
When making settlements by bank transfers, commercial banks execute payment orders of foreign banks or pay, in accordance with the terms of correspondent agreements, bank checks issued on them for monetary obligations of foreign importers, as well as issue payment orders and bank checks to foreign banks for monetary obligations of Russian importers.
When performing a transfer transaction, the beneficiary's bank is guided by specific instructions contained in the payment order. For example, a payment order may contain a clause on the payment of the appropriate amount to the beneficiary against providing them with the commercial or financial documents specified in the payment order or against providing them with a receipt.
When performing a transfer transaction, banks take part in settlements by transferring only after the payer submits a payment order to the bank to pay for the contract. However, banks are not responsible for the payment. Banks do not control the fact of delivery of goods or transfer of documents to the importer, as well as the execution of payment under the contract. With this form of settlement, the bank is only responsible for transferring the payment from the account of the originator to the account of the recipient at the time of the submission of the payment order.
Figure: 3.1. Settlement scheme by bank transfers
After the conclusion of the contract (1) between the importer and the exporter, the importer sends an application for transfer to the bank (2). Delivery of goods may precede or follow payment, which is determined by the terms of the contract and the currency laws of the countries. The importer's bank, having accepted the payment order from the importer, sends on its own behalf the payment order (3) to the respective exporter's bank. Having received the payment order, the bank verifies its authenticity and performs an operation to credit money (4) to the exporter's account.
In international banking practice, bank transfers can be used to pay an advance under a contract if its terms contain a clause on the transfer of a part of the contract value (15-30%) in advance, i.e. before the goods are shipped. The rest is paid for the actually delivered goods. The advance payment actually means hidden crediting of the exporter and is disadvantageous to the importer. In addition, the transfer of the advance creates the risk of losing money for the importer if the exporter does not fulfill the terms of the contract and does not deliver the goods.
In order to protect the importer from the risk of non-refund of the advance payment in case of non-delivery by the exporter of the goods, there are several ways of protection in international banking practice:
1. Obtaining a bank guarantee for the return of the advance payment - in this case, a guarantee of a first-class bank is issued before the transfer of the advance payment;
2. use of documentary or conditional translation - in this case, the exporter's bank makes the actual payment of the advance, provided that the exporter submits the transport documents within a certain period.
Instruction of Vneshtorgbank of the USSR of December 25, 1985 N 1 "On the procedure for conducting banking operations for international settlements"
A bank transfer is a simple order of a bank to its correspondent bank to pay a certain amount of money at the request and at the expense of the originator to a foreign recipient (beneficiary), indicating the method of reimbursement of the paid amount to the paying bank.
Bank transfer is carried out by bank transfer from one bank to another. Sometimes transfers are made using bank checks or other payment documents. Commercial or shipping documents are sent in this form of payment from the exporter to the importer directly, i.e. bypassing the bank.
When making settlements by bank transfers, commercial banks execute payment orders of foreign banks or pay, in accordance with the terms of correspondent agreements, bank checks issued on them for monetary obligations of foreign importers, as well as issue payment orders and bank checks to foreign banks for monetary obligations of Russian importers.
When performing a transfer transaction, the beneficiary's bank is guided by specific instructions contained in the payment order. For example, a payment order may contain a clause on the payment of the appropriate amount to the beneficiary against providing them with the commercial or financial documents specified in the payment order or against providing them with a receipt.
Figure: 1. Scheme of settlements by bank transfers
When performing a transfer transaction, banks take part in settlements by transferring only after the payer submits a payment order to the bank to pay for the contract. However, banks are not responsible for the payment. Banks do not control the fact of delivery of goods or transfer of documents to the importer, as well as the execution of payment under the contract. With this form of settlement, the bank is only responsible for transferring the payment from the account of the originator to the account of the recipient at the time of the submission of the payment order.
After the conclusion of the contract (1) between the importer and the exporter, the importer sends an application for transfer to the bank (2). The delivery of goods (3) may precede or follow the payment, which is determined by the terms of the contract and the currency legislation of the countries.
The importer's bank, having accepted the payment order from the importer, sends on its own behalf the payment order (4) to the corresponding exporter's bank. Having received the payment order, the bank verifies its authenticity and makes an operation to credit money (5) to the exporter's account.
In international banking practice, bank transfers can be used to pay an advance under a contract if its terms contain a clause on the transfer of part of the contract value (15-30%) in advance, i.e. before the goods are shipped. The rest is paid for the actually delivered goods. The advance payment actually means hidden crediting of the exporter and is disadvantageous to the importer. In addition, the transfer of the advance creates the risk of losing money for the importer in the event that the exporter fails to fulfill the terms of the contract and does not deliver the goods.
In order to protect the importer from the risk of non-refund of the advance payment in case of non-delivery by the exporter of the goods, there are several ways of protection in international banking practice:
obtaining a bank guarantee for the return of the advance; in this case, a first-class bank guarantee is issued before the advance payment is transferred;
use of documentary or conditional translation; in this case, the exporter's bank makes the actual payment of the advance to his account, subject to the provision of transport documents to them within a certain period.
Credit organizations carry out international settlements through banks (including foreign ones) with which correspondent relations have been established. The procedure and conditions for carrying out operations on correspondence
pond accounts "nostro" and "loro" in foreign currency are determined by the relevant agreements. The credit institution, by its internal administrative document, regulates the opening and closing of correspondent accounts. In addition to the interbank settlements on traveler's checks discussed in the previous paragraph, cross-border transfers of individuals without opening an account, transactions on correspondent accounts include mutual settlements on interbank transactions, bank transfers on foreign currency accounts of legal entities, settlements in the form of collection and documentary letters of credit, issuing bank guarantees to customers to secure foreign economic transactions.
1. Accounting for banknote transactions (confirmation of correspondent accounts with foreign currency in cash and receipt of foreign currency in cash from a correspondent account).
When sending cash in currency: D20209 "Cash in transit" K20202 "Cashier of a credit institution"
After crediting funds to the nostro account on the basis of a correspondent bank statement:
Receiving cash in foreign currency from correspondent accounts "nostro" and "loro":
Transfer to the correspondent bank of non-cash coverage: D47423
D70606 symbol 25202 (correspondent bank commission)
K correspondent accounts of the bank in foreign currency (30110,
30114, 30109, 30111)
After delivery of foreign currency in cash to the bank's cash desk: D20202 K 47423
2. Accounting of bank transfers for client accounts of legal entities and individuals.
All receipts in foreign currency from other banks in favor of resident legal entities and individuals - individual entrepreneurs (based on interbank settlement documents (telexes) and extracts from a correspondent bank) are credited to their transit accounts:
D 30110, 30114, 30109, 30111
To transit accounts of legal entities and individuals - individual entrepreneurs (405, 406, 407, 40802)
After identification by the account holders of receipts (submission to the bank of a Certificate of currency transactions in accordance with clause 1.2,
1.3 Instruction of the Central Bank of Russia dated June 15, 2004 No. 117-I) at the request of the client, funds are transferred to the client's current account in foreign currency (in whole or in part), to transit accounts of resident counterparties and accounts of non-residents in accordance with the Instruction of the Central Bank of Russia dated
03/30/2004 No. 111-I, for sale in the domestic foreign exchange market with crediting of the ruble equivalent of the sold foreign currency to the client's current account in rubles:
E transit accounts of legal entities and individuals - individual entrepreneurs (405, 406, 407, 40802)
To settlement accounts of legal entities and individuals - individual entrepreneurs in foreign currency (405, 406, 407, 40802) To transit accounts of counterparties
To the account of non-resident counterparties (30109, 30110, 3011, 30114, 40807) K47405 "Customer funds for sale in domestic currency
When funds are received on nostro accounts that cannot be credited to the recipient's accounts due to incorrect indication of any details of the recipient, the received funds are credited to the account of unclear receipts with a request sent to the correspondent bank no later than the next day:
К47416 "Amounts received on correspondent accounts before clarification"
On the day of receiving comprehensive additional information from the correspondent bank, the funds are credited to the recipients' accounts. If no response is received from the correspondent bank, the funds are returned to the correspondent bank within the time frame established by the agreement on correspondent relations.
Bank transfers in foreign currency in favor of a non-resident are carried out on the basis of an application for a transfer. For residents, it is also necessary to have supporting documents (foreign economic contracts, passports of transactions, invoices, etc.). The residents' application is executed after the bank, as a currency control agent, checks the compliance of the transfer amount with the concluded agreements for the supply of goods, performance of work, and provision of services.
When executing an application for a transfer (debiting from a correspondent account) on the day it is received by the bank, the following is made:
K30110, 30114, 30109, 30111
If the date of debiting funds from customer accounts does not coincide with the date of debiting from the correspondent account, the account of outstanding settlements for customer transactions is used:
D settlement accounts of legal entities and individuals of individual entrepreneurs in foreign currency (405, 406, 407, 40802), current foreign currency accounts of individuals (40817, 40820), loro accounts (30109, 30111)
К30220 "Customer funds under outstanding settlements"
On the day of the value date (the date of debiting funds on the nostro account based on the statement of the correspondent bank):
The Bank charges (upon completion of transactions) commission fees for bank transfers at the request of the client and for transactions of residents (legal entities and individuals - individual entrepreneurs) commission for performing the functions of a currency control agent. Payment (withholding in the form of a direct debit) is possible within the terms specified in the bank account agreement in foreign currency from clients' foreign currency accounts.
Accrual of commissions:
D47423810 "Bank claims on other operations"
К70601810 symbol 12102 "Remuneration for settlement and cash services"
К70601810 symbol 16203 "Commissions on other operations" (commission for currency control)
Payment (direct write-off) of commissions from a foreign currency account in foreign currency in an amount the ruble equivalent of which at the official exchange rate as of the date of write-off is equal to the amount of accrued commissions:
Foreign currency accounts of clients
3. Accounting of settlements in the form of collection.
In case of a collection form of settlements, the bank undertakes to receive the funds due to the client on the basis of the documents submitted by the client. Distinguish between net collection (receipt in favor of the client of funds for monetary obligations: checks, bills of exchange, etc.) and documentary collection (receipt of funds based on commercial documents confirming the shipment of goods, provision of services, performance of work).
3.1. Accounting for collection form of settlements in export operations.
The client submits to the authorized remitting bank in which he is served, a collection order, a set of documents confirming the shipment of goods (performance of work, provision of services) on the basis of a contract, a cover letter to the recipient. Accepted documents are reflected in off-balance sheet accounting:
D91219 "Documents accepted for collection"
Before sending documents to a foreign bank for collection, the balance on the off-balance sheet account 91219 is subject to revaluation due to a change in the official exchange rate of foreign currency in correspondence with off-balance sheet accounts 99999. Sending documents is reflected by the following entry:
D91220 "Documents sent for collection" K91219
The remitting bank calculates the commission paid upon receipt of the funds due to the client:
If, according to the terms of the contract, it is paid by a non-resident payer, then it is included in the collection order:
Until the remitting bank receives the amount to be collected, the balance on the off-balance sheet account 91220 is also revalued when the official rate changes.
The receipt of the collected amount is reflected by postings on the balance sheet accounts:
- funds due to the exporting client: D30110, 30114, 30109, 30111
To customer transit account (407, 40802)
- bank commission paid by the payer: D30110, 30114, 30109, 30111
At the same time, documents sent for collection are written off from off-balance sheet accounting:
If the commission is paid by the beneficiary (client of the bank), then it is paid (debited without acceptance) from the settlement (currency or ruble) account after the received export earnings or the ruble equivalent from its sale in the domestic foreign exchange market are credited to it:
D407, 40802 (settlement account of the client) K47423
Exchange rate positive and (or) negative exchange rate differences arising from a rounding error are charged to income (balance sheet account 70601, symbol 12201) and expenses (balance sheet account 70606, symbol 22101).
3.2. Accounting for collection forms of settlements for import operations.
The collection order and commodity documents received by the authorized bank from the foreign remitter bank are recorded off-balance sheet and transferred to the payer - the bank's client:
D91219 "Documents sent for collection"
K99999 "Account for correspondence with active accounts in case of double entry"
In accordance with the current tariff, the bank charges commissions in rubles for the notification of the receipt of documents for collection, sending requests to the remitting bank on behalf of the client, return of issued but not paid (non-accepted) documents:
К70601 symbol 12102 "Remuneration for settlement and cash services"
Exchange rate positive and (or) negative exchange rate differences arising from a rounding error are charged to income (balance sheet account 70601, symbol 12201) and expenses (balance sheet account 70606, symbol 22101).
Before payment for documents, the balance on off-balance sheet account 91219 is subject to revaluation due to changes in the official exchange rate of foreign currency in correspondence with off-balance sheet accounts 99999 and 99998. Payment for documents is reflected by debiting funds from the payer's current foreign currency account in a manner similar to the procedure for settlements by bank transfer. In this case, the amounts recorded on the off-balance sheet account 91219 are debited from the customer's personal account by reverse postings.
4. Accounting for letters of credit.
4.1 Accounting for letters of credit in export operations.
To ensure settlements under a letter of credit, covered (deposited) and uncovered (guaranteed) letters of credit are opened. When opening a covered letter of credit in favor of an exporter - a resident of the Russian Federation, the foreign issuing bank is obliged to transfer the amount of the letter of credit to the disposal of the executing bank for the entire period of the letter of credit. An uncovered letter of credit provides for a bank guarantee by the issuing bank to the nominated bank to pay for the documents at the time of their submission by the exporter. The payment of the executing bank is reimbursed by debiting the funds from the loro account of the issuing bank, or by crediting them to the nostro account.
The transfer of coverage in favor of the client of an authorized bank is reflected by entries:
D30110, 30114, 30109, 30111
К47409 "Liabilities under the letter of credit for foreign transactions"
Refund of coverage due to cancellation or reduction of the amount of the letter of credit:
D47409 K, 30114, 30109, 30111
Accrual of various commissions for opening, maintaining and executing a letter of credit:
К70601 symbol 12102 "Remuneration for settlement and cash services"
When paying commissions from a foreign currency current account:
D407, 40802 (client's current account in foreign currency) K47423
After receiving and checking the documents submitted by the client for their compliance with the terms of the letter of credit, the coverage is transferred to the client's transit account:
D47409 K 407, 40802
The foreign bank issuing the guaranteed letter of credit shall send a letter of credit to the exporter's bank (nominated bank). The executing bank creates a dossier on the export letter of credit, informs the beneficiary about the opening of an export letter of credit in his favor.
Accrual of various commissions (for advising, maintaining, execution of a letter of credit, others):
К70601 symbol 12102 "Remuneration for settlement and cash services"
When paying commissions from a foreign currency current account:
D407, 40802 (client's current account in foreign currency) K47423
Foreign exchange rate differences arising from a rounding error and / or negative exchange rate differences are credited to income (balance sheet account 70601, symbol 12201) and expenses (balance sheet account 70606, symbol 22101).
If, according to the terms of the letter of credit, the executing bank makes a payment against the exporter's submission of the trade documents, then after their verification, payment can be made from the LORO account of the issuing bank or upon receipt of coverage in favor of the client from the issuing bank to the NOSTRO account:
D30109, 30111, 30110, 30114
To transit account (407, 40802)
4.2. Accounting for letters of credit when paying for import transactions.
Import letters of credit are opened by authorized banks at the request of the bank's clients - importers. They can be covered (secured by the importer's own or borrowed funds) and guaranteed (when the importer receives a guarantee from his bank).
Funds for the amount of the letter of credit are deposited from the importer's foreign currency account with an authorized bank:
К47409 "Liabilities on letters of credit for foreign operations"
- according to the client's personal account
When transferring coverage to a non-resident nominated bank (issuing a letter of credit):
D47410 "Requirements for letters of credit for foreign operations"
on the personal account of a non-resident bank
K30109, 30111, 30110, 30114
At the same time, the amount of the issued letter of credit is reflected in off-balance sheet accounting:
D90908 "Issued letters of credit for settlements with non-residents" -
on the personal account of the letter of credit
After the authorized bank receives from the executing resident bank a message about payments made under the letter of credit, the following entries are made for the amount of payments:
The part of the coverage under the letter of credit unused by the non-resident exporter is returned to the authorized bank:
D30109, 30111, 30110, 30114
At the same time, the coverage amount is returned to the importer's transit account:
D47409 K407, 40802
The issued letter of credit is removed from off-balance sheet accounting: D99999 K90908
K70601 symbol 12102
When paying commissions from a foreign currency current account:
D407, 40802 (client's current account in foreign currency) K47423
Foreign exchange rate differences arising from a rounding error and / or negative exchange rate differences are credited to income (balance sheet account 70601, symbol 12201) and expenses (balance sheet account 70606, symbol 22101).
When making settlements with guaranteed letters of credit, an authorized bank, opening a letter of credit to its client, provides him with a guarantee:
К91315 "Issued guarantees and sureties" on the personal account of the letter of credit "
The bank charges a commission for the issued guarantee: D47423
K70601 symbol
When paying commissions from a foreign currency current account:
D407, 40802 (client's current account in foreign currency) K47423
Foreign exchange rate differences arising from a rounding error and / or negative exchange rate differences are credited to income (balance sheet account 70601, symbol 12201) and expenses (balance sheet account 70606, symbol 22101).
Documents received from a foreign bank are transferred to the client, who pays for them from his current foreign currency account:
K30109, 30111, 30110, 30114
The amounts paid at the same time under the letter of credit are written off off-balance sheet:
Accrual of various commissions under the letter of credit: D47423
К70601 symbol 12102 "Remuneration for settlement and cash services"
When paying commissions from a foreign currency current account:
D407, 40802 (client's current account in foreign currency) K47423
Exchange rate positive and (or) negative exchange rate differences arising from a rounding error are charged to income (balance sheet account 70601, symbol 12201) and expenses (balance sheet account 70606, symbol 22101).
If, upon receipt of documents from a foreign bank, the required amount of funds is not available on the current foreign currency account, then the bank fulfills its obligations under the guarantee:
D60315 "Amounts paid under the guarantees and sureties provided" - on the personal account of the client-debtor
K30109, 30111, 30110, 30114
The amounts paid at the same time are written off off-balance sheet accounting:
According to the Regulation of the Central Bank of Russia No. 254-P, a reserve is formed for possible losses on debt accounted for on the balance sheet
60315 (in rubles, depending on the category of debt quality):
D70606 "Expenses", symbol 25302 "Contributions to reserves for possible losses"
К60324 "Provisions for possible losses"
When the customer pays off the debt, the following posting is made:
D407, 40802 K 60315
At the same time, the created reserve is restored to the bank's income: D60324
K70601 "Income", symbol 16305 "From the restoration of the amounts of reserves
for possible losses "
5. Accounting for transactions with non-cash foreign currency in the domestic foreign exchange market.
In the domestic foreign exchange market, transactions of purchase and sale of non-cash foreign currency for rubles and conversion transactions with non-cash foreign currency, according to Law No. 173-FZ (Article 11), can only be carried out through authorized banks. This paragraph deals with transactions for which the date of the transaction coincides with the date of settlement and (or) the date of delivery of the purchased (sold) foreign currency.
When carrying out these operations by the bank with its clients, it is possible to choose the following accounting policy options (Regulation No. 302P, clause 4.59):
- option 1: transactions are carried out only using conversion accounts (balance accounts No. 47407 (passive), 47408 (active));
- Option 2: transactions are carried out by direct postings to customer accounts, bypassing conversion accounts.
Interbank and exchange transactions at the expense of the bank's own funds are accounted for using conversion accounts.
In the transactions below, currency-1 means the base currency (bought or sold foreign currency), under currency-
toy-2 is a payment currency that differs from the base currency (Russian rubles or other foreign currency).
5.1. Accounting for interbank transactions of purchase and sale of foreign currency
Purchase of foreign currency at the expense of the bank:
- transfer (write-off, crediting) of the bank's currency-2 in favor of the counterparty bank with simultaneous conversion:
D47408 (in currency-1)
When crediting currency-1 in favor of the bank: D30102, 30109, 30110, 30111, 30114 (in currency-1) K47408 (in currency-1)
- transfer (write-off, crediting) of currency-1 in favor of the bank from the counterparty bank:
D30102, 30109, 30110, 30111, 30114 (in currency-1) К47407 (in currency-1)
Currency conversion is carried out when transferring currency-2 in favor of the counterparty bank:
D47407 (in currency-1)
К30102, 30109, 30110, 30111, 30114 (in currency-2)
K70601 character 12201 (positive exchange rate difference)
D70606 symbol 22101 (negative exchange rate difference)
Sale of foreign currency at the expense of the bank:
- transfer of currency-1 in favor of the counterparty bank: D47408 (in currency-2)
K70601 character 12201 (positive exchange rate difference)
D70606 symbol 22101 (negative exchange rate difference)
When crediting currency-2 in favor of the bank: D30102, 30109, 30110, 30111, 30114 (in currency-2) K47408 (in currency-2)
- transfer (write-off, crediting) of currency-2 in favor of the bank from the counterparty bank:
D30102, 30109, 30110, 30111, 30114 (in currency-2)
К47407 (in currency-2)
Currency conversion is carried out when transferring currency-1 in favor of the counterparty bank:
D47407 (in currency-2)
К30109, 30110, 30111, 30114 (in currency-1)
K70601 character 12201 (positive exchange rate difference)
D70606 symbol 22101 (negative exchange rate difference)
5.2. Accounting for the purchase and sale of foreign currency by the bank from the client
(to the client). Option 1:
D407, 408, 423, 426 (currency-1) K407, 408, 423, 426 (currency-2)
K70601 character 12201 (positive exchange rate difference)
D70606 symbol 22101 (negative exchange rate difference) Option 2:
- debiting the sold currency from the client's account:
D407, 408, 423, 426 (currency-1) K47405 (currency 2)
K70601 character 12201 (positive exchange rate difference)
D70606 symbol 22101 (negative exchange rate difference)
- crediting the payment currency to the client's account: D47405 (currency-2)
К407, 408, 423, 426 (currency-2)
5.3. Accounting for the purchase and sale of foreign currency on the stock exchange at the expense of the bank.
Purchase of foreign currency:
- transfer of funds to the exchange
D47404 "Settlements with currency and stock exchanges" (in currency-2, rubles) K30102
- make a deal:
D47408 (currency-1)
D70606 symbol 22101 (exchange commission) K47407 (currency 2, rubles)
K70601 character 12201 (positive exchange rate difference)
D70606 symbol 22101 (negative exchange rate difference)
- settlement of accounts receivable and payable for the supply of currency-2 (rubles) to the exchange:
D47407 (currency-2, rubles) K47404 (currency-2, rubles)
- delivery of foreign currency: D30110, 30114 (in currency-1) K47408 (currency-1)
Sale of foreign currency on the exchange for rubles:
- transfer of currency-1 to the exchange:
D47404 "Settlements with currency and stock exchanges" (currency-1) K30109, 30110, 30111, 30114 (in currency-1)
- conclusion of the transaction: D47408 (currency-2, rubles)
D70606 symbol 22101 (withheld exchange commission) K47407 (currency-1)
K70601 character 12201 (positive exchange rate difference)
D70606 symbol 22101 (negative exchange rate difference)
- settlement of accounts receivable and payable for the supply of foreign currency-1 (rubles) to the exchange:
D47407 (currency-1) K47404 (currency-1)
- delivery of rubles:
D30110, 30114 (in currency-2, rubles) K47408 (currency-2, rubles)
5.4. Accounting for the purchase and sale of foreign currency by the bank on the stock exchange on behalf of the client.
Sale of foreign currency for rubles:
- deposit of foreign currency (currency-1): D407, 40802 (in currency-1)
К47405 "Settlements with clients for the purchase and sale of foreign currency" (in currency-1)
- withholding of bank commission:
When paying commission from settlement foreign currency accounts, resulting from a rounding error, exchange rate positive and (or) exchange rate negative
net differences are charged to income accounts (balance sheet account 70601, symbol 12201) and expenses (balance sheet account 70606, symbol 22101).
- transfer of client funds to the exchange: D47404 (in currency-1)
К30109, 30110, 30111, 30114 (in currency-1)
D47405 (in currency-1) К47404 (in currency-1)
(closure of claims to the exchange and obligations to the client in foreign currency transferred to the exchange)
D47404 (in currency-2, rubles) К47405 (in currency-2, rubles)
(formation of the bank's requirements for the exchange and the bank's obligations to the client for the delivery of rubles)
- receipt of proceeds from the sale of currency minus the withheld commission of the exchange:
D30102 K 47404 (in currency-2, rubles)
- fulfillment by the bank of obligations to the client for the delivery of rubles: D47405 (in currency-2, rubles)
К407, 40802 (in currency-2, rubles)
Purchase of foreign currency on behalf of a client on the exchange:
- deposit of rubles (currency-2, rubles): D407, 40802 (in currency-2)
К47405 "Settlements with clients for the purchase and sale of foreign currency" (in currency-2)
- withholding of bank commission:
D407, 40802 (in the payment currency) K70601 symbol 12201 (in rubles)
When commission is paid from foreign currency settlement accounts, exchange rate positive and (or) negative exchange rate differences arising from a rounding error are credited to income (balance sheet account 70601, symbol 12201) and expenses (balance sheet account 70606, symbol 22101).
- transfer of client funds to the exchange: D47404 (in currency-2, rubles)
К30102 (in currency-2, rubles)
- conclusion on the results of trading and in accordance with the client's order of the exchange transaction:
D47405 (in currency-2, rubles) К47404 (in currency-2, rubles)
(closing claims to the exchange and obligations to the client on funds transferred to the exchange in rubles)
D47404 (in currency-1) К47405 (in currency-1)
(formation of the bank's requirements for the exchange and the bank's obligations to the client for the supply of foreign currency)
- receipt of foreign currency purchased at the exchange: D30102 K 47404 (in currency-1)
- fulfillment by the bank of obligations to the client for the supply of foreign currency:
D47405 (in currency-1) К407, 40802 (in currency-1)
