Ministry of Higher and Secondary Special Education of the Republic of Uzbekistan Tashkent State University of Economics

2.4. Accounting of funds in transit

To account for the amounts of money in transit, an account "Transfers in transit" is provided in the Accounting Plan. This account is intended for summarizing information about the flow of funds (transfers) in domestic and foreign currencies in transit, i.e. monetary amounts (mainly trade proceeds) deposited at the cash desks of a bank or post office for transfer to the settlement, currency or other accounts of the organization, but not yet received and credited for their intended purpose. The basis for the debit records of the "Transfers in transit" account are cash payment receipts issued by bank institutions or post offices, copies of accompanying statements for the delivery of proceeds to the bank's collectors, etc.: Dt accounts "Transfers in transit" Ct accounts "Settlements with accountable persons", "Settlements with various debtors and creditors" and others .

The basis for the production of credit records of the "Transfers in transit" account are bank statements confirming the receipt of funds to the accounts: Dt accounts "Settlement accounts", "Currency accounts" Ct "Transfers in transit" .
The "Transfers in Transit" account has no subaccounts. However, if the organization has settlement and currency accounts, it is advisable to provide two sub-accounts: "Transfers en route in domestic currency", "Transfers en route in foreign currency".
Table 4. Typical operations for accounting transfers in transit

№	Operation content	Dt	Ct
1	50% of the foreign currency revenue was transferred from the transit currency account to the state	Transfers in transit in foreign currency	currency accounts within the country
2	The amount of foreign currency earnings that was on the way and credited to the settlement account has been debited	Current accounts	Transfers in transit in foreign currency
3	Transferred to the bank from the settlement account for the purchase of foreign currency	Transfers in transit in foreign currency	Current accounts
4	The foreign currency sold by the bank has been credited to a foreign currency account within the country	Foreign currency accounts abroad	Transfers in transit in foreign currency
5	The positive sum difference is written off	Transfers in transit in foreign currency	Other income
6	Negative sum difference is written off	Other expenses	Transfers in transit in foreign currency
7	The revenue was deposited by the seller to the communication department for crediting to the settlement account	Transfers in transit in foreign currency	Settlements with different debtors and creditors
8	According to the bank statement, the proceeds are credited to the current account	Current accounts	Transfers in transit in foreign currency