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2.3. Accounting of funds on foreign currency accounts.
On the basis of legislative acts in force in the Republic of Uzbekistan, organizations, regardless of the form of ownership and types of activity, can enter into various foreign economic relations (export of their own products, import of goods, sale and purchase of currency, etc.) with foreign firms if they have the appropriate license.
Accounting of funds in foreign currency is carried out on the account "Currency accounts", which is designed to summarize information about the availability and flow of funds in foreign currencies on the foreign currency accounts of the organization opened in credit institutions in the territory of the Russian Federation and abroad. This account is active in relation to the balance sheet and is placed in section II of the balance sheet asset under the article "Currency accounts"14.
The debit of the "Currency accounts" account reflects the availability and receipt of funds to the foreign currency accounts of the organization, and the credit - the write-off of funds from the foreign currency accounts of the organization (in rubles).
In the Accounting Plan, two sub-accounts are provided for the "Currency Accounts" account: "Foreign currency accounts within the country"; "Foreign currency accounts abroad".
Synthetic accounting for all forms of accounting is carried out in the General Ledger in a generalized form (without subdivision by sub-accounts) in monetary terms and in ruble coverage in amounts determined by recalculation of foreign currency at the exchange rate effective on the date of issue of monetary settlement documents.
In the development of the sub-account "Currency accounts within the country", a "Transit currency account" is opened under the sub-account, intended for crediting foreign currency receipts in full, with the exception of:
- transfer of the intermediary organization remaining after the mandatory sale of its part of the foreign exchange earnings;
- foreign currency purchased on the domestic foreign exchange market;
- collected trade proceeds in foreign currency received from the sale of goods (works, services) for foreign currency on the territory of the Republic of Uzbekistan;
- cash foreign currency in the form of a refund of withdrawn and unspent amounts to pay expenses related to business trips abroad.
And also under the sub-account "Current currency account" is opened to account for the funds remaining at the disposal of the organization after the mandatory sale of export proceeds and other transactions in accordance with the legislation.
The receipt of foreign currency revenue is reflected in the accounting record: Dt "Currency accounts"/transit – Ct "Settlements with buyers and customers; mandatory sale of foreign currency proceeds in the amount of 10% is recorded in the record: Dt "Transfers on the way" - Ct "Currency accounts"/transit", Dt sale of foreign currency – Ct "Transfers on the way"; transfer of the remaining 90% of foreign currency proceeds to the current currency account in accounting is reflected by an entry: Dt "Currency accounts"/current – Ct "Currency accounts"/transit; accounting of income from the sale of foreign currency is reflected by the entry: Dt "Settlement account" - Ct Other income/currency sale.
Write-off of funds in foreign currency in a non-cash manner is carried out in the following directions:
- currency transfers in the order of settlements in accordance with the legislation;
- sale of foreign currency (except mandatory);
- transfer of foreign currency to the accounts of the organization abroad.
Withdrawal of foreign currency cash from the "Currency Accounts"/current account is allowed to pay for travel expenses, as well as by special permission of the Central Bank of the Republic of Uzbekistan..
Foreign currency is debited from the credit of the Operating Cash account:
-for the maintenance of the representative office;
-cash for payment of wages, travel expenses;
-as funds transferred to the current currency account of the resident organization;
-as funds previously mistakenly credited to the account;
-how are bank account management expenses.
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