International payments. Accounting for international payments by bank transfer Accounting for payments by bank transfer

INTRODUCTION
The issue of international payments is one of the key issues in international trade turnover. A significant part of foreign economic relations is foreign trade. Foreign trade contracts provide for the transfer of goods or documents of title, which are sent by the exporter's bank to the importer's bank or the bank of the paying country, for payment within a specified period.
International payments cover payments for foreign trade in goods and services, as well as non-commercial transactions, loans and capital movements between countries, including those related to the construction of facilities abroad and assistance to developing countries.
It is in the sphere of foreign economic activity that enterprises come into contact with market methods of management, with such instruments of the world foreign exchange market like foreign currency, exchange rates and so on.
International settlements are a system for regulating payments for monetary claims and obligations arising between governments, organizations, institutions and citizens of different countries. The main place in international payments is occupied by foreign trade payments on loans and investments.
The need for international payments is due to international trade, export of capital and migration processes.
At the present stage, international payments are the object of government regulation, which is carried out in several directions. The state influences the system of international payments, since it often takes part in them; regulates legislatively, periodically introducing certain currency restrictions, creating currency control bodies; influences settlements through the system of international organizations.
Relevance My theme is that the further development of relations between countries depends on the role of international settlements and the need to improve their forms and types. Foreign economic relations cover all operations related to the circulation of goods, services, money and capital between different economic and currency zones.
Target given course work studying methods of conducting and organizing the accounting of international payments.
In accordance with the set goal, it is necessary to solve a number of interrelated tasks:

give the concept of international payments and determine their conditions;
analyze the forms of international payments, the procedure for their application, advantages and disadvantages;
consider state regulation of international payments;
determine the procedure for reflecting international settlements in accounts accounting;
identify risks when working in the foreign market;
determine the prospects for the development of banks’ activities in international payments.

1. INTERNATIONAL ACCOUNTS: CONCEPT, ESSENCE AND FORMS.
1.1. Concept and terms of international payments.
International payments are one of the elements of the international monetary system. They service the movement of goods, factors of production and financial instruments.
International settlements are the settlement of payments for monetary claims and obligations arising in connection with economic, political and cultural relations between legal entities and individuals of different countries. The vast majority of settlements are carried out non-cash through entries in bank accounts.
To carry out settlements, banks use both their own foreign branches and correspondent relations with foreign banks. The system of correspondent relations is built through the opening of “loro” (foreign banks in a given bank) and “nostro” (of a given bank in foreign banks) accounts. Correspondent accounts are opened on the basis of agreements on the establishment of correspondent relations. In agreements on establishing correspondent relations, banks determine the forms of documents used, the payment procedure, methods of exchanging information, the size of the commission, and methods for replenishing accounts. Banks are intermediaries in settlements between payers and payees.
The peculiarity of international settlements as a relatively independent element of international monetary relations is as follows. Firstly, international payments are governed by international banking rules and customs, for example: Uniform Check Law; Uniform Customs and Practice for Documentary Letters of Credit; The unified rules for collection are different. Secondly, international payments are impossible without the free exchange of national currencies for the currencies of other countries, i.e. currency convertibility. Thirdly, the vast majority of countries apply certain currency restrictions that directly affect foreign economic settlements. Currency restrictions reduce the possibilities and increase the costs of currency exchange and payments for international transactions.
Conditions of foreign trade transactions. The most complex and requiring highly qualified specialists are settlements under international trade contracts (Appendix 8) using international rules for the interpretation of trade terms (INCOTERMS), such as: terms of delivery, contract of carriage, transfer of risks and many others (Appendix 1). From choice forms and conditions of settlements, as well as execution of registration and payment procedures, depend on the timeliness and guarantee of receipt of payment, the amount of expenses associated with banking and financial transactions, as well as the possibility of preventing claims and losses arising in connection with this. Payment terms are agreed upon in detail by the parties and are recorded in the contract. The choice of monetary and financial payment terms of transactions depends on the nature of economic and political relations between countries, the balance of power and the nature of the relationship between the parties, traditions and customs of international trade in a given product.
The terms of international payments under international contracts include the following main elements: price currency; payment currency; conditions of payment; payment forms; banks through which payments will be made.
1.2. Forms of international payments.
There are two forms of payments in foreign trade: documentary and non-documentary. In documentary settlements, the fulfillment of payment obligations is ensured by the presentation of certain documents related to the shipment of goods and specified in the contract. These documents are proof of delivery of goods by the exporter. Unlike documentary payments, non-documentary payments do not require the presentation of shipping documents, but only payment documents are used. Documentary forms of payment include letters of credit and collection. Non-documentary forms of payments include payments by transfers and checks.
1.A bank transfer is a settlement banking operation that is carried out by sending a payment order (Appendix 6) from one bank to another. Authorized banks carry out bank transfers in payments for imported goods or services received. Payments abroad can be made in foreign or national currency. The payment order is given by the bank in accordance with the instructions of the transferor - the bank's client. The transfer of funds abroad by the transferor is carried out on the basis of an application for transfer. The application shall indicate: the amount of transfer and the type of currency; method of execution of the order (for example, by mail, telex or through the SWIFT system); full and exact name of the transfer recipient (beneficiary) and his address; full and exact name of the bank, its account number in this bank; purpose of translation; number and date of the contract in accordance with which this translation is carried out; to whose account the commission and other costs of the transfer should be attributed (Appendix 2). Most transfers are currently made using the SWIFT system. The SWIFT system (SWIFT - Society for Worldwide Interbank Financial Telecommunication) is an international interbank financial communication company that carries out international settlement transactions using a fully automated paperless system for the remote transmission of banking messages. The SWIFT system (Appendix 7) has a number of advantages: speed - the operation takes several minutes; reliability – thanks to the standardization of transmitted messages, false interpretations or distortions of information are practically eliminated; cost-effectiveness – thanks to paperless work, the system leads to a significant reduction in costs.
2. Bank checks. When making payments, bank checks can be used (for example, when the recipient's bank is unknown). In this case, the bank is given an order not to make a payment, but to pay a check written on it. Receipt of payment is carried out upon presentation of the check to the recipient bank or intermediary bank. There are two ways of issuing checks: issuing checks by a bank to a bank; issuance of checks by the client to the bank.
Issuance of checks by a bank to a bank. If the buyer (importer) is not informed by the correspondent bank of his bank or if the terms of the contract require payment in the form of a check, then the exporter's bank issues a check drawn on the correspondent bank to the “order” of the relevant foreign bank and forwards to it this check with instructions to write the equivalent amount to the account his client indicating the purpose of payment.
Issue of checks by the client to the bank. If there is an established trust relationship between the exporter and the importer, payment can also be made using a regular check, which the payer writes to the bank serving him. The check is issued to the “order” of the payee (exporter) and sent directly to him (Appendix 3).
3.Documentary collection. Settlements are made with the participation of credit institutions. At the same time, they do not undertake any payment obligations, but act within the framework of agency agreements (collection orders). In order to avoid ambiguities and discrepancies, Unified Rules for Collection were developed to regulate the procedure for presenting and accepting documents. According to the unified collection rules, means operations with documents carried out by banks on the basis of instructions received, in order to: obtain acceptance and (or) payment; issuing documents against acceptance and (or) payment; issuance of documents on other terms (depending on the terms of the contract). The importer, upon presentation of documents in accordance with the concluded agreement, is obligated to either immediately make payment or accept the draft (bill of exchange) issued in his name by the exporter and repay it when the payment is due (Appendix 4).
Documents against payment D/P (documents against payment). In this case, documents are subject to payment upon first presentation, i.e. within the period accepted in international practice for these payment terms - 24 hours. This period may be extended at the discretion of the exporter. The importer cannot inspect the goods or begin processing import and customs documents before paying for the goods. With this form of payment, the exporter has no guarantee that the documents will be purchased (accepted) by the importer.
Documents against acceptance D/A. Under this condition of payment, documents are issued to the importer after he accepts the draft issued in his name. Collection D/A is necessary if the exporter grants the importer a deferred payment, which must be secured by a bill of exchange. In D/A collection, it is important that the collector gives clear instructions in the event that the importer refuses acceptance or defaults on payment obligations thereunder. In practice, an accepted bill is more often transferred to the exporter's bank and discounted in favor of the exporter.
4. Letter of credit form of payment. This form is most widely used in international trade. According to the Uniform Rules, a documentary letter of credit is an agreement by which the issuing bank, acting at the request and in accordance with the instructions of the applicant client on its own behalf, must make payment to a third party or authorize another bank to negotiate against the specified documents, if all conditions are met. terms of the letter of credit. The need to unify international payments is due to the universality of banking operations. A documentary letter of credit gives the exporter almost the same guarantees as an advance payment. He seeks to include a letter of credit form of payment in the sales contract in the case where the importer is not well known to him and he cannot high degree reliability to assess its solvency. A letter of credit guarantees receipt of payment, since the exporter makes a delivery only when payment is secured by the payment obligation of the credit institution (after receiving notice of the opening of a letter of credit in his favor). At the same time, the letter of credit provides guarantees to the importer (Appendix 5).
1.3. State regulation of international payments.
International payments are regulated by the following legislative acts:

Federal Law of December 10, 2003 No. 173-FZ “On Currency Regulation and Currency Control”, the purpose of which is to ensure the implementation of a unified state monetary policy, as well as the stability of the currency Russian Federation and stability of the domestic foreign exchange market of the Russian Federation as factors in the progressive development of the national economy and international economic cooperation;
Federal Law of December 8, 2003 N 164-FZ “On the basis of state regulation of foreign trade activity” defines the basis of state regulation of foreign trade activity, the powers of the Russian Federation and constituent entities of the Russian Federation in the field of foreign trade activity in order to ensure favorable conditions for foreign trade activity, as well as protection economic and political interests of the Russian Federation;
Regulatory acts of the Central Bank of the Russian Federation, including Instruction of the Central Bank of the Russian Federation dated May 22, 1996 No. 41 “On establishing limits on open currency positions and monitoring their compliance by authorized banks of the Russian Federation”;
International Rules for the Interpretation of Trade Terms (INCOTERMS), the purpose of which is to develop a set of international rules for the interpretation of trade terms most commonly found in foreign trade;
The Uniform Customs and Practice for Documentary Credits (UCP N 500) applies to all documentary credits (including standby letters of credit). They are binding on all interested parties in the absence of an express agreement to the contrary;
The Uniform Rules for Collections (International Chamber of Commerce Publication No. 522, as amended 1995) apply to all collections when reference to these Rules is included in the text of the "collection instructions" and will be binding on all parties mentioned therein unless otherwise specifically provided. or unless otherwise contained in non-derogable provisions of national, state or local law and/or regulation;
Geneva Uniform Law on Checks;
International trade contracts regulating relations between subjects of international relations.

2. ORGANIZATION AND ACCOUNTING OF INTERNATIONAL SETTLEMENTS.
2.1. The procedure for recording transactions by bank transfer and checks.
To carry out international settlements on customer accounts, for example, for operations related to the receipt of export proceeds or making payments under an import contract, authorized banks establish correspondent relations with banks of foreign countries. Accounting for funds in accounts with foreign banks is carried out in the following accounts: 30111 “Correspondent accounts of non-resident banks” - passive; 30114 “Correspondent accounts of non-resident banks” - active.
In analytical accounting, separate personal accounts are maintained for each non-resident bank. In accordance with the foreign currency bank account agreement commercial Bank opens two accounts for the client: a current account and a transit account.
Let's consider the procedure for accounting for transactions related to the transfer of funds for imported goods and services received:
1.Written off cash in foreign currency from the client’s current account: by debit of accounts 405-408 and credit of account 30114;
2. The transfer amount is reflected in foreign currency and the ruble equivalent at the Bank of Russia exchange rate for account 30114 on the date of debiting the funds.
3. In accordance with the bank account agreement, the bank charges a commission for conducting money transfer operations. The bank commission for the transfer, which is withheld from the payer, is debited from the account by the following posting: by debiting accounts 405-408 and crediting account 70601.
If the terms of the agreement between the importer and the exporter provide for settlements in a currency other than the currency of the client’s account, the bank, upon the client’s request, carries out the conversion. The conversion transaction is reflected in accounting as follows: by the debit of account 47408 “Settlements for conversion transactions and futures transactions”; on the credit of account 47407 “Settlements for conversion transactions and forward transactions.”
The write-off of funds from the client's foreign currency account is reflected by the following posting: in the debit of accounts 405-408 and the credit of account 47408. The write-off of funds from the bank's correspondent account is reflected in the following posting: in the debit of account 47407 and the credit of account 30114.
Let's consider the procedure for accounting for transactions related to the transfer of funds for exported goods and services provided. Receipt of the amount of export proceeds to the authorized bank of the exporter in the presence of an extract from the Nostro correspondent account is taken into account by the following posting: by debiting account 30114 and crediting account 47422. The bank sending the funds may give instructions on the method of reimbursement of the funds paid. Then the wiring has next view: by debit of account 30111 and credit of account 47422.
Funds are credited to the client's transit currency account using the following transactions: to the debit of account 47422 and to the credit of accounts 405-408.
Payments by checks are carried out as follows. Check forms are stored in the bank and are accounted for as strict reporting documents in off-balance sheet account No. 91207 “Strict reporting forms”, and when the form is issued, the following posting is made: Debit 99999 Credit 91207
The drawer does not have the right to revoke a check before the expiration of the established period for its payment. Presentation of the check to the bank serving the check holder is the date the check is presented for payment by the check holder. Checks issued by commercial banks are not used for settlements through divisions of the settlement network of the Bank of the Russian Federation. If the bank has decided to issue settlement checks, it enters into an interbank agreement on settlements by checks, which regulates the conditions for circulation of checks, the procedure for maintaining accounts in which transactions with checks are recorded, methods of transmitting information, and the bank’s responsibility to clients.
2.2. Accounting for transactions with currency valuables for collection.
Let's consider the procedure for accounting for transactions using the collection form of payments for exports. In order to record transactions with currency valuables for collection, banks open the following accounts:

91101 “Foreign currency, checks (including traveler’s checks), the nominal value of which is indicated in foreign currency, accepted for sending for collection.”
91102 “Foreign currency, checks (including traveler’s checks), the nominal value of which is indicated in foreign currency, sent for collection.”
91104 “Documents and valuables received for collection from non-resident banks.”

3. PROBLEMS AND PROSPECTS FOR FURTHER DEVELOPMENT OF INTERNATIONAL RACES IN RUSSIA
3.1. Risks in international payments.
All parties to international agreements are exposed to a variety of risks. Risk is a situational characteristic of the activities of any manufacturer, including a bank, reflecting the uncertainty of its outcome and possible adverse consequences in case of failure. Risk is expressed by the probability of obtaining such undesirable results as loss of profit and the occurrence of losses due to non-payments on issued loans, reduction of the resource base, etc. But at the same time, the lower the risk level, the lower the probability of getting high profits.
The main risks that arise in international payments and the means to reduce them are:
1. Credit risk is associated with the reluctance or inability of the debtor to pay off its obligations. Exposure to credit risk exists throughout the entire lending period. When providing a commercial loan, the risk arises from the moment of sale and remains until payment is received for the transaction. Means of reducing this risk include: using a letter of credit; receiving cash deposits; obtaining insurance coverage for export loans.
2. Regional risk represents political or economic events that occur in the importer's country and which caused the permanent or urgent suspension of payments to the seller. Regional risk also includes the risk of non-convertibility: the inability of the owner of a given country's currency to convert it into the currency of another country due to a restriction imposed by the government. Means to reduce this risk include: the use of a confirmed letter of credit; obtaining insurance coverage for export loans.
3. The most popular risk in international payments is currency risk. Currency risk is the danger of foreign exchange losses as a result of changes in the price exchange rate in relation to the payment currency during the period of signing a foreign trade agreement and making payments under it. Both parties involved in the transaction are exposed to currency risk. There are three currency risks: operational, accounting (revaluation risk) and economic.
Operational foreign exchange risk is the risk that future payments of funds must be made in a foreign currency whose future price is uncertain. This risk can be eliminated by using contracts that fix the relationship. The main method of reducing operational risk is hedging. Hedging is a reduction in the risk of losses caused by unfavorable changes in market prices for goods for sellers or buyers in comparison with those taken into account when concluding the contract. The essence of hedging is that the seller or buyer of a product enters into an agreement to sell or buy it and at the same time carries out a futures transaction of the opposite nature, that is, the seller enters into a deal to buy, and the buyer to sell the product. Thus, any price change brings sellers and buyers a loss on one contract and a gain on the other.
Currency risks associated with revaluation are the second type of currency risks associated with unexpected changes in exchange rates. Revaluation refers to the operations of translating a company's financial statements from one currency to another. However, currency revaluation risk is associated with changes in the company's recorded financial condition caused by changes in the exchange rate used to revaluate financial statements. The nature of currency revaluation risk is complicated by the fact that different countries have different accounting and calculation standards that apply to the revaluation of financial documents from one currency to another. Foreign exchange revaluation risk arises from changes in exchange rates on the summary financial statements of multinational companies.
Economic foreign exchange risk is associated with changes in the value of a company that are affected by changes in exchange rates. The value of a company is the market price of a share multiplied by the number of such shares issued in circulation. The market price of a stock is the price at which supply and demand are equal to each other. In this market condition, no one thinks the stock is worth more, and no one is willing to pay top price for it. Likewise, no one thinks that this stock is worth less, and no one will sell it at a lower price. Economic foreign exchange risk refers to changes in the market or economic value of a company as a result of changes in exchange rates. The extent to which the operating rate and the revaluation rate influence market value companies, they are part of the economic currency risk. Multinational corporations, companies that engage in export-import operations, and even some types of businesses that operate only in the domestic market are prone to this risk. Economic foreign exchange risk can be quantified using a regression analysis of a company's historical stock prices and the corresponding currency exchange rates that influence those prices.
etc.................

3.2.1. Bank transfer concept

A bank transfer is a simple order from a bank to its correspondent bank to pay a certain amount of money at the request and at the expense of the transferor to a foreign recipient (beneficiary), indicating the method of reimbursement to the paying bank for the amount paid. Bank transfers are carried out through payment orders addressed from one bank to another, as well as (if there is a special interbank agreement) through bank checks or other payment documents. With this form of payment, commercial or shipping documents are sent from the exporter to the importer directly, i.e. bypassing the bank.

When making payments by bank transfers, commercial banks execute payment orders from foreign banks or pay, in accordance with the terms of correspondent agreements, bank checks issued on them for the monetary obligations of foreign importers, and also issue payment orders and bank checks to foreign banks for the monetary obligations of Russian importers.

When performing a transfer operation, the transferee's bank is guided by specific instructions contained in the payment order. For example, a payment order may contain a condition on payment to the beneficiary of the corresponding amount against the provision by him of commercial or financial documents specified in the payment order or against the provision of a receipt to him.

When performing a transfer operation, banks take part in settlements by transfer only after the payer submits a payment order to the bank to pay for the contract. However, banks are not responsible for payment. Banks do not control the delivery of goods or the transfer of documents to the importer, as well as the execution of payment under the contract. With this form of payment, the bank’s responsibilities include only transferring the payment from the account of the transferor to the account of the transferee at the time of submitting the payment order.

Rice. 3.1. Payment scheme by bank transfers

After concluding a contract (1) between the importer and the exporter, the importer sends an application for transfer (2) to the bank. Delivery of goods may precede or follow payment, which is determined by the terms of the contract and the foreign exchange legislation of the countries. The importer's bank, having accepted payment order from the importer, sends a payment order (3) on its behalf to the corresponding bank of the exporter. 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 on a contract if its terms contain a provision 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 actual goods delivered. An advance payment actually means hidden lending to the exporter and is disadvantageous to the importer. In addition, the transfer of an advance creates for the importer the risk of losing money in the event of failure by the exporter to fulfill the terms of the contract and non-delivery of the goods.

In order to protect the importer from the risk of non-repayment of the advance in the event of non-delivery of goods by the exporter, there are several protection methods in international banking practice:

1. obtaining a bank guarantee for the return of the advance - in this case, before transferring the advance payment, a guarantee from a first-class bank is issued;

2. use of a documentary or conditional transfer - in this case, the exporter’s bank makes the actual payment of the advance, subject to the provision of transport documents by the exporter within a certain period.

Instruction of the Vneshtorgbank of the USSR dated December 25, 1985 No. 1 “On the procedure for performing banking operations for international settlements”

Rice. 4.3. International bank transfer scheme
In this form of payment, the bank’s responsibilities include only the payment from the transferor’s account to the transfer account at the time of submission of the payment order.
II (in the form of a bank transfer, payments are made on account of any suspicious settlements, advance payments. In addition, recalculations and other operations are made according to the iBOM transfer - Nmm Bank transfer is carried out by mail or telegraph, respectively, by postal or telegraph payment Orders, currently time - via the SWIFT remote data transmission system.
SWIFT is the abbreviated name of the company Society for Iclwide Interbank Financial Telecommunications.
This system can be used not only for transnational transfers of financial resources, but also for internal ones. In addition, through this telecommunication system, interbank credit and currency transactions are carried out, letters of credit are issued, confirmed and advised, and also maintained (using the so-called - The desired free message format) correspondence on other (Interbank cooperation surveys.
Compared with traditional methods conducting international settlement transactions, the SWIFT system has several significant advantages:

• speed - time of message transmission from bank to bank (increased to a minimum;
• reliability - thanks to standardization and built-in minor elements, transmission of the message to its destination, false interpretations or distortions are practically eliminated;
• profitability - the system operates without documentation and CM itself leads to a significant rationalization of operations.

1. An agreement by which the bank undertakes, at the request of the client, to pay for documents to a third party or to make payment, acceptance of a draft issued by a beneficiary, or negotiation (purchase) of documents is:

Educational Institution

Novoprudsk State Trade and Economic College

Test

discipline: Accounting in banks

1. Bank transfer as a form of international payments

Bank transfer- one of the main forms of international payments. With this form of payment, the bank assumes the obligation, on behalf of the payer, at the expense of the funds in his account, to transfer within a specified period of time a certain amount of money to the account of the person (beneficiary) specified by the payer in this or another bank.

Bank transfers are always carried out in the form of a credit transfer. Like other forms of financial payments, it is carried out in non-cash form. and

In 1992, after a long study of international and national practice, the UNCITRAL Model Law on International Credit Transfers was approved, which to a certain extent unified the rules for making bank transfers.

In the Republic of Belarus, bank transfers are regulated by the Banking Code, the Instruction of the National Bank on international payments in the form of bank transfers dated January 6, 1998 No. 2 and other acts of banking legislation.

Bank transfer participants are:

- translator - the person issuing the first payment order during the credit transfer;

- beneficiary - the person indicated in the transferor’s payment order as the recipient of funds as a result of the credit transfer;

- Bank of recipient - the bank that receives the payment order;

- intermediary bank - any receiving bank that is not the bank of the transferor and the bank of the beneficiary.

Bank transfers are carried out through payment orders, and also (if there is an interbank agreement) through bank checks and other payment documents.

The transaction begins at the transferor's bank by drawing up and submitting a payment order to the bank. If the transferor's bank has direct correspondent relations with the beneficiary's bank, the former directly addresses the order to the beneficiary's bank, usually indicating the method of reimbursement. Having received an order from the transferor's bank, the beneficiary's bank credits the beneficiary against the consideration provided to him.

In the absence of direct correspondent relations, an intermediary bank is involved in the transaction, with which the transferor bank and the beneficiary bank have correspondent relations.

Settlements using bank checks are carried out on the basis of a specially concluded agreement between correspondent banks. This agreement is formalized by signing a bilateral agreement or exchanging letters.

The legislation of the Republic of Belarus regulates three main types of bank transfers:

1) simple bank transfer(with this form of financial settlements, commercial documents, bypassing banks, are sent directly from the exporter to the importer);

2) documentary bank transfer(the payment order contains a condition that a certain amount of money be paid to the beneficiary only after the presentation of the relevant financial or commercial documents);

3) bank transfer using checks(with this form of financial settlements, along with other documents, checks are used).

When opening an account, banks enter into a bank account agreement with clients, by virtue of which the bank has the obligation to store funds in the account, credit funds received in favor of the account owner, and also carry out other orders.

The relationship between the transferor's bank, the intermediary bank and the beneficiary's bank can be considered as entrusting the fulfillment of an obligation to a third party.

The procedure for executing payment orders from clients in relations between these banks is established in agreements on opening correspondent accounts.

General rules establishing correspondent relations are contained in the “Recommendations for establishing correspondent relations with foreign banks, opening and maintaining accounts for international payments” of the National Bank of the Republic of Belarus dated September 9, 1997 No. 947.

The obligation to carry out a bank transfer arises from the transferor bank:

From the moment the payment order is submitted;

Based on the payment order and bank account agreement.

In relations between banks, rights and obligations are determined in accordance with interbank correspondent agreements.

Bank transfers are carried out using telegraph, telex or the SWIFT (World Society for International Financial Telecommunications) system.

Practice 1

Exercise:

By order of the bank on January 9, 2008, exchange rates for cash foreign currency were established:

Based on the requirement to reinforce the cash register operating in the “extended day” mode, funds were issued from the operating cash desk:

During the day, the cashier of the cash register operating in the “extended day” mode:

At the beginning of the operating day on January 9, 2008, the balance on the bank’s currency position accounts was:

According to the terms of the task, you should:

1. Draw up a journal for registering banking transactions and reflect the purchase and sale of currency in the accounting accounts. Determine the cash balance at the cashier at the end of the working day.

Solution:

Banking transaction log:

Based on accounting entries, we post transactions to personal accounts 1030, 6901, 6911. 1030 (bel. rubles)

1030 (euro) 1030 (Russian rubles)

Cash balance at the cashier at the end of the working day:

20,520,000 – Belarusian rubles

2,500 – US dollars

580 – euro

2,500 – Russian rubles

250 – zloty. 6901 (USD) 6911 (USD)

Let's calculate financial results from sales of US dollars:

17,000 * 2,150 – 36,510,000 = 40,000 6901 (euros) 6911 (euros)

Let's calculate the financial result from the sale of euros:

7,580 * 3,162.87 – 23,910,765 = 63,789.6 6901 (Russian rubles) 6911 (Russian rubles)

Let's calculate the financial result from the sale of Russian rubles:

60,800 * 87.61 – 5,323,103 = 3,585,6901 (PLN) 6911 (PLN)

Let's calculate the financial result from the sale of zlotys:

2 350* 890 – 2 091 500 = 0

Practice 2

On March 12, 2008, TorgCollegeBank OJSC issued a loan to an individual to purchase a car in accordance with the purchase and sale agreement in the amount of 1,800 US dollars under interest rate 14% per annum for 3 years.

Foreign currency was purchased by the bank at the expense of its own funds at the rate of 2,145 rubles. Non-cash Belarusian rubles were transferred to the current account of the individual who sold the car. A guarantee was accepted as security for the loan individuals in the amount of 4,400,000. The loan is repaid in foreign currency in equal installments from April 2008 to the 20th of each month. Interest on the loan is paid in foreign currency on the 20th day of the month following the billing period. Billing period for interest calculation: from 01 to 30 of the reporting month. When calculating the amount of interest, a conditional number of days in a year (360) is used; the number of days in a month is conventionally taken as 30.

March 31, 2008 The accrued interest is calculated for the period from March 12 to March 30, 2008:

1 800 * 14% * 19 / 360 * 100 = 13,3

April 30, 2008 interest is calculated for the period from April 1 to April 30. This takes into account the repayment of the principal amount on the loan on April 18:

1,800 / 36 months = $50

1 800 * 14% * 17 /360 * 100 + (1 800 -50) * 14%*13/360*100 = 11,9+8,8=20,7

On May 31, 2008, interest is calculated for the period from May 1 to May 30, 2008. This takes into account the repayment of the principal debt on the loan on May 16, 2008.

1750 * 14% *15/360*100 + (1750-50) * 14% * 15/360*100 = 10,2+9,9 = 20,1.

Bibliography

1. Malaya V.I. Accounting in banks. Mn. BSEU 2004.

2. Tarasov V.I. Money, credit, banks. Mn. Book house "Misanta" 2005.

3. Kravtsova G.I. Organization of activities of commercial banks. Mn. BSEU 2007. 4. Konoplitskaya M.A. Bank operations. Mn. "Higher School" 2008.

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Bank transfer- this is a form of payment in which the buyer instructs the bank serving him to transfer a certain amount to another country and pay the recipient the transfer. Bank transfer is the simplest, inexpensive and fairly prompt form of payment.

The execution of a bank transfer begins with the issuance by the payment initiator of payment instructions to the sending bank for the transfer of funds at the expense of the payer to the receiving bank in favor of the beneficiary specified in these payment instructions.

Bank transfers for international payments are carried out using a payment order. It is submitted to the bank in the amount necessary to complete the transfer (at least two copies).

The first copy of the payment order is certified with a seal and signatures officials payer in accordance with the declared samples and seal imprint. When accepting a payment order from a client, the responsible executor checks the correctness of the preparation and completion of the required details, the correspondence of the signatures and seal imprint to the declared samples, the availability of funds in the payer’s account necessary to make 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 and the name of the correspondent bank through which the transfer will be made. The sending bank draws up a message based on the payment order to a 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 filed in the documents of the day. The second copy with the bank's mark is returned to the client. In Fig. 3.8 shows the bank transfer scheme.

In table 3.9 reflects the correspondence of the accounting accounts of bank transfers on behalf of clients.

Table 3.9. Correspondence of accounting accounts of bank transfers in foreign currency on behalf of clients

End of table. 3.9

In table 3.10 reflects the correspondence of the accounting accounts of bank transfers on behalf of banks.

Table 3.10 Correspondence of accounting accounts of bank transfers in foreign currency on behalf of banks

End of table. 3.10

Clients pay for bank services related to bank transfer transactions on the terms specified in the agreement between the bank and the client, unless otherwise provided by the legislative acts of the Republic of Belarus. Payment of commission fees is carried out in Belarusian rubles or foreign currency. The accounting procedure for commission remuneration is presented in table. 3.11.

Table 3.11. Correspondence of accounting accounts of commission fees when making a bank transfer in foreign currency

End of table. 3.11

3.5.3. Accounting for settlements with letters of credit

Letter of Credit - This is an order from 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 procedure for their execution, can be revocable or irrevocable.

Revocable letter of credit may be changed or canceled without prior notice to the beneficiary.

Irrevocable letter of credit cannot be changed or canceled without the consent of the issuing bank, the confirming bank and the beneficiary.

Depending on the method of security, letters of credit are divided into covered and uncovered.

Covered letter of credit- these are 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- the coverage for it may not be debited from the issuer’s account, but transferred during the validity period of the letter of credit until payment is made.

The letter of credit is covered by a memorial order in triplicate. The first copy is filed in the documents of the day, the second - in the dossier of the letter of credit. The third copy is given to the issuer.

The letter of credit may be revolver, 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 letter of credit the amount not used during a certain time can be additionally used in the next period.

Letter of credit with red clause in its conditions stipulates that the issuing bank authorizes the nominated bank to make advance payment to the beneficiary before submitting all documents under the letter of credit.

Standby letter of credit- this is a letter of credit under which the bank issues an obligation to pay a certain amount of money to the beneficiary in the event of failure by the applicant to fulfill any obligation or the occurrence of any event. A standby letter of credit guarantees the fulfillment of obligations to the beneficiary.

Banks participating in settlements under a letter of credit have the following names: issuing bank, executing bank, advising bank, confirming bank, reimbursement bank, advertising bank.

The provision of funds to the nominated bank to make payment under a letter of credit or reimbursement of funds paid under a letter of credit is called reimbursement. It may be carried out by the issuing bank or another bank in accordance with instructions or authority received.

The issuer (applicant) submits an application to its bank in two copies. The first copy is used to draw up the letter of credit and is placed in the letter of credit file. The second copy with the bank's 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 about the opening of a letter of credit, and 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) 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.

After sending the notice to the beneficiary, the advising bank sends the beneficiary a letter about the execution of his order. The beneficiary, having received the advice, checks whether the letter of credit complies with the terms of the agreement. The beneficiary must submit documents to the bank in accordance with the terms of the agreement with a covering letter (in two copies), which must contain a list of the documents submitted. The first copy of the letter is certified by the seal and signature of officials. The second copy with the bank's mark is given to the beneficiary. Beneficiary bank on time, not exceeding seven banking days, checks documents. If there are deviations in the documents regarding 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 regarding its amount, the quantity shipped, respectively product or price, the words “about”, “approximately” were used. If there is no such clause - within 5%.

After verifying 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 comply with the terms of the letter of credit, the issuing bank makes payment under the letter of credit. If the documents do not comply with the terms of the letter of credit, the issuing bank must contact the issuer and clarify whether it agrees to pay for the documents with the discrepancy. If the issuer refuses to accept documents with discrepancies, the issuing bank has the right to demand the return of the letter of credit amount.

The document flow procedure under a letter of credit is shown schematically in Fig. 3.9.

Table 3.12. Correspondence between accounting accounts and settlements with letters of credit at the issuing bank

End of table. 3 12

Documents received to make payments under a letter of credit are reflected in the receipt of off-balance sheet account 99816 “Documents under letters of credit”.

Accounting for the execution of a letter of credit in the confirming and executing bank is reflected in the accounting records in the manner presented in table. 3.13 -3.15.

Table 3.13.Correspondence of accounting accounts for settlements with letters of credit in the confirming bank

End of table. 3.13

Table. 3.14.Correspondence of accounting accounts for settlements with letters of credit in the executing bank

End of table. 3.14

Table. 3.15. Correspondence of accounting accounts for settlements with letters of credit in the reimbursement bank

End of table 3 15

3.5.4. Accounting for documentary collection payments

Collection- a banking operation through which the bank undertakes to receive money on behalf and at the expense of the client and (or) acceptance of payment from a third party based on documents submitted for collection.

There are several types of collection operations:

Net collection is an operation in which the bank undertakes to receive money from a third party on the basis of a payment request not accompanied by commercial documents and issued by the client through the bank. It is used for non-trade settlements;

Documentary collection is the collection of certain debts through a bank, for example, the collection by the seller (exporter) of amounts due to him from the buyer (importer) upon presentation of documents through the bank.

The bank to which the client (principal) instructs to make collection is called remitting bank. The remitting bank accepts documents for collection from the principal with a collection order drawn up No less than in duplicate. Accepted collection orders are registered in the journal. The first copy of the collection order is certified with the signatures and seal of the principal in accordance with the stated samples and remains with the remitting bank. The second copy with the stamp of the bank and the signature of the responsible executor is returned to the principal. Based on the first copy of the collection order, the remitting bank draws up a collection order at least in four copies. The first, second and third copies are signed by the responsible

executors of the remitting bank. The first and second copies of the collection order are sent along with the documents to the collecting bank. The third copy remains with the remitting bank. The fourth copy with the stamp of the remitting bank and the signature of the responsible executor is returned to the applicant.

Accepted collection orders along with documents are sent to the collecting and presenting bank no later than the banking day, following the day of acceptance of collection orders. Collection bank - a bank, other than the remitting bank, participating in collection. Introducing bank- a collecting bank that submits collection orders to the payer.

The remitting bank monitors the timeliness and correctness of acceptance and payment of documents sent for collection. For all collection orders sent, the control period (deadline for receiving the advice note) of the collecting bank on the execution of the collection order is calculated. The control period is marked on copies of the collection order placed in the dossier.

If the advice is not received by the deadline, a collection request is sent to the collecting bank. The collection order indicates a new deadline for the expected response, which must not exceed one month.

Collection orders received by the collecting or presenting bank are recorded in a special journal. The responsible executor checks the presence of all documents specified in the collection order. If for any reason it is impossible to execute the instructions contained in the collection order, the collecting bank sends a request to the remitting bank to clarify the instructions. If within sixty days there is no response to the request, the executing bank may return the documents to the remitting bank.

If the collecting bank is not the presenting bank, then no later than the banking day, following the day of receipt, the collecting bank sends a collection order with attached documents to the presenting bank. The presenting bank sends a notice to the payer with copies of documents attached. Collection orders, along with documents, correspondence with clients are placed in a separate file at the presenting bank for each collection order. When paying for a collection order, the payer submits a payment order to the servicing bank indicating under which collection order the payment is being made. If the payer refuses to pay, the presenting bank no later than the next banking day sends a notice of non-payment to the bank from which the collection order was received, indicating the reasons for non-payment. In case of incomplete

reading instructions within sixty days from the date of sending the notice, the documents can be returned to the remitting bank from which the collection order was received.

When carrying out pure collection operations, the remitting bank accepts an application from the applicant in duplicate, certified by the signatures and seal of the orderer. One copy of the application with the stamp of the remitting bank and a receipt from the responsible executor on acceptance of the documents is returned to the applicant. The responsible executor draws up a collection order on behalf of the bank in at least three copies, each of which is signed by the responsible executor. Two copies of the collection order along with financial documents are sent to the collecting bank, the third copy with copies of financial documents remains with the remitting bank. Accounting for accepted applications and sent collection orders, as well as monitoring their execution, is carried out in the same manner as for documentary collection.

In Fig. Figure 3.10 shows the document flow diagram for documentary collection.

Reflection of collection operations in accounting is shown in table. 3.16 -3.18.

Table 3.16.Correspondence between accounting accounts and settlements with documentary collections at the remitting bank

Table 3.17.Correspondence of accounting accounts of settlements with documentary collection in the executing bank

Table 3.18.Correspondence of accounting accounts and settlements with documentary collection in the presenting bank