Each enterprise is obliged to sell part of the proceeds in foreign currency before it goes to the client. The full amount of the client’s income in foreign currency is placed on a transit account, on which the mandatory sale of part of the amount is carried out, as well as other necessary operations.

After exchanging part of the profit for national currency, this amount is transferred to the bank client’s current account. Once funds are credited, they can be distributed at your own discretion. A credit institution can carry out a sale and transfer operation only on the basis of a corresponding application for the sale of a certain amount. In addition, the transit account is intended for payments to counterparties for settlements carried out in foreign currency. The exception is cash attributable to profit and loss.

A transit account can be useful for a legal entity in relations with residents or non-residents of the country. It is often used in settlement transactions with forwarding, transport and insurance organizations that are non-residents of the country, as well as for the return of amounts in foreign currency for the movement of cargo on the territory of a foreign state. The transit account is used by banks when transferring costs for customs clearance of cargo and its transportation across the border. A small part of the amount from this account is written off to the credit institution for the timely and high-quality execution of all client orders.

In order to receive foreign currency, a legal entity must provide a certain set of documents confirming its status and an application for opening a foreign currency account. In this case, a transit account is automatically opened for each currency account for the mandatory sale of part of the profit.

Recently, more and more people are deciding on the need to invest temporarily free funds in assets, for example, in securities on the stock exchange. But, as a rule, it is not possible to search for a profitable project and its further implementation due to lack of time. To assist a legal entity, the services of brokerage firms or individual agents are offered. For a successful tandem, it is necessary to open a brokerage account, which reflects every movement of funds.

Thus, a legal entity can easily monitor all the actions of the broker and not worry about the safety of money. And the broker, in turn, gets the opportunity to carry out all necessary operations without prior consultation with the owner of the funds. In rare cases, agents of brokerage firms have the right to use the free balance of money in the account for personal needs with the obligation to subsequently return it in full and within the prescribed period. In addition, the business entity is not liable for the broker's obligations, so agents should not use client funds to pay claims against them.

When opening a foreign currency account and, accordingly, a transit account, a legal entity enters into an agreement with the bank, which specifies the main provisions for maintaining the account. For example, the agreement specifies the deadline for providing account statements, the persons who can manage the money, and also specifies samples of their signatures and the company’s seal. After funds are received into the transit account, the client is required to submit an application for the sale of the obligatory portion of the proceeds. It is also necessary to present supporting documents confirming the source of receipt of funds, and this must be done within the next seven working days. First, they are sent to the control department, where their authenticity and correctness are confirmed, and then filed with the client’s documents.

If a resident organization (resident individual entrepreneur) plans to conduct foreign economic activity, then it must conduct settlements when carrying out currency transactions through bank accounts (Part 2.3 of Article 14 of Law No. 173-FZ of December 10, 2003, hereinafter referred to as Law No. 173 -FZ). When opening a current foreign currency account, the bank simultaneously opens a transit foreign currency account for the resident (clause 2.1 of Bank of Russia Instruction No. 111-I dated March 30, 2004, hereinafter referred to as Instruction No. 111-I). That is, the opening of such an account occurs automatically and regardless of the will of the company (IP).

Initially, currency transferred to a resident, both by non-cash method and in cash (Letter of the Bank of Russia dated October 27, 2004 N 09-15-2-10/83630), is credited specifically to the transit account. Then, based on the order to write off the credited currency, the money is transferred to the resident’s current foreign exchange account (clauses 2.2, 2.3.3 of Instruction No. 111-I).

A transit account is an account for a special purpose that does not require the conclusion of a separate bank account agreement. Accordingly, it is not a bank account in the sense implied by the Civil Code of the Russian Federation (Article 845 of the Civil Code of the Russian Federation).

Let us recall that once upon a time all residents were required to sell part of the foreign exchange earnings received on the domestic foreign exchange market of the Russian Federation. There was a time when 30% of the proceeds went to mandatory sale (Part 1, Article 21 of Law N 173-FZ, as amended, valid until June 30, 2004). Then the share was reduced to 25%, then to 10%, and today it is 0% (clause 1.2 of Instruction No. 111-I). That is, now the received currency can be kept in a foreign currency account for as long as desired.

What amounts are not credited to the transit account?

Certain funds, bypassing the transit account, are credited directly to the resident’s current currency account (clause 2.2 of Instruction No. 111-I). So, if a resident has several current currency accounts opened at a bank, then when transferring money from one of them to another, the amount will not go to the transit account, but will be immediately credited to the desired current currency account.

Also, money will immediately go to the resident’s current foreign currency account at the bank if he transfers currency from his own current foreign currency account opened in another bank.

Actions of a resident if the money in the transit account came from a non-resident

Since banks are agents of currency control, they have the right to request from residents documents related to currency transactions (Clause 9, Part 4, Article 23 of Law No. 173-FZ). And in accordance with the Instruction of the Central Bank, a resident, when crediting money to his transit currency account, within 15 working days, together with the order to write off foreign currency from the transit currency account or without it, must provide the bank (clause 2.1 of the Instruction of the Bank of Russia dated 08.16.2017 N 181-I, hereinafter referred to as Instructions No. 181-I).

Foreign exchange transactions with residents are prohibited, except for specially provided cases (subparagraph “a”, paragraph 9, part 1, article 1, article 9 of the Law of December 10, 2003 No. 173-FZ). For more information about this, see What foreign exchange transactions can be carried out by Russian organizations. Convert the funds received in foreign currency into rubles at the official rate of the Bank of Russia established on the date of their crediting to the organization’s transit currency account (paragraph 1, clause 5 of PBU 3/2006). At the same time, make an entry in the foreign currency accounting registers. This follows from paragraph 24 of the Regulations on Accounting and Reporting. Accounting for the receipt of foreign currency earnings depends on the terms of the agreement.

Transit bank account

In particular, from:

• on what date is ownership of the goods transferred or when the work (services) are considered accepted by the customer (on the date of shipment, the date of signing the act, the date of payment, the date of registration of the customs declaration, etc.);

• Does the contract provide for prepayment?

If title passes on the date of shipment (a date other than the date of payment) and the contract provides for subsequent payment, make the following entries. On the date of transfer of ownership: Debit 62 Credit 90-1 – revenue from the sale of goods is reflected.
On the date of payment: Debit 52 subaccount “Transit currency account” Credit 62 – payment by the buyer for the goods is reflected; Debit 52 sub-account “Current foreign exchange account” Credit 52 sub-account “Transit foreign currency account” – currency is transferred to the current foreign currency account.

Accounting for currency transactions (PBU, postings)

Debit 52 Credit 57– 29,700 rub. (1000 USD × 29.70 rubles/USD) – currency is credited to the organization’s foreign currency account; Debit 91-2 Credit 57–200 rub. – commission fee is withheld by the bank; Debit 91-2 Credit 57–800 rub. (1000 USD × (30.50 rubles/USD – 29.70 rubles/USD)) – reflects the difference between the currency purchase rate and the Bank of Russia rate; Debit 51 Credit 57–300 rub. (31,000 rubles – 1000 USD × 30.50 rubles/USD – 200 rubles) – the balance of unspent money is returned. Accounting for foreign currency earnings The receipt of foreign currency earnings from the sale of goods (performance of work, provision of services) is reflected in account 52.
You should open sub-accounts for it:

• “Current currency account”;

• "Transit currency account."

As a general rule, foreign currency can be used in settlements only in transactions with non-residents (subparagraph “b”, paragraph 9, part 1, article 1, article 6 of the Law of December 10, 2003 No. 173-FZ).

Account 52 in accounting: postings, examples of transactions on a foreign currency account

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Transfer of funds from transit to current

• sold for Russian rubles;
• transferred to the current account.

Important

Consequently, a transit currency account is intended for the receipt of money, but not for its accumulation and storage. It is also necessary to emphasize that the transfer from a transit account to a foreign currency account is not carried out automatically.

To carry out such actions, the resident must confirm and justify the amounts received and send to the authorized credit institution:

• an order to transfer money to a current account;
• a certificate identifying the foreign currency earnings received to the transit foreign currency account;
• documents that are the basis for receiving amounts.

Accounting entries To summarize the description of the transit account, we should dwell on the entries associated with transactions on it.

Transfer of currency from a transit account to a current transaction

Payments are made in foreign currency. The contract provides for the transfer of ownership of the goods after shipment. Payment is made after shipment. Alpha LLC has entered into a foreign trade contract for the supply of goods.
Contract amount – USD 10,000 (VAT – 0%). According to the terms of the contract, ownership passes to the buyer upon shipment. On January 28, Alpha shipped goods for export. The cost of goods sold is RUB 230,000.

On February 1, the buyer will pay in full for the goods.

Posting a currency transfer from a transit account to a current account

N 33n); D-t account 57 (91) - K-t 91 (57) - exchange rate difference on account 57, which arose in connection with a change in the current exchange rate of the ruble to foreign currency, is reflected in non-operating income (expenses); D- t of account 91 (57) - Kt of account 57 (91) - the financial result from the sale of currency is identified, determined as the difference between the rate of sale of currency and the rate of the Central Bank of the Russian Federation established on the date of sale. The portion of foreign currency earnings remaining at the organization’s disposal is transferred from the transit currency account to the current currency account, which is reflected by the posting: D-t account 52 / “Current foreign exchange account” - K-t account 52 / “Transit foreign currency account”.

For profit tax purposes, income and expenses identified during the sale of foreign currency will be taken into account in full according to accounting data.

• 1 Purchasing currency
• 2 Accounting for foreign exchange earnings

Russian organizations can conduct currency transactions that do not contradict currency legislation (Law No. 173-FZ of December 10, 2003). In its activities, an organization can:

• purchase foreign currency;

• receive foreign exchange earnings from the sale of goods (performance of work, provision of services);

• receive loans (credits) in foreign currency.

Accounting for foreign exchange transactions is carried out on the basis of PBU 3/2006 and the Chart of Accounts and Instructions for its application. To summarize information on the availability and movement of foreign currency in foreign currency accounts opened in authorized banks in Russia or in banks outside its borders, account 52 “Currency accounts” is intended. You can open sub-accounts for account 52 - “Currency accounts within the country”, “Currency accounts abroad”.

This procedure follows from paragraph 12 of PBU 9/99 and the Instructions for the chart of accounts (accounts 52, 62, 90-1). If the agreement provides for an advance payment, the advance received is not recognized as income of the organization and is reflected in accounts payable (clause

PBU 9/99). Record the receipt of foreign currency earnings in this case as follows. On the date of payment: Debit 52 sub-account “Transit currency account” Credit 62 sub-account “Settlements on advances received” - an advance payment was received in foreign currency; Debit 52 sub-account “Current foreign exchange account” Credit 52 sub-account “Transit foreign currency account” – currency is transferred to the current foreign currency account.

PBU 9/99). Most banks will have to pay a commission to purchase foreign currency. In accounting, include this amount as part of other expenses (paragraph 7, paragraph 11 of PBU 10/99). An example of reflecting in accounting a transaction for the purchase of foreign currency. Alpha LLC entered into a foreign trade contract. To execute it, Alpha needs US dollars. There is no money in the organization's foreign currency account. Therefore, on January 30, Alpha instructed the bank to purchase the necessary currency ($1,000). To do this, we drew up a settlement document and transferred 31,000 rubles to purchase foreign currency. On February 2, the bank bought foreign currency at the rate of 30.50 rubles. per dollar and credited it to the organization’s foreign currency account minus a commission in the amount of 200 rubles. The US dollar exchange rate on February 2 (conditionally) was 29.70 rubles. for a dollar. The organization's accountant made the following entries in the accounting records. January 30: Debit 57 Credit 51–31,000 rub.

T. KRUTYAKOVAAKDI “Economy and Life” In the accounting of organizations, the receipt of foreign currency earnings is reflected by the posting: D-t account 52 / “Transit currency account” - K-t account 62 - foreign currency earnings were received in the transit currency account. Transactions on the sale of foreign currency earnings (both mandatory and voluntary) are reflected in accounting using account 57 “Transfers in transit”: D-t of account 57 - K-t of account 52 / “Transit currency account” - foreign currency funds subject to sales; D-t of account 51 - K-t of account 57 - funds from the sale of currency were credited to the current account; D-t of account 91 - K-t of account 57 (51) - commission to the bank in connection with the sale of currency is reflected in operating expenses (p.

11 Accounting Regulations “Organization Expenses” PBU 10/99, approved by Order of the Ministry of Finance of Russia dated May 6, 1999.
Re-evaluate as of the date:

• performing a transaction;

• reporting date (on the last day of each month).

In addition, the accounting policy for accounting purposes can prescribe the procedure for revaluing foreign currency as the exchange rate changes. This is provided for in paragraphs 7, 9–10 of PBU 3/2006, paragraph 7 of PBU 1/2008.

When revaluing, exchange rate differences arise:

• positive - if the exchange rate to the ruble on the date of revaluation is higher than on the date of initial accounting of foreign currency;

• negative – if the exchange rate against the ruble falls.

This follows from paragraph 4 of paragraph 3 and paragraph 11 of PBU 3/2006. It is advisable to formalize the calculation of exchange rate differences in the form of an accounting statement drawn up in any form.

Take into account positive exchange rate differences as part of other income (clause 7 of PBU 9/99). Negative exchange rate differences – in other expenses (p.

Modern banks allow you to store money not only in national, but also in foreign currency. This is convenient for those who constantly cooperate with foreigners, or prefer to keep their savings in dollars and euros. But not everyone knows how to take advantage of this opportunity. From this article you will learn how a current currency account differs from a transit or special account. In addition, you will understand what is necessary to open a currency transit account for legal entities in our country, and you will be able to use the information received in practice.

Currency account: what is it and why is it needed?

A foreign exchange account differs from a regular account only in that foreign currency funds are stored on it. If you receive money from foreign partners, then it makes sense to open just such an account so as not to lose interest on currency exchange. Currency exchange rate fluctuations will become less relevant to you, and their total difference will be reflected only in accounting.

According to the law, a foreign currency current account can be opened by:

• Individual;
• Organization;
• Entity.

To do this, you need to collect all the necessary documents and meet with a bank representative to conclude an agreement. It is worth requesting a list of required documentation in advance and specifically from the bank whose services you plan to use. There they will explain to you in detail how to open a foreign currency account for a legal entity or individual.

If you do not want to keep all your savings in one place, then no one forbids you to open a foreign currency transit account in a bank with which you were not previously connected in any way.

But using the services of an institution in which you already have investments is still much more profitable - this will allow you to save time, and the list of necessary documents will be smaller.

When opening, keep in mind that it can only store one type of currency.. That is, you cannot transfer dollars, sterling, and euros there at the same time. To do this you will need three different locations. In most banks, opening and using a foreign currency account is free, as is recording funds in a foreign currency account. If a separate fee is charged for this, bank employees will warn you about this.

What is the difference between current and transit accounts?

Money in a foreign currency account can not only be accumulated, but also actively used. By concluding a contract with a bank, you get the opportunity to use two accounts at once:

• Transit;
• Current.

Both of them are necessary to conduct business. A transit currency account is used to receive funds. This is where your employers or partners can transfer money.

Essentially, this is the internal storage of the bank itself, which you cannot use. It is needed in order to keep records of transactions on foreign currency accounts, as well as accounting for funds in foreign currency, which are stored in one place. Therefore, all funds received must be transferred. Only after this you will be able to carry out all the currency transactions you need:

• Pay off loans;
• Withdraw cash;
• Transfer the required amounts.

The process of transferring money from a transit account to a current account may initially seem complicated and full of unnecessary steps. Once the sender transfers the required amount, you cannot immediately use your funds. You will need to wait for the transfer notification from the bank itself and provide documentation of this transaction. Information about the receipt of funds usually arrives within fifteen business days. As for documentation, this could be contracts, reports or any other evidence that the transaction was carried out legally and in accordance with all the rules. This is necessary to account for foreign currency transactions.

After everything is verified by bank employees, the funds will be transferred from the transit account to the current account.

Additional bonuses

In addition to the options that were discussed earlier, there is also a special transit account. You already know what a transit account is, but this subtype has its own characteristics. It is worth talking about separately, since its discovery occurs without your active participation. It is also used mostly by the bank to record transactions in foreign currency.

This is a kind of way to control the resident. The bank has every right to keep records of transactions on a foreign currency account and uses this for its own safety. It is used if a resident regularly engages in the sale and purchase of currency. In this case, you need to keep track of currency funds and transactions on a foreign currency account so that everything can be checked at any time.

Most often it is opened not for an individual, but for an organization. In this case, its managers can also take advantage of the new account. If the company has the necessary documents, then it can be used for various transactions related to the purchase or sale of foreign funds.

True, not everything is allowed here either. So, for example, you won't be able to:

• Buy another currency with this money;
• Purchase securities.

But the funds located there can be used to cover travel expenses. But its main purpose, as already mentioned, is to keep records of transactions on foreign currency accounts.

As you can see, opening and using a foreign currency account in our country is not as complicated a process as it seems at first glance. Use the information received and store your money correctly.

Transit currency account- a special account in a credit institution, which is issued specifically for the transfer and storage of the company’s foreign currency profits until subsequent transfer to a current account. All export receipts are taken into account here. The money remaining in a special transit currency account can be sold for rubles. But this requires a written instruction from the client to convert.

Purpose

A transit currency account is used to make payments for :

• Transportation of goods across the territory of another country.
• Insurance.
• Cargo delivery and other services.

It is also allowed to pay commissions from credit institutions and customs duties.

A special account is opened simultaneously with the opening of the main currency account. In simple terms, a transit currency account plays the role of an intermediate link in the process of currency transfer. In addition, if a legal entity transfers the currency of another country from bank to bank, the funds are also credited to the transit account, and after that they go to the main account intended for the currency.

Historical reference

Until the beginning of 2007, there was a rule in the Russian Federation according to which each organization had to sell part of its foreign currency profits. Depending on the norms of the legislative sector in different years, the sales rate changed all the time and fluctuated between 10-50 percent. At the present stage, it has reached zero. Due to this, a special transit account is used exclusively to control the movement of currency.

Read also -

Transit currency account: write-off terms

One of the main questions is how long it takes for money to be debited from the intermediate account to the main account. According to the law, from the moment the instruction is received in writing, the bank has 15 days to carry out one of two transactions th:

• Sales of received funds for national currency.
• Transfers of money in full to a bank account in foreign currency.

In the process of writing off export profits, the ratio of funds received in a ruble or foreign currency account can be determined by the owner of the transit account.

Required documents

When debiting money from a transit currency account, you may need to transfer some papers . Among them:

• Indication of the account owner to write off money. The document is drawn up on a form approved by the credit institution.
• Certificate of foreign exchange transactions, which reflects the data on depositing money.
• Papers that would confirm the legality of receiving foreign funds. This includes agreements, specifications, applications and other papers that could confirm the legality of money entering the transit currency account.

As soon as the credit institution has received the full package of papers and checked them for compliance with legal requirements, the client’s instructions are carried out. At the time of transfer of money, all documents must be valid. If the data for debiting from a transit currency account and crediting funds is insufficient, the credit institution has the right to request additional information or not to comply with the instruction.

During the process of depositing funds, the financial institution charges a commission. This is due to the fact that the bank performs the functions of a currency control agent, which are paid, and the tariffs, as a rule, are specified in the agreement on cash settlement services.

Subtleties of selling currency

When opening a current account in foreign currency (without opening an account in rubles), the process of debiting and subsequent transfer looks like this :

• Profit in monetary units of another country goes to the transit account.
• Money is debited from a special account to a current account opened in foreign currency.
• If necessary, funds are converted and sent to a ruble account in another banking institution. Here it is worth considering two points - commissions and the need to coordinate the transaction in advance with the receiving credit institution.

Results

In conclusion, it is worth noting that if the foreign exchange profit exceeds the amount of 50 thousand dollars, the money is written off from the transit foreign currency account if an additional condition is met - opening a bank account according to the transaction passport. Duration - 15 days from the date of crediting of funds. Otherwise, failure to comply will be considered a violation.