How to capitalize imported goods

The conduct of foreign trade operations is a complex process, not only during documenting. Many accountants face the problem of capitalization of imported goods in accounting. A special difficulty arises with the determination of the date of reflection, the order of foreign currency translation and conducting charged VAT.

Instruction

Decide, on what account will arrange the purchase of inventories, represented by imported goods. You can use the account 15 "Preparation and acquisition of material values," the account 10 "Materials" or account 41 "Goods". For the last two options is to open two sub-accounts "Additional costs" and "Materials (goods) on the way."

Open foreign currency account in the servicing Bank to purchase imported goods and get a passport for a foreign trade transaction. Reflect payment of a fee for registration of the transaction passport opening a credit account 51 "Settlement accounts" with correspondence to the account or sub-account 15 the 10 or the 41 "Additional costs".

Write off of VAT on Bank fees in the debit account 19 "VAT on purchased assets" with reference to the credit of account 51. The transfer of funds to the purchase of foreign currency is reflected in the debit of account 57 "Transfers in a way". The flow of currency to the account will reflect on the debit of account 52 "Currency account" with the correspondence to the account 57. Show the resulting exchange difference on the debit 91-2 "miscellaneous costs".

Pay your supplier for imported goods. Open a debit account 60-2 "accounts payable in foreign currency" and credit of account 52. For currency conversion, the Bank will withdraw the Commission that reflects on the debit account 15 or sub-account the "Additional expenses" account for 10 or 41.

Received surrendered to customs on imported goods. Fill in accounting this operation is opening a debit account 15, 10 or 41 with correspondence to the credit score 60-2. After the fact of the import is confirmed, on the basis of the cargo customs Declaration (CCD) reflect in accounting the refund Bank Deposit to the importer. To do this, open the debit account 51 "Settlement accounts" and account credit 55-3 "Deposit accounts".

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