Meaning of currency operations and their types

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Course work

 

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Banking

 

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Meaning of currency operations and their types

 

 

Introduction

the turn of the 80-90s Republic of Kazakhstan has taken the path of transition to a market economy. An important area of these transformations are the international monetary and financial relations of the country, since embarked on integration into the global economy. The process of forming a modern market model, monetary and financial relations Republic of Kazakhstan bears the stamp features the difficult transition from a planned economy based on state ownership to a market economy based on different forms of ownership. Formation of exchange rate mechanism, adequate basic principles of market economy, contributed to the country's accession to the IMF, World Bank Group, EBRD, BIS and other international financial institutions. Cooperation with them ensures that the mechanism formed by world standards prevailing in the country with an effective market economy. Currency legislation is becoming more open. As a result, foreign trade liberalization leads to an increase in trade with foreign countries and accountants increasingly have to deal with foreign exchange transactions. In such a situation, of course, very important to have good accounting and tax accounting.and organizations having business relations with suppliers, customers and their employees, as well as with the state (budget and extrabudgetary funds) must have with them the estimated relationship. Most transactions between organizations of all kinds are carried out by non-cash form, eg by opening bank accounts. Bank account primarily involves the safe storage of the enterprise. But banks will not only keep the funds of the enterprises, but also produce a wide variety of settlement and payment transactions on behalf of businesses and government agencies. It is the banks, thus, are intermediaries in the payment transactions.this term paper the characteristic of accounting currency transactions and its features. Let's start with the concept of foreign currency transactions and order in relation to the currency of businesses and individuals. In the presentation of the material has been given attention in order of opening foreign currency accounts, as well as its closure and the operation of cash and cashless currency. We consider the movement of foreign currency account in the accounting and purchasing, the implementation of currency on the domestic and the foreign exchange market. Particular attention is paid to the integration of exchange differences and currency regulation and control.course consists of an introduction, three chapters: the concept of currency transactions and currency order with natural and legal persons, accounting of transactions with cash, noncash accounting features of currency transactions; conclusion, a list of references and applications:

- passport deal

- an application for transfer

- purchase order

- information on currency transactions

- certificate on supporting documentschapter consists of several items. The first chapter: The concept of currency transactions and currency order with natural and legal persons consists of items:

- currency regulation and currency control

- exchange control authorities

- Principles of currency regulation

- Loans: foreign exchange controls

- The transactions carried out between residents

- How to open a foreign currency account in the Republic of Kazakhstan

- How to close foreign exchange accounts in the Republic of Kazakhstansecond chapter, Accounting for operations with cash, consists of items:

- Evaluation of assets and liabilities in foreign currency organization

- account of exchange differences

- Features accounting of cash transactions in foreign currency transactions and foreign currency accountfinally, the third chapter, Accounting Features non-cash transactions, consists of items:

- Features accounting operations at the foreign exchange account

- Accounting transactions on purchase and sale of foreign currencies through authorized banks

- Accounting exports

- Accounting import operations.main tasks of accounting and cash in foreign currency are accurate, complete and timely accounting of the funds and operations of the movement, control over the availability of funds and monetary instruments, their safety and the proper use, monitoring of compliance with the cash and cash-payment discipline; identifying opportunities for more efficient use of funds.

 

 

1. Meaning of currency operations and order in relation to the currency of legal entities and individuals

 

1.1 The concept of currency

(English currency) - the country's monetary unit used to measure the value of goods.concept of currency is used in three senses:currency of a country that is used in foreign economic relations and international transactions with other countries (national currency).

Banknotes foreign countries (foreign currency), as well as credit and payment instruments denominated in foreign currency units and are used in international payments.

International (Regional) monetary unit of account and means of payment (SDRs, ECUs, formerly the transferable ruble in Comecon, Arabic accounting dollar, Andean pesos, etc.).Law On Currency Regulation and Currency Control dated October 9, 1992 defines the term currency of the Russian Federation) in circulation, as well as withdrawn or being withdrawn from circulation, but can be exchanged rubles in the form of banknotes and coins Central Bank;) funds in rubles in bank accounts and other credit institutions in Russia;) funds in rubles in bank accounts and other credit institutions outside the Russian Federation on the basis of an agreement concluded between the Government and the Central Bank with the relevant foreign authorities on the use of the national territory of the Russian Federation in foreign currency as legal tender.activities of the foreign exchange market is based primarily on currency transactions related to changes in ownership and other rights in currency values, using as a means of payment in foreign currency and payment documents in foreign currency, import and shipment to Russia, as well as the removal and shipment of the Russian Federation currency values, the implementation of international transfers.the aforementioned Act, under foreign exchange means:) bank notes in the form of bank notes, treasury notes and coins in circulation and are legal tender in the foreign country or group of states, as well as withdrawn or being withdrawn from circulation, but can be exchanged banknotes;) Funds in the accounts in the currency of foreign countries and international monetary or settlement units.

According to the principle of identity.can be subdivided into different types on the basis of membership:national currency

foreign currencyinternational (regional) currency45

Arabic dinar, Andean pesos, the transferable ruble

reserve currency(the key) currency (English reserve currency) - foreign currency in which the central banks of other countries to accumulate and store reserves for International Settlements on foreign trade transactions and foreign investment., the role of reserve currency appeared Pound, who played a dominant role in international payments. Decisions of the conference at Bretton Woods (USA, 1944) along with the pound sterling as an international payment and became the reserve currency the U.S. dollar, which has occupied a dominant position soon in international payments. To reserve currency are also brand in Germany, the Swiss franc, Japanese yen. Nevertheless, the share of U.S. dollar accounts for the overwhelming majority of foreign exchange reserves.currency convertibility means the relevant national currency, adequate stability of its exchange rate that favors the legal regime of the currency in other countries and in international exchanges. Country whose currency is used as a reserve, receive certain benefits upon receipt of external loans, imports of goods have preferred conditions for carrying out foreign expansion.most important part of the state foreign exchange reserves are central gold reserves and foreign currency, international currency and payment instruments such as the SDR, ECU's reserve currency country, placed in the International Monetary Fund (IMF).currency, including a regional currency used in the calculation of the members of international associations, international foundations and regional associations. At the moment, in some sectors of world trade as an international currency is the SDR and the ECU.Drawing Rights (SDRs) (English special drawing rights) - international payment and reserve funds, issued by the International Monetary Fund and used for clearing of international payments through the accounts and special accounts as the IMF unit of account.1969, the IMF, given the increasing risk of permanent deficit of international liquidity, but also because of the limited gold production and expansion of world trade, decided to create an artificial currency - special drawing rights. SDRs were created as a reserve currency that is used to cover the balance of payments. The first issue was the CRA implemented in three phases between 1970 and 1972 of $ 9.5 billion.necessary, the country can exchange their quota of SDR in the currency specified by the IMF, without ass

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