How to work with currency accounts?

    The galloping ruble exchange rate did not leave anyone indifferent. The boom in foreign exchange transactions has prompted us to closely examine all the features of currency legislation.

    With foreign partners, settlement is most often done in foreign currency. To pay for an order or receive income from a buyer in foreign currency, you must have a foreign currency account.

    How to open a currency account

    You can open a foreign currency account in the bank where you already have a ruble current account, or in some other. As always, it all starts with the preparation of a package of documents. The requirements for documents required to open a foreign currency account differ for each bank, therefore it is better to contact the bank branch in advance to find out a list of documents or to clarify this information on the bank's website.

    A sample list of documents for opening a currency account:
    • application for opening a foreign currency account;
    • bank account agreement in foreign currency;
    • constituent documents, if you have an organization;
    • certificate of state registration;
    • certificate of registration;
    • extract from the state registry (EGRIP / register);
    • a card with specimen signatures and a seal imprint;
    • passports and documents confirming the authority of the officials indicated on the card with specimen signatures and seal imprint.

    If you decide to open a foreign currency account in the same bank where you have a regular bank account, the list of documents can be significantly reduced. Usually in this case only an application for opening a bank account and conclusion of an agreement are required.

    In fact, you will have two currency accounts: transit and current

    A transit account is always opened for any currency account. This is the bank’s internal account, it is needed so that the bank controls the receipt of money from abroad. Initially, money from foreign counterparties will always go to a transit account. Only after the bank carries out currency control and receives the necessary documents from you, can you transfer money to the current currency account or immediately sell the currency. When you pay your expenses in foreign currency, payments will go from the currency account immediately to the counterparty, bypassing transit.

    Currency control

    For operations in foreign currency, the bank is obliged to conduct currency control. Your interaction with the bank will be structured as follows: when you receive money in a transit account, you will receive a notification about this. Usually, within 15 working days from the receipt of money to a bank transit account, you need to provide supporting documents for the transaction: a certificate of foreign exchange transactions, a contract or transaction passport (issued if the amount under the contract has exceeded $ 50,000), together with the transaction passport provides documents on the import and export of goods, acts, invoices, etc., a certificate of supporting documents.

    Now banks can draw up all the necessary certificates for you. You only need to provide a package of supporting documents for the transaction. Which ones, the bank will tell you.

    If you decide to pay in foreign currency to the supplier, you will need to provide the same list of documents along with the order to transfer money to the bank. Well, or the bank will prepare them for you, having previously requested the necessary information.

    The Bank and the tax have the right to request from you documents on foreign exchange transactions for currency control and verification. Documents to be kept in order are listed in the law , here is a sample list:
    • identity document;
    • certificate of registration of IP or LLC;
    • Certificate of tax registration;
    • contract and additions to it;
    • transaction passport;
    • customs declarations;
    • Bank statements;
    • bank documents confirming the commission of foreign exchange transactions;
    • notice on opening an account (deposit) with a bank outside the Russian Federation.

    How to pay STS tax in payments in foreign currency

    Revenue in foreign currency must be included in the calculation of tax already on the date of receipt of money to the transit account. The amount must be converted into rubles at the rate of the Central Bank of the Russian Federation, which is set on this date. The CBR exchange rate can always be viewed on

    Good news has appeared for users of Elba . Recently, when working with foreign currency accounts, it is enough for them to import a bank statement, and the system independently recalculates the income in foreign currency into rubles at the exchange rate that was valid on the day it was received.

    With expenses in foreign currency should be a little more careful. As you know, expenses when calculating tax are not always taken into account at the date the money is debited from the account. According to the rules of the Tax Code, expenses must be taken into account when calculating tax on the later of the dates:
    • date of payment to the supplier;
    • the date when you received purchased materials or work and services from the supplier;
    • the date you shipped the goods to your final customer if you purchased goods for resale;

    After the expense date is determined, the amount must be recalculated at the rate of the Central Bank of the Russian Federation, established on that day.
    For example, if you ordered software development abroad and paid for work in foreign currency, the expense amount should be converted into rubles at the exchange rate of the Central Bank of the Russian Federation on the payment date or on the date of signing the act, depending on what happened later.

    In addition, there are still exchange rate differences. But just not the one that arises due to a change in the exchange rate of the currency itself, when it remains on your account, for the IP this difference does not matter (unlike organizations that will have to take it into account in accounting).

    Only the exchange rate difference that occurs when selling foreign currency at a rate higher than the Central Bank rate on the same day, or when buying currency at a rate lower than the Central Bank rate on the same day, needs to be taken into account. In such cases, you have a benefit with which you will have to pay tax. Negative exchange differences in the costs of the simplified tax system are not taken into account.

    Practical example:

    November 17, 2014 you will receive the foreign currency account funds of $ 2 085. The next day, November 18, 2014, foreign currency bank was realized at the rate of 52.3300 R. Bank of Russia exchange rate on November 18, 2014 was 47.3329 R.
    Also income itself in foreign currency must reflect a positive exchange rate difference, because the sale of foreign currency was at a higher rate than the Central Bank of the Russian Federation.

    Exchange rate difference = 10,418.95 R.
    Calculation: $ 2,085 x (52.3300 R. / $ - 47.3329 R. / $) = 10 418.95 R.

    When working in Elba, this happens automatically. Just indicate the rate of sale or purchase of the currency, and if it turns out to be more profitable than the rate of the Central Bank of the Russian Federation, the positive difference will be taken into account in income when calculating the tax.

    You can see for yourself how easy it is to work with currency accounts in Elba. If you have any questions, we will be happy to help you.

    Also popular now: