Romanenko S. Accounting for and control of transactions with letters of credit in the system of international settlements of business entities

The paper is devoted to the substantiation of theoretical principles as well as to the development of practical recommendations for improving the organization and methodology of accounting for and control of transactions with letters of credit in the system of international settlements. The object of the study is transactions with letters of credit as a form of international settlements of business entities in the system of accounting and control. The subject of the study is a set of theoretical, organizational and methodological principles of accounting and control of transactions with letters of credit.The elements of the system of international settlements of the enterprise as well as the place of the letter of credit in it with the disclosure of its features as an object of accounting (definition by form, location, own cost, targeting, causality, value of the object) have been specified. This allowed to systematize all elements into a single system, which will facilitate the structuring of the interaction of the enterprise with the subjects of the external environment. The result of the functioning of this mechanism is the inflow of the resources as well as information required for the organization of the process of settlements in accordance with the system of priority of the enterprise's interests, minimization of expenses for the use of forms of international settlements.With the aim of improving the accounting reflection of transactions with international letters of credit, the principles of the organization of cashless settlements using letters of credit as well as peculiarities of foreign exchange control of international settlements (terms of settlements for export and import operations, compulsory sale of currency revenues, establishment of custom's duty), and its impact on the organization of accounting reflection of such transactions have been defined