In order for the bank to record transactions in the current account of a specific legal entity, it needs to open this account. In the right to get a current account , any company that is in the status of a legal entity and has its own legal address and independent balance sheet.
Accounting for transactions in the current account is carried out after obtaining state registration of the newly created enterprise, because the bulk of settlement operations in the business sector relates to cashless transactions carried out by the banking system. At the same time, business entities must provide the selected bank with a specific list of documents that the bank requires. First of all, you should write an application for its opening, which expresses the desire of the client to make settlements with counterparties in a particular bank. To confirm your status, you must provide a certificate of state registration of a legal entity. A copy of documents reflecting the constituent policy must be certified by a notary. Each bank needs to check the legality of the created enterprise and its honesty before the state, therefore an extract from the tax authority is required. The head of the company selects several people who will subsequently, at their sole discretion, use the account. As a rule, these include the director of the enterprise, his first deputy and the person holding the position of chief accountant.
Accounting of banking operations is carried out on the basis of payment documents submitted to the bank, at the expense of which money is withdrawn from the buyer's account to the seller's account or cash withdrawal. Suspension of operations on accounts occurs if there is no amount on it that is necessary for the banks to fulfill customer instructions, and stagnation continues until the account is replenished or until a legal entity takes a loan from the bank due to a temporary lack of available resources.
As mentioned above, transactions in the current account are accounted for on the basis of payment documents, the most common of which are letters of credit, checks, requests and instructions, cash advance announcements. A letter of credit is created to guarantee payment for the delivered products. To do this, the bank opens a separate account on which it reserves the amount indicated in the letter of credit, and at the end of the transaction transfers it to the supplier’s account. If checkbooks or announcements are intended for cash flow, then it is customary to call a payment order an instruction to the servicing bank to withdraw a specific amount from its current account and transfer it to the account indicated in the document. The check, in fact, is the same document, only contains an indication of the transfer of cash to the bearer. The cash payment announcement speaks for itself and is used at the time of delivery of banknotes and coins to the bank cash desk.
Accounting of operations in a current account is carried out on the basis of a bank statement. The frequency of its issuance is set individually with each client and is fixed in a written agreement between the bank and the business entity. This document is used in accounting as a register for the preparation of analytical reports and is considered primary information. In confirmation of the veracity of the operations indicated in the extract, the legal entity is provided with payment documents on the basis of which they were debited or credited. And since any documents must be accepted by the client of the bank, questions regarding bank accounting should not arise. Acceptance of payment documents means the expression of consent to carry out a transaction with a client’s account.
Each bank independently draws up a statement form, but in any case it should contain the main registers. For example, such as a bank account number or the amount of the balance on it, which was indicated at the time of issuing the previous statement.