BUSINESS INFORM №7-2016

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19

Section: Accounting and Auditing
UDC 657.01
Romanenko S. V.
The Settlements, Which Make Use of Letter of Credit: Types and Accounting Treatment (p. 125 - 130)
The article is concerned with identifying the problematic issues of accounting treatment of settlements, which make use of letter of credit, critical analyzing the proposals by researchers as to addressing them, as well as developing of recommendations on how to address them. Types of letters of credit that affect methods of their accounting have been considered, the problematic issues in the course of their use have been described. An order of accounting treatment of the settlements, which make use of letter of credit, has been proposed taking into account their types. The necessity of opening a number of new as well as using the existing sub-accounts for accounting treatment at various stages of the settlements, which make use of letter of credit, has been substantiated. The article prompts proposals on organization of the analytical accounting of settlements with suppliers, issued bank loans, monetary documents. The necessity of fixing the mentioned proposals in the accounting policy of enterprise under the condition of using the settlement form of letter of credit has been substantiated.
Keywords: letter of credit, international accounts, bank-issuer, beneficiary, applicant
Fig.: 1. Tabl.: 2. Bibl.: 10.

Romanenko Svitlana V. – Lecturer, Department of Accounting and Auditing, Vinnitsa Finance and Economics University (71a Pyrogova Str., Vinnytsya, 21037, Ukraine)
Email: [email protected]

Article is written in Ukrainian
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Reference to this article:
Romanenko, Svitlana V. (2016) “The Settlements, Which Make Use of Letter of Credit: Types and Accounting Treatment.” Business Inform 7:125–130.

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