When an import and export agency company does accounting, first, when acting as an agent for import, upon receiving the funds from the principal, debit "Bank Deposit" and credit "Advance Receipts - Principal". When paying for the purchased goods, debit "Advance Receipts - Principal" and credit "Bank Deposit". For taxes and fees such as customs duties and value-added tax, the customs duty is included in the purchase cost. Debit "Advance Receipts - Principal" and credit "Bank Deposit". If the principal is a general taxpayer, the value-added tax can be deducted. Debit "Taxes and Fees Payable - Value-Added Tax Payable (Input Tax)" and credit "Advance Receipts - Principal".
When acting as an agent for export, upon receiving the export payment for goods, debit "Bank Deposit" and credit "Accounts Payable - Principal". When paying domestic freight, etc., debit "Accounts Payable - Principal" and credit "Bank Deposit". Calculate the receivable agency fee, debit "Accounts Payable - Principal" and credit "Other Business Income". Finally, settle with the principal, refunding the excess or making up the shortfall.
In short, clearly distinguish the fund transactions with the principal and accurately calculate various taxes and fees and agency fees.
Professional consultant answers
Andrew HuangYears of service：7Customer Rating：5.0
Supply chain optimization expertConsult
When an import and export agency company does accounting, first, when acting as an agent for import, upon receiving the funds from the principal, debit "Bank Deposit" and credit "Advance Receipts - Principal". When paying for the purchased goods, debit "Advance Receipts - Principal" and credit "Bank Deposit". For taxes and fees such as customs duties and value-added tax, the customs duty is included in the purchase cost. Debit "Advance Receipts - Principal" and credit "Bank Deposit". If the principal is a general taxpayer, the value-added tax can be deducted. Debit "Taxes and Fees Payable - Value-Added Tax Payable (Input Tax)" and credit "Advance Receipts - Principal".
When acting as an agent for export, upon receiving the export payment for goods, debit "Bank Deposit" and credit "Accounts Payable - Principal". When paying domestic freight, etc., debit "Accounts Payable - Principal" and credit "Bank Deposit". Calculate the receivable agency fee, debit "Accounts Payable - Principal" and credit "Other Business Income". Finally, settle with the principal, refunding the excess or making up the shortfall.
In short, clearly distinguish the fund transactions with the principal and accurately calculate various taxes and fees and agency fees.
William YangYears of service：5Customer Rating：5.0
International logistics consultantConsult
When an import and export agency company does accounting, pay attention to exchange rate fluctuations. In import and export business, the settlement currency is often not RMB. It is necessary to convert it into the amount of the functional currency according to the spot exchange rate on the transaction date or a reasonable exchange rate. The difference arising from exchange rate fluctuations is recorded in "Financial Expenses - Exchange Gain or Loss".
Jennifer WangYears of service：4Customer Rating：5.0
Market development consultantConsult
For the commissions involved in import and export agency business, if there is an explicit commission, it is directly deducted from the payment for goods. For an implicit commission, it is paid separately after receiving the payment for goods. When paying, debit "Accounts Payable - Principal" and credit "Bank Deposit".
James LiuYears of service：10Customer Rating：5.0
Foreign trade tax refund consultantConsult
In the import agency business, if there are quality problems with the goods and return or exchange is required, the accounting treatment should be adjusted according to the actual situation. The paid payment for goods and taxes and fees, etc. should be reversed or adjusted accordingly.
Amanda YangYears of service：3Customer Rating：5.0
Cost control consultantConsult
In the export agency business, applying for export tax rebate is a key link. If the principal meets the tax rebate conditions, the principal applies for the tax rebate and the agency company assists in providing materials, without involving accounting treatment for tax rebate. If the agency company applies for the tax rebate itself, it should calculate and apply according to the specified process.
David LiYears of service：6Customer Rating：5.0
Senior customs declaration consultantConsult
In the compilation of the abstract of the accounting voucher, the business content should be specified in detail, such as what kind of goods are imported on behalf of a certain company, a certain batch of goods are exported on behalf of, and the relevant business stages, etc., to facilitate future account checking and financial analysis.
Joseph ZhouYears of service：10Customer Rating：5.0
Senior foreign trade managerConsult
An import and export agency company needs to regularly check accounts with the principal to ensure that the data of both parties are consistent. The contents of the check include the receipt and payment of funds, the quantity of goods, the calculation of agency fees, etc. If any differences are found, communicate and adjust them in a timely manner.
Sarah ZhangYears of service：8Customer Rating：5.0
Document expertConsult
When setting up accounting subjects, appropriate secondary and tertiary detailed subjects can be set under the first-level subjects according to the characteristics of the company's business, such as "Advance Receipts - Principal - A Certain Company", "Accounts Payable - Principal - A Certain Company", etc., to facilitate clear accounting of the businesses of different principals.
Elizabeth LiYears of service：3Customer Rating：5.0
Compliance and risk managerConsult
In terms of cost accounting, in addition to the cost of goods, an import and export agency company should also accurately calculate the agency fees. The agency fees should be allocated to each business according to the contract agreement and an appropriate method.