is there any limit on the amount of personal income in foreign exchange?
a: there is no limit on the amount of foreign exchange earned by individuals, but if the foreign exchange obtained by individuals is taxable, they need to pay taxes as required. The Measures for the Administration of Individual Foreign Exchange has corresponding provisions on it:
Article 34. If an individual purchases foreign exchange or withdraws money from a foreign exchange savings account, the amount of foreign currency cash allowed to leave the country on a single day or on the same day can be handled directly at the bank. If a single or accumulated withdrawal exceeds the above amount on the same day, it shall be reported to the local foreign exchange bureau in advance with my valid identity certificate, proof of the purpose of withdrawal and other materials. It shall abide by the relevant state management regulations.
how to handle the accounts when receiving foreign exchange settlement?
entry on receipt of foreign exchange:
debit: bank deposit-foreign currency account foreign currency amount * foreign currency exchange rate
credit: accounts receivable, prepayments, etc.
entry on settlement of foreign exchange after receipt:
debit: bank deposit-RMB account
financial expenses-exchange gains and losses
credit: bank deposit-foreign currency account
. The foreign exchange market refers to a trading place that engages in foreign exchange trading and adjusts foreign exchange supply and demand internationally. Its function is to deal in monetary goods, that is, the currencies of different countries.
financial expenses: refers to the expenses incurred by an enterprise to raise funds needed for production and operation. Specific items include: net interest expenditure (the difference between interest expenditure and interest income), net exchange loss (the difference between exchange loss and exchange income), handling fees of financial institutions and other expenses incurred in raising production and operation funds.