It is an important tool for balance of payments accounting. Through the balance of payments statement, we can comprehensively reflect a country's balance of payments situation, balance of payments structure and changes in reserve assets, provide a basis for formulating foreign economic policies, analyzing basic economic factors affecting balance of payments, and taking corresponding control measures, and provide basic information for other external parts of accounting statements.
Basic Introduction Chinese Name: Balance of Payments Table mbth: Balance of Payments Table Type: Balance Table Content: Reflecting economic transactions: economic content, category, bookkeeping method, purpose, compilation principle, significance, analysis and content bookkeeping requirements The balance of payments table is based on the double bookkeeping principle of "borrowing means lending" and systematically records every international economic transaction. This accounting principle requires that each transaction should be recorded by the debit and credit, and the credit should record the decrease of assets and the increase of liabilities; Debit records the increase of assets and the decrease of liabilities. Current account The current account mainly reflects the transfer of real resources between a country and other countries, and it is the most important item in the balance of payments. Current account includes goods (trade), services (intangible trade), income and unilateral transfer (current transfer). The current account surplus indicates that the country is a net lender, while the current account deficit indicates that the country is a net borrower. Balance of payments account capital and financial account capital and financial account reflect international capital flow, including long-term or short-term capital outflow and capital inflow. It is the second largest item in the balance of payments. Capital account includes capital transfer and purchase or sale of unproductive and non-financial assets. The former is mainly investment donation and debt cancellation; The latter is mainly to buy or sell land and intangible assets (patents, copyrights, trademarks, etc. ). Financial accounts include direct investment, securities investment (indirect investment) and other investments (including international credit and advance payment, etc. ). Net Error and Omission In order to make the total debit and credit of the balance of payments equal, the watchmaker artificially sets this item in the balance sheet to offset the net debit or credit balance. Summary of balance of payments reserves and related items Reserves and related items include the allocation of foreign exchange, gold and special drawing rights. SDR is a new international reserve asset created around the International Monetary Fund and a form of international financial cooperation. A unit of account allocated by the International Monetary Fund (IMF) to member countries according to their contributions. It was officially released by the IMF at 1970. The SDR allocated by member countries can be used as reserve assets to make up the balance of payments deficit and repay the loan of the International Monetary Fund. Also known as "paper gold". Calculation formula Total balance of payments = current account balance+capital and financial account balance+net balance error and omission Total balance of payments+change of reserve assets =0 All balance = number of credits minus number of debits in this account. A comparison table of a country's total balance of payments in a certain period (one year, half a year, one quarter or one month). Also known as the balance of payments account table. There are many items of balance of payments, and the statistics and compilation methods of different countries are different. The International Monetary Fund has compiled the Balance of Payments Manual as a model to ensure that the balance of payments of all countries is basically the same. The typical balance of payments table is as follows: the balance of payments is calculated in monetary amount, which can be used in both domestic currency and international currency; The debit and credit double entry bookkeeping method should be recorded on the basis of accounts receivable and accounts payable. The items on the balance sheet can be roughly divided into the following categories: 1. Trade, that is, the import and export of various material goods. Exports are listed as credit amount and imports as debit amount. 2. Non-trade, mainly including labor income and expenditure, investment income, etc. Income is listed as credit amount and expenditure as debit amount. 3. Free transfer. The amount transferred from abroad to home is listed as a credit, and the amount transferred from home to abroad is listed as a debit. 4. Capital flows are divided into long-term and short-term. The capital flowing into China from abroad is listed as the credit amount, and the capital flowing into foreign countries from China is listed as the debit amount. 5. Reserves, including special drawing rights allocated by China as a member of the International Monetary Fund and gold and foreign exchange as international reserves. The reserve itself is the stock, and its increase or decrease is the flow. The increased reserves in this year are listed as debit amount, while the decreased reserves are listed as credit amount, and the net increase or decrease of reserves is obtained through write-down. 6. Errors and omissions. Because of double-entry bookkeeping, all items in the balance of payments are listed on both sides of the loan, and the total amount of loans should be equal. Each item is an international transaction, and there are corresponding statistics. Due to inconsistent statistical caliber, incomplete data and incorrect records, the total amount of loans in the balance of payments is difficult to be completely equal. The item "errors and omissions" in the table is actually to offset the difference and balance the total loans in the table. The specific content of "errors and omissions" varies from country to country. Accounting method of balance of payments (1) For any item that causes domestic foreign exchange income, record "+"(can be omitted) (2) For any item that causes domestic foreign exchange expenditure, record "-"Balance of payments ① Trade, that is, the import and export of various materials and commodities. Exports are listed as credit amount and imports as debit amount. (2) Non-trade transactions, mainly including labor income and expenditure, investment income, etc. Income is listed as credit amount and expenditure as debit amount. ③ Free transfer. The amount transferred from abroad to home is listed as a credit, and the amount transferred from home to abroad is listed as a debit. (4) Capital transactions are divided into long-term and short-term. The capital flowing into China from abroad is listed as the credit amount, and the capital flowing into foreign countries from China is listed as the debit amount. ⑤ Reserve. Including the SDR allocated by China as a member of the International Monetary Fund and gold and foreign exchange as international reserves. The reserve itself is the stock, and its increase or decrease is the flow. The increased reserves in this year are listed as debit amount, while the decreased reserves are listed as credit amount, and the net increase or decrease of reserves is obtained through write-down. Although the balance of payments is balanced, various projects are often unbalanced. If the commodity output is greater than the input, the credit amount is greater than the debit amount, forming a foreign trade surplus; On the contrary, it will form a foreign trade deficit, or a foreign trade deficit. If the inflow in the capital account is greater than the outflow in the trade account, the credit amount is greater than the debit amount, resulting in a net inflow of capital; On the other hand, it forms a net outflow of capital. If the increase in reserve items is greater than the decrease this year, the debit amount is greater than the credit amount, resulting in a net increase in debit, that is, the country's international reserves increase; On the contrary, the net debit amount is formed, that is, the country's international reserves are reduced. Use (1) to analyze the balance of international payments, focusing on the balance of international payments, finding out the reasons, and taking corresponding countermeasures to reverse the unbalanced situation. (2) The analysis of the balance of payments structure can reveal the position and role of each item in the balance of payments, find out the reasons from the structural changes, and provide a basis for guiding foreign economic activities. Compilation principle 1. The resident principle, that is, the balance of payments, mainly records the transactions between residents and non-residents. 2. The pricing principle is that the balance of payments is priced according to the market price at the time of transaction in principle. 3. Accrual principle Once the economic value is generated, changed, exchanged, transferred or disappeared, the transaction is recorded, and once the ownership changes, the creditor's rights and debts appear. 4. Double entry bookkeeping principle Any transaction requires debit and credit records; All income items or items with increased liabilities and decreased assets are included in the credit; All expenditure items or items with increased assets and decreased liabilities are debited; The amount of both borrowers and borrowers is equal. If the transaction belongs to one-way transfer, there is only one accounting item, which cannot be matched automatically. A special item should be used for accounting to meet the requirements of double accounting. The balance of payments is a record of various international transactions, so it always draws a balance from each transaction and the total amount of loans. However, the balance of payments caused by international transactions cannot be balanced in advance. There are actually two kinds of transactions reflected in the balance of payments: one is pre-independence and the other is post-adjustment. Trade items are generally the former. If there is a difference in independent exchange, then we can only use international reserves or borrow short-term capital to make up for the difference, which is an ex post facto adjustment. If the independent balance of payments can be basically balanced, then the adjustment of * * * does not have to occupy an important position. In this sense, the balance of payments is basically balanced; If the situation is the opposite, the balance of payments will be unbalanced. The balance of payments mentioned here does not mean the balance of total loans on the balance sheet. The basic balance of international payments is one of the important economic goals of all countries. Many factors in the domestic economy, such as production fluctuation, industrial structure change, financial turmoil, price fluctuation, etc. , will affect the smooth realization of this goal. Changes in foreign economic, political and financial conditions will also have adverse effects. In order to avoid and offset these effects, it is necessary to adjust the balance of payments. This is not only to maintain the basic balance of international payments, but also to create conditions for stabilizing China's exchange rate and prices and enhancing China's ability to pay abroad. When formulating appropriate policies and measures to adjust the balance of payments, we should make a comprehensive analysis of the balance of payments and consider the balance of payments together with the domestic economy. Analysis of 1 The main balance of the balance of payments and trade accounts: the balance of goods import and export occupies an extremely important position in the current account, and the data is easy to collect quickly. Traditionally, it often represents the whole balance of payments. Current account balance: including goods, services and one-way transfer payment. The current account balance is generally a country's international balance of payments target to reflect its international competitiveness. Basic account balance: including the balance between current account and long-term capital account. Consolidated account balance: including most of the current account and capital financial account, excluding only official reserves. 2. Balance of payments analysis: general analysis and project analysis.