Doing fabric business and planning to find an agent to expand overseas markets, but unaware of the fabric export agency fee standards. Inquiring whether the calculation is based on the quantity, value, or other methods of exported fabric. The best answer states that fees are usually calculated as a percentage of the cargo value (1%-5%), a fixed fee, and miscellaneous charges, and also mentions that when choosing an agent, it's important to understand the details to avoid hidden fees.
How to make vouchers for export agency fees? Please teach me!
Resolved
Our company has recently been involved in export business and incurred export agency fees. We haven't handled this type of business before and are not sure how to create the vouchers. I would like to ask, in terms of accounting treatment, what steps and precautions are needed when creating vouchers for export agency fees? I hope you can explain in detail, preferably with examples, to help me understand the operation.
Trade Expert Insights Answers
When handling vouchers for export agency fees, the first step is to clarify which account they belong to. Generally, export agency fees can be recorded under the "Selling Expenses" account. Assuming Zhongmaoda Company paid 10,000 yuan for export agency fees and paid by bank deposit, the journal entry is as follows: Debit: Selling Expenses - Export Agency Fees 10000
Credit: Bank Deposits 10000. When preparing the vouchers, the following points should be noted: Firstly, original vouchers should be complete, such as agency fee invoices, payment receipts, etc., to ensure the authenticity of the business. Secondly, fill in the summary accurately, which can be written as "Payment for XX export business agency fees" for easy future auditing. Thirdly, use the correct accounts; set up a detailed account for export agency fees under selling expenses to accurately categorize the expenses. This will enable standardized processing of export agency fee vouchers.
In addition to being recorded as selling expenses, if the agency fee is closely related to a specific export project, it can also be considered for accumulation under "Labor Costs - Export Business" and then transferred to costs upon project completion.
Remember to obtain a formal invoice, as this is an important basis for making vouchers. Without an invoice, it cannot be deducted before tax, which will bring tax risks to the company.
When making vouchers, the summary should be concise and clear, yet reflect the essence of the business, making it easy for finance and audit personnel to review later.
If the agency fee is paid in installments, it should be recognized as an expense in installments within the benefiting period according to the accrual basis of accounting and corresponding vouchers should be made.
You can attach the agency contract to the voucher to better prove the reasonableness of the business and the basis for fee calculation.
Pay attention to exchange rate issues. If the payment of agency fees involves foreign currency, it needs to be converted at the prescribed exchange rate before making the voucher.
Pay attention to the method of calculating agency fees, whether it is a percentage of sales or a fixed amount, etc., and accurately calculate the fees and reflect them in the vouchers.
When operating financial software, select the correct module to enter vouchers, ensuring that the data is accurately entered into the corresponding financial statement items.