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Money in IT: wage payment, purchases for cash and corporate cards

On April 27, HTP business incubator held a master class for IT-entrepreneurs which was conducted by Margarita Novosetseva, founder of accounting companies "Raikiri" and "Do Your Business". She spoke about different ways of wage payments and procedures for companies to purchase goods and services for cash and corporate cards.


One of the questions that was discussed during the master class was focused on possibilities of paying wages in foreign currencies.


Margarita Novosetseva: «Obviously, it’s impossible to calculate the salary in foreign currency and transfer it to employee’s card, since such payments are prohibited by the law (except for certain cases). However, no one can prohibit you to bind employee's salary to a foreign currency and describe the means how the recalculation in Belarusian rubles will take place, for example:

- at the rate of the National Bank on the date of accrual;

- at the rate of the National Bank on the date of payment;

- at the rate of the National Bank, taking into account the agreed interest;

- at the currency exchange rate in a certain bank, etc.

In fact, the contract prescribes an algorithm for currency exchange to Belarusian rubles and the salary is paid respectively in Belarusian rubles».

Here are some examples of such contracts:

The salary of the employee is $500 on the day of signing the contract. The official salary is established in accordance with the "Regulations on Labor Remuneration" approved by the Employer.

The salary ($ 500) is paid in monetary units of the Republic of Belarus at the rate of the National Bank of the Republic of Belarus on the date of transfer of funds.

It should be noted, that this case is very inconvenient for an accountant, because in fact, the accountant has only one day to calculate the salary since the rate is changed every day before noon.

In general , calculating wages "in currency" takes a lot of time, because all calculations have to be done without automation.  Here lies a risks to make  a mistake  and to waste a lot of time.

 

About the speaker:

Margarita Novoseltseva is founder of accounting companies "Raikiri" and "Do Your Business", author of articles, speaker at seminars, conferencesand training courses for small and medium-sized businesses. She has more than 100 companies in her client portfolio.
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