In 2026, foreign currency transactions are recorded in tenge for tax accounting purposes, while exchange differences are accounted for in accordance with the applicable financial reporting standards and the accounting legislation of the Republic of Kazakhstan; the official exchange rate is set by the National Bank of the Republic of Kazakhstan (Arts. 21, 204 of the Tax Code of the Republic of Kazakhstan). Therefore, in 1C, tenge must be set as the statutory accounting currency, the official exchange rate must be uploaded for the transaction date, and foreign currency funds must be revalued when closing the relevant reporting period.
How to Set Up Currency in 1C
Before recording receipts, payments, and bank fees, the accountant should check the basic accounting settings. Tenge must be set as the statutory accounting currency because tax accounting is maintained in tenge on an accrual basis (Art. 204 of the Tax Code of the Republic of Kazakhstan). In commonly used interfaces, this can be checked by navigating to “Enterprise” → “Accounting Settings”.
Foreign currencies used by the organization for settlements must be included in the “Currencies” directory. It is usually available by navigating to “Bank and Cash” → “Directories and Settings” → “Currencies”. Depending on the configuration version and interface, the directory may also be opened from the “Directories” section of the main menu.
For each currency used, it is important to check:
- whether the currency is included in the directory;
- whether its name, code, and other details are correct;
- whether the official exchange rate is available for the business transaction date;
- whether the exchange rate is available for the selected reporting date;
- whether the bank account currency matches the currency of the transaction document.
If funds were credited to an account in euros, the amount is retained in euros, while its value for statutory accounting purposes is recorded in tenge. When the settings are correct, 1C performs the conversion using the exchange rate entered in the database. The official exchange rate is the exchange rate of the national currency of the Republic of Kazakhstan against a foreign currency set by the National Bank of the Republic of Kazakhstan (Art. 21 of the Tax Code of the Republic of Kazakhstan). A missing or incorrectly entered exchange rate may distort the tenge equivalent and the amount of the exchange difference.
1C: Accounting — Currencies and Exchange Rate Upload
Exchange rates must be uploaded for the entire period during which foreign currency transactions or revaluations were performed. To do this, open the currencies directory, select the “Upload Exchange Rates” command, select the required currencies, and specify that the exchange rates of the National Bank of the Republic of Kazakhstan are to be uploaded.
Some versions of the program allow automatic exchange rate uploads to be configured. The location of this setting depends on the configuration release and interface. Automatic uploading simplifies the work, but before closing the period, the accountant should make sure that the official exchange rate for the required date is available in the database.
If the database does not contain an exchange rate for a previous period, it should be uploaded for the required interval, after which the posted documents and month-end closing results should be checked again. The amount in tenge should not be corrected manually until the currencies directory, transaction date, bank account, and exchange rate used by the program have been checked.
Section names and command locations may vary depending on the 1C configuration, release, and selected interface. If the specified path is unavailable, the required directory or transaction should be found through the available sections and the built-in command search while retaining the same accounting procedure.
How to Record Foreign Currency Transactions and Bank Services
To record the receipt or withdrawal of funds from a foreign currency account, select the document that corresponds to the substance of the bank transaction. The bank account, currency, date, and transaction type must be specified correctly in the document. The transaction date determines which official exchange rate is applied when converting the amount into tenge. For tax accounting purposes, transactions are recognized when they occur rather than on the date funds are received or paid if those dates do not coincide (Art. 204 of the Tax Code of the Republic of Kazakhstan).
Special attention is required when recording bank services. If a fee related to a foreign currency account is entered using an inappropriate document or an incorrect account, currency, or date is specified, the program may calculate an unjustified exchange difference. Before manually adjusting the result, check:
- whether the document corresponds to the substance of the bank transaction;
- whether the correct foreign currency account has been selected;
- whether the document currency matches the account currency;
- whether the official exchange rate has been uploaded for the transaction date;
- whether the same fee has been recorded more than once;
- whether the document is included in the scheduled operations for the relevant period.
An exchange difference does not in itself indicate an error. In particular, it arises when the exchange rate changes between the date of initial recognition of the transaction, the settlement date, and the reporting date. For tax purposes, exchange differences, including the determination of their amount, are accounted for in accordance with the applicable financial reporting standards and the requirements of the legislation of the Republic of Kazakhstan on accounting and financial reporting (Art. 204 of the Tax Code of the Republic of Kazakhstan).
A separate rule applies to individual entrepreneurs under the special tax accounting provisions: transactions conducted in a foreign currency are converted into tenge at the official exchange rate on the transaction date, while exchange differences are disregarded for tax purposes (Art. 220 of the Tax Code of the Republic of Kazakhstan). This rule should be taken into account when analyzing the individual entrepreneur’s tax result.
Revaluation of Foreign Currency Balances at Month-End Closing
For accounting purposes, the procedure for converting cash, receivables, and liabilities denominated in a foreign currency is determined by the applicable financial reporting standards and the organization’s accounting policy. Tax accounting for exchange differences is also based on these rules and the requirements of the legislation on accounting and financial reporting (Art. 204 of the Tax Code of the Republic of Kazakhstan).
The frequency and reporting date must comply with the organization’s accounting policy and the applicable financial reporting procedure. If the organization prepares reporting data at the end of each month, revaluation is performed during month-end closing. In 1C, the scheduled operation “Revaluation of Foreign Currency Funds” is used for this purpose; its name and location in the closing process may depend on the configuration version.
The practical verification procedure is as follows:
- upload the official exchange rates of the currencies used for the required date;
- check foreign currency balances in bank accounts, receivables, and liabilities;
- perform month-end closing and the revaluation operation provided for by the configuration;
- analyze the calculated exchange difference;
- compare the foreign currency balance, the exchange rate applied, and the tenge equivalent;
- if there is a discrepancy, check the documents for the period and repeat the scheduled operations after making corrections.
A change in the tenge equivalent shown in the bank statement and an accounting revaluation in the information database must not result in the same amount being recorded twice. The accounting treatment is determined by the substance of the transaction, the applicable financial reporting standards, and the accounting policy. The accountant must ensure that the foreign currency balance, its tenge equivalent, and the calculated exchange difference are recorded correctly.
Frequently Asked Questions
Why is the foreign currency account balance shown in euros but not converted into tenge? — Check the statutory accounting currency, the bank account currency, and whether the official euro exchange rate is available for the transaction date. When the settings are correct, the program retains the amount in the foreign currency and calculates its tenge equivalent.
Where are currencies located in 1C? — In the commonly used interface, the directory can be opened by navigating to “Bank and Cash” → “Directories and Settings” → “Currencies”. In other interfaces, it may be available through the “Directories” section or the command search.
How do I upload exchange rates in 1C? — Open the currencies directory, select the “Upload Exchange Rates” command, select the required currencies, and upload the exchange rates of the National Bank of the Republic of Kazakhstan. After uploading, check that the exchange rate is available for the transaction date and the revaluation date.
When should foreign currency funds be revalued? — On the date stipulated by the applicable financial reporting procedure and the organization’s accounting policy. If reporting data are prepared monthly, the relevant operation is performed during month-end closing.
Why did a large exchange difference arise after a bank fee was recorded? — Possible reasons include an inappropriate document type, an incorrect date, account, or currency, a missing exchange rate, or duplicate recording of the fee. These details should first be compared with the bank document and the exchange rate applied by the program.
Does an individual entrepreneur account for exchange differences for tax purposes? — No. When applying the special tax accounting provisions, an individual entrepreneur converts a foreign currency transaction into tenge at the official exchange rate on the transaction date and disregards the exchange difference for tax purposes (Art. 220 of the Tax Code of the Republic of Kazakhstan).
Sources
Tax Code of the Republic of Kazakhstan: Article 21 — definition of the official exchange rate; Article 204 — tax accounting and exchange difference accounting rules; Article 220 — special provisions for the conversion of foreign currency transactions by individual entrepreneurs.