Time of recording

5.142 Financial transactions and their counterpart transactions are to be recorded at the same point in time.

5.143 When the counterpart of a financial transaction is a non-financial transaction, both are recorded at the time the non-financial transaction takes place. For example, when sales of goods or services give rise to a trade credit, this financial transaction is to be recorded when the entries are made in the relevant non-financial account.

5.144 When the counterpart of a financial transaction is also a financial transaction, three possibilities can be envisaged:

1. both financial transactions are transactions in means of payment (see paragraph 5.04): they are recorded at the time the first payment is made;
2. only one of the two financial transactions is a transaction in means of payment (see paragraph 5.04): they are recorded at the time payment is made;
3. neither of the two financial transactions is a transaction in means of payment (see paragraph 5.04): they are recorded at the time the first financial transaction takes place.