Paying balans - a "statistical report, where in a systematic form provides summary information on foreign operations of the country with other countries for a certain period of time." Balance of payments is an important indicator and tool to predict the degree of possible participation of countries in world trade, international economic relations, to establish its solvency. The peculiarity of this concept is that the original and the modern definition of the term have fundamental differences that are often misleading. The term "balance of payments" was first used by James Stuart Denham in his work "Studies on Principles of Political Economy (1767) (Inquiry into the Principles of Political Economy). Stewart defines the balance of payments as an independent concept, which consists of:
Costs citizens abroad.
Payment of the debts, the debt principal and interest to foreigners.
Provision of loans to other countries.
Thus, the original balance of payments reflect only the committed payments, but not all foreign trade operations with material, financial and intellectual assets (foreign trade operations - a transaction between residents and nonresidents).
At the same time it must be noted that the conceptual framework, the logic and structure of a modern balance of payments is based on previous submissions about the purpose of balance of payments.
In drawing up the balance of payments is using the accounting principle of double entry. Each operation is reflected in the debit and credit accounts and debit the total amount must equal the final amount of the loan. Debit amounts are formed as a result of exports of goods and services and capital inflows, leading to foreign exchange earnings on the account, they are recorded with a plus sign. Credit amounts are formed as a result of imports of goods and services and capital outflows, leading to consumption of foreign currency. These are recorded with a minus sign. In the balance of payments, economic transactions are recorded at market prices, ie prices at which actual exchange took place economic values.