Settlement Period under an Export Contract

For most export and import transactions carried out from 5 April 2022, the general maximum period in 2026 is 180 calendar days. At the same time, special rules apply to certain product groups. For example, for exports of agricultural and specialised machinery under specified NBU UKT ZED codes carried out from 1 March 2026, the period has been increased to 270 days.

The transaction date, commodity code, agreement terms and the document from which the bank starts counting are therefore clarified first. Only then is the statutory period compared with the commercial schedule and the final dates recorded for the manager, accounting team and export manager.

For export proceeds, the bank matches the relevant shipment or service to the amount the Ukrainian seller is due to receive. The internal calendar records the agreement, invoice, performance document, start date, actual receipts and balance so that each amount has its own evidence.

The commercial manager controls the arrangements with the buyer, the accountant controls bank receipts, and the logistics specialist or service provider controls the shipment or service document. The director receives one calendar showing the expected payment, amounts already received and the date of the next action for each contract.

Control is maintained from the actual event: shipment or acceptance certificate, start of the counting period, expected payment date, partial receipts and completion of settlement. After each event, the responsible employee updates the amount and attaches the document, so the current balance is immediately visible in the calendar.

1. Agreement, Invoice and Payment Purpose
2. After the proceeds are received, keep the bank statement and the document confirming completion of the relevant export transaction.

Before determining the deadline, the currency rules in force on the transaction date and the data used by the servicing bank for supervision are clarified. If a separate procedure applies to the goods, date or type of transaction, it is recorded in the calendar next to the relevant contract.

The director appoints an employee who reviews upcoming final dates every week and a backup responsible person. Contracts, invoices, declarations, acceptance certificates and statements are stored by transaction number, so the primary or backup employee can immediately see the settlement status.

Documents for Currency Supervision

A separate file is created for each export transaction with the agreement, amendments, invoices, performance documents and bank statements. Partial payments are added to the same record, so the director can see which part of the proceeds has already been received and what amount remains open.

• Agreement and amendments, invoices, delivery documents or acceptance certificates, customs declarations and bank statements
• Contract and Annexes
• Invoice, Acceptance Certificate or Goods Documents
• Bank Statement
• Explanation of Business Purpose

Before contacting the bank or buyer, the contract number, invoice, amount, currency, performance document and previous receipts are compared. If the terms changed, the relevant additional agreement or other confirmation is added to the file so that the explanation is based on the actual version of the arrangements.

After the full amount is received, the accountant adds the statement to the file and the responsible employee records the document on the basis of which the transaction can be treated as complete. In the monthly report, the owner sees closed shipments, overdue balances and future payments as separate groups.

The servicing bank receives information about the export or import transaction and monitors settlement under the NBU instruction. The enterprise's responsible employee provides documents on delivery, performance of work or provision of services and confirmation of receipt of funds. In the event of partial settlement, the bank takes the corresponding amount into account and the balance continues to be shown in the transaction records.

UBC specialists compare the bank data with the agreement, invoices, acceptance certificates, customs declarations and statements. If the documents contain different dates, amounts or descriptions of goods, the data are first reconciled into one consistent sequence and explanations are prepared regarding actual performance.

Receipt of Proceeds and Completion of the Transaction

A change in the contractual deadline, price, return of goods, discount or replacement of the buyer is documented by the parties and reflected in the records. After such a change, the currency-supervision requirements, evidence for the bank and the effect on the amount and completion date of the transaction are clarified separately.

If performance depends on lengthy production, transport or acceptance, a realistic schedule should be agreed before signing the contract. For an existing transaction, a chronology is prepared and the required actions regarding documents, settlement and communication with the counterparty are identified.

Send the contract and amendments, invoices, specifications, customs declarations or acceptance certificates, bank statements, information about partial payments and correspondence with the counterparty. State the date the bank treats as the start of supervision and attach its request if one has already been received.

UBC will prepare a transaction calendar, balance calculation, list of supporting documents and draft explanation. The specialist will agree responsible persons with your team and explain in detail how to confirm completion of each transaction.

The bank maintains its own record of the transaction, while the enterprise needs parallel internal control. The final date is included in the payment calendar, and the director appoints a person responsible for documents and sets an interim date for contacting the buyer. The commercial manager confirms the expected payment, the accountant reconciles receipts, and the manager makes decisions on contract changes. This organisation helps complete settlement with proper documentation and provide the bank with evidence for each amount on time.

For each contract, the shipment, amount, currency, start date, payment and document confirming completion of the transaction are recorded. If partial shipments or several payments are provided for, they are divided into separate positions. The responsible employee sees the nearest final dates and prepares information for the bank in advance.

Changes to price, term, details or performance procedure are immediately linked to the additional agreement and bank file. After proceeds are received, the amount, payment purpose and balance of the obligation are compared. In the register, the manager sees the settlement status under all export agreements and the nearest actions needed to complete currency supervision.