The second principle of BOP accounting: accrual accounting.

Transactions in goods and services are considered to take place – and are
recorded - when the change of ownership of the goods happens, or when the
provision of the service occurs.

For transactions in primary income: recorded when the claims arise

or when a certain payment becomes due. In case of provision of labor: if
a person goes to work abroad: that would be recorded under the same
period when the person works abroad

For secondary income payments: take place when the payments are
actually made.

For financial assets and liabilities: recorded either when the

ownership of the financial asset changes, or when a claim is created, or,
for the case of liabilities, when this is incurred, or, for the case of
repayments - either of claims or liabilities-- when these fall due.

Valuations: all transactions are recorded at the value and at the

exchange rate of the day when they accrue.