Accounting for settlements with customers and customers - Accounting and audit

Accounting for settlements with buyers and customers

Organizations that purchase goods and materials, works and services for payment are called buyers or customers.

Accounting for settlements with buyers and customers is carried out on account 62, "Settlements with buyers and customers", which debits the debt for goods, works and services, and for the loan - debt repayment. Promissory notes received by the organization for the delivery of goods, works and services are accounted for under the debit of account 62, "Settlements with buyers and customers", sub-account "Calculations on promissory notes received", repayment of bills - on the loan of this sub-account. In settlements with buyers, the supplier organization can receive from them advances or prepayment, the amounts of which will be reflected in the credit of account 62, "Settlements with buyers and customers", subaccount "Payments on advances received". In the future, these amounts will be credited to the final settlement of the debit of the specified sub-account.

In accounting, organizations use the method of determining the proceeds from the sale of goods, works, services at the time of shipment of goods, the performance of work, the provision of services, i.e. accrual method. For tax purposes, an organization can determine in its accounting policy and a cash method, ie. method of determining the proceeds from sales as money becomes available for goods, work, services in cash, or in bank accounts. In other words, the accrual method assumes payment of taxes to the budget before receipt of money from counterparties for transactions, and the cash method - after receipt of money, in this case there is a delay in the payment of taxes to the budget.

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Article 273 of the US TC specifies that organizations, with the exception of banks, have the right to determine the date of receipt of income (expenditure) on a cash basis, if on average for the previous four quarters the amount of revenue from the sale of goods, work, services of these organizations without VAT) did not exceed 1 million rubles. for each quarter. If, however, the organization that switched to the cash method of determining revenues and expenses during the tax period exceeds the limit of the amount of revenue, then it must switch to the definition of income and expenses on an accrual basis, starting from the tax period when this excess was allowed. Expenses for the cash method are recognized as costs after they are actually paid.

In accounting, revenue from the sale of goods, works, services accrual method is reflected in the debit of account 62 "Settlements with buyers and customers" and credit account 90 "Sales", sub-account 1 "Revenue". With the cash method of reflecting the proceeds, the cash accounting accounts 50 "Cashier", 51 "Settlement accounts" are debited. etc. and is credited with the account 90 "Sales", sub-account 1 "Revenue".

In the conditions of market relations, the organizations that shipped goods, performed works that rendered services, there remains the risk of non-payment from their counterparties under the contracts. In this regard, they can form both doubtful and bad debts. According to Art. 266 of the US Tax Code, doubtful debt is recognized any debt, if it is not repaid within the terms established by the contract, and is not secured by a pledge, surety, or bank guarantee. A hopeless debt is recognized as a debt under which the statutory limitation period has expired, i.e. three years, and also such a debt, under which the obligation was terminated due to the impossibility of its execution on the basis of an act of a state body or the liquidation of an organization.

The organization can create a reserve for doubtful debts to write-off receivables, which is accounted for in Account 63 "Reserves for Doubtful Debts." The reserve is created at the expense of other expenses, at the same time reserves are reserved for each debt recognized by the organization as doubtful, on the basis of the act on the inventory of the debt. A record is made on the debit of the account 91 "Other incomes and expenses", subaccount 2 "Other expenses" and credit account 63 "Reserves for doubtful debts."

Amounts of bad debts are written off in the reduction of the reserve after the expiry of the limitation period and records are made in the debit of the account 63 "Reserves for doubtful debts" and credit account 62 "Settlements with buyers and customers."

If the debtor has paid off its debt, the unused reserve amounts are added to the financial results of the reporting period that follows the reserve creation period, and records are made in the account debit account 63 "Allowances for doubtful debts" and credit account 91 "Other incomes and expenses", subaccount 1 "Other incomes".

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According to the Regulations on Accounting and Reporting, writing off at a loss of debt is not a cancellation, therefore it should be listed as a balance in account 007 & "Deductible debt of insolvent debtors" for 5 years.

In the absence of a reserve, bad debts are written off after the expiration of the limitation period for financial results in the debit account 91 "Other income and expenses", sub-account 2 "Other expenses."

Account balance 63 "Allowance for doubtful debts" adjusts the value of the receivables reflected in the balance sheet in section II of the asset. The main source of information is the order # 15.

The main register for the formation of account information 62 "Settlements with buyers and customers". - Journal-order No. 11. Account balance 62 "Settlements with buyers and customers" is reflected in the balance sheet in the second section of the asset and shows the amount of receivables on settlement documents that have not yet been paid. The balance in the part of advances received is reflected in the V section of the balance sheet as part of accounts payable.

Analytical accounting to account 62 "Settlements with buyers and customers" should be structured in such a way as to provide interested users with information: for buyers and customers, the period of payment for documents that did not come; on documents not paid on time; on advances received; on bills received, the period of payment for which has not come, and on promissory notes not paid on time.

Correspondence of accounts for accounting settlements with buyers and customers is shown in Table. 3.7.

Table 3.7

Recurring Account Schemes for Accounting for Purchasers and Customers

Account Correspondence

Content of operations

Debit

Credit

62 "Settlements with buyers and customers"

90 Sales & quot ;, sub-account 1 Revenue

Revenues from sales of goods, works, services accrual basis

62 "Settlements with buyers and customers"

91 Other Income & Expenses & quot ;, Sub-account 1 Other Income

Other income from the sale of property is reflected

50 Cashier

62 "Settlements with buyers and customers"

Cash to the cashier arrived from buyers and customers

50 Cashier

62 "Settlements with buyers and customers", subaccount "Payments on advances received"

Advances are received to the cashier as advance payment under contracts

51 Current Accounts

62 "Settlements with buyers and customers"

Cash was received from customers and customers on settlement accounts

51 Current Accounts

62 "Settlements with buyers and customers", subaccount "Payments on advances received"

Advances received as prepayment under contracts

52 Currency Accounts & quot ;, Sub-Account Transit Currency Account

62 "Settlements with buyers and customers"

Money was received from customers and customers in foreign currency

55 Special bank accounts & quot ;, sub-account 1 Letters of credit

62 "Settlements with buyers and customers"

Received cash from customers and customers for a letter of credit

62 "Settlements with buyers and customers", subaccount "Payments on advances received"

62 "Settlements with buyers and customers"

Included in the final calculation of the amount of advances received

63 "Allowance for doubtful debts"

62 "Settlements with buyers and customers"

Bad debts written off due to the amount of the reserve after the expiry of the limitation period

66 "Settlements on short-term loans and loans"

62 "Settlements with buyers and customers"

The amounts owed by customers and customers have been reduced by the amount owed to the bank on loans

76 "Settlements with different debtors and creditors", corresponding sub-accounts

62 "Settlements with buyers and customers"

The amounts owed by customers and customers have been lowered to other creditors

91 Other Income & Expenses & quot ;, Sub-Account 2 Other Costs

62 "Settlements with buyers and customers"

Bad debts written off after the expiry of the limitation period and in the absence of a reserve

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