If the business entity produces goods for further sale, then organizing the accounting of finished products for the enterprise is a necessity. Control should also be subject to those products that arrive at the organization’s warehouse, as well as those that are delivered to customers.
Finished products include semi-finished products and goods that have been completely processed in accordance with current technological conditions and existing standards. All products must be accepted by the warehouse service or by customers.
In order to reliably keep records of finished products, it is necessary to have a number of information.
These include:
- data on volumes of manufactured products in warehouses;
- the amount of goods shipped to consumers;
- the selling price of finished products;
- the state of settlements between the enterprise and customers.
Accounting for finished products in quantitative terms, which is carried out at the places of their storage, as well as for various types can be carried out using one of two main methods: using and without using cards. The first method involves compiling grouping statements. The products are reflected in them according to their places of storage and types. The second method of accounting consists of writing daily turnover sheets. With their help, the production of finished products is recorded, its movement and fixation of storage places. Both the first and second methods involve taking into account the goods with the preparation of invoices for delivery and acceptance, as well as acts, established forms of specifications, etc.
Accounting for finished products and their sale is carried out in the presence of primary documents, which serve as:
- invoices;
- receipts for transportation by rail;
- delivery invoices;
- acts on the acceptance and delivery of works or services.
If the delivery of goods to the buyer from the supplier is carried out on the basis of an agreement concluded between them, then one of the agreed obligations is the ex-place. Up to this point, all shipping costs for the shipment of finished products are borne by the seller. Based on this, finished products are recorded at the formed invoice prices:
- ex-warehouse of the supplier, when the cost of loading and unloading, as well as freight is charged to the buyer;
- ex-departure stations, at which, at the expense of the buyer, work is performed on loading goods into wagons, as well as on cargo transportation;
- ex-wagon-station, when all loading operations and the railway tariff to the delivery station are paid by the seller, and then by the buyer;
- ex-warehouse of the buyer, in which all shipping costs to the final destination are borne by the seller.
In order to take into account the presence and movement of goods shipped, an active synthetic 45 account, which is called “Goods Shipped”, is used in accounting practice. It records products that have been handed over to postal or transport organizations, as well as shipped using their own means. This account also reflects the goods that were transferred for sale to third parties under commission agreements, the cost of packaging materials and the amount of forfeits or recognized claims for buyers to refuse to pay for received products. In accordance with the available documents for shipment, accounting entries are made.
All available amounts for the goods shipped fall into the credit of the fortieth account - “Output” or the forty-first - “Goods”. After the buyer paid for the purchase, the synthetic accounting is closed. Amounts of goods shipped go to the debit of account ninety - “Sales”.
If the company reflects the revenue as it issues the payment document and presents it to the buyer, then another scheme is used in accounting entries . The debit part of the sixty-second account, which reflects settlements with customers and customers, includes the amounts collected on the credit of the ninetieth account.