In the process of business activities, organizations often take loans and borrowings, on which interest is accrued. The BU provides for a specific accounting procedure for such transactions. Let's consider it in more detail.
Loan settlements
The chart of accounts provides the same name account 66, which summarizes information on short-term loans received by the organization. Based on the form in which the funds were received, passive account 66 is debited with cash accounts: 50, 51, 55, 60, etc.
The amounts of interest payable for payment are taken into account as follows:
- DT66 KT91 - interest on the loan is accrued. A posting is generated each time a debt is accrued. Loans not repaid on time are recorded separately. Analytical accounting is conducted separately for types of loans and lenders.
Accounting for operations by the creditor
Loans themselves are divided into short-term and long-term, which are recorded on accounts 66 and 67, respectively. These are passive accounts, which, in case of overpayment, may have an active balance.
The issuance of a loan to lenders is drawn up as follows:
- DT58 KT61 - loan granted.
- DT58 KT91 - interest on the loan is accrued. Posting is generated monthly or quarterly, depending on the terms of the contract.
- DT51 KT98 - interest remuneration paid.
- DT51 KT98 - loan returned.
Regardless of how long the loan is granted, the posting “Accrued interest on short-term loan” will look the same as in the case of long-term loan.
Accounting for operations by the borrower
Account 66 shows the debt on all financial investments, regardless of their maturity. This inconsistency in the preparation of the chart of accounts affects the calculations on loans. The provisions of BU allow you to reflect long-term loans on account 66, as soon as their repayment period is reduced to one year.
Postings:
- DT51 (10, 41) KT67 - a loan was granted in rubles, in the form of material assistance, goods.
- DT67 KT51 (10, 41) - repayment of the loan is reflected.
To account for additional costs (interest, consulting services, exchange rate differences) on loans, sub-accounts are used. These expenses are written off in the period in which they were charged. But not in all cases.
Exception one
If the borrowed funds were used to prepay inventories, the accrued interest until receipt of goods increases accounts receivable, and after that they are taken into account according to general rules.
- DT51 KT66 - loan granted.
- DT60 KT51 - prepayment made.
- DT60 sub-account “Advances”, KT60 sub-account “Interest” - interest for using a loan is accrued. Posting is formed before the actual receipt of goods.
- DT60 KT51 - prepaid MPZ was made.
- DT10 KT60 - received goods from the supplier.
- DT19 KT60 - accrued VAT.
- DT60 sub-account “Advances”, KT60 sub-account “Interest” - the advance is set off.
- DT68 KT19 - tax is deductible.
- DT91 KT66 - interest on a bank loan was accrued. Posting is formed after the posting of goods.
- DT66 KT51 - interest paid.
- DT66 KT51 - repayment of the loan.
Exception two
A separate procedure for accounting for interest is provided if the loan is issued for the acquisition or construction of assets for which depreciation is charged. Then the cost of servicing the asset is reflected in the initial cost of the object. Wherein:
- The organization must prove that in the future the facility will bring economic benefits.
- The borrower independently compensates for all construction costs.
- By the time cost accounting, work should be started.
Example 1
- DT51 KT66 - loan granted.
- DT60 KT51 - prepayment made.
- DT08 KT60 - OS object received.
- DT19 CT 60 - VAT is charged.
- DT60 KT60 sub-account "Advances" - an advance payment is set off.
- DT68 KT19 - VAT included.
- DT08 KT66 - interest on the loan was accrued to the bank. The wiring is formed before the facility is commissioned.
- DT66 CT - interest paid off.
- DT01 KT08 - OS object accepted for use
- DT91 KT66 - interest on the loan is accrued.
- Posting DT 66 KT51 reflects the repayment of the loan.
In practice, often enterprises acquire fixed assets through loans issued for other purposes. The costs of using such a loan are included in the initial cost of the facility, but are calculated at a weighted average rate. The ratio of expenses on loans not related to the acquisition of an asset to the weighted average amount of loans is determined. The latter is determined by summing the balances on outstanding loans on the first day of the reporting month.
After the “Accrued interest on long-term loan” transaction is completed, taxable profit is reduced provided that the amount of accrued interest does not differ much from the average interest income on such obligations. At the same time, loans issued in the same currency are compared for similar terms and in similar volumes.
If the organization does not have comparable loans, the expenses shall include interest calculated at the Central Bank rate and increased:
- 110% on ruble deposits;
- by 15% - on deposits issued in foreign currency.
Bonds
Having familiarized ourselves with the look of the “accrued interest on the loan” transaction, we turn to the issue of accounting for bonds. Loans raised through bonds are accounted for separately. If the market price of a security is higher than the nominal price, then the following entries are made to the BU:
- DT51 KT66 - bond issue.
- DT98 KT66 - for the difference in prices.
In subsequent periods, accrued income from account 98 is evenly written off to “Other income”, account 91. If the market price is lower than the face value of the security. the difference is evenly charged to account 91 for the entire period of the security turnover. According to RAS 15/01, accrued interest on loans relates to operating expenses, regardless of the terms of payment:
- interest accrued for loans granted;
- interest income on bonds;
- the difference between the repayment amount and the face value of the bill;
- exchange differences arising from the payment of loans;
- related consulting services, repetitive work;
- the costs of examinations, payment of communication services, etc.
Example 2
LLC sold bonds for 200 thousand rubles. The nominal value of the Central Bank is 180 thousand rubles. Interest income - 3%. We issue this operation in the control unit:
- DT51 KT68 - 180 thousand rubles. - capitalization of revenue from sales.
- DT51 KT98 - 20 thousand rubles. - excess of price over face value.
- DT91 KT66 - 1350 rubles. - accrual of interest at the end of the first quarter (5.4 / 4).
- DT98 KT91 - 5 thousand rubles. - excess of price over face value after interest is accrued.
Here's how accounting of interest on loans is carried out in accounting.
Bills
To account for discount transactions with a maturity of less than a year, a separate subaccount is used. The drawer reflects all operations on account 66, which is debited to the account. 50, 51, 52, and so on. When a bill holder returns funds received under debt obligations due to non-fulfillment of obligations, an entry is made in accordance with DT68 and KT51 (52). In this case, the debt with the counterparty, which is secured by an overdue bill, continues to be recorded in the accounts receivable. Analytical accounting is carried out on bills and creditors.