The principle of the balance sheet is the double registration of events that are reflected in the duplication of loans and debit accounts. If necessary, off-balance accounts are also used that do not fall into the balance, since they are not displayed as a double entry. For various reasons, many objects are recorded through a single entry, in which case the account becomes credit or debit.
Off-balance accounts are used for registration and reflection of objects that are not owned by the company by the right of ownership, but are in temporary use. This group includes the main leased assets, goods and material assets that are taken for safekeeping, accepted for commission, as well as equipment accepted for installation, and the main assets leased out.
The indicated objects are taken into account according to a simple scheme on single accounts. Be sure to keep off-balance sheet accounts and analytical accounting.
Off-balance accounts are used to summarize data on the movement and the presence of temporarily held assets of the organization, contingent liabilities and rights. In addition, they are used to control certain business transactions.
The system of accounts of accounting includes the following accounts (off-balance).
Fixed assets leased are displayed on account 001, which is intended to reflect data on the movement and availability of fixed assets that are leased by the enterprise. Analytical accounting is made for each object (according to inventory numbers), for lessors. Fixed leased assets that are located outside the country are accounted for separately.
The group “Off-balance accounts” includes account 002, which is called “Commodity and material values that are taken for safekeeping”. In this account, buyers (enterprises) take into account the values that are accepted for storage if commodity values were received from the supplier, but the company refused to pay payment requirements, as well as when receiving non-payment values from the supplier, which are prohibited from spending under the terms of the contract, and materials that are taken into custody.
Suppliers keep records on the account of goods paid by the buyer, but left for safekeeping or not exported for reasons beyond the control of the supplier. Analytical accounting is carried out according to storage places, varieties, types and enterprises-owners.
Off-balance accounts include “Materials that are accepted for processing” (003). It summarizes information about the movement and availability of materials and raw materials of customers who are accepted for processing or raw materials on a toll basis. These assets accepted for processing are recorded at the prices stipulated by the agreements.
Account 004 reflects goods that, in accordance with the agreements, have been accepted for commission. Prices for accounting are contained in the acceptance certificates and others. Analytical accounting is carried out according to the commitments and types of goods.
Off-balance accounts reflect equipment that is accepted for installation (005). The specified invoice is used by contractors to account for the movement of all equipment that was received for installation from the customer. Prices are indicated in the accompanying documents, analytics is carried out on units and individual objects.
Strict reporting forms (006) take into account the issued on-form and stored certificate forms, receipt books, various subscriptions, diplomas, tickets, coupons, shipping documents and other. Analytical accounting is carried out according to the places of storage and types of forms.
On off-balance sheet accounts take into account debt written off at a loss, insolvent debtors, depreciation of fixed assets, security of payments and liabilities.