Accounting for bills in accounting

The concept of the bill has been used for several centuries. He came from Europe. And since then, a bill of exchange as a debt document was valued higher than other options, such as a bond receipt.

Loans to the population were issued on bills, payment of personal debts, purchase of items of goods and services took place. If the one who was supposed to pay the bill could not do it at the appointed time, then he could actually begin selling his property.

But, like any valuable or debt paper, the bill has its own special characteristics.

Bills concept

A bill of exchange is a strictly established form that certifies the unconditional obligation of the person issuing the bill to pay the other party (the person who holds it) the set amount of money in the agreed place during the specified payment period.

The obligation on bills can be characterized as one-sided, abstract, formal and created in the prescribed form.

This financial document is considered from two positions: on the one hand - as a security, on the other - as a fact of the existence of obligations of the parties. You can also associate a bill with the concept of a transaction.

It is one-sided. From the document follows the obligation of the debtor to pay a sum of money to the holder of the bill. On the contrary, as a creditor, he has the right to demand payment.

It is believed that the obligation on the bill is abstract, that is, it does not depend on the business transaction, which was the basis for the issuance of debt paper. The debtor must pay the bill only because the latter is presented for this.

The promissory note obligation is formal. It is always approved in writing, subject to all the details established by law. A defect in a bill of exchange implies its nullity in the end.

Features of a bill

Among the features of the bill are the following:

• the unconditional nature of the monetary obligation means that no circumstances will interfere with its fulfillment;
• independence means that the project is not legally connected with a specific contract, it arises as a result of a certain transaction or transaction, but is separated from it and exists as a separate document;
• strictly defined filling form. The bill must contain all the necessary details, the absence of at least one of them makes it invalid.

Types

Types of bills are one of the key concepts. A bill may be:

• Simple - means the obligation of the debtor to pay the holder an agreed amount, which is not additionally stipulated by anything. Only 2 parties are present in the relationship.
• Transferable is a debt paper on which the payer receives a written notice from the drawer without any conditions for payment of the above amount.

Three parties are already involved here: the one who issues the bill, the recipient of funds, the payer.

In this case, this is necessarily accompanied by a procedure (acceptance) confirming the ability of the payer to pay the recipient a sum of money.

In fact, it is a special case of a solo bill. Initially, all securities of this type are simple: with their help, the debtor is obliged to pay the indicated amount to the creditor.

The procedure for accounting of promissory notes

Accounts in accounting are reflected differently depending on several factors related to their nature. Consider their effect on the reflection of accounts in accounting.

Own bills are usually issued by the buyer to the supplier in a situation where he cannot pay for delivery in cash. Such a document in bilateral relations has the property of receiving a debt and is not a security until it is transferred to a third party.

Its issuance - receipt is reflected at the buyer and the supplier on the same settlement accounts as the main debt. Only analytics changes. Accounting for settlements with bills looks like in the photo below.

At the same time, both sides demonstrate the appearance of such a document on the balance sheet. Accounting bills in accounting and postings are presented below:

• buyer - as security issued: D / t 009;
• supplier - to obtain security in the form of security: D / t 008.

If the bill is interest-bearing, then it will have monthly income, increasing the amount of the buyer’s debt on the bill:

• at the buyer: D / t 91 - K / t 60 bills., where 60 bills .- accounting for bills issued;

• at the supplier: D / t 62 bills. - K / t 91, where 62 bills. - This is the sub-account of the debt on the buyer's own bill of exchange, which was received.

Payment on it will be reflected as debt closure:

• at the buyer: D / t 60 bills.-K / t 51, where 60 bills. - sub-account of debt on its own bill, which is issued;

• at the supplier: D / t 51-K / t 62 bills., where 62 bills. - debt on the buyer's own bill of exchange, which was received.

At the same time, bills will be debited from off-balance accounts:

• at the buyer: K / t 009;
• at the supplier: K / t 008.

Accounting for foreign bills as part of financial investments

According to the signs of financial investments, securities purchased at a price tag that was below face value or interest-bearing bills capable of generating income are responsible.

They are accounted for on a separate sub-account 58-2 in the valuation corresponding to the acquisition amount for expenses or the agreed market estimated value. It is possible to use several methods, which will determine the placement of the accounting of bills in accounting. Examples are given below:

• upon purchase of this guarantee - D / t 58-2-K / t 76;
• payment by the buyer for the delivery of the bill to a third party - D / t 58-2-K / t 62;
• receiving it as a contribution to the UK - D / t 58-2-K / t75;
• real estate exchange transactions - D / t 58-2-K / t 91; D / t 91-K / t 10 (01.04, 41.43.58);
• gratuitous receipt - D / t 58-2-K / t 91.

Since the debt document is individual, the bills in accounting reflect the processes for each, and the assessment upon disposal is made for each unit. The process of disposal (disposal) is carried out through account 91, composing on it the financial result from this operation. In this case, D / t 91 includes the accounting value of the account:

D / t 91-K / t 58-2.

On the credit account 91 funds are generated depending on the method of disposal of the bill. For example, through:

• buyback or sale - D / t 76-K / t 91;
• payment by bill of supply - D / t 60-K / t 91;
• contribution to the authorized capital - D / t 58-1-K / t 91;
• loan issuance - D / t 58-3-K / t 91;
• exchange of property - D / t 10 (01.04,41,43,58) - K / t 91.

Selling bills is not subject to VAT.

It is possible to take into account the income received when purchasing a bill in two ways, which are reflected in the financial policy of the company:

• the value of the bill of exchange does not change and will be taken into account at the time of its disposal, reflected in the financial result;
• the increase in value to par will be made in equal shares in the time interval that corresponds to the maturity of the bill (D / t 58-2-K / t 91).

Interest on this security may be accrued monthly. They do not increase the book value of financial investments and therefore are reflected in the accounts of the current account: D / t 76-K / t 91.

Upon disposal, the interest amount is added to the value of the bill itself in the posting record: D / t 91-K / t 76.

Accounting for third-party bills that are not financial investments

Interest-free bills purchased at par value or at a price above it do not meet the conditions of profitability established for their accounting as financial investments. When accounting for promissory notes for this reason, they are not subject to fixation on account 58. But they are taken into account in calculations using account 76 of the account.

The methods of accounting for bills (received) and their disposal can be the same as for profitable ones, but in addition to account 58, account 76 will be involved in the transaction, then the value of the bill will be deducted from the last upon disposal of 91 accounts in debit.

Postings if the bill is a security

The main requirements for the recognition of a bill of exchange as a security are as follows:

• unconditional nature of obligations;
• Indisputability - that is, the impossibility of deferring payment or changing payment terms;
• exclusively monetary form of obligations;
• the possibility of existence only in paper form.

In fact, a bill of exchange is another way to settle settlements between individuals (companies).

Both simple and transferable bills can be commodity, that is, issued to confirm the amount of debt under the contract of mutual obligations for the purchase and sale of stocks, or financial when the document itself is the subject of the transaction. This function affects which account will be used to record bills.

Often, your own account in the purchase and sale relationship is in the nature of receiving a receipt (debt), since it appears when the buyer cannot pay for the goods with free funds, and the seller agrees to accept the bill. This bill is not a security until transfer to a third party. For accounting of a promissory note, use account 60 and open subaccount 60.3 “Promissory notes issued” (at the buyer), and the seller sub-account 62.3 “Promissory notes received”.

Transactions with it are recorded on both sides of the accounts of settlements by articles. Accounting for bills and postings are shown in the table below.

Postings if the bill is an obligation

Accounting for a promissory note and posting, provided that it is a financial liability, implies the fact that they are issued by banks. Promissory notes that have been acquired are reflected in account 58.2 “Debt securities”.

If an enterprise with free money invests it in the purchase of bills issued by banks and capable of generating income, then we are talking about financial investments. Such securities are subject to sale; they are recorded on sub-account 58.2 “Debt securities”. Accounting for bills and postings are shown in the table below.

Accounting for income on promissory notes

At a discount, accounting for promissory notes that are recognized as financial investments or cash equivalents is the same.

To simplify the preparation of financial statements, it is better to take interest in accounting separately from the value of the bill itself in the subaccount to accounts 58 or 76.

To find out the discount, you can apply one of the possible options.

1 option

The discount amount on the bill appears evenly over the entire period that remains until the end of the date of cancellation of the document. In this case, by discount we mean the difference between the face value and the amount of money that was given when purchasing the paper. For calculations, take the entire discount on this bill and divide by the number of those days that remained until the date of presentation of the document for cancellation.

The formula is:

Discount for one month = the total value of the discount / number of those days that remained until the date of presentation of the document for cancellation * the number of days that own this paper.

The number of ownership days per month is determined as follows:

• in the month of receiving the paper - from the day following the day when the bill is received, until the last day of the month;
• in the month of departure of the bill - from the 1st day to the date of repayment or transfer;
• in other months, as the calendar number of days in them.

When taking into account the discount accrued for the month, we recognize as income monthly the posting on D / T 58, the sub-account “Discount / interest” and the credit on the account 91, the sub-account “Other income”.

In the balance sheet, the value of the account in the Financial Investments group should be indicated taking into account the recognized discount amount.

Sometimes the discount is shown not on account 76, but on the balance sheet in line 1230, which relates to receivables.

If we take the reporting on financial results, then the discount amount is reflected for a period of 2320, which shows the interest intended to receive the company.

Option 2

The entire amount of the discount is taken as one for the entire period. For example, in a situation where the term of the bill is small or the amount itself is insignificant.

Interest accounting

The procedure for calculating interest on a bill of exchange is not governed by accounting rules, therefore, each company such transactions are discussed separately in its financial policy.

From an economic point of view, bonus bills differ little from discount ones; therefore, the amount of interest on them is also taken into account, as in the case with interest accrual, discussed above.

Bonuses on a bill are calculated when discounting bills at the discount rate based on the annual interest rate, face value and the number of tenure in days:

Interest amount = face value * rate / 365 * number of tenure in days.

Profit on bills is monthly charged on the last day of the month by posting a debit of account 76 and a loan to account 91.

Tax accounting

When using bills of exchange in settlements for purchased products, the taxpayer must keep separate records for the amounts of VAT that are and are not deductible. In this case, we are talking about bills for third parties, due to the fact that the transfer of their own debt securities does not occur.

The study of paragraph 2 of Article 146 of the Tax Code of the Russian Federation allows us to find out whether it is necessary to pay VAT.

In the case when the transaction is subject to VAT, the procedure for calculating and paying tax will be similar to a regular sale: the tax base for VAT will be determined as the price of products sold for their volume, which determines the sale price.

The date of calculation of VAT is also determined in the general manner - at the time of shipment or receipt of prepayment, also in the form of a third party bill purchased in the tax period that precedes the purchase.

After calculating the “added” burden, an invoice is issued. In the VAT return, the sale of products for which a bill of exchange was received will be reflected in the same way as ordinary sales.

Separate accounting can be omitted in this case, when the organization’s expenses related to non-taxable work do not exceed the materiality threshold of five percent of its total costs.

If bills are used in settlements occasionally, then accounting separately for this reason will not be necessary in accordance with paragraph 4 of Article 170 of the Tax Code.

If the accounting of bills in accounting is nevertheless necessary to be kept separately, then it is possible to single out the expenses that are associated with their circulation and justify the calculation procedure in the accounting policy for taxation tasks.

With all this a bill you can pay only the price of purchased products or services without VAT.

Regarding income tax, we note that the base for operations with promissory notes must also be calculated separately.

Often, using debt securities as a means of settlement, companies make transactions at their face value.

This means that all additional expenses for their acquisition and sale are the losses of the company, which are not taken into account in the taxation of income of the reporting period, but can be transferred to future indicators about similar work.

As a result, when organizing separate tax accounting in the accounting policy of the company, one should strive to reduce the amount of additional costs that are included in the expenditure of the special tax base.

Accounting bills in accounting in 1s

In 1C (version 3.0), the sale of necessary goods is executed using the document “Sale of goods and services”. The type of operation used is called “Products”.

In addition, in the aforementioned document it is necessary to indicate the type of agreement, composition and counterparty and, of course, the name of the product, its quantity.

Today there are no specialized tools for accounting bills in 1s.

Of course, it is possible to fully or partially carry out the necessary accounting and tax accounts manually, but at the same time, these operations will not be reflected in the operational accounting registers. This does not allow the use of the service provided to the user on the basis of registers, and makes it difficult to get the whole picture of mutual settlements with customers. A promissory note in accounting and postings to it can also be reflected in the program, but not in full.

As one of the possible ways out of the situation, to reflect the passage of bills through the accounting registers, you can use the document "Debt adjustment". This type reflects the accounting of received bills and their disposal.

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To register income-expense, it is possible to perform the operation “Settlement of settlements”, and in the document heading to uncheck the box “Use an auxiliary account”.

In the first case, on the tab of the document “Accounting Accounts”, a bill of exchange account and the necessary analytics are selected (security document, counterparty - issuer of the security), in the second - on the tab “Support Account”. In this case, in both cases, accounts for settlements with counterparties (60, 62, 76) are selected as accounts in the document table.

All other operations: settlements with counterparties, income, expenses, VAT on accounting of a bill in accounting and postings to it are prepared using documents specially designed for this purpose in typical configurations.