Accounts payable in the balance sheet (line 1520) in the unified form of a new sample shows the same types of obligations as in the previous one. However, this group is not detailed as before. Nevertheless, enterprises, based on the characteristics of production, the specifics of activities, are still recommended to carry out such a specification. Let us further consider how the accounts payable are reflected in the balance sheet in detail.
Why is this needed?
If accounts payable in the balance sheet (line 1520) are shown in detail, this will provide more reliable and complete information about the financial condition of the company for interested parties. In addition, this procedure corresponds to PBU 4/99. In particular, in clause 11 it is indicated that the indicators of individual assets and liabilities should be given separately if they are significant and if it is not possible without them to assess the financial condition of the enterprise by interested parties. Accounts payable (balance sheet item) can be shown in one amount, if one or another indicator separately does not have special significance for analysis.
Decryption
The balance of accounts payable and receivable for specific types (names) of articles is established by the enterprise and is fixed in the accounting policy. When decoding Art. 1520 can take as a basis the previous detail. So, using the procedure in accordance with which the previous balance sheet was drawn up , accounts payable may be before:
- Contractors and suppliers.
- The staff of the enterprise.
- Extra-budgetary funds.
- Tax Service (fees and taxes).
The articles by which the payables in the balance sheet are deciphered are pages 15201-15207.
Suppliers and Contractors
This article shows short-term payables in the balance sheet. It is formed on the last date of the reporting period. How is such payables shown in the balance sheet? The accounts will be as follows:
- Settlement with contractors and suppliers (c. 60) on received but not paid material values, results of services / work.
- Cf. 76, fixing transactions with various creditors and debtors. Information is provided on the sanctions accrued for payment for violation by the enterprise of the terms of the contracts, debts that are not recorded in the account. 60.
Important point
It should be noted that payables and receivables are indicated in the balance sheet in detail. The latter is given in the asset. And the first - payables - in the liabilities side of the balance sheet. That is, they do not balance. They do not do this in the event that both analytical balances of the same article arise.
Formation of a commitment
The grounds in accordance with which the accounts payable are formed in the balance sheet are the terms of the contract concluded between the company and the counterparty. In general cases, the amount of the obligation is equal to the contractual price of the received product, service or work. But in some situations, it is formed in a special way. For example, accounts payable can be expressed in arbitrary units or in foreign currency, arise when a commercial loan is provided, during a commodity exchange transaction, and so on.
Determination procedure
The amount of accounts payable is established in accordance with the rules given in PBU 10/99. According to the norms, the amount of an unfulfilled obligation for a product, work, service is determined in accordance with the price established by the contract, under the terms of which they are received. It includes excise taxes and VAT presented by the contractor / supplier.
Example
The company acquires a batch of products. The cost, which is established in the supply contract, is 684,400 rubles, including VAT 104,400 rubles. At the reporting date, the obligation was not paid by the company. In the process of posting goods, you should make notes:
Db 19, Cr. 60
104 400 p. - accounts payable (in terms of tax amount) and VAT ("input") submitted by the supplier are taken into account.
Db 41, Cr. 60
580 000 p. (684,400 - 104,400) - the products are capitalized and the debt is shown (in terms of the number of goods excluding VAT).
As of the end of the reporting period, the amount of 684,400 rubles is shown in the documentation of the enterprise (p. 1520). If the cost of production is not established in the contract and is not determined by its terms, then the initial parameters, according to which accounts payable will be determined in the balance sheet, are those prices at which the company calculates similar goods received in similar circumstances (taking into account delivery conditions , the number of acquired values, and so on).
Foreign currency and conventional units
When purchasing a product, service or work, accounts payable are calculated in accordance with the officially established rate, which is valid on the reporting date. The contract may provide for the calculation in a different order. Since the foreign exchange rates that were in effect at the time of receipt of the products will differ from those at the balance sheet date, foreign exchange differences will appear in accounting . In this regard, the authorized person should recalculate the amount of the obligation to the supplier. This is done based on the earliest date:
- at the time of reporting;
- at the maturity date of the obligation.
If the exchange rate that existed at the date of shipment of the products is greater than at the time of recalculation, a positive difference will form in accounting. It is contributed to other income and debt is reduced by its value.
Commercial loan
Under the contract of sale, the company may be provided with installment plan or deferred payment. As a rule, this service is paid. So, in addition to the cost of the products themselves, the buyer must pay interest on a commercial loan. The procedure in accordance with which the accrual is made is established by the parties in the contract.
In the case of a commercial loan, accounts payable include both the cost of production (including VAT) and the amount of interest. Usually accrual is carried out at the time of transfer of ownership of the product. But this rule applies when participants in a transaction can reliably calculate the amount of interest payable (if, for example, the payment date is known exactly).
In some cases, this is not possible. For example, this situation occurs if accrual is made for each deferred day. Along with this, the period during which the obligation will be repaid is unknown. According to PBU, one of the conditions about which expenses are fixed (therefore, accounts payable in the balance sheet) is the ability to accurately determine their amount. In this case, you can do this:
- Show commitment without interest on a commercial loan.
- Increase debt at the end of each month, at the end of which the product was not paid, by the amount of interest payable. The latter should be taken into account in other expenses.
Redemption
It is carried out after settlements with the supplier are made. The company can transfer funds for the delivered products or set off its debt against its obligations (if any). The company can pay both directly with the supplier, and at his request to transfer the money to a third party. The latter must have the appropriate authority. They will follow from the corresponding letter of the supplier which is sent to the company.
Write-off
If the company has not fulfilled its obligations to the supplier, then in some cases the debt can be written off. This is possible if the three-year statute of limitations has expired. The period is calculated from the date the obligation arose. The law also provides for other grounds. For instance:
- The death of the creditor, if the debt is associated personally with him.
- Voluntary release of the debtor by the creditor.
- Inability to fulfill obligations for reasons beyond the control of the parties.
- Liquidation of the creditor.
- The adoption by the state body of an act under which the fulfillment of the obligation is impossible.
Overdue payables in the balance sheet are written off without fail. If the liability is retained, this may lead to data corruption. In addition, the tax service can regard this as a concealment of non-operating income of the enterprise with a corresponding reduction in its taxable base.