In the process of conducting business operations, there is a need to conduct settlements with other debtors and creditors. In the chart of accounts, to summarize such information, cf. 76. It reflects debit or credit debt that arises in the process of settlements with other legal entities that are not included in the accounting ledgers.
Why are some counterparties accounted for on 76 account
In the accounting methodology, there are groups of registers that take into account settlements with different legal entities and individuals. One of these registers is csc. 76, which is called "Settlements with various debtors and creditors". It collects all transactions related to property insurance, settlements on various claims, dividends, salary deposited, as well as the amount of money withheld from the salary of the employee in favor of a third party.
Separate accounting of settlements with different creditors and debtors helps to qualitatively analyze the movement of funds that are indirectly involved in the organization of the production process.
What groups is divided into 76
Depending on the type of calculations to mid. 76, various sub-accounts are opened for each type of transaction. This separation allows you to most realistically reflect the picture of costs and redistribute costs to other accounts. According to the balance sheet in the context of sub-accounts, the debt is clearly visible, on which, perhaps, it is necessary to take measures.
Subaccount for reflecting insurance expenses
Obligations for settlements recorded in the first subaccount relate to personal and property insurance. This group includes all expenses that the company incurred in connection with insurance of fixed assets or personnel. The only exceptions are insurance premiums calculated on employee salaries. Property insurance expenses are reflected on the credit side in correspondence with general expenses accounts. When transferring funds to insurance companies, the amounts are transferred to the debit of the account. 76 in correspondence with sc. 51.
There are also other reasons as a result of which the funds are credited to the debit of account 76. For example, losses from damaged property of the company are written off there. Accounting for settlements with different creditors and debtors, depending on the damage caused, reduces credit balances of fixed assets or inventory items.
The insurance debit includes reimbursements that are accrued under a voluntary insurance contract for employees. Such amounts are accounted for from the account. 73 "Settlements with staff for other operations." Upon receipt of money in the company’s accounts, insurance premiums are credited to the account. 76.1. If part of the accrued insurance indemnities is not compensated in connection with various situations, then the rest of the funds will be transferred to other expenses (account 91.2).
How are claims reflected in accounting
In the process of working with commercial partners, various claims may arise related to non-fulfillment of contractual obligations in terms of delivery of goods, transportation, or late payments. For such operations, a second sub-account is provided, which has analytics in the context of each individual claim. Settlements with different creditors and debtors for claims are carried out on the debit balance. Requirements may be imposed on suppliers of raw materials in case of discrepancy with the technical description, as well as in the case of inadequate quality of materials and spare parts.
Also, troubles can arise in the transportation of finished products. When processing the primary documentation, there are times when the amounts billed for payment do not correspond to the rates stated in the contract. Such shortcomings can be caused both by a conscious overvaluation, and by errors in arithmetic. These claims are recorded in correspondence with sc. 60 "Settlements with suppliers and contractors" or using accounts of various inventories.
If the logistician delivered a cargo that does not correspond to the quantitative values on the invoice, then this situation is also commonly referred to claims. The accounting of calculations associated with shortages or surpluses of freight items is compiled with the account. 60, which reflects all settlements with suppliers and contractors.
We should also talk about such an item of expenditure as fines and penalties. This type of claim is a fairly frequent occurrence, since when concluding contractual obligations, the parties always prescribe special conditions in case of non-compliance with the rules. To write off such claims, the invoice applies. 91. Those claims that remained unrecognized payers are not used in accounting.
Marriage at work or downtime is also common. Such business transactions are charged to debit. 76.2.
Settlements with debtors and creditors, account 76.3 "Dividends"
To account 76, a special sub-account is provided, on which the calculations for dividends accrued by the company in connection with equity participation are accumulated.
All income of this type to be distributed is recognized at debit account. 76.3 in correspondence with the account of non-operating income. The monetary assets received in the current account are transferred on credit to 76 accounts in the account assignment with 51 accounts .
Where is the unclaimed salary of employees written off
To account for unclaimed salary amounts, an account is opened. 76.4. Such a situation may arise if the employee was unable to arrive on time for the money and cash remained at the cash desk of the enterprise. The remaining amount of earnings is reflected in the loan of account 76.4 in correspondence with the payroll account (account 70).
Why is an inventory of settlements with debtors and creditors carried out?
In accordance with the law, companies must conduct an inventory of debt at least once a year. Such an operation is most often carried out before drawing up a balance. The results of the inventory help to verify all balances on accounts and contractual obligations. They are drawn up by a bilateral act of reconciliation of settlements.
The accounting policy of the organization fixes the number of such checks, the timing and procedure. Inventory plays an important controlling role, helps reduce the number of “dead” payments and get rid of bad debt by forgiving the debt to the partner.
What is bad debt
Any debt whose due date has been missed can be called dubious. It should be borne in mind that if a taxpayer has overdue payables to the same partner, then such a debt is not doubtful. Perhaps, to solve such a situation, it is enough to enlist counter obligations. Debt, which was recognized as doubtful, can be written off unilaterally after three years ago.
Analytical accounting of settlements with different creditors and debtors allows you to timely adjust the tax base, and with it you can determine the size of the reserve fund, which must be created when identifying doubtful debts.