2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Perhaps one of the most frustrating situations that a seller faces during their activities is the return of goods from the buyer. For accounting, this operation means the automatic occurrence of an additional headache and the need to make changes to the cumulative registers. You should be especially careful with data that relate to the field of tax accounting. However, life after the return does not stop, but continues to rage and delight.
Return of goods from the buyer: scenarios
When the operation of the transfer of goods from the seller to the buyer takes place, this fact is displayed in the primary document, namely in the form TORG-12. Accordingly, on its basis, data is entered into the tax accounting system. In the case of a return of goods, a corrective invoice comes into play. This is a rather important document, since on its basis there is a change in tax liabilities for value added tax. But there is one “but”: exchange, return of goods according to the above scheme is possible only if it is transferred in the proper form. After all, the law states thatIn this case, the seller displays such a movement of inventory only as a sale.
If the product cannot be recognized as quality, the display scheme changes slightly. The customer returns the purchased product along with the invoice, the seller's accounting department reverses the entries in the previously posted documents and issues a corrective invoice.
Returning an item from a customer: what's wrong with the item?
When the buyer brings the goods to the outlet, the latter must have all seals, labels and other similar things. In any case, its appearance should not cause any objections. Otherwise, if the seller's representative finds any defects, he will legally refuse to return.
Be sure to have a cash or commodity document in the hands of the buyer, which proves the fact of a trading operation earlier.
However, do not forget that there is a certain category of inventory items for which it will not be possible to return goods from the buyer, since they cannot be exchanged at the legislative level. Usually in stores, when buying a person, they immediately warn that he will not be able to return this product.
Return of goods from the buyer: postings
If there was a fact of sale of goods:
- Displays income (recorded on the consignment note), Dt 62 - Kt 90-1.
- The cost price is deducted (accounting statement), Dt 90-2 - Kt41.
- Displays the movement of VAT (accounting statement), Dt 90-3 - Kt 68.
- Displays the receipt of money on the current account (bank statement), Dt 51 - Kt 62.
If there was a return to the outlet of a part of the previously shipped batch:
- Displays the receipt of goods back (buyer's documents), Dt 41 - Ct 60.
- The VAT amount is being adjusted (buyer's documents), Dt 19 - Kt 60.
- Mutual settlements are being made (statement or act of offset), Dt 60 - Kt 51 (or 62).
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