Accounting. Accounting for cash and settlements

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Accounting for cash and settlements at the enterprise is aimed at ensuring the safety of capital and controlling its use for its intended purpose. The efficiency of the company depends on its proper organization. Consider briefly the accounting of cash and settlements, its tasks and features.

Destination

The tasks of accounting for cash and settlements at the enterprise are as follows:

• Timely and complete documentation of the operation.
• Financial discipline.
• Reliable and timely maintenance of analytical documents.
• Making payments on company accounts.

Accounting information is used in the inventory of the company's capital.

Transactions with customers and buyers

They include cost recovery and implementation, making a certain profit. The rules for accounting for cash flows and settlements depend on the chosen method of recording sales transactions.

If the company uses the cash method (for payment), the debt of counterpartiesis accumulated on account 45 "Goods shipped". The amounts are reflected at the actual cost of the goods:

db ch. 45 cd sc. 43.

When payments are received in accounting, the organization's cash and settlements are shown as follows:

• db ch. 51 cd sc. 90.
• db ch. 90 K sc. 45 - write-off of sold products at cost.
• db ch. 90 cd sc. 68 - VAT reflection.

Debt write-off

Unfulfilled monetary obligations of counterparties are written off from account 45 at a loss without reducing taxable income. This debt is transferred to 007 (off-balance) and accounted for on it for 5 years.

When paying off obligations, the amount is reflected as a financial result and included in taxable income.

Accounting for shipping

If the company uses this method, transactions are reflected in the account. 62. On it, unfulfilled obligations accumulate about the cost of implementation.

In the accounting registers of settlements and cash funds of an organization, sub-accounts for collection, planned and other payments can be opened.

The collection item reflects operations on shipping documents presented and accepted by the banking structure. The sub-account of planned payments takes into account systematic settlements that do not end with the repayment of one document.

The following entries are made in accounting:

• db ch. 62 cd sc. 90 - shipment of products and presentation of an invoice.
• db ch. 90 cd sc. 43 - write-off of sold products according tocost.
• db ch. 90 cd sc. 68 - VAT reflected.

When paying off debt, account 62 is credited.

Analytics for the article is conducted for each submitted payment document, and for planned deductions - for each customer and buyer.

Accrual method

If the company has such a procedure for accounting for cash and settlements, you can create reserves for doubtful payments from income. At the same time, taxable income will decrease.

Receivables uncollected after the expiration of the prescribed statute of limitations should be written off as a reduction in the provision. Amounts are accepted on account. 007 and have been there for 5 years. When paying off debt, they are credited to profit in the form of non-operating income.

Advance transactions

They are associated with the receipt by the enterprise of a kind of prepayment against future deliveries of products, production of works, and provision of services. The parties to the agreement may agree on a specific amount of the advance payment. At the same time, the company must organize accounting for each payment received. To reflect operations, a record is made: dB sch. 51 cd sc. 62.

When an advance payment is received, VAT is deducted from it. Accordingly, the wiring is done: dB sch. 62 cd sc. 68.

Claims

They are drawn up in writing and contain the requirements of the counterparty, the amount and a link to the normative act. Supporting documents are attached to the claim.

Consideration of claims is carried out, according to general rules, withinmonth. The answer is sent in writing. In case of full or partial satisfaction of claims, it shall indicate the amount, number, date of the payment document (order). In the case of refusal to comply with the requirements, the message must contain a reference to the normative act that allows this.

The counterparty, upon receipt of an unsatisfactory response to the claim or non-receipt of it, has the right to file an application with the court.

Upon receipt of requirements, accounting of funds and settlements (at small enterprises, including) is carried out according to the account. 76, subc. 76.2.

The company has the right to submit a claim to the supplier/contractor if:

• The counterparty did not fulfill the contractual terms.
• Shortage of incoming products detected.
• Errors found in calculations in documents.

Features of recording operations on claims

In case of violation of contractual terms, fines, pen alties and interest are applied to the counterparty. When they are imputed, accounting for cash and settlements in the organization is carried out as follows:

db ch. 76, subc. 76.2 Cd count. 91, subch. 91.1 - accrual of forfeit, interest, fine and recognized by the counterparty or imputed by the court.

When a shortage or damage is detected in the incoming products, the purchasing enterprise makes the following entries:

• db ch. 94 Cd rec. 60 - reflection of shortage / damage within the limits stipulated by the contract.
• db ch. 76, subc. 76.2 Cd count. 60 - shows losses in excess of those stipulated in the agreement.

If the court refused to recover damages from the counterparty, the shortage is written off with the following postings: Db sch. 94 Cd rec. 76, subc. 76.2.

Payment requests/orders

They are primary documents. Accounting for cash and settlements on them has a number of features.

A payment order is an order received by the bank from the account holder. It is drawn up in a written document and contains an indication of the transfer of a certain amount to the account of the counterparty opened in the same or another financial institution.

The deadline for the execution of the order is fixed by law. A shorter period may be established by a banking service agreement or follow from practice. Amounts are transferred by means of payment orders:

• For products supplied, works performed, services provided.
• To the budget of any level, off-budget funds.
• For the return/placement of loans/deposits, deductions of interest on them.
• For other purposes specified in the agreement or enshrined in law.

Orders can also be used to make advance or recurring payments.

Features of execution of an order

The order of the client is formed on the form f. 0401060. Orders are accepted regardless of the availability of funds on the account. When paying, all copies of the document are marked with the date of debiting in the appropriate field (in the case of a partial transfer, the date of the last transaction), a seal imprint and the signature of the employee.

At the request of the payer, the banknotifies him of the execution of the order before the end of the next day following the client's request, unless another period is specified in the account service agreement.

Letter of credit order

This order of the client involves making a payment immediately after shipment. The supplier must provide supporting documents to the bank.

A letter of credit ensures the timeliness of payment, and eliminates the possibility of its delay. The order is issued for the period stipulated by the agreement. In addition, each letter of credit is used for settlement transactions with only one supplier.

Acquisition of we alth

Accounting for cash and settlements with suppliers / contractors is carried out on the account. 60. All transactions are reflected on it, regardless of the time of payment on the invoice. Postings are made for the submitted payment documents:

• db ch. 10 (and other inventory accounts) Kd sch. 60;.
• db ch. 19 cd sc. 60.

Accounting for cash and settlements during the delivery and processing of goods and materials by third parties similar entries are made.

In the case of delivery of valuables without documents, you should check whether the objects are reflected as paid, but taken out of the warehouse or on the way, and whether the amount is included in the accounts receivable. After that, the materials are reflected as non-invoiced deliveries: Db c. 10, ch. 15 cd sc. 60.

Upon receipt of the settlement documentation, thisthe record is canceled and a new posting is made.

Analytical accounting

Its maintenance should provide the necessary information on various suppliers, accepted documents, uninvoiced deliveries, bills of exchange, the time of payment of which has not come and has already expired, commercial loans. This information is used to form the balance sheet.

If the enterprise uses journal-order accounting of cash and settlements, the information is summarized in f. No. 1. Operations reflect on credit account. 60 position method for each payment document.

Analytical accounting of funds and settlements with contractors/suppliers for planned payments is kept in the statement of f. No. 5. The data from it with the total results at the end of the month are transferred to the journal-order No. 6.

Social Security

Deductions for various social needs are included in the costs of distribution or production. Disability benefits, for sanatorium treatment are paid from the social insurance fund. The organization makes contributions to the Pension Fund of the Russian Federation and the Compulsory Medical Insurance Fund, as well as to the employment fund (to provide for temporarily unemployed persons).

Accounting for funds and settlements for social security and insurance is carried out on account 69.

When accruing, a record is made: dB account. 20 (23, 26, 25) CD count. 69.

Expenses are reflected as follows: dB c. 69 Cd sc. 70.

Wages

Accounting for transactions is carried out on account 70. The loan is accounted for accruals,on debit - deductions. The balance means the presence of debt to the staff. In accordance with the place of employment of employees, the amounts of wages accrued for the time worked are transferred to Db c. 20, 23, 25, 43, 26 or 44. 70 account is credited.

If reservation is not provided, an entry is made: dB sch. 20 (23) Cd sch. 70.

The company may pay for seniority. If funds are reserved, deductions are made from them, if not, from the consumption fund.

Holds

Deducted from salary:

• personal income tax - db c. 70 cd sc. 68.
• Amounts on executive documents - Db c. 70 cd sc. 76.
• Defective Pen alties - db c. 70 cd sc. 28.

The remaining amount of earnings is given to employees. In this case, a record is made: dB sch. 70 cd sc. 50.

Cash transactions

They are associated with the receipt, storage, spending of funds received at the cash desk from the bank. When transferring money, a posting is made: dB sch. 50 cd sc. 51.

Primary documents for accounting of settlements and funds are:

• Incoming and outgoing cash orders.
• Cash book.
• Payrolls.
• Order log.
• Book of issued and received money.

Orders must be issued without errors and blots. Sheets in the cashier's book are numbered, laced; the document is certified by the signature of Ch. accountant and company director.

Transactions with accountablefaces

To summarize information about them, 71 accounts are used. It records cash and accounts with accountable persons for the purchase of goods and materials, amounts issued for business needs, business trips.

Lists of persons en titled to issue funds under the report are approved by the head.

According to current rules, employees who receive funds must report on their spending. The rest of the money must be returned to the enterprise. Unrefunded amounts are reflected in the account. 94 (a special sub-account is opened for it). Subsequently, write-offs are made to the account. 70 or 73.

Employees must submit an advance report to the accounting department, to which documents confirming expenses are attached.

The issuance of funds is reflected in the entry: dB sch. 10 cd sc. 71.

Operations on account

Accounting for funds on the current account is carried out according to different documents, depending on the form of payment. For cash transactions, they are:

• cash checks;
• ads for the contribution.

For non-cash payments are used:

• acceptance form;
• payment orders;
• collection documents;
• bank memorial warrant.

The first option is the most common. With the acceptance form, the bank is an intermediary between the buyer and the supplier. The latter receives money on the basis of settlement papers.

Operations with debtors/creditors

To reflect them, account 76 is used. Accounting for cash and settlements with debtors andby creditors has already been partly discussed above. Account 76 reflects operations on personal/property insurance, claims, deposited amounts, dividends.

This article takes into account a rather large number of settlements of a predominantly non-commercial nature. Accordingly, the accountant opens sub-accounts that are not provided for in the Plan.

Subaccount 76.1, for example, is used to record insurance transactions in the event of property damage due to natural disasters. In this case, a record is made: dB sch. 44 cd sc. 76.1.

When receiving a refund from the insurance company, 51 accounts are debited. If the losses are not fully covered by the amount, a record is formed for the value of the uncompensated part: dB sch. 91.2 Cd count. 76.1.

Credits and loans

The company is forced to use the funds of financial institutions (banks) in case of insufficiency of own capital. Loans are issued on the basis of agreements. The bank sets the amount, terms of issuance and repayment of debt, interest rates.

The enterprise receives loans from other business entities. Their issuance is also formalized by an agreement, which fixes all the essential terms of the transaction.

Enterprise funds can be received for different periods - less than a year or more. Accordingly, accounting for cash and settlements on loans and borrowings is carried out on accounts 66 and 67. These items are included in liabilities. The credit reflects the receipt of funds and the occurrence of debt, the debit - the return of amounts.

Credits and loans can be issued with money credited to accounts. In such cases, a record is made: dB sch. 50-52 Cd rec. 66 (67).

The funds received from the issue and placement of bonds are also taken into account on these accounts. The amounts are presented separately from other loans. The value of bonds may be lower or higher than the nominal price. The difference is reflected in 91 accounts. If the cost is higher than the nominal value, it is included in other income on the subaccount. 91.1, if lower - in subaccount. 91.2

Reflecting interest and redemption transactions of bonds is the same as for ordinary loans.

Accounting for cash and settlements in the PMR

In the Pridnestrovian Moldavian Republic, all transactions are reflected in the national currency - rubles. In the PMR, accounting for cash and cash settlements is carried out on account 50. Subaccounts can be opened for it:

• 50.1 - cash desk of the organization;
• 50.2 - cash desk, etc.

According to subaccount. 50.2 reflects the presence and movement of funds of commodity offices, operational sites, river crossings, stopping points, ports, marinas, stations, post offices, etc.

Debit counts receipts, credit counts payouts.

When, in cases provided for by law, cash transactions in foreign currency are carried out, corresponding sub-accounts are opened by the 50th account. They separately reflect the movement of funds. At the same time, they are converted into the national currency at the rate of the Central Bank of the PMR on the day of the transaction. In analytical accounting, entries are simultaneously made in the currency of payments and settlements.

When money is received at the cash desk of the enterprise, the accountantgenerates the following postings:

• db ch. 50 cd sc. 51 (52) - reflects the amount of cash received from a settlement or currency account.
• db ch. 50 cd sc. 61 - revenue received from customers / buyers is taken into account.
• db ch. 50 cd. sch. 71 - reflects the amount of funds returned by accountable employees.
• db ch. 50 cd sc. 76 - accounted for cash received from debtors.
• db ch. 50 cd sc. 70 - reflected the amount of accrued earnings to staff.

The issuance of funds is made out by the following entries:

• db ch. 51 (52) Cd sch. 50 - transactions are reflected in the amount of funds transferred to the account (settlement/currency) exceeding the cash limit.
• db ch. 60 cd sc. 50 - cash on payment of invoices presented by contractors and suppliers is taken into account.
• db ch. 76 Cd count. 50 - reflects amounts on accounts of creditors.
• db ch. 71 cd sc. 50 - the funds issued to the accountable employee are taken into account.
• Cd sc. 70 dB ch. 50 - reflects the amount of wages issued to staff.

At the end of the month, the credit and debit turnovers of 50 accounts are compared. Based on the results of the comparison, the remainder (balance) is displayed. Its value is compared with the data of the cash book.

Synthetic accounting of the company's cash is kept in a journal-warrant according to f. 1 and in the statement according to f. 1.

Checkout Inventory

This procedure ensures the accuracy of the information reflected in accounting documents. Inventory is requiredcases:

• Transfer of property for rent, sale/acquisition.
• Transformation of a municipal or state-owned enterprise.
• Dismissal of a materially responsible employee.
• Detecting facts of abuse of power, damage/theft of property.
• Natural disasters.
• Liquidation/reorganization of an economic entity.

Inventory of the cash desk can also be carried out by a court decision or an order from the prosecutor's office.

Revision should be carried out suddenly. For the inventory at the enterprise, a commission is formed, the composition of which is approved by the head.

The results of the check are documented in an act. When identifying surpluses or shortages, the materially responsible employee writes an explanatory note. Excess amounts are credited and transferred to the income of the enterprise. In this case, the following posting is done:

• db ch. 50 cd sc. 48.
• db ch. 48 cd sc. 80.

Shortages are subject to withholding from the responsible employee.

Responsibility for the implementation of the rules for conducting operations on the cash desk is assigned directly to operational workers, Ch. accountant and head of the organization. Persons guilty of violations of financial discipline are subject to measures provided for by the legislation of the PMR. Compensation for large losses is carried out in court.