Accounting for settlements with different creditors and debtors, accounting account. Settlements with suppliers and contractors

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

In the process of carrying out business transactions, it becomes necessary to make settlements with other debtors and creditors. In the chart of accounts, the account is used to summarize such information. 76. It reflects a debit or credit debt that arises in the process of mutual settlements with other legal entities not included in the settlement accounting registers.

Why do some counterparties count on account 76

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 76, which is called "Settlements with different debtors and creditors". All transactions related to property insurance, settlements for various claims, dividends, deposited salary, as well as amounts of money deducted from the salary of an employee are collected here.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 the score divided into 76

Depending on the type of settlements carried out to the account. 76 different sub-accounts are opened for each type of transaction. This separation allows the most realistic 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, for which it may be necessary to take action.

Sub-account for insurance expenses

Obligations for settlements recorded on the first sub-account relate to personal and property insurance. This group includes all expenses that the company has incurred in connection with the insurance of fixed assets or personnel. The only exceptions are insurance premiums accrued from the employee's salary. Property insurance costs are reflected on the credit side in correspondence with the accounts of general business expenses. When transferring funds to insurance companies, the amounts are transferred to the debit account. 76 in correspondence with sc. 51.

There are also other reasons as a result of which funds are debited to account 76. For example, losses from damaged company property are written off there. Accounting for settlements with different creditors anddebtors, depending on the damage caused, reduces the credit balances of fixed assets or inventory items.

Indemnifications accrued under the contract of voluntary insurance of employees fall into the debit of insurance expenses. Such amounts are accounted for from the account. 73 "Settlements with personnel for other operations." Upon receipt of money in the company's accounts, insurance premiums are credited according to the account. 76.1. If part of the accrued insurance indemnities is not compensated due to various situations, then the balance of funds is transferred to other expenses (account 91.2).

How claims are 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 the supply 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. Accounting for settlements with different creditors and debtors on claims presented is carried out according to the debit balance. Requirements may be imposed on suppliers of raw materials in case of non-compliance with the technical description, as well as in case of inadequate quality of materials and spare parts.

Also, troubles may arise in the field of transportation of finished products. When processing primary documentation, there are times when the amounts billed for payment do not correspond to the tariffs stated in the contract. Such shortcomings can be caused both by a deliberate overestimation of the cost, and by errors inarithmetic. These claims are recorded in correspondence with the account. 60 "Settlements with suppliers and contractors" or using accounts of various inventories.

If the logistician delivered the goods that did not correspond to the quantitative values in the consignment note, then this situation is also usually referred to as a claim. Accounting for settlements related to shortages or surpluses of freight shipments is accounted for from the account. 60, which reflects all settlements with suppliers and contractors.

It is worth talking separately about such an expense item as fines and pen alties. This type of claims is a fairly common occurrence, since when concluding contractual obligations, the parties always prescribe special conditions in case of non-compliance with the norms. To write off such claims, s. 91. Those amounts of claims that remained unrecognized payers are not used in accounting.

Failure at work or downtime are also common. Such business transactions are included in the debit account. 76.2.

Settlements with debtors and creditors, account 76.3 "Dividends"

To accounting account. 76 provides for a special sub-account, which accumulates payments on dividends accrued to the company in connection with equity participation.

All income of this type, subject to distribution, is reflected in the debit of the account. 76.3 in correspondence with the non-operating income account. The monetary assets received on the current account are credited to 76 accounts in account assignment with 51 accounts.

Where is the unclaimedemployee salaries

To account for unclaimed amounts of wages, an account is opened. 76.4. Such a situation may arise when the employee was unable to arrive on time for the money, and the cash remained at the cash desk of the enterprise. The remaining amount of earnings is reflected in the credit of account 76.4 in correspondence with the payroll account (account 70).

Why inventory of settlements with debtors and creditors is carried out

Companies are required by law to conduct a debt inventory at least once a year. Such an operation is most often carried out before drawing up a balance sheet. The inventory results help to reconcile all account balances and contractual obligations. They are issued by a bilateral act of reconciliation of settlements.

The accounting policy of the organization fixes the number of such checks, the timing and procedure for conducting them. Inventory plays an important controlling role, helps to reduce the number of "dead" payments and get rid of bad debts by forgiving the partner's debt.

What is doubtful debt

Doubtful can be called any debt, the payment deadline of which was missed. At the same time, it is worth considering the fact that if a taxpayer has overdue accounts payable to the same partner, then such a debt is not doubtful. Perhaps, to resolve such a situation, it is enough to enlist counter obligations. A debt that has been deemed doubtful can be written off unilaterally.order after three years' prescription.

Analytical accounting of settlements with different creditors and debtors allows you to timely adjust the tax base, and also with its help you can determine the size of the reserve fund that needs to be created when doubtful debts are identified.