2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
In accounting, account 62 is used to control settlements with buyers and customers. This register was created to maintain analytical records of all documentation submitted to the customer, as well as to control incoming payments.
An accountant working with account 62 reflects all the data about the buyer in the register as fully as possible. This approach allows you to quickly analyze:
- terms of payment under the contract;
- control overdue payments on issued acts;
- accumulate received advances against future services;
- monitor bills that are not due;
- control overdue bill receipts.
It is not provided in the chart of accounts to divide the 62 account into sub-accounts, so the accountant independently applies analytics that is convenient for a particular organization. Such a division is necessarily reflected in the accounting policy of the company.
Retail can apply sch. 62 without analytics
Keeping 62 accounts without sub-accounts is convenient for companies engaged in retail trade and receiving payment for goods in cash through a cash register. Retail is not interested in databuyer and do not draw up long-term contracts with him. Most often, all buyers fall into a single subcont called "Individual".
Retailers that sell things on installment loans to individuals (not banks) often face the challenge of keeping track of loan repayments. This situation mainly affects chain stores selling expensive household appliances. It also becomes necessary to track advance payments in the case of prepayment for goods. Therefore, it would be more expedient to maintain sub-accounts in the context of such clients.
It is worth noting that maintaining an account linked to certain sellers or managers can help in the fight against theft and control the correct execution of the order. The invoice will clearly demonstrate which material person made a miscalculation when shipping or paying for the goods.
Need for sub-accounts in wholesale trade
In wholesale and non-cash trade, the situation is different. 62 the account is kept in the context of each contract of the counterparty. This is especially important when customers enter into several contracts with different terms and conditions.
With the use of sub-accounts, rather time-consuming accounting is obtained. 62 account is overgrown with nomenclature, but such works are justified, as they make accounting convenient and reliable. Such reporting is also convenient in case of questions from the tax authorities. Maximum transparency of calculations is always encouraged.
62 account: postings
All fulfilled obligationscustomers are always debited with sales accounts (dt 62, set 90.1) and credited in correspondence with cash receipts (dt 51 set 62.1). Such postings are basic. The amounts of advances received are taken into account on separate sub-accounts (case 51, room 62.2).
If the settlement is secured by an interest-bearing bill, then 51 accounts are debited as payments are received, and the interest falls on other income and expenses (account 91).
Using 62 accounts when working with branches
In the case when an organization has separate divisions and draws up a consolidated balance sheet, accounting of settlements and obligations with customers and buyers is kept separately.
If the parent organization makes all payments for a separate subdivision, then the account must be used in the postings. 79. For example, funds for the sale of goods and services are debited to the account “Intra-economic settlements”, and credited to account 62 (dt 79, kt 62). Branches are also required to enter sub-accounts similar to the parent company for more convenient balance consolidation.
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