The organization issues its own bill of exchange and settles it with the supplier: accounting entries. Accounting for bills of exchange in accounting: postings 1c 8.2 registration of transactions with bills of exchange
A bill of exchange is one of the types of debt obligations, which gives the recipient of the bill the right to demand payment specified in the bill of exchange within a specified period of time; bills of exchange are distinguished between promissory notes and bills of exchange, and today we will look at the accounting of promissory notes in 1C: Accounting 8, edition 2.
A promissory note, or also called a solo bill, is drawn up and signed by the debtor and contains his unconditional obligation to pay the creditor a certain amount at a specified time and place.
In our example, we will consider a situation where an enterprise received a promissory note as payment for goods sold.
An example of accounting for promissory notes.
On November 28, 2012, Veda LLC sold the product table, 10 pcs., to the buyer of Tonus LLC. at a price of 1180 rub. per piece, including VAT 18%. As payment, Tonus LLC handed over to Veda LLC its own interest-free promissory note with a repayment period of 2 months.
The first document that needs to be done in 1C: Accounting 8 is “Sales of goods and services” with the type of operation “Sale, commission”. You can find this document on the “Sales” tab.
We fill out the upper part of the document: we indicate the counterparty, the agreement with him, the warehouse from which the goods will be released. At the bottom of the document, select the product to be sold, indicate its quantity and price.
We post a document based on which the following transactions are generated
Since the sale of goods subject to VAT, Veda LLC needs to issue an invoice. This can be done on the basis of the document “Sales of goods and services”.
Next, following our example, you need to reflect the receipt of a promissory note from the buyer. Since accounting for promissory notes for 1C is not a very common operation, the posting to receive a bill must be done manually through “Operation (accounting and tax accounting)”. Located in the top menu "Operations".
Here we need to indicate the accounting accounts, the counterparty, the agreement with him and the bill itself.
Accounting for promissory notes that are used in payments for goods, works, services and for which there is no income is carried out on accounts 60,62,76. In our example, the bill of exchange was received from the buyer, so it will be accounted for in account 62 “Settlements with buyers and customers”, subaccount 03 “Bills received”.
At the end of the period, in our example, January 28, 2013, the bill is repaid by payment to the bank account of Veda LLC. To reflect this operation, you need to fill out the document “Receipt to the current account”. Operation type “Other receipts”.
In world trade practice, a bill of exchange is one of the most common forms of credit payments. Payment with deferred payment, executed by a bill of exchange, is becoming more widely used every year in the Russian commercial market. In this article we will introduce you to the concept of “bill of exchange”, as well as the specifics of accounting for transactions on bills of exchange.
The concept of “bill” is understood as a type of security, according to which one party to a trade transaction gives a debt monetary obligation to the other party. A bill of exchange can be used for settlement transactions, registration of collateral for a loan, or to secure the obligations of a third party.
The form of the bill of exchange is established by law and must meet the following criteria:
- registration in in writing on paper;
- money is the exclusive subject of a debt obligation;
- the debt claim under the bill is subject to unconditional satisfaction.
There are several types of bills, the most common of which are simple and transferable. In a promissory note, the drawer is responsible for debt obligations, in a transferable bill, a third party, called the drawee, is responsible.
Transactions on bills of exchange in accounting
An account is used to reflect transactions on bills of exchange in accounting.
Let's look at typical transactions on bills of exchange using examples.
Postings for accounting for the repayment of a bill at par value
Let’s say that on 10/04/2015 Monolit LLC shipped building materials to MegaStroy LLC in the amount of 000 rubles. As payment, a promissory note was received from MegaStroy LLC with a nominal value of 106,000 rubles. .2015 funds were paid from MegaStroy LLC to repay the bill.
The accountant of Monolit LLC made the following entries:
| Dt | CT | Description | Sum | Document |
| 62 | 90/1 | 000 rub. | ||
| 90/3 | 68 VAT | RUB 14,339 | Consignment note | |
| 58/2 | 62 | The bill has been accepted for accounting | 000 rub. | Certificate of acceptance and transfer of bills of exchange |
| 76 | 91/1 | The bill was presented to MegaStroy LLC for redemption | 106,000 rub. | Certificate of acceptance and transfer of bills of exchange |
| 91/2 | 58/2 | 000 rub. | Certificate of acceptance and transfer of bills of exchange | |
| 91/9 | 99 | The financial result of repayment of the bill is reflected (RUB 106,000 - RUB 000) | 12,000 rub. | Certificate of acceptance and transfer of bills of exchange |
| 76 | Funds were received from MegaSroy LLC to repay the bill | 106,000 rub. | Bank statement |
Using the same initial data as an example, we will consider operations with an interest-bearing bill of exchange: Monolit LLC received a bill of exchange with a maturity of 1 year at a discounted rate of 1.5% per annum. The interest-bearing note was repaid by MegaStroy LLC upon expiration of the established period.
The following entries were made in the accounting of Monolit LLC:
| Dt | CT | Description | Sum | Document |
| 62 | 90/1 | Construction materials were shipped to Monolit LLC | 000 rub. | Consignment note |
| 90/3 | 68 VAT | VAT is charged on the cost of shipped materials | RUB 14,339 | Consignment note |
| 58/2 | 62 | The bill has been accepted for accounting | 000 rub. | Certificate of acceptance and transfer of bills of exchange |
| 58/2 | 91/1 | Interest accrued (RUB 106,000 * 1.5%) | RUB 1,590 | Certificate of acceptance and transfer of bills of exchange |
| 76 | 91/1 | The bill was presented to MegaStroy LLC for repayment, taking into account interest (RUB 106,000 + RUB 1,590) | RUB 107,590 | Certificate of acceptance and transfer of bills of exchange |
| 91/2 | 58/2 | The book value of the bill was written off (RUB 000 + RUB 1,590) | RUB 95,590 | Certificate of acceptance and transfer of bills of exchange |
| 91/9 | 99 | The financial result of the repayment of the bill is reflected (RUB 107,590 - RUB 95,590) | 12,000 rub. | Certificate of acceptance and transfer of bills of exchange |
| 76 | Funds were received from MegaSroy LLC to repay the bill including interest | RUB 107,590 | Bank statement |
Accounting for transactions on bills repaid before the due date
Let's look at an example:
Balance LLC shipped fuel and lubricants in the amount of 84,000 rubles. and received a bill of exchange in payment for the goods. The nominal value of the bill is 101,000 rubles. The buyer repaid the bill before the maturity date at a cost of RUB 96,000.
Transactions in the accounting of Balance LLC were reflected by the following entries:
| Dt | CT | Description | Sum | Document |
| 68 | 90/1 | Balance LLC shipped fuel and lubricants | 84,000 rub. | Consignment note |
| 90/3 | 68 VAT | VAT is charged on the cost of shipped materials | RUB 12,814 | Consignment note |
| 62 | The bill has been accepted for accounting | 84,000 rub. | Certificate of acceptance and transfer of bills of exchange | |
| 76 | 91/1 | The bill is presented for redemption before the maturity date | 96,000 rub. | Certificate of acceptance and transfer of bills of exchange |
| 91/2 | The book value of the bill is written off | 84,000 rub. | Certificate of acceptance and transfer of bills of exchange | |
| 91/9 | 99 | The financial result of repayment of the bill is reflected (96,000 rubles - 84,000 rubles) | 12,000 rub. | Certificate of acceptance and transfer of bills of exchange |
| 76 | The buyer paid funds to repay the bill | 96,000 rub. | Bank statement |
A bill of exchange is a document that confirms that the payer specified in it undertakes to pay the holder of this paper a certain amount.
Financial bill
If a company has free cash, it can invest it in purchasing bills. The purpose of such a purchase is to receive income in the form of interest or discount.
Acquisition costs
Having purchased a bill of exchange, the company must take it into account in account 58 “Financial investments” at its original cost. This cost is determined by one of two methods provided for by PBU “Accounting for Financial Investments” (PBU 19/02).
The first method is that the cost of the bill includes its purchase price and all other costs associated with its acquisition. For example it could be:
- payment for consulting and information services that the company used when purchasing the bill;
- payment for intermediaries, etc.
Such expenses are accounted for by posting:
DEBIT 58 CREDIT 76
note
The cost of the bill (including the costs of its purchase), depending on its maturity date, is indicated on line 1240 “Financial investments (except for cash equivalents)” of Section II Balance Sheet or according to line 1170 “Financial investments” of section I of the Balance Sheet. The cost of the bill also includes the amount of VAT on it.
In December, Invest-Project JSC purchased a bank bill for 500,000 rubles. At the same time, the company took advantage of the advice of a brokerage firm, paying it 2,360 rubles. (including VAT - 360 rubles).
The accountant must make the following entries:
DEBIT 58 CREDIT 76 – 2000 rub. – consulting services are reflected;
DEBIT 19 CREDIT 76 – 360 rub. – VAT included;
DEBIT 76 CREDIT 51 – 2360 rub. – money was transferred for consulting services;
DEBIT 58 CREDIT 19 – 360 rub. – VAT written off;
DEBIT 76 CREDIT 51 – 500,000 rub. – money for the bill is transferred;
DEBIT 58 CREDIT 76 – 500,000 rub. - bill received.
The company plans to repay the bill within 6 months. Therefore, in the balance sheet of Invest-Project for the reporting period, the value of the bill is equal to 502,360 rubles. (500,000 + 2000 + 360), must be reflected on line 1240. The cost of the bill includes the amount of VAT on it.
However, you can use the second method, in which account 58 takes into account only the amount paid to the seller of the bill. The remaining costs for its acquisition are classified as other expenses.
This accounting method can be used, for example, if these costs are insignificant compared to the price of the bill, that is, they do not exceed 5% of the transaction price.
Such costs can be taken into account by posting:
DEBIT 91-2 CREDIT 76
– expenses associated with the purchase of the bill are reflected.
In this case, expenses for the purchase of bills of exchange are reflected in line 2350 “Other expenses” of the Statement of Financial Results.
In November, LLC Finanstorg, through an intermediary, acquired a bill of exchange worth 400,000 rubles. The intermediary's remuneration amounted to 1,180 rubles. (including VAT - 180 rubles).
The company's accountant considered that the amount of remuneration was insignificant compared to the price of the bill. Therefore, he must make the following entries:
DEBIT 76 CREDIT 51 – 401,180 rub. (400,000 + 1180) – remuneration and funds for the purchase of the bill of exchange were transferred to the intermediary;
DEBIT 58 CREDIT 76 – 400,000 rub. – a bill of exchange has been received;
DEBIT 91-2 CREDIT 76 – 1000 rub. (1180 – 180) – intermediary services are reflected;
DEBIT 19 CREDIT 76 – 180 rub. – VAT included;
DEBIT 91-2 CREDIT 19 – 180 rub. – VAT is written off.
The company plans to repay the bill within 9 months after receiving it.
Line 1240 of the balance sheet asset will indicate the value of the bill in the amount of 400,000 rubles. Expenses for the purchase of a bill of exchange in the amount of 1180 rubles. should be reflected on line 2350 of the income statement.
You can record the bill of exchange valuation method you choose in your accounting policy, although PBU 19/02 does not require this. Therefore, you can use another method - draw up an accounting certificate in each specific case.
Generating income
The drawer pays a fee to the company that purchased the bill. The company receives this reward either in the form of a discount or in the form of interest. In accounting, interest and discount are treated differently.
Interest on a bill must be included in other income for the period in which the company has the right to receive it.
In the Statement of Financial Results they are reflected in line 2340 “Other income”.
On August 19, PJSC Topaz purchased a bill of exchange for RUB 200,000. According to the agreement with Topaz, the drawer is obliged to pay monthly interest to the company at the rate of 18% per annum.
The payment deadline is no later than 5 days after the end of each month.
In August, Topaz’s accountant made the following entries:
DEBIT 76 CREDIT 51 – 200,000 rub. – money for the bill is transferred;
DEBIT 58 CREDIT 76 – 200,000 rub. – a bill of exchange has been received;
DEBIT 76 CREDIT 91-1 – 1183.56 rubles. (RUB 200,000 × 18%: 365 days × 12 days) – interest accrued for 12 days (from August 20 to August 31).
The seller of the bill transferred this amount to Topaz on September 3. On this day you need to do the wiring:
DEBIT 51 CREDIT 76 – 1183.56 rub. – interest received for August.
Line 2340 of the financial results report will indicate the amount of interest on the bill - 1183.56 rubles.
The discount, like interest on a bill, is included in the company’s other income. Discount income is generated if a company purchases a bill at a price less than its face value.
This means that by repaying the bill, the company will receive more money than it paid for the purchase. The resulting difference can be taken into account in one of two ways.
The first way is to reflect the discount amount as a lump sum when repaying the bill.
In this case, the bill is reflected in the balance sheet at the purchase price.
Nereida LLC purchased a bank note in June for 90,000 rubles.
The maturity date of the bill is November, its nominal value is 100,000 rubles.
In June, the company’s accountant must make the following entries:
DEBIT 76 CREDIT 51 – 90,000 rub. – money for the bill is transferred;
DEBIT 58 CREDIT 76 – 90,000 rub. - bill received.
In November the postings will be as follows:
DEBIT 91-2 CREDIT 58 – 90,000 rub. – the bill is written off;
DEBIT 76 CREDIT 91-1 – 100,000 rub. – income from the repayment of the bill is accrued;
DEBIT 51 CREDIT 76 – 100,000 rub. - money received for a repaid bill.
Line 2350 of the financial results statement will indicate the purchase price of the bill - 90,000 rubles. On line 2340 of the financial results statement, you need to reflect the nominal price of the bill - 100,000 rubles.
But you can take into account the amount of the discount in income evenly throughout the entire period from purchase to repayment of the bill (clause 22 of PBU 19/02).
In this case, the book value of the bill is gradually increased by the discount amount.
On November 12, Pride JSC purchased a bill of exchange for 140,000 rubles, which will be repaid in 180 days. The nominal value of the bill is 152,000 rubles. Postings in November were as follows:
DEBIT 76 CREDIT 51 – 140,000 rub. – the bill has been paid;
DEBIT 58 CREDIT 76 – 140,000 rub. – the bill is capitalized.
The chief accountant of the company decided that he would reflect the discount on the bill evenly throughout the entire circulation period of the bill. In November, a discount for 18 days (from November 13 to 30) must be included in other income in the amount of: (RUB 152,000 – RUB 140,000) × 18 days. : 180 days = 1200 rub.
In this case you need to do the wiring:
DEBIT 58 CREDIT 91-1 – 1200 rub. – discount taken into account.
In December this amount will be:
(RUB 152,000 – RUB 140,000) × 31 days. : 180 days = 2066.67 rub.
Thus, by the end of the year the book value of the bill will be 143,266.67 rubles. (140,000 + 1200 + 2066.67). It must be reflected on line 1240 of the annual balance sheet.
In this case, line 2340 of the financial results report will indicate the discount amount - 3266.67 rubles. (143,266.67 – 140,000).
You need to make your own choice of how to calculate the discount on a purchased bill of exchange and consolidate the chosen method in the company’s accounting policies.
The company receives a bill of exchange from the buyer
If your buyer issues you his own bill, then this transaction formalizes a deferred payment. After all, by issuing a bill of exchange, he guarantees you payment within the terms specified in this paper.
To account for such bills, the selling company must use account 62 “Settlements with buyers and customers” subaccount “Bills received”.
The bill must be reflected at the contractual value, that is, at the price of the goods for which it was received.
In addition, the bill must be included in the balance in account 008 “Securities for obligations and payments received.”
note
The face value of a bill of exchange may be greater than the value of the goods for which it is issued.
This discrepancy means that the bill provides for a discount.
The payer of the bill can be either the buyer himself or a third-party company.
An example will show you how to discount a promissory note.
Let's use the conditions of the previous example, but assume that JSC Aktiv issued a bill of exchange to LLC Passive.
Pride LLC accepted the bill in July, thereby confirming its obligation to pay the bill.
On the day of acceptance, the Aktiva accountant must make an additional entry:
DEBIT 62 subaccount “Bills accepted” CREDIT 62 subaccount “Bills issued” – 236,000 rubles. – the bill of exchange “Passiva” was accepted.
When “Passive” pays off the bill, the accountant will have to make the following entry:
DEBIT 51 CREDIT 62 subaccount “Bills accepted” – 236,000 rubles. – funds were received to repay the bill.
The buyer may pay interest on his bill of exchange. They are taken into account by wiring:
DEBIT 51 CREDIT 91-1
– interest on the bill has been credited to the current account.
In a similar way, when repaying a bill, you can take into account the excess of its nominal value over the amount of the contract (discount).
The amount of interest or discount on the bill is indicated in line 2340 “Other income” of the Statement of Financial Results.
In March, Aktiv JSC shipped a batch of furniture worth RUB 590,000 to Passiv LLC. (including VAT – 90,000 rubles). In the same month, “Passive” issued a promissory note to “Aktiv” with a nominal value of 600,000 rubles.
The Aktiva accountant must make the following entries:
DEBIT 62 CREDIT 90-1 – 590,000 rub. – furniture shipped;
DEBIT 90-3 CREDIT 68 subaccount “VAT calculations” – 90,000 rubles. – VAT is charged;
DEBIT 62 subaccount “Bills received” CREDIT 62 – 590,000 rub. – a bill of exchange has been received;
DEBIT 008 – 600,000 rub. – the bill is accounted for on the balance sheet at face value.
When repaying the bill, the postings will be as follows:
DEBIT 51 CREDIT 62 subaccount “Bills received” – 590,000 rubles. – the “Liability” bill was repaid;
DEBIT 51 CREDIT 91-1 – 10,000 rub. (600,000 – 590,000) – the discount amount is reflected;
LOAN 008 – 600,000 rub. – the write-off of the bill is reflected.
Line 2340 of the financial results report will indicate the amount of discount on the bill - 10,000 rubles.
Accounting with the drawer
If a company issues a bill of exchange, then it must account for it in account 009 “Securities for obligations and payments issued” until the bill is repaid. In addition, its value is reflected in account 60 “Settlements with suppliers and contractors” subaccount “Bills issued”.
Please note: the bill is accounted for on its balance sheet at its face value.
If the bill is issued in payment for inventory items, then the amount of interest on the bill that the company will accrue must be taken into account as other expenses (line 2350 of the financial results statement). Interest on purchased inventory items must be taken into account as part of other expenses, regardless of when they are accrued: before capitalization of inventory items or after (clause 7 of PBU 15/2008).
CJSC Aktiv entered into an agreement with LLC Passiv for the sale of a compressor, the cost of which is 42,480 rubles. (including VAT - 6480 rubles). On June 17, as an advance payment under the “Passive” agreement, I issued a promissory note for the same amount. The bill provides for interest accrual based on 20% per annum. In June, the Passiv accountant must make the following entries:
DEBIT 009 – 42,480 rub. – a bill of exchange was issued;
DEBIT 91-2 CREDIT 60 subaccount “Bills issued” – 302.60 rubles. (RUB 42,480 × 20%: 365 days × 13 days) – interest accrued on the bill for June.
Aktiv shipped the compressor on July 7, and at the same time Passive put it into operation. The Passiv accountant made the following entries:
DEBIT 08 CREDIT 60 subaccount “Bills issued” – 36,000 rubles. (42 480 – 6480) – the compressor has been capitalized;
DEBIT 19 CREDIT 60 subaccount “Bills issued” – 6480 rubles. – VAT included;
DEBIT 91-2 CREDIT 60 subaccount “Bills issued” – 162.94 rubles. (RUB 42,480 × 20%: 365 days × 7 days) – interest accrued on the bill for 7 days (from July 1 to July 7);
DEBIT 01 CREDIT 08 – 36,000 rub. – the compressor is put into operation.
The company's accountant should reflect this as follows:
DEBIT 91-2 CREDIT 60 subaccount “Bills issued” – 232.77 rubles. (RUB 42,480 × 20%: 365 days × 10 days) – interest accrued on the bill for 10 days (from July 8 to July 17);
DEBIT 60 subaccount “Bills issued” CREDIT 51 – 43,178.31 rub. (42,480 + 302.60 + 162.94 + 232.77) – the bill has been repaid and interest on it has been paid;
LOAN 009 – 42,480 rub. – the bill of exchange is written off from off-balance sheet accounting.
Line 1150 of the balance sheet asset will indicate the cost of the compressor - 36,000 rubles. less accrued depreciation. Interest on the bill in the amount of 698.31 rubles. should be reflected on line 2350 “Other expenses” of the income statement.
When carrying out business activities, any company takes part in purchase and sale transactions:
- goods,
- works,
- services,
At the same time, mutual settlements can be carried out not only in cash, but also in other means of payment. One such means is a bill of exchange.
According to the provisions of Article 143 of the Civil Code, a bill of exchange refers to securities*.
*A security is a document certifying (in compliance with the established form and required details) property rights, the exercise or transfer of which is possible only upon presentation.
With the transfer of a security, all rights certified by it in the aggregate are transferred (clause 1 of Article 142 of the Civil Code of the Russian Federation).
Securities are classified as objects of civil rights in accordance with Article 128 of the Civil Code of the Russian Federation and, in accordance with paragraph 2 of Article 130, are recognized as movable property.
A bill of exchange is a debt security that certifies the debt of one person (debtor) to another person (creditor), expressed in monetary form, the rights to which can be transferred to any other person by order of the owner of the bill without the consent of the debtor.
The issue and circulation of bills are carried out in accordance with bill law.
In accordance with the provisions of Article 1 of the Federal Law of the Russian Federation dated February 21, 1997. No. 48-ФЗ “On bills of exchange and promissory notes” No. 48-ФЗ, on the territory of the Russian Federation the Decree of the Central Executive Committee and the Council of People's Commissars of the USSR “On the entry into force of the Regulations on bills of exchange and promissory notes” dated 07.08 is applied. 1937 No. 104/1341.
Resolution No. 104/1341 considers two types of bills:
- promissory notes,
- bills of exchange.
For example:
- treasury,
- bronze,
- friendly,
- counter.
- secured,
- unsecured.
1. Trade or settlement bills.
By commodity is meant a bill of exchange used for settlements between organizations and their counterparties in transactions related to the purchase and sale of:
- goods,
- works,
- provision of services.
Financial bills are bills whose transactions are not related to purchase and sale transactions. Including bills of exchange that are security for a loan obligation.
Despite the fact that settlements using bills of exchange are not uncommon nowadays, the reflection of these transactions in accounting always raises many questions.
The article will cover:
- accounting methodology for certain transactions with bills of exchange,
- features of the current legislation regulating bill settlements.
A bill of exchange is a written promissory note of a form strictly established by law, issued by the drawer (borrower) to the holder of the bill (creditor), giving the latter the unconditional right to demand from the drawer payment by a certain date the amount of money specified in the bill.
The concepts of a promissory note and a bill of exchange and their differences:
1. Promissory note are called a document containing a simple and unconditional obligation of the drawer to pay the holder of the bill a certain amount at a specified time and in a specific place.
A promissory note is issued by the debtor. At its core, it is an IOU.
2. Bill of exchange (draft) is a document that is an instruction from the drawer (drawer) to the drawee (payer) to pay the remitee (third party) a certain amount at a specified time and in a specific place.
The difference between a promissory note and a bill of exchange is that a bill of exchange, unlike a promissory note, involves three parties:
- Drawer - drawer,
- The drawee is the payer,
- The recipient or holder of a bill.
A promissory note is a special case of a bill of exchange, in which two parties are involved due to the fact that the drawer and the payer are one person.
A promissory note does not require acceptance, since the very fact of issuing the bill automatically means consent to its payment.
At the same time, both a bill of exchange and a promissory note can be transferred from one holder to another. To do this, it is necessary to issue an endorsement - an endorsement on the reverse side of the bill.
Other common types of bills and their definitions:
1. Discount bill called an interest-free bill placed at a price below par, that is, taking into account the discount.
2. Interest-bearing bill called a note with a fixed interest rate. It is issued for the purpose of accumulating income as a deposit instrument. The advantage of such bills is that they can also be used to pay off counterparties.
3. Interest-free bill A bill of exchange is called one that does not contain an interest rate clause, or has a zero interest rate and a maturity date “at sight.”
PROCEDURE FOR EXECUTION OF BILLS
When conducting transactions with bills of exchange, you must remember the following:
1. A bill of exchange is a formal document. The absence of any of the required details makes the bill invalid.
2. Only money can be the subject of a bill of exchange.
3. A bill of exchange is an unconditional and indisputable monetary obligation, since the obligation to pay the bill of exchange cannot be limited by any conditions.
4. Bills of exchange and promissory notes must be drawn up only on paper (Article 4 of Law No. 48-FZ).
In accordance with the provisions of Decree No. 104/1341 bill of exchange must contain:
1) The name “bill” included in the text of the document and expressed in the language in which this document was drawn up.
2) A simple and unconditional offer to pay a certain amount.
3) Indication of the payment term.
4) Indication of the place where the payment should be made.
5) The name of the person to whom or to whose order the payment should be made.
6) Indication of the date and place of drawing up the bill.
7) Signature of the person issuing the bill (drawer).
For a bill of exchange, the following mandatory details are also required:
- the name of who must pay (payer).
1. A bill of exchange for which the payment term is not specified is considered as payable upon sight.
2. In the absence special instructions, the place of drawing up the document is considered the place of payment and at the same time the place of residence of the payer.
3. A bill of exchange that does not indicate the place of its drawing up is considered signed in the place indicated next to the name of the drawer.
note : In a bill payable at sight, the drawer may stipulate that interest will accrue on the bill amount. In any other bill of exchange such a condition is considered unwritten.
Interest rate must be indicated on the bill itself. In the absence of such an indication, the condition is considered unwritten.
Interest is accrued from the date the bill is drawn up, unless another date is specified.
Both a promissory note and a bill of exchange can be transferred by endorsement*.
*By endorsement called the endorsement affixed by the holder of the bill on the bill (or on the additional sheet - longer), through which all rights under the bill are transferred to another person.
At the same time, the drawer can prohibit the transfer by placing a clause “not to order” in the text of the document. This or a similar clause converts a negotiable instrument into a non-negotiable one. Such a bill cannot be transferred by endorsement.
Endorsement can even be made in favor of the payer, regardless of whether he accepted the bill or not, or in favor of the drawer, or in favor of any other person obligated under the bill.
These persons may in turn endorse the bill.
The endorsement must be simple and unconditional. Any condition limiting it is considered unwritten.
Partial endorsement is invalid.
A bearer endorsement has the force of a blank endorsement.
A bill of exchange can be issued for a period of:
1. Upon presentation.
Such a bill is payable upon presentation and must be presented for payment within one year from the date of its preparation.
The drawer may shorten this period or stipulate a longer period. These terms may be reduced by endorsers.
The drawer may stipulate that a bill of exchange due at sight cannot be presented for payment before a certain date.
In this case, the deadline for presentation runs from this deadline.
2. In such and such a time from presentation.
The due date for a bill of exchange drawn up at such and such a time from presentation is determined either by the date of acceptance or the date of protest.
In the absence of a protest, an undated acceptance is considered to be made in relation to the acceptor on the last day of the period provided for presentation for acceptance.
3. In so much time from compilation.
A bill of exchange issued for a period of one or several months from drawing up or presentment becomes due on the corresponding day of the month in which payment is due.
If there is no corresponding day in a given month, the payment deadline occurs on the last day of that month.
If a bill of exchange is issued for a period of one and a half months or several months and a half from drawing up or from presentation, then whole months must first be counted.
4. On a certain day.
If a bill of exchange is payable on a specific day in any place where a calendar other than the place of issue is adopted, then the due date for payment is considered to be determined according to the calendar of the place of payment.
If different calendars are in effect at the place of issue and at the place of payment for a bill of exchange issued for a period of so much time from its issuance, then the date corresponding to the day of issue is set according to the calendar of the place of payment, and depending on this, the payment period is determined.
Note:Bills of exchange containing either a different date or consecutive terms of payment are void.
Payment of a bill whose due date falls on a legally established non-working day can only be demanded on the first next working day.
Likewise, all other actions related to the bill, in particular presentation for acceptance and protest, can only be performed on a business day.
If any of these actions must be performed within a certain period, the last day of which is a non-working day established by law, then such period is extended to the next working day after the expiration of the period. Non-working days that fall during the period are counted towards the term.
In accordance with paragraph 73 of Resolution No. 104/134, the deadlines established by law or in the bill of exchange do not include the day from which the period begins to flow.
So, for example, when calculating interest, the day the bill was drawn up or the later date indicated on it for the calculation of interest is not included in the calculation.
ACCOUNTING METHODOLOGY FOR BILL PAYMENTS
The accounting procedure for transactions involving bills of exchange is determined:
- Based on the very terms of such transactions, taking into account the functions performed by bills of exchange,
- Based on whether the bill of exchange is a bill of exchange of a third party or a bill of exchange of an organization participating in the transaction.
1.2 Accounting for the seller of goods (works, services). The buyer paid with a bill of exchange.
In accordance with the provisions of the Chart of Accounts for accounting the financial and economic activities of organizations and the Instructions for its application, approved by order of the Ministry of Finance dated October 31, 2000. No. 94n, for accounting for bills received that secure the buyer’s debt, account 62 “Settlements with buyers and customers” is intended.
Subaccount 62.3 “Bills received” is opened for this account.
The buyer’s debt is transferred to this subaccount from subaccount 62.1 “Settlements with buyers and customers”:
- the buyer’s debt on bills received as payment for goods (work, services).
Such a bill of exchange is not a financial investment in accordance with clause 3 of PBU 19/02 “Accounting for financial investments”: to the organization's financial investments do not apply bills issued by the organization-issuer of the bill to the organization-seller in settlements for goods sold, products, work performed, services rendered.
In accordance with Order No. 94-n, if interest is provided on a received bill of exchange securing the debt of the buyer (customer), then as this debt is repaid, the following entries are made:
Credit to account 62.3 “Bills received”
- the amount of debt repayment.
Debit account 51 “Currency accounts” or 52 “Currency accounts”
- by the amount of the percentage.
However, this rule meets the requirements of the principle of prudence to a greater extent than the principle of temporary certainty of the facts of economic activity.
At the same time, in accordance with clause 12 of PBU 9/99 “Income of the organization”, revenue is recognized in accounting if the following conditions are met:
- the organization has the right to receive this revenue arising from a specific contract or otherwise confirmed in an appropriate manner;
- the amount of revenue can be determined;
- there is confidence that a particular transaction will result in an increase in the economic benefits of the organization. Confidence that a particular transaction will result in an increase in the economic benefits of the organization exists when the organization received an asset in payment, or there is no uncertainty regarding the receipt of the asset;
- the right of ownership (possession, use and disposal) of the product (goods) has passed from the organization to the buyer or the work has been accepted by the customer (service provided);
- the expenses that have been or will be incurred in connection with this operation can be determined.
Debit account 62.3 “Bills received”
Credit to account 91 “Other income and expenses”
- the buyer’s debt has been increased by the amount of interest on the bill.
When choosing this method, it should be fixed in the company's accounting policies for accounting purposes.
Analytical accounting for account 62 “Settlements with buyers and customers” is carried out for each invoice presented to buyers (customers), and for settlements with scheduled payments - for each buyer and customer.
At the same time, the construction of analytical accounting should provide the ability to obtain the necessary data, including:
- For bills discounted (discounted) in banks;
- For bills of exchange for which cash didn't arrive on time.
In accordance with the provisions of Order No. 94n, account 60 “Settlements with suppliers and contractors”, subaccount 60.3 “Bills issued” are intended for accounting for bills of exchange issued to secure debt to the seller.
The buyer’s debt is transferred to this subaccount from subaccount 60.1 “Settlements with suppliers and contractors”:
Debit of account 60.3 “Bills issued”
Credit to account 60.1 “Settlements with suppliers and contractors”
- Issued own bill of exchange to the supplier.
Analytical accounting for account 60 “Settlements with suppliers and contractors” is carried out for each submitted invoice, and settlements in the order of scheduled payments are carried out for each supplier and contractor.
At the same time, the construction of analytical accounting should ensure the ability to obtain the necessary data, including:
- to suppliers on bills issued, the payment period of which has not yet arrived;
- to suppliers for overdue bills of exchange.
2.1. Accounting for the seller of goods (works, services). The buyer paid with a third party bill of exchange.
Unlike the situation with the buyer's own bill of exchange, the transfer of a third party's bill of exchange leads to the repayment of the buyer's debt to the supplier from the moment of such transfer.
In case the bill of exchange of a third party is:
- Interest
- Discount,
In accounting, such a transaction is reflected as follows:
Debit of account 58 “Financial investments” (subaccount 58.2 “Debt securities)
- a third party bill of exchange was transferred from the buyer to the supplier.
Credit to account 62.1 “Settlements with buyers and customers”
- the buyer’s debt for the goods (work, services) received is repaid with an interest/discount bill of exchange from a third party.
Interest on the bill will accrue:
Debit of account 76 “Settlements with various debtors and creditors”
Credit to account 91 “Other income and expenses”
- interest accrued on the bill.
If a third party’s bill of exchange is interest-free, then such a bill of exchange cannot be taken into account as part of financial investments, since it does not meet the requirement of clause 2 of PBU 19/02.
In accounting, the transfer of such a bill of exchange is reflected by the posting:
Debit of account 76 “Settlements with various debtors and creditors”
Credit to account 62.1 “Settlements with buyers and customers”
- the buyer paid for the goods (work, services) received with an interest-free bill of exchange from a third party.
2.2. Buyer's account. The organization transferred to the supplier a bill of exchange from a third party as payment for goods (works, services).
The disposal of a third party's bill of exchange is reflected in a separate transaction as the sale of bills of exchange.
When retiring interest-bearing/discount bills, you must be guided by PBU 19/02 “Accounting for Financial Investments”.
Such disposal is reflected by the following entries:
Debit of account 76 “Settlements with various debtors and creditors”
Credit to account 91.1 “Other income”
- the sale of a third party’s bill of exchange is reflected.
Debit account 91.2 “Other expenses”
Credit to account 58 “Financial investments” (sub-account 58.2 “Debt securities)
- the cost of the bill is written off as expenses.
The disposal of an interest-free bill of exchange is reflected in accounting as follows:
Debit of account 62.1 “Settlements with buyers and customers”
Credit account 76 “Settlements with various debtors and creditors”
- an interest-free bill of exchange from a third party is transferred in payment for goods (work, services) received.
Ekaterina Annenkova, auditor certified by the Ministry of Finance of the Russian Federation, expert in accounting and taxation of the Information Agency "Clerk.Ru"
Accounting methodology when working with bills of exchange
Accounting for transactions with bills of exchange used in settlements between organizations for the supply of goods, work performed and services provided was regulated until 01/01/2003
However, it should be borne in mind that there are two more letters from the Ministry of Finance of the Russian Federation related to the accounting of transactions with bills of exchange. This is from 05/26/1998 and from 01/20/2003. The first of them indicates that at the time of shipment of products, account 62 “Settlements with buyers and customers” should be used, and the subaccount “Bills received” (in relation to 1C: Enterprise this is 62.3) is used when receiving bills. The second letter indicates that the rules set out in letter No. 142 apply in cases where the supplier is issued a bill of exchange directly from the debtor, and bills of exchange from a third organization must be accepted for accounting in the financial investment account.
Accounting for transactions with bills of exchange from January 1, 2003 is regulated by PBU 19/02 (approved by order of the Ministry of Finance of the Russian Federation of December 10, 2002 N 126n). According to which (point 3):
An organization's financial investments include: state and municipal securities, securities of other organizations, including debt securities in which the date and cost of repayment are determined (bonds, bills);
The organization’s financial investments do not include:
bills issued by the organization-issuer of the bill to the organization-seller in settlements for goods sold, products, work performed, services rendered.
Thus, we are completely satisfied with the transactions generated by invoices using account 62.1 and comply with the recommended methodology, regardless of the type of settlement with the buyer. If you receive your own bill of exchange from the buyer, the following entries should be made:
Table 1
Moreover, the same counterparty (buyer) will appear in analytical accounting for both debit and credit. As you can see, in this case, the receivables from the counterparty do not change, but only transfer from one subaccount to another.
In case of receipt of a bill of exchange from a third party, the following entries should be made:
table 2
Here the analytics for debit and credit do not match. By debit - the issuer of the bill (most often it is a credit institution), by credit - the buyer who transferred the bill. The buyer's receivables are repaid, but a debt appears to a third organization - the issuer of the bill. Indeed, everything is logical. The buyer, having transferred the bill of exchange to a third party, paid us. And who owes us? A bill is a monetary (debt) obligation. Therefore, the issuer of the bill must.
Why am I dwelling on this in such detail? Because accountants very often make a mistake in this regard, indicating both the debit of account 58 and the credit of account 62 of the same counterparty - the buyer. Judge for yourself, in this case the buyer’s receivables do not disappear, they are only transferred to another account, which, of course, is not true.
It should be noted that according to account 58.2 it is also necessary to maintain analytical accounting for bills of exchange (securities).
Separately, it should be said that the amount in which a bill of exchange is accepted for accounting if it is a bill of exchange of a third party, i.e. financial investment may not coincide with the face value of the bill. Since, in accordance with paragraph 14 of PBU 19/02, “the initial cost of financial investments acquired under agreements providing for the fulfillment of obligations (payment) in non-monetary means is recognized as the value of assets transferred or to be transferred by the organization.” In other words, a third party bill of exchange is accepted for accounting in the amount of receivables for goods shipped (or to be shipped) (work performed, services rendered).
In the future, the received bill can be transferred to our supplier or presented for redemption. However, let's not forget that we can issue our own bills. When making payments to suppliers, the following transaction schemes are possible, when making payments using your own bills:
Table 3
The counterparty for debit and credit is the same. The accounts payable to the supplier remains, but is transferred to another subaccount.
When paying with bills of exchange of a third party:
Table 4
And again, a typical mistake is indicating accounts 60.1 and 58.2 of the same counterparty (supplier), which is not correct. For account 60.1, the supplier must be indicated, and for account 58.2, the issuer of the bill. Account 58.2 also requires analytical accounting for bills of exchange. Strictly speaking, according to account 58.2, it is also necessary to keep analytical records regarding the terms of payment of bills. But since this article is devoted to accounting in the standard configuration of 1C: Enterprise "Accounting", or rather in a modified version, but without interfering with the objects of the standard configuration, we will simply draw your attention to this.
Note that in all cases of using accounts 60 and 62, if payment precedes the receipt of inventory items, subaccounts should be used, respectively, “advances issued” or “advances received”.
