Receipt of payment from the purchaser of the transaction. Reflection of settlements with customers in the general manner
To reflect the analytical analysis of information about payment and shipment between the client and the contractor, it begins to be filled in register “Settlements with buyers and customers” 62 accounts.
To systematize and summarize information about business transactions between buyers and suppliers, accounting prepares accounting analytics for account 62. Each counterparty undergoes an individual analysis of transactions.
You can trace in detail all transactions performed by all participants:
- goods shipped or works and services provided;
- payment made within the terms specified in the contracts;
- overdue payment (accounts receivable);
- advances received;
- transactions with bills.
Details of settlement transactions with customers-clients are formed on sub-accounts:
- 01 – sales or shipment of products;
- 02 – advances received from customers;
- 03 – promissory notes received.
These are frequently used subaccounts of account 62 for conducting business activities. Each organization individually creates sub-accounts depending on the company’s work.
Count 62 is active-passive, which means that the balance can be formed by both debit and credit. It is better to display the opening and closing balances of the reporting period in expanded form on subaccounts.
This is due to the fact that:
- Debit balance means that the buyer has not yet paid for the goods shipped or the services provided have not been completed (accounts receivable).
- Loan balance indicates that an advance has been made, but the goods have not yet been shipped or the work has not been completed.
Analysis of analytical accounting allows you to maintain detailed records of transactions for each client of the enterprise.
The value of the balance sheet
The internal accounting register, which contains information about the movement of turnover and balances for any period of time of mutual settlements with customers, is (SAW). The generated SALT account 62 is used as the basis for providing a statement of reconciliation of settlements with customers.
Let's give an example of OCB between the municipal unitary enterprise "Vesna" and the municipal municipality "Mikhailovsky Center of Culture": at the beginning of June 2017, sales of goods and payment in the amount of 25,513.18 rubles. was shipped and paid for. The movement by date is indicated in the table. In June 2017, goods worth 12,520 rubles were shipped, but payment for the goods was not received.
Bottom line: in the SALT for June 2017, receivables for the Mikhailovsky Cultural Center MKU accumulated in the amount of RUB 12,520.
| Turnover balance table for account 62 for June 2017 | ||||||
|---|---|---|---|---|---|---|
| Total expanded | 25513,18 | 25513,18 | 12520,00 | 38033,18 | 25513,18 | |
| Check | Opening balance | Period transactions | Closing balance | |||
| Counterparties | Dt | CT | Dt | CT | Dt | CT |
| Documents of settlements with the counterparty | ||||||
| 62 | 25513,18 | 25513,18 | 12520,00 | 38033,00 | 25513,18 | |
| Municipal government institution "Mikhailovsky Cultural Center" | 25513,18 | 25513,18 | 12520,00 | 38033,00 | 25513,18 | |
| Sales of goods and services 00000000293 from 04/27/2017 14:18:12 | 3830,18 | 3830,18 | ||||
| Sales of goods and services 00000000459 from 05/18/2017 0:00:09 | 12165,00 | 12165,00 | ||||
| Receipt to the current account 00000000006 from 05/23/2017 12:00:01 | 3830,18 | 3830,18 | ||||
| Sales of goods and services 00000000460 from 05/24/2017 14:49:51 | 9518,00 | 9518,00 | ||||
| Receipt to current account 00000000007 from 05/30/2017 12:00:00 | 9518,00 | 9518,00 | ||||
| Receipt to the current account 00000000008 from 05/30/2017 12:00:01 | 12165,00 | 12165,00 | ||||
| Sales of goods and services 00000000462 from 06/15/2017 13:12:00 | 12520,00 | 12520,00 | ||||
| Total | 12520,00 | 12520,00 | ||||
The final balance of SALT account 62 is displayed in the balance lines. If the loan balance, i.e. debt formed as a result of unshipped goods, then the amount will be in the liability side of the balance sheet. With a debit balance, this is a receivable - it increases the assets of the enterprise and is in the asset balance sheet.
Account 62 is correlated in debit and credit with the following accounts.
By debit 62:
- 46 — execution of unfinished work;
- 50 — cash payment in cash;
- 51 , 52 , 55 — payment to the bank’s personal account;
- 62
- 76 — settlement procedure with buyers (debtors and creditors);
- — revenue from trade;
- 91 — income and expense transactions not related to the company’s activities.
For loan 62:
- 50 — advance payment from buyers using the cash method;
- 51 , 52 , 55 — advance payment from buyers through a current account;
- — settlement transactions with performers;
- 62 — mutual settlements with counterparties;
- 63 — doubtful debts in reserve;
- — operations on short-term loans;
- 67 — operations on loans and credits for long periods;
- 73 — other settlements with employees;
- 76 — settlement procedure with clients (debtors and creditors);
- 79 — calculations for internal production operations.
In practice, for the economic conduct of commercial activities, main operations by count 62 are:
- Movement of settlements with customers-buyers for shipped goods.
- Advance payments from buyers.
- Operations with promissory notes.
General settlement transactions with customers
The supplier Partner LLC concluded an agreement with the client Zarya LLC for the sale of office supplies in the amount of 21,510 rubles, incl. VAT RUB 3,281.19 Payment for goods after shipment.
The accountant of Partner LLC forms the following in the accounting register: postings:
- Dt 62.01 Kt 90.01– 21,510, revenue from the sale of stationery (based on invoice);
- Dt 90.02 Kt 41– 10,000, cost of stationery based on calculation;
- Dt 90.03 Kt 68— 3281.19, VAT accrued on the invoice;
- Dt 51 Kt 62.01– 21,510, payment from the customer for stationery according to a payment order;
- Dt 90.09 Kt 99– 8228.81, profit from the sale of stationery.
Accounting for advances received
On June 1, 2017, the supplier Partner LLC entered into an agreement with the buyer Zarya LLC for the supply of stationery in the amount of 21,510 rubles, incl. VAT—RUB 3,281.19. The contract stipulates an advance payment of 30% of the amount of shipped products, which is 6,453 rubles, incl. tax 984.36.
The advance payment was transferred on June 2, 2017 to the bank account of Partner LLC. On June 7, 2017, goods were shipped to Zarya LLC in the amount of 21,510.
On June 9, 2017, Zarya LLC transferred the remaining amount in the amount of 15,057 rubles, incl. tax (VAT) 2296.83 rub. Based on primary documents, the accountant creates following postings:
- Dt 51 Kt 62.02– 6453 rubles, receipt of advance payment to the current account according to a payment order;
- Dt 76 Kt 68— 984.36 (6453 * 18% / 118%) rubles, VAT on the advance payment is determined (issued for the amount of the advance payment, one copy - to the buyer);
- Dt 62.01 Kt 90.01– revenue of 21,510 rubles is reflected according to the invoice;
- Dt 90 Kt 68– RUB 3,281.19, VAT on goods shipped;
- Dt 68 Kt 76– 984.36 rubles, VAT accepted for accounting, deduction from advance payment;
- Dt 62.02 Kt 62.01– 6453 rubles, advance payment from Zarya LLC was credited;
- Dt 51 Kt 62.01– 15,057 rubles, funds were credited to the bank account (remaining amount);
- Dt 68 Kt 51– 3281.19 rubles, VAT transferred to the budget.
If the organization has received an advance payment, then after the goods have been shipped, it must be closed by internal posting to subaccounts, otherwise erroneous data will be provided and the organization’s reports will be unreliable. Posting Dt62.02 Kt61.01 closes the advance payment. Advice for accountants: constantly check the movement of transactions on account 62.
A bill is security, a promissory note that gives the owner (the holder of the bill) the right to demand payment from the drawer for goods shipped or work performed within a certain period. The issuance of such a bill means a deferred payment.
For transactions on bills of exchange opens subaccount 62.03 “Bills received”.
Let's give an example with accounting entries: LLC “Partner” sold stationery to LLC “Zarya” for the amount of 23,500 rubles, incl. VAT 3584.75. LLC "Zarya" issued a promissory note to LLC "Partner" with a nominal amount of 24,000 rubles, they are done in the accounting department following postings:
- Dt 62.01 Kt 90.01– 23,500, stationery shipment completed;
- Dt 90.03 Kt 68– 3584.75, VAT added;
- Dt 62.03 Kt 62.01– 23,500, receipt of a bill of exchange;
- Dt 008– 24,000, the bill was capitalized in an off-balance sheet account.
When paying for a bill, the postings will be following:
- Dt 51 Kt 62.03– 23,500, the bill has been paid;
- Dt 51 Kt 91.01– 500, the difference between the nominal price of the bill and the purchase price (24,000 – 23,500);
- Kt 008– 24,000, writing off the bill from an off-balance sheet account.
If there are overdue obligations on bills of exchange, then this amount relates to accounts receivable.
Can an account have a credit balance?
Account 62 is an active-passive register, i.e. Depending on the transactions performed, the ending balance can be either a debit or a credit.
The debit balance reflects expenses associated with product sales. Credit balance is the amount of revenue for shipped products transferred to the company's current account.
When compiling a balance sheet, the credit balance on account 62 will be reflected in line 1520 “Short-term accounts payable,” which indicates a decrease in the balance sheet asset.
The balance sheet for account 62 in 1C is presented below.
In this material, which continues the series of publications devoted to the new chart of accounts, an analysis of account 61 “Settlements with buyers and customers” of the new chart of accounts is carried out. This commentary was prepared by Y.V. Sokolov, Doctor of Economics, Deputy. Chairman of the Interdepartmental Commission on Reforming Accounting and Reporting, member of the Methodological Council on Accounting under the Ministry of Finance of Russia, first President of the Institute of Professional Accountants of Russia, V.V. Patrov, professor of St. Petersburg State University and N.N. Karzaeva, Ph.D., deputy. Director of the audit service of Balt-Audit-Expert LLC.
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In general, we can say that account 62 “Settlements with buyers and customers” seems to mirror the seller’s facts of economic life, recorded by the buyer under account 60 “Settlements with suppliers and contractors”.
As soon as this account is debited, i.e. ownership of the shipped goods passes to the buyer, so the company immediately has a receivable and that is why the account corresponds with accounts 90.1 “Revenue” and/or 91.1 “Other income”. If the work was performed under a long-term contract, then account 46 “Completed stages of work in progress” can be credited.
According to established customs, the buyer could pay money in advance, i.e. there could have been either receipt of an advance or crediting of an advance payment. In this case, accounts payable arises on account 62.
All of the above requires answers to several questions:
- what is account 62 “Settlements with buyers and customers” for?
- how is payment by bills reflected;
- How are advances received reflected?
Why do you need account 62 "Settlements with buyers and customers"
First of all, account 62 “Settlements with buyers and customers” is needed to reflect the debt of buyers for realized values (work, services).
Modern accounting regulations require the reflection of all transactions related to sales at the time of their release, which follows from the assumption of temporary certainty of the fact of economic activity, i.e. “..regardless of the actual time of receipt or payment of funds” (PBU 1/98, clause 6).
However, we will note other possibilities.
The main option involves immediately making the following entry after the shipment of valuables or the provision of services:
Credit 90.1 "Revenue"
The cycle of transactions for the sale of valuables can be represented using the following example.
Example
Debit 62 Credit 90.1 - 120,000 rub. - an invoice was issued to the buyer for the valuables shipped; Debit 90.2 Credit 41 - 90,000 rub. - valuables have been shipped.
Profit in the amount of 30,000 rubles. reflected as the difference between turnover in accounts 90.1 “Revenue” and 90.2 “Cost of sales”. At the same time, pay attention, the profit is fixed, you already have to pay taxes, but there is no money, there is nothing to pay with.
In cases where the moment of sale is recognized, in accordance with the terms of the purchase and sale agreement and/or the chosen accounting policy, as payment for valuables, such paradoxes do not arise.
Example
Goods were shipped to the buyer with a total cost of 120,000 rubles, the cost of these valuables was 90,000 rubles.
Debit 45 Credit 41 - 90,000 rub. - valuables have been shipped (the statement and provision of an invoice to the buyer in this case is not reflected in accounting records); Debit 51 Credit 62 - 120,000 rub. - the buyer has paid the invoice; Debit 62 Credit 90.1 - 120,000 rub. - revenue from the sale of valuables is reflected; Debit 90.2 Credit 45 - 90,000 rub. - the cost of goods sold is written off.
Profit received in the amount of 30,000 rubles. received reflection on the same accounts and in the same amount, but only after payment for goods sold and services rendered.
For tax purposes, this option is more simple and convenient. However, if an agreement is concluded, according to which the risk of destruction of the goods (full or partial) falls on the owner until the moment of payment of the valuables, which for many reasons is extremely unprofitable for him.
Obligations of buyers and customers in accounting must be reflected at the time they arise. Due to the fact that the buyer’s obligations arise when the seller fulfills his obligations to transfer the goods, there are two possible options for reflecting the buyer’s receivables in the accounting records, which are determined by the terms of the agreement on the transfer of ownership of tangible assets.
The first option is based on the condition of the agreement on the transfer of ownership at the time of fulfillment of obligations by the supplier or contractor. In this case, the obligations of the buyer or customer arise simultaneously with the fulfillment of the obligations of the supplier or contractor and the transfer of ownership of the products (goods). Fulfillment of obligations by a supplier or contractor under a contract is the basis for recording revenue from the sale of products, goods, works, and services in accounting accounts.
According to paragraph 12 of the accounting regulations “Income of the organization” PBU 9/99, revenue is reflected in accounting if the following conditions are met:
- the organization has the right to receive 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 as a result of a particular transaction there will be 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.
To reflect the proceeds from sales in the accounting accounts, all conditions must be met simultaneously. If at least one of the above conditions is not met, then cash and other assets received by the organization in payment are recognized in the organization’s accounting as accounts payable, and not as repayment of receivables.
Consequently, the buyer’s receivables in the organization’s accounting will be formed simultaneously with the reflection of information on revenue from the sale of products, goods, works, services if all specified conditions are met by making the following entry in the accounting accounts:
Debit 62 "Settlements with buyers and customers"
Credit 90 "Sales"
The second option for reflecting information about receivables is based on the terms of the agreement on the transfer of ownership at the time of payment for products, goods, or the occurrence of other circumstances. In this case, the buyer's obligations to pay for the products (goods) are not related to the transfer of ownership and, therefore, to the reflection of proceeds from the sale of products or goods in the accounting accounts. In the generally accepted Russian practice of accounting for buyer obligations, neither balance sheet account 62 “Settlements with buyers and customers” nor an off-balance sheet account are used in this case. However, it seems advisable to keep off-balance sheet accounting of receivables under contracts, the terms of which provide for the transfer of ownership at the time of payment for the goods or the occurrence of other circumstances. The debit of the off-balance sheet account "Accounts receivable from buyers" reflects the amount of the buyer's obligations under the contract for shipped products and goods.
At the moment of transfer of ownership of the product (goods), the following entry is made in the accounting accounts:
Debit 62 "Settlements with buyers and customers"
Credit 90 "Sales"
And at the same time, under the credit of the Accounts Receivable account, the amount of accounts receivable reflected in balance sheet account 62 “Settlements with buyers and customers” is written off.
Accounting for accounts receivable under agreements providing for trade discounts
The contract may not provide for a fixed price for the product (goods), but establish a procedure for determining the price depending on the buyer’s fulfillment of certain conditions. Such certain conditions include the time of purchase of products or goods (before or after the main sales season), the quantity of goods purchased (more than a certain amount in physical and value terms), payment terms for shipped products (goods).
A price reduction when the buyer fulfills the conditions specified in the contract is called a trade discount. According to clause 6.5 of PBU 9/99, the amount of receivables is determined taking into account all discounts (markups) provided to the organization in accordance with the agreement.
The form of discount can be either monetary (reducing the price of a product) or in kind (selling a product “for free”). If a discount is provided in kind, the volume of receivables and, accordingly, revenue must be determined as a whole under the contract: taking into account the cost of the goods transferred at a set price different from zero and at a price equal to zero.
It should be noted that trade discounts provided to the buyer for purchasing goods out of season or for purchasing goods in significant quantities can be taken into account to assess receivables at the time of shipment of products (goods) to the buyer. It is not possible to take into account discounts provided to the buyer subject to payment within a certain period of time for assessing accounts receivable at the time of shipment of products (goods) to the buyer. Therefore, the reflection in accounting of receivables under contracts, with the condition of providing the buyer with a discount depending on the maturity of the receivables, can be carried out in two ways. The first option involves accounting for accounts receivable, traditional for Russia, without taking into account trade discounts, that is, accounts receivable are taken into account in accounting in full, as if the buyer did not and will not use the system of discounts based on the payment period for the goods. If the buyer complies with the terms of payment within the period established by the contract and provides him with a discount, it is necessary to subsequently adjust the receivables by the amount of the discount provided.
If payment by the debtor is made after the reporting date, an adjustment to the receivables by the amount of the discount provided on this payment must be made on the reporting date. According to paragraph 9 of PBU 7/98, data on the organization’s obligations are reflected in the financial statements taking into account events after the reporting date that confirm the economic conditions that existed on the reporting date in which the organization conducted its activities, or that indicate the economic conditions that arose after the reporting date in which the organization conducts its activities.
In accordance with paragraph 3 of the specified PBU, an event after the reporting date is recognized as a fact of economic activity that affects the performance indicators of the enterprise: financial condition, cash flow or results of the organization’s activities. Events after the reporting date taken into account when preparing financial statements include only those that occurred between the reporting date and the date of signing the financial statements for the reporting year.
The effects of events after the reporting date may be reflected in the financial statements either by restating the related liabilities or by making relevant disclosures.
Example
On December 20, 2002, a wholesale trade enterprise shipped 2,500 units to the buyer. product A at a price of 200 rubles. (purchase cost - 150 rubles). The total amount under the contract was 500,000 rubles. Value added tax at a rate of 20% amounted to 100,000 rubles. On December 29, 2002, the buyer paid for the goods. Ownership of the goods passes at the moment the goods are transferred from the seller to the buyer. Obligations to the budget arise as the buyer repays the debt.
The system of discounts provided to the buyer stipulates that when more than 1000 units are shipped to the buyer. a product of the same name is provided with a 10% discount by reducing the selling price of the product. When the buyer pays for the goods within 10 days, a 10% discount is provided.
The discount provided for product A will be:
2,500 * 200 * 10% = 50,000 rub.
Cost of goods A under the contract, taking into account the discount:
2,500 * 200 - 50,000 = 450,000 rub.
450,000 x 20% = 90,000 rub.
Total including VAT:
450,000 + 90,000 = 540,000 rub.
Discount amount for early payment:
450,000 * 10% = 45,000 rub.
VAT discount amount:
90,000 * 10% = 9,000 rub.
Total total discount amount is 54,000 rubles.
The purchase price of goods sold is:
2,500 * 150 = 375,000 rub.
The following entries will be made in accounting:
20.12.2002
Debit 62 Credit90.1 - 540,000 rub. - the goods are shipped to the buyer;
20.12.2002
Debit 90.3 Credit 76 - 90,000 rub. - VAT payable by the buyer is taken into account;
29.12.2002
Debit 51 Credit 62 - 486,000 rub. - the buyer paid for the goods;
29.12.2002
Debit 62 Credit 90.1 - (54,000) rub. - discounts provided on the payment deadline (reversal) are taken into account;
29.12.2002
Debit 90.3 Credit 76 - (9,000) rub. - discount in terms of VAT (reversal) is taken into account;
31.12.2002
Debit 90.2 Credit 41 - 375,000 rub. - sold goods are written off;
31.12.2002
Debit 90.9 Credit 99 - 30,000 rub. - the financial result from the sale of goods is determined.
According to clause 6.2. PBU 9/99, when selling products and goods, performing work, providing services on the terms of a commercial loan provided in the form of deferment and installment payment, receivables are accepted for accounting in the full amount under the contract.
Upon receipt of a claim for payment of the cost of low-quality products (goods), work performed, services provided, or a reduction in the price of the contract, the enterprise either agrees with the requirements of the buyer (customer) or resolves the dispute in court. In the first case, upon agreement with the requirements of the buyer (customer), an entry must be made in the accounting accounts that reduces the amount of the buyer's receivables. Such an entry should be made by reversing a previously made entry to increase the buyer’s (customer’s) receivables:
Debit 62 "Settlements with buyers and customers"
Credit 90 "Sales"
Accounting for accounts receivable under agreements providing for payment in kind
As a rule, settlements between counterparties are carried out using funds in cash or non-cash forms. However, the Civil Code of the Russian Federation also provides for other, non-monetary forms of fulfillment of the buyer’s obligations under the contract.
Firstly, in accordance with Article 410 of the Civil Code of the Russian Federation, an obligation may be terminated in whole or in part by offsetting a counterclaim of the same type, the period of which has come, or the period of which is not specified or is determined by the moment of demand. For offset, a statement from one party is sufficient.
Offsetting claims is not allowed “if, at the request of the other party, the claim is subject to a statute of limitations and this period has expired” (Article 411 of the Civil Code of the Russian Federation).
Secondly, according to Article 413 of the Civil Code of the Russian Federation, the obligation is also terminated by the coincidence of the debtor and the creditor in one person.
Thirdly, the obligation may terminate if the parties have agreed to replace the original obligation that existed between them with another obligation between the same counterparties, providing for a different subject or method of execution (novation) (Article 414 of the Civil Code of the Russian Federation).
Fourthly, the obligation is terminated if the creditor releases the debtor from his obligations (Article 415 of the Civil Code of the Russian Federation). The debtor can be released from obligations if the rights of other persons in relation to the creditor's property are not violated.
Fifthly, according to Article 409 of the Civil Code of the Russian Federation, the obligation can be terminated by agreement of the parties by submitting compensation.
One of the forms of fulfilling obligations not in cash is fulfilling obligations under an exchange agreement. According to Article 567 of the Civil Code of the Russian Federation, each party undertakes to transfer the goods into the ownership of the other party and, accordingly, receive the goods from the other party. The rules on purchase and sale (Article 567 of the Civil Code of the Russian Federation) apply to exchange contracts. It follows from this rule that each party is both a seller and a buyer. An enterprise, performing the functions of a seller, must determine the price at which it will sell the goods, and, performing the functions of a buyer, must decide whether it agrees to purchase the goods at the price offered by the counterparty. When concluding an exchange agreement, two situations are possible. In the first case, the goods to be exchanged are considered to be of equal value. In the second case, the goods to be exchanged are not recognized as equivalent, and in this case one of the parties must pay the other party a certain amount.
It is necessary to emphasize once again that the prices for goods at which the goods are sold are recognized as equal under the barter agreement. It does not follow from this that the assessments of material assets by which they are taken into account in the accounting of enterprises should be equal.
According to clause 6.3. PBU 9/99, the amount of receivables under contracts providing for the fulfillment of obligations (payment) not in cash is accepted for accounting at the cost of goods (valuables) received or to be received by the organization. The cost of goods (valuables) received or to be received by an organization is established based on the price at which, in comparable circumstances, the organization usually determines the cost of similar goods (valuables).
The concepts of “comparable circumstances” and “similar goods” are not disclosed in the regulations governing accounting in the Russian Federation. In this case, it seems appropriate to use the provisions of the Tax Code of the Russian Federation. According to paragraph 2 of Article 40 of the Tax Code of the Russian Federation, tax authorities, when monitoring the completeness of tax calculations, have the right to check the correctness of the application of prices for commodity exchange transactions. The tax authority has the right to make a reasoned decision to assess additional taxes and penalties, calculated in such a way as if the results of this transaction were assessed based on the application of market prices for the relevant goods, works or services.
At the same time, the market price of a product (work, service), according to the Tax Code, is understood as the price established by the interaction of supply and demand on the market of identical (and in their absence, homogeneous) goods (work, services) under comparable economic (commercial) conditions.
The market for goods (work, services) is the sphere of circulation of these goods (work, services), determined based on the ability of the buyer (seller) to actually purchase (sell) the goods (work, service) without significant additional costs in the market closest to the buyer ( seller) territory.
Identical products are those that have the same basic characteristics characteristic of them (physical characteristics, quality and reputation in the market, country of origin and manufacturer, etc.).
However, it should be noted that for tax purposes, the price of goods, works or services indicated by the parties to the transaction is accepted, unless otherwise provided by Article 40 of the Tax Code of the Russian Federation. And until the contrary is proven, it is assumed that the price specified by the parties to the transaction corresponds to the level of market prices.
If the price of the exchanged goods is not directly indicated in the exchange agreement, then information about prices will necessarily be contained in the invoice received from the counterparty or issued to him.
If it is still not possible to establish the value of goods (valuables) received by the organization, then the amount of receivables in accordance with clause 6.3. PBU 9/99 is determined by the cost of products (goods) transferred or to be transferred by the organization. The cost of products (goods) transferred or to be transferred by an organization is established based on the price at which, in comparable circumstances, the organization usually determines revenue in relation to similar products (goods).
The amount of receivables is determined only by the price of the goods established by agreement of the parties. An increase in accounts receivable by the amount of costs for the transfer of goods should not be made, since in accordance with paragraph 1 of Article 568 of the Civil Code of the Russian Federation, “the costs of their transfer and acceptance are borne in each case by the party that bears the corresponding obligations.” Therefore, the costs of transferring goods must be taken into account when determining the selling price of the goods.
The volume of receivables under an exchange agreement increases by the amount of funds to be transferred by the second party if the goods are not of equal value and the value of the transferred goods is greater than the value of the goods received in exchange.
How is payment by bill reflected?
Quite often in practice, enterprises use promissory notes from third parties when paying off obligations under a purchase and sale agreement, supply, contract, or provision of paid services.
The most difficult point in this case is considered to be the following: Can payment by bill of exchange be considered the final payment and the transaction completed, or are we simply dealing with a deferment in debt repayment?
The following sections of analytical accounting are new (compared to the old chart of accounts):
- according to payment documents for which the due date has not yet arrived;
- on settlement documents not paid on time;
- advances received.
The last analytical section was a consequence of the liquidation of the former account 64 “Calculations for advances received”.
Accounting account 62 is the account used to generate transactions for accounting transactions with clients. How to correctly interpret account balances 62? What information can be obtained from the balance sheet and account card? How is VAT accounted for using account 62? In this article we will answer these questions.
Is count 62 active or passive?
Account 62 is included in section VI “Calculations” of the Chart of Accounts. This is a synthetic accounting account. Analytics on account 62 is carried out in relation to each buyer and each contract.
Accounting account 62 is used quite often, since every organization has clients. An accountant needs to regularly monitor client debts in order to timely identify overdue debts. For this purpose, he has the right to open any number of sub-accounts for account 62. The chart of accounts with all subaccounts used must be fixed in the accounting policy.
Standard subaccounts that an accountant works with:
- 01 “Settlements with buyers and customers.”
- 02 “Calculations for advances received.”
- 03 “Bills received.”
In addition to these, you can add a subaccount for retail customers, for settlements in foreign currency, overdue debts, settlements between dependent parties, and so on.
Is count 62 active or passive? As we see from the essence of accounting for transactions on account 62, the balance on it reflects both positive and negative debt, that is, both our debt to customers and their debt to us. Thus, the balance of account 62 can be either a credit or a debit. This means that count 62 is active-passive. In the balance sheet, account 62 should be reflected in detail, that is, the debit balance is in the asset, and the credit balance is in the liability.
Debit shows the debt of counterparties to us
The debit of account 62 shows, as the name suggests, accounts receivable, that is, the amount of debt of counterparties to our organization. If we consider the subaccounts to account 62 of accounting, we can find out details about accounts receivable. For example, the debit of subaccount 62.01 reflects the amounts of shipments made. The debit of subaccount 62.02 shows advances offset against shipments made. The debit of subaccount 62.03 includes bills received on account of shipments made. That is, we see that any debt of the buyer (in the form of goods (work, services) received but not paid for, a bill issued, an offset, previously paid advance) will be reflected in the debit of any subaccount of account 62.
Credit shows our debt
Account credit 62 shows the amount of debt to clients, that is, accounts payable. By analogy, let's turn to the subaccounts to account 62. On the loan, subaccounts 62.01 reflect payment for shipments of goods (work, services). Moreover, payment can be made not only in money to a current account or to the cash register, but also by a bill of exchange or by offset.
The credit of subaccount 62.02 shows advances received against future shipments of goods. The credit of subaccount 62.03 records the amounts received from debtors in payment of bills received from them. That is, similar to the situation with the debit of the account, any debt incurred by our organization to clients (payment by the buyer of his bill or purchased goods) is reflected in the credit of account 62.
Typical transactions for account 62
Postings to account 62 are drawn up in correspondence with the accounts specified in Order of the Ministry of Finance of the Russian Federation dated October 31, 2000 No. 94n.
Examples of debit entries:
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Typical loan transactions: 
Organizations that apply the general taxation system and include VAT amounts in the cost of their goods and services charge them to account 62 both upon shipment and upon crediting payment for shipped goods, including advances. Let's consider an example of VAT accounting in the light of the functioning of account 62.
Example
08/01/2018 LLC "Princip" received an advance to the bank account for the upcoming shipment of goods from LLC "Pir" in the amount of 10,000.00 rubles, including VAT 18% - 1525.42 rubles.
The total amount of the contract is RUB 30,000.00, including VAT 18% - RUB 4,576.27.
On August 13, 2018, goods were shipped in the amount of RUB 30,000.00, including VAT 18% - RUB 4,576.27.
On August 15, 2018, Pir LLC transferred 20,000.00 rubles, including VAT 18% - 3,050.85 rubles, to the bank account of Princip LLC as full payment under the contract. The accountant of Principle LLC will make the following entries in the transaction journal. 
What does the balance sheet show for account 62
In order to obtain information on all customer debts and see at the same time all sub-accounts opened for the account, it is necessary to create a balance sheet for account 62. This report helps the accountant assess the overall picture of the state of settlements with clients of the organization. As its name implies, it displays the turnover and balance at the beginning and end of the counterparties for the selected period. The balance sheet discloses information for each counterparty with whom transactions were made for the specified period or at the beginning of which there was an outstanding debt, in the context of each agreement. The balance sheet data is divided into subaccounts.
You will see an example of a balance sheet in our figure. 
How to correctly read a sample account card 62
Account card 62 can be generated for any period of time, for each subaccount separately or as a whole for account 62. The accountant can also make a selection by analytical accounting positions:
- for any counterparty;
- specific contracts.
The account card contains the following items:
- Beginning and ending balances, debit and credit turnovers for the entire account for the selected period. And also the balance at the end of each transaction.
- Date of each transaction.
- Correspondence of accounts and the amount of each transaction.
- Details of primary documents on the basis of which transactions are posted to accounts.
- Names of counterparties and contract numbers.
- The essence of reflected transactions.
Let's look at the sample account card 62 in our picture.
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Account 62 refers to active-passive synthetic accounts; it reflects transactions with settlements with clients of the organization. Account analytics is quite detailed and can be built for each agreement within each counterparty. The same applies to subaccounts: the required number of them can be opened for account 62 for more detailed accounting. All added subaccounts must be entered into the Chart of Accounts and approved in the annex to the organization’s accounting policies.
Accounting account 62 is a separate article, which is intended to summarize all available information regarding settlements between customers and buyers. Such settlements are debited in correspondence along with accounts 91 and 90 for the amounts for which settlement documents were provided.
What is this account?
In correspondence 62, the accounting account is an item that is credited with the accounts of material assets, as well as various calculations for the amounts of payments received (including also the amounts of advances provided), etc. It is worth noting the fact that the above amounts should be taken into account separately.
In the event that some bill of exchange, with the help of which the consumer’s debt is secured, provides for the presence of certain interest, in the process of repaying such debt, entries are made to the debit in accordance with accounts 51 or 52, as well as to the credit of accounts 62 and 91.
Analytical accounting for account 62
Analytical accounting, for which accounting account 62 is used, is a procedure that is carried out for each invoice provided to customers, and in the case of settlement through scheduled payments, it is carried out for each customer or buyer. It is worth noting that the construction of analytical accounting should provide the opportunity to obtain the necessary information on:
- payment documents that are not yet due for payment;
- undue bills;
- discounted bills;
- buyers and customers;
- advances received;
- bills for which funds were not provided on time.
Why is such an account needed?
In general, we can say that accounting account 62 is a reflection of the facts of the seller’s economic life, which are registered by the consumer in account 60. After debiting this account, that is, transferring ownership of the shipped goods to the buyer, the company immediately has a receivable debt, as a result of which Article 62 corresponds with 90.1, as well as 91.1. If the work was carried out in accordance with a long-term agreement, crediting of account 46 is also provided.
According to established traditions, buyers can often pay a certain amount of funds in advance, that is, they provide an advance or make an advance payment. In this case, account 62 in accounting already provides for accounts payable. In this regard, many people ask questions about why such an account is needed.
First of all, account 62 in accounting is required to reflect the debt of consumers for any realized values, which can be services or work. Today, in the vast majority of cases, PBUs require mandatory reflection of any transactions that relate to sales immediately at the time of their release, which is a consequence of the assumption of temporary certainty of business activities, that is, regardless of any dependence on payment or time of receipt Money.
The obligations of customers and buyers in the prepared accounting must be reflected directly at the moment of their occurrence, but it is worth noting: due to the fact that buyer obligations arise at the time the seller directly fulfills his obligations in terms of transfer of goods, two options are provided reflection of consumer receivables, the determination of which is carried out in accordance with the individual terms of the contract.
First option
The first option for how customer receivables are presented through accounting account 62 on the balance sheet involves the use of the terms of an agreement on the transfer of ownership of a certain product in the process of fulfilling obligations on the part of the contractor or supplier. In this case, the obligations of the customer or consumer arise along with the fulfillment of the supplier’s obligations, as well as the transfer of ownership of certain products. At the same time, the fulfillment of the contractor’s obligations in accordance with the contract constitutes the basis for the proceeds from the sale of services, goods, works or certain products to be reflected in the 62nd accounting account. In this case, subaccounts can also be compiled.
When should revenue be reported?
In accordance with current legislation, revenue is displayed subject to the following conditions:
- the amount of revenue cannot be determined;
- the organization has the right to receive its own revenue, which follows from the terms of the contract drawn up or is confirmed in some other way;
- there is a firm belief that after carrying out a certain transaction, an increase in economic benefits for the company may occur (this happens if the organization receives a certain asset as payment or there is absolutely no uncertainty regarding the receipt of the asset);
- after completing the work or providing a certain product to the customer, ownership rights are transferred to him from the company;
- the expenses that have been or will be incurred for this operation can be determined in advance.
It is worth noting that there is a certain peculiarity in how accounting account 62 is compiled. What it is? To reflect the proceeds from the sale, all the above conditions must be met at once, and if at least one of them is not met, then any assets or funds that the organization received as payment for its services or goods will be recognized in the company’s accounts as accounts payable, and not in the form of repayment of existing accounts receivable.
The consumer's receivables in the company's accounting must be formed along with the reflection of complete information regarding the proceeds from the sale of certain goods or services if all specified conditions are met by making an entry in the accounts.
Second option
The second option for reflecting data regarding accounts receivable is based on the terms of the contract, which relates to the transfer of ownership directly at the time of payment for products, goods or the occurrence of any other obligations. In this case, any obligations to pay for the products on the part of the buyer have no connection with the transfer of ownership, as well as reflection in the accounting accounts. In the generally accepted practice of Russia, in this case, no off-balance sheet accounts or 62 accounting entries are used. An active or passive off-balance sheet account can be drawn up in accordance with agreements, the terms of which provide for the transfer of ownership, and its debit will reflect the total amount of the consumer’s obligations under the agreement for the goods or products received.
How is accounting carried out for contracts with trade discounts?
In accordance with the drawn up contract, it may not provide for a clearly established price for a product or product, but determine the procedure for determining the price depending on whether the buyer fulfills certain conditions. In particular, we are talking about the time of acquisition of goods or products, their quantity, as well as the terms of payment for already shipped products. All this is provided for by accounting account 62, the entries of which include such elements.
A price reduction after the buyer fulfills any conditions specified in the contract is usually called a trade discount. The form of its provision can be in kind or in value, that is, the product can be sold absolutely free or at a reduced price. In the event that we are talking specifically about the in-kind form of providing a discount, then in this case the revenue and the total amount of receivables are determined under the contract as a whole, taking into account the cost of the goods transferred in accordance with the established price, which is equal to zero or different from zero .
It is worth noting the fact that various trade discounts that are provided to consumers for purchasing goods out of season or in sufficiently large quantities can be taken into account in order to determine accounts receivable at the stage of shipment of goods to the consumer. It should be noted that accounting account 62 (active or passive) does not provide for the ability to take into account discounts provided to the consumer in case of payment for goods over a certain period, at the time of shipment of goods to the buyer. In this regard, the reflection of accounts receivable in the prepared accounting can be carried out in two ways.
What to use?
The first option is quite traditional for Russia and the CIS countries and proposes to take into account accounts receivable without indicating trade discounts, that is, initially they are taken into account in full in such a way as if the buyer does not use the system of providing discounts on payment terms and does not intend to do so in the future. Moreover, if the buyer complies with the terms of payment on time, and is still given a discount, the subsequently compiled receivables are simply edited to the amount of the discount provided.
If the debtor makes payment after the reporting date, then the adjustment is made on the reporting date in accordance with the amount of the discount provided. In accordance with paragraph 9 of PBU 7/98, all information about the company’s obligations must be reflected in the financial statements, taking into account events that occurred after the reporting date that confirm the economic conditions that existed at that time under which the organization conducted its own activities, or indicating that such conditions arose after the specified reporting date.
In accordance with paragraph 3 of the specified PBU, 62.02, the accounting account provides as a fact of economic activity that affects the company’s performance, its financial condition, as well as cash flows or any results of the enterprise’s activities. In this case, events after the reporting date that must be taken into account in the process of preparing financial statements will include only those that occurred during the period between the stated reporting date and the date of signing the financial statements for the year.
The consequences of events after such a date may already be expressed in the financial statements by clarifying information about the relevant obligations or by disclosing relevant information.
What to consider?
It is worth noting the fact that, in accordance with paragraph 6.2 of PBU 9/99, 62.01, the accounting account compiled in the process of performing work, as well as when selling any goods on the terms of a commercial loan in the form of installments or deferred payment, must include includes receivables in full amount under the concluded agreement.
If the company receives claims regarding the payment of the cost of products or services of inadequate quality, as well as a reduction in the contract price, in this case the company must agree with the requirements received from the customer or resolve this issue in court. If everything is resolved amicably, then, upon agreement with the consumer’s requirements, an entry should be made in all accounting accounts that reduces the total amount of the customer’s receivables.
How should advances received be reflected?
Buyers provide advances so that the selling company has the opportunity to fulfill the terms of the concluded contract. Various research and development or construction works are carried out in accordance with contract agreements, and after receiving an advance, the contractor begins to carry out the work, and subsequently begins to deliver it in parts, issuing a progress invoice at the end of each established stage. In this case, the amount or a certain part of the previously received advance is subtracted from the total cost of the stage, which is usually called offset, and it should also include 62 accounting accounts (postings). Examples of such postings could be as follows:
Company X ordered company Y to construct a building, the cost of which is 2.1 million rubles. To carry out all the work, 3 stages are envisaged, the cost of each of which is 700 thousand rubles. To begin work, company X pays an advance in the amount of 420,000 rubles. Thus, the accounting records of company X include the entry:
- Debit 60 Credit 51. 420,000 rub. – advance payment to the contractor.
At the same time, company Y records in its report:
- Debit 51 Credit 62. 420,000 rub. – the received advance amount is credited.
After the first stage of the work is completed, company X has the following records:
- Debit 60 Credit 51. 420,000 rub.
- Debit 60 Credit 51. 560,000 rub. The cost of the work performed is 700,000 rubles. but at the same time, 20% of the indicated cost is repaid against the previously issued advance, that is, the amount of the invoice that was issued for payment is reduced by 140,000 rubles.
At the same time, firm Y has the following entry:
- Debit 51 Credit 62. 420,000 rub.
- Debit 51 Credit 62. 560,000 rub. payment for the completed and completed stage of work has been credited.
At the same time, in the process of compiling accounts 60 and 62 in accounting, such points as the types of incoming property that can be considered in the form of advances, as well as determining the valuation of these obligations in the balance sheet, must be taken into account.
We've dealt with suppliers, now let's move on to buyers. How is customer accounting kept, what are the features of settlements with them, what entries in account 62 reflect mutual settlements with customers in the general case, when receiving advances or bills from them.
Buyers are individuals or legal entities to whom an organization sells goods, products and other tangible assets and assets. Accounting for settlements with customers is kept on account 62. On account 62, analytical accounting can be kept for each individual buyer. The same account may reflect services provided and work performed.
Account 62 is active-passive, that is, accounting is kept on it. This account was analyzed in more detail in, read.
Several sub-accounts can be opened on account 62:
- Subaccount 1 – for accounting for calculations in the general case;
- Subaccount 2 – for accounting for advances received;
- Subaccount 3 – for accounting for bills received.
Accounting for settlements with customers
Debit account 62 reflects the cost of shipped inventory items, that is, the buyer’s receivables to the organization are formed here (proceeds from the sale).
The debit of account 62 corresponds with the credit of accounts for sales or other income and expenses. used when selling goods or products to a buyer, when this is a normal activity of the organization. used for one-time sales of assets: fixed assets, materials, intangible assets, when this is not the usual activity of the enterprise - postings D62 K90/1 or D62 K91/1.
Credit account 62 reflects receipt of payment from the buyer, that is, repayment of existing debt. The credit to account 62 corresponds with the debit of cash accounting accounts (accounts 50, 51, 52, 55) - postings D50 (51, 52, 55) K62.
The cost of sold inventory items is reflected in the debit of account 62, taking into account VAT.
If an organization is a payer of this tax, then it must be calculated in accordance with the applicable rate and paid to the budget. The accrual of value added tax is reflected using entry D90/3 (91/2) K68/VAT (depending on what is sold). Tax payment is reflected using entry D68/VAT K51.
These postings are reflected during a regular sale, when the organization ships inventory items, and the buyer then pays for them.
In this case, account 62 behaves as active: the debit reflects the receivables (asset), and the credit reflects the repayment of debt (reduction of the asset).
Accounting entries for account 62 in the general case:
Accounting for advances received
Another option for settlements with customers is possible, when the organization first receives an advance payment from the buyer (advance payment), after which it makes the shipment. Accounting for settlements will be conducted slightly differently.
First of all, an additional subaccount 2 “Advances received” is opened. In this case, the first subaccount records calculations in the general case.
Receipt of an advance payment is reflected using posting D51 K62/2, and the seller’s accounts payable to the buyer is formed.
If an organization is a VAT payer, then it must allocate tax from the advance received to pay it to the budget. To do this, you can use additional account 76, on which a sub-account “VAT on advances received” is opened. The posting for calculating tax payable on an advance received has the form: D76/VAT on advances K68/VAT, posting is made on the day the advance is received.
On goods sold, VAT must also be charged for payment by posting D90/3 K68.VAT, posting is carried out on the day of shipment.
After the shipment has been made, it is necessary to offset the advance received as payment for the shipped valuables using posting D62/2 K62/1.
As for VAT, we see that the tax is assessed for payment twice: on the advance payment and on the sale. Of course, the organization will not pay it in double amount, so it is necessary to deduct VAT from the advance payment; for this purpose, posting D68/VAT K76/VAT from advances is performed.
If an advance payment is received from the buyer, account 62 will behave as a passive account: accounts payable (liability) are formed on the loan, and debt is repaid on the debit (reduction of liability).
That is why account 62 is active-passive, since it can behave as a passive and as an active account.
Postings for accounting for advances received:
Accounting for bills received
Another way to receive payment from the buyer for shipped valuables is to receive a bill of exchange from him to secure the resulting receivables. The bills received are reflected in subaccount 3, account 62.
