Accounts payable: accounting accounts

Accounts receivable and accounts payable are normal components of the balance sheet of any organization. For their reliable reflection, it is necessary to choose the correct accounting accounts in accordance with current regulatory documents. Below we consider in detail the approach to the selection and use of accounting accounts for different types of debt

The concept and types of accounts payable. Accounting accounts

Accounts payable are the obligations of an organization (individual entrepreneur) to pay cash to other legal entities or individuals.

It may be depending on the established deadlines for payment of current or overdue. According to its economic content and in accordance with the used chart of accounts, it is divided into debt:

• for received goods, work, services;
• to buyers and customers;
• on borrowed funds;
• with salary workers;
• on taxes and fees;
• with accountants;
• on social insurance and social security;
• Other settlements with various counterparties.

When asked which account for accounts payable is better to use in a particular case, the answer should be sought exclusively in the official instructions of the Ministry of Finance regarding accounting accounts. Due to the fact that accounts receivable and creditor are two different sides of the same phenomenon, the cause of which is the organization's assumption of any obligation, they are recorded on the same accounts.

Debts for goods or services received

After the actual shipment of products or the provision of services, the completion of work on the basis of the primary documentation, accounts payable arise on account 60 of the Credit Accounting Accounts Plan. At the same time, an accounting entry is made to the debit of account 10 (20, 23, 25, 26, 29, 43, 44), depending on the functional purpose of the delivery. Repayment of the current creditor is made from the debit of account 60 either in cash (credit of account 50 is activated) or by bank transfer (CT 51 accounts).

Accounting lenders to customers and customers

This means accounts payable to customers for account paid for in advance, but not actually shipped, reflected on account 62.

Calculations are recorded in the following form:

• Dt 50 (51) Kt 62 - receipt of cash (non-cash) cash in advance;
• Dt 62 Kt 90 - shipment of advanced goods.

Debt on borrowed loans

Replenishment of working capital of the organization is carried out by attracting borrowed sources. These can be short-term (up to 12 months) and long-term loans and loans. According to them, accounts payable are added to account 66 (short-term) or 67 (long-term). The credit part is involved. To account for accrued interest, the method of analytical accounting is used. When reflecting the calculations for attracting or paying off borrowed sources, these accounts correspond to debit 51 and 50 accounts.

Debt due to employees

This includes calculations with officially hired employees on salaries and accountable amounts.

In the accounts payable on account 70 is the accrued, but not paid salary. This includes all types of payments included in the remuneration system before withholding personal income tax: bonuses, probation, etc. When withholding, personal income tax accounts for a credit of 68 accounts. Salary payments are reflected in the correspondence of debit 70 of the account with credit 50 (cash at the cash desk) or 51 (from the bank account to the passbook or bank card) of the accounts.

Settlements with accountants are reflected in the card 71 accounts. Accounts payable arise in situations when the accountable person incurred expenses (a trip on a business trip, the acquisition of material assets, payment of some services) at the expense of a personal wallet. The organization is obliged to reimburse the accountant for the costs upon presentation of the corresponding expense report. Once accepted, the expenses are automatically charged to production or general expenses, and when the debt is paid off, posting is made, debit 70 - credit 50 (51).

Settlements with the budget and funds

Relations with all levels of the budget system regarding the fulfillment of tax obligations are recorded on 68 accounts. All obligatory payments from the prepared declarations are transferred to the credit part of the account, and after payment are recorded in the debit part. A 19 account is also associated with the debit, tied to the calculation of VAT. Analytical accounting for account 68 is carried out in the context of tax payments.

The reflection of accounts payable and receivable on the account 69 characterizes the relationship with state funds relating to pension provision, compulsory medical and social insurance. Corresponds when assessing contributions from 20, 23, 25, 26, 44 accounts, when paying - from 51.

Other settlements with other counterparties

To accumulate information on other calculations not discussed above, relating to transactions with other debtors and creditors, 76 accounts are used, which is called so.

Here are reflected the calculations for various, non-mandatory, types of insurance, various claims, withholdings on writ of execution, decisions of courts and supervisory bodies from the salary of employees. For the convenience of an accountant, separate sub-accounts are often opened in the main directions of calculations.

Summary

Any payables arises solely as a result of the adoption of the relevant obligation. Different liabilities are accounted for each in its account until full repayment or before the statute of limitations. Then the procedure for writing off payables from the account is performed.

In accounting operations, it is in no way possible to close balances, since such an approach will lead to a distorted perception of the current situation at the enterprise (a debtor to some will pay off a lender to other counterparties), which, undoubtedly, can threaten late payments and legal costs and penalties. This is permissible only in cases where the same subject acts as both the debtor and the creditor.