Account 76 VA in the balance sheet. How to reflect VAT in financial statements? What arguments did the officials give
Drawing up financial statements, as a rule, is not complete without questions (even for those who ate the dog on it). Since the year is coming to an end, and the preparation of all reports is not far off, we decided to start publishing a series of articles disclosing certain points on which (as the auditing practice shows) the accountant "stumbles". Today on the agenda is the reflection of VAT in the accounting statements. Let's start with the balance sheet.
"Input" VAT and balance sheet
Line 1220 "Value added tax on acquired assets" Information on current assets in the form of VAT, which is subsequently deducted, is reflected in the balance sheet ( p. 5, 20 PBU 4/99 "Financial statements of the organization"). For these purposes, a special line is provided here - 1220 "Value added tax on acquired values".By purchasing material values \u200b\u200b(works, services), property rights, their buyer "receives" VAT (of course, if the seller is a payer of this tax). "Input" tax is determined on account 19 "Value added tax on acquired values" and can later be accepted (again, by a VAT payer) for deduction (this is reflected in the accounting by posting Debit 68-VAT Credit 19). But to acquire the right to a tax deduction, you must comply with certain Art. 171and 172 Tax Codeterms:
- the purpose of the purchase for the activity subject to VAT;
- posting of acquisition;
- availability of an invoice issued by the counterparty in accordance with Art. 169 Tax Code.
Thus, it is quite likely that there is no balance on account 19 on the last day of the reporting period. Then line 1220 “Value added tax on acquired values” is not filled in (a dash is inserted in it).
But if, for example, you perform export operations (which means that you deduct VAT only after confirming the fact of export), you produce goods in a long cycle (you deduct the tax on purchases necessary for production only after the shipment of such goods to the final buyer), you perform the role tax agent for VAT (tax is deducted after a "live" transfer of funds to the budget), they simply did not receive an invoice from the counterparty (other stories are possible), the balance on account 19 is inevitable. That is, line 1220 in the balance sheet will have a numeric value.
note
If data on the amounts of VAT deductible for certain types of acquired assets are significant for the organization and are necessary to form a reliable and complete picture of the financial position of the organization among interested users, it can detail the amounts of "input" VAT ( item 6, 11 PBU 4/99) - for example, on lines 12201 "VAT on acquired fixed assets", 12202 "VAT on purchased inventories", etc.
"Accounts receivable" and "creditor", including advances (issued and received)
In addition, certain VAT amounts are "hidden" in lines 1230 Accounts Receivable and 1520 Accounts Payable. First of all, we are talking about debit and credit balances of accounts 60 "Settlements with suppliers and contractors", 62 "Settlements with buyers and customers", 76 "Settlements with other debtors and creditors".For your information
Line 1230 reflects the total amount of debit balances of settlement accounts (in addition to the named 60, 62, 76, this includes accounts 68 "Settlements for taxes and fees", 69 "Settlements for social insurance and security", 70 "Settlements with personnel for wages" , 71 "Settlements with accountable persons", 73 "Settlements with staff on other operations", 75 "Settlements with founders"), reduced on the credit balance of account 63 "Provisions for doubtful debts". As a reminder, since 2011, organizations have been obliged to form such a reserve if the probability of non-repayment of debt is high; if there is confidence in the receipt of payment, it is not necessary to create a reserve for the organization ( Letter of the Ministry of Finance of Russia dated January 27, 2012 No. 07-02-18/01 ).
Line 1520, respectively, includes the total credit balance of the above accounts (60, 62, 76, 68, 69, 70, 71, 73, 75).
So, in relation to the advances listed (balance sheet asset) and received (balance sheet liability), it should be taken into account that they are reflected in the balance sheet in the assessment minus the amount of VAT .
Explanations on this matter are presented in Letter of the Ministry of Finance of Russia dated 09.01.2013 No. 07-02-18/01 ... The officials substantiated their approach, starting from the business continuity rule ( PBU 1/2008 "Accounting policy of the organization"). Repayment of the obligation of the party that received the advance payment (prepayment), in accordance with the procedure established by the contract, consists in the supply of goods (performance of work, provision of services, transfer of property rights). Based on the requirements of tax legislation regarding the payment and refund of VAT, the amount of obligations to be paid does not include tax. This means that in the event that the organization transfers an advance payment (in full or in part) for upcoming deliveries, the receivables are reflected in the balance sheet in the assessment minus the amount of VAT deductible (accepted for deduction) in accordance with the Tax Code of the Russian Federation.
Similarly, when the organization receives payment, partial payment for upcoming deliveries, accounts payable are reflected in the balance sheet in the assessment minus the amount of VAT payable (paid) to the budget in accordance with tax legislation.
note
A similar position is presented in Interpretation of T 16/2013-KpT "VAT on advances issued and received"... The methodologists of the BMC indicated: accounts receivable for paid advances for the purchase of equipment, goods, works, services, etc. shows in the reporting the organization's right to receive the objects provided for by the contract in the appropriate configuration, quantity and proper quality. This debt does not indicate the right to receive funds back, since the return of the advance paid is only due to early termination of the contract, the inability of the supplier (contractor) to fulfill its obligations under the contract and other similar circumstances. After the advance payment is made, such circumstances are not present, and under normal conditions there is no reason to expect them to occur in the future. In addition, if such did occur (non-delivery was due to the fault of the supplier), the organization, as a rule, has the right not only to return the advance, but also to receive compensation. In this regard, the assessment of "receivables" on the advances paid should show in the financial statements not the amount that was paid, but the amount at which the purchased equipment, goods, works, services, etc. will be valued when they are posted (in terms of ). This amount corresponds to the amount of the advance paid minus the VAT shown (or VAT that may be presented in the future) for deduction.
The right to deduct the "advance" VAT arises from the organization after the advance payment and receipt of the invoice of the counterparty. Subsequently, when posting equipment, goods, works, services, etc., the amount of VAT previously shown for deduction on the advance payment must be restored. At the same time, VAT on capitalized equipment, goods, works, services, etc. is accepted for deduction in accordance with the norms of the Tax Code of the Russian Federation. Thus, after the fact of obtaining the right to deduct VAT in connection with the payment of an advance, the organization under normal conditions will not have other facts that would change the amount of the right to deduct VAT. In this regard, there are no grounds for reflecting in the balance sheet any assets or liabilities in the amount of VAT as part of the advance payment after the specified amount has already been taken into account in the calculations with the budget.
Similar conclusions can be drawn for advances received.
Example 1
The organization prepaid (in the amount of 100%) for the future delivery of goods in the amount of 1,180,000 rubles. (including VAT - 180,000 rubles).
In the same period, she received an advance payment from buyers for the upcoming delivery of finished products in the amount of 590,000 rubles. (including VAT - RUB 90,000).
In accounting, the organization made the following entries:
In the balance sheet on line 1230, 1,000,000 rubles should be indicated. (listed advance), on line 1520 - 500,000 rubles. (advance received).
Statement of financial results and VAT
In the statement of financial results (before 01.01.2013 - the profit and loss statement) the indicator of line 2110 “Revenue” should be reflected without VAT and excise taxes. This is directly stated in p. 3 PBU 9/99"Income of the organization" and note 5 in annex 1 to Order No. 66n.
And in what order are lines 2340 "Other income" and 2350 "Other expenses" filled in? The answer to this question depends on whether the organization is a VAT payer. If yes, then other income is included in the income statement excluding VAT ... However, the same approach to other expenses: for them the amount of "input" tax is deducted. The exception is purchases (goods, works, services) intended for activities that are not subject to VAT. In this case, the "input" VAT is not accepted for deduction, but is written off to the cost accounting accounts or included in the value of the property. Accordingly, it will be reflected in line 2350 of the report.
If the organization is not a VAT payer, the "input" tax will also be included in other expenses.
Cash flow and VAT statement
In accordance with PBU 23/2011"Cash flow statement" the organization's cash flows are reflected in the statement of cash flows with a subdivision into cash flows from current, investment and financial transactions.According to clause 16 PBU 23/2011cash flows are reflected in the statement collapsed in cases where receipts from some persons determine the corresponding payments to others. An example of such cash flows are indirect taxes in the composition of receipts from buyers and customers, payments to suppliers and contractors, and payments to the budgetary system of the Russian Federation or refunds from it.
From the above, it follows that the amount of receipts and payments of VAT should be reflected in the statement of cash flows minimized. The relevant data is reflected, as a rule, as cash flows from current transactions in the line "Other payments" or "Other receipts".
Ministry of Finance ( Letter dated 27.01.2012 No. 07-02-18/01 ) recommends the following scheme for reducing VAT:
VAT received - VAT paid - VAT to the budget + VAT refunded where:
VAT received - tax received from buyers and customers;
VAT paid - tax paid to suppliers and contractors;
VAT to the budget - tax transferred to the budgetary system of the Russian Federation;
VAT refunded - tax actually reimbursed from the budget (transferred to the company's current account).
The resulting difference (if it is positive) is entered in the line "Other receipts" or (if the difference is negative) in the line "Other payments".
A similar approach, by the way, is presented in Clarification 11-07 "Collected presentation of VAT in the statement of cash flows".
Example 2
VAT refundable as part of payments to suppliers and contractors in the reporting period - 650,000 rubles. VAT included in receipts from buyers and customers in the same period - 800,000 rubles. VAT payments to the budget for this period amounted to 170,000 rubles.
In the statement of cash flows, the netted result is 20,000 rubles. included in the line "Other payments" of the section "Cash flows from current operations".
In the course of their activities, many enterprises receive prepayments from their customers (advances received), which increase the VAT tax base. From the audit experience, it is clear that organizations often incorrectly reflect in the asset of their balance sheet the amount of the balance on account 76AB "VAT on advances received".
Nikolay NEKRASOV
General Director of LLC "Auditing firm" BENTS "
How does the situation usually develop? The organization receives an advance payment from its buyer and reflects it in its accounting by posting D-t 51 "settlement account" K-t 62 "Settlements with buyers and customers." Since this operation increases our liabilities to the budget for VAT, the accountant calculates the amount of VAT payable to the budget on this received advance by a "conditional" internal entry Dt 76AV "VAT on advances received" Kt 68 "Calculations for VAT".
Moreover, I note that this posting is necessary for each fact of receiving an advance payment. And if by the end of the reporting period the company did not manage to sell its products to the buyer who sent us an advance payment, then it has a debit balance on account 76 "VAT on advances received" as of the reporting date. Since it is recorded on the debit of account 76 "Settlements with different debtors and creditors", then there is a deceptive feeling that it is a receivable.
It would be a mistake to reflect the information accumulated on account 76AB in balance line 240 "Accounts Receivable". The reason is that this amount, by its economic nature, is not a receivable per se, but is simply the result of an internal “accounting” account. This is the exception to the rule rather than the rule. Our use of account 76AB on debit in this case does not mean at all that anyone owes this amount at all. The debtor does not arise in this case, since it is obvious that no one owes this money to the organization at this moment.
Accountants know very well that after the goods are shipped to the buyer, we will charge this VAT payable to the budget again, but only for another object of taxation - sales. And immediately after that, the organization will have the right to INDEPENDENTLY reverse (i.e. remove) the accrual of VAT on the object of taxation - advances. Those. this debtor record on account 76AB, made earlier, the organization itself will remove from its records.
Conclusion - it is more correct to show this amount in balance line 270 "Other current assets". Or as another option - to show it in the balance sheet separately (if “received advances” are a common thing for your company, as well as if this line has a large share in the balance sheet structure and exceeds the criterion of materiality). Those. I recommend to separately enter the line "VAT accrued to be paid to the budget on advances received".
All this is necessary for one single purpose - to reliably show the real structure of the property status of the enterprise in its financial statements.
All financial transactions are reflected in the accounts. This publication will discuss what account 76 "Settlements with different creditors and debtors" is intended for, into which categories it is divided. The article will provide examples to help you better understand the topic under consideration.
Purpose of account 76
Account 76 is an active-passive account. It is necessary in order to summarize information on financial transactions with debtors and creditors, not accounted for:
- claims;
- funds withheld from employees' salaries for third parties in accordance with court orders or executive acts.
In the new chart of accounts, the functions of the account under consideration, through which the main financial flow is carried out, have significantly expanded. In this regard, it became expedient to open different categories intended for certain types of calculation.
Account 76: sub-accounts 1 and 2
Since monetary transactions can be different, it is customary to divide the account on settlements with creditors and debtors into several categories. The first (76.1) includes insurance of property and personnel, with the exception of payments for medical and social insurance.
The transfer of funds to the organization is reflected in the debit, and the write-off of funds is reflected in the credit. For example, D76 K73 - insurance compensation due to an employee of the organization according to the contract. D51 K76 - receipt by the organization of funds in accordance with regulatory enactments. D99 K76 - write-off of uncompensated insurance claims or damage from a force majeure event.
Sub-account 76.2 reflects the calculations for claims that may be presented:
- to suppliers, transport agencies and contractors for found discrepancies in prices, when computing errors are detected after completing accounts, as well as when there is a shortage of cargo (D76 K60);
- to organizations for violation of quality standards, non-compliance with TU (D76 K60);
- to credit institutions for erroneously written off or transferred amounts on the accounts of the organization;
- for downtime or defects arising from suppliers, contractors (correspondence with Section III of the chart of accounts);
- on fines and penalties for non-compliance with obligations in the contract (correspondence with account 91).
Subaccount 76.2 credit reflects payments received. If it turns out that the funds are not subject to collection, they are attributed to debit.
Account 76: sub-accounts 3 and 4
Clause 76.3 controls the dividends due to the firm and other types of income that do not contradict the partnership agreement. Д76 К91 - profit to be received (distributed). D51 K76 - funds received by the organization from debtors.
The fourth sub-account is designed to take into account the amounts accrued to the employees of the enterprise, but not paid at a certain time due to the absence of the recipients. In such cases, the following wiring is performed: D70 K76. When the worker receives money, a debit entry is made to account 76.
Application of sub-account 76/3 in practice
The company OOO Oasis has receivables in the amount of 1,350,000 rubles. on account 62 "Settlements with customers and buyers." For certain reasons, before the due date, she transferred for 750,000 rubles. their rights to the enterprise LLC "Iceberg", which was able to collect on account of the debt owed 900,000 rubles. In such a situation, several questions arise:
- Accounts receivable - a purchase of property or a financial investment in assets?
- The buyer's asset is RUB 1,350,000. or 750,000 rubles?
- Whether in this case the debtor's debt is considered income, and 750,000 rubles. - the expense of the company Iceberg LLC?
In such a situation, Oasis LLC must, from a legal point of view, have the following transactions:
Debit 91.2 Credit 62 1,350,000 rubles. - cancellation of the right of claim from buyers.
Debit 51 Credit 91.1 750 000 rubles. - received compensation.
Such operations make it possible to record the loss of the Oasis enterprise arising from the assignment of the right of claim on the accounts “Other income and expenses”. Accountants of the Iceberg company must make an entry on the debit of account 76.3 in order to fix the debt from counterparties. The difference between the rights received and the costs for them is shown on the credit of accounts 98/1, 83 or 90/1.
Even a partial collection of payments leads to mutual agreement of both parties and the full repayment of debts. The unpaid part is shown as a debit, and the debited part - at 98.1. In this example, it turns out:
Debit 51,900,000 rubles.
Debit 98.1 765 000 rubles.
Credit account 76 1,350,000 rubles.
The Iceberg company spent 750,000 rubles. for the acquisition of rights and returned 900,000 rubles. That is, the profit is 150,000 rubles. The wiring is as follows:
Debit 98.1 Credit 91.1 150 000 rubles.
The real amount of profit from the operation is reflected on account 98/1, which is intended to fix deferred income.
Sub-account 76.АВ "Value added tax on advances and payments"
To summarize the information on calculations for the payment of VAT on prepayments, account 76.АV. Accounting is maintained with those customers and buyers from whom money was received in advance for the planned shipment of goods or for the provision of various types of services.
Business transactions can be different. For example: D68.02 K76.AV - accounting for value added tax on payment received from the client in advance. Д 76.АВ К68.02 - VAT accrual on funds received from buyers in advance. Account 76. AB has the following subconto (analytical characteristics): "Counterparties", "Invoices".
Debit Correspondence
The account in question (76) on debit can correspond with the following: "Fixed assets" (01), "Equipment for installation" (07), "Profitable investments in MC" (03), "Investments in non-current assets" (08), " Intangible assets "(04). From the second section of the chart of accounts, he interacts with the items "Materials" (10), "Animals for growing and fattening" (11), "Procurement and acquisition of MC".
Account 76 can correspond on debit with all items of the section "Production costs", as well as with 41, 45 and 43, category "Finished products and goods". Often, transactions are made with cash accounts: 52, 50, 58, 51, 55, as well as with settlement accounts: 60, 67, 66, 62, 73, 70, 76, 71, 79. In addition, correspondence with the following ( reflects profit and loss), 91 (records various income and expenses), 90 "Sales", 97 "Deferred expenses", 86 "Target financing".
Examples (by debit)
Some examples from the table will help to understand the material presented in the article.
Correspondence | |
The cost of unfinished main production decreased due to debtors and creditors. This can be the accrual of debt to the insurance company on occasion (emergency or force majeure). |
|
Losses from marriage are charged to the account of settlements with creditors and debtors. |
|
Receipt of debts to suppliers, according to documents confirming consent to transfer funds. |
|
Payment of funds to creditors in cash (from the cash desk). |
|
D76 K68-VAT | Identification of budget arrears (for VAT) during the determination of revenue for taxation. |
General operating costs are compensated by different debtors and creditors. |
|
Accounting for debts from different debtors for finished products. |
|
The value of work in progress decreased due to the transfer of funds to the organization from debtors. |
Loan correspondence
Account 76 can interact with the following categories of the chart of accounts: "Investments in non-current assets", "Fixed assets", "Intangible assets", "Equipment for installation", "Profitable investments in MC". In the section "Inventory", correspondence is carried out with the accounts "Materials", "Procurement and acquisition of MC", "Animals for growing and fattening", "VAT on purchased values".
Account 76 can also interact on a loan with all settlement (except 68, 69, 75, 77) and the category "Production costs". From the section "Finished goods and goods" - with accounts 52, 50, 51, 44.55, 41, 57, 45, and 58. In addition, correspondence is carried out with most current accounts and, of course, with those that reflect monetary transactions (91, 97, 94, 96, 99).
Examples of business transactions (on a loan)
To visually familiarize yourself with the account 76 transactions, the table below with several examples will help.
Correspondence | |
Write-off of purchased fixed assets (fixed assets) in the section on accounts payable. |
|
Return of the leased property to (occurs in cases where there was no change of owner on the basis of an agreement). |
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Writing off materials in terms of accounts payable. |
|
Receiving funds from the client to the current account. |
|
Receiving debt from buyers on the basis of an agreement. |
|
Debts to various creditors and debtors for general production costs. |
|
Fixing the current accounts payable to the lessor (for lease payments) to reduce long-term liabilities. |
Account balance 76
Budding accountants often ask the question of whether account 76 really is: active or passive? In practice, situations are different, but since it takes into account receivables and payables, the balance can be of two types:
- unilateral (debit or credit);
- bilateral (both debit and credit).
This means that the account in question is active-passive. In order to determine the debit balance, all debts from counterparties are summed up. The balance of the loan account 76 reflects all the money that the company is obliged to pay.
Accounts payable and receivable reports in system 1 C
A company using the 1C: Enterprise 8 system must keep a record of the amount of accounts receivable from counterparties. You can get acquainted with the information if, after starting the program, enter the "Contractors" section. In the field that opens, there is a list of organizations and individual entrepreneurs. Among them are debtors and creditors. Contact information, invoices and contracts, work schedule - all this can always be viewed. It is from this menu that you can register a new organization that is part of the holding.
Finding out the exact debt of enterprises will not be difficult. To do this, go to the "Contract debt" section, select "Accounts Receivable" in the "Withdraw debt" panel and set the required date. The user will see a list of all counterparties, among which you can select specific companies (with large debts). If there are many organizations and the entire list does not fit on one page, the information can be presented in a visual form. To do this, go to the "Diagram" section. Work with accounts payable is carried out in a similar way.
That's all you need to know about account 76, which reflects settlement transactions with debtors (creditors). Since the legislation of the Russian Federation is systematically changing, you should regularly use legal reference systems, which always have an up-to-date chart of accounts and PBU. Then specialists will always be aware of any changes affecting their professional activities, and will be able to make the right decisions in accounting.
When filling out the balance for 2011, 1, 2 and 3 quarters. 2012 The debit of account 76 AB (VAT on advances received) was reflected in line 1260 of the balance sheet (Other current assets) with a plus; a Credit for 76 VA (VAT on advances issued) on line 1550 (other obligations) plus. according to the procedure for filling out the balance sheet. And when filling out the balance for 2012. in (1C accounting) Credit 76BA was reflected in line 1230 of the balance sheet (accounts receivable) minus. and the debit by account. 76AB in line 1520 (accounts payable) minus. In this connection, the question arose of how to correctly reflect the amounts reflected in accounts 76AB and 76BA (VAT on advances) in the balance sheet for 2012. and in what lines. and how this will affect the comparability of the 2011 and 2010 balances.
The balance sheet on line 1230 reflects the amount of receivables excluding VAT. In line 1520 of the balance sheet, the amount of accounts payable is also reflected, excluding VAT. At the same time, it should be noted that line 1260 of the balance sheet reflects the amount of VAT calculated from the amounts of advance payments.
The rationale for this position is given below in the materials of the "Glavbukh Systems"
1. References:The procedure for filling out the balance sheet
Balance sheet item name | Line code | Accounting accounts (in particular) |
I. Non-current assets | ||
II. Current assets | ||
Stocks | 1210 | Account balance: - 10 "Materials" - 11 "Animals for growing and fattening" - 20 "Main production" - 21 "Semi-finished products of own production" - 23 "Auxiliary production" - 29 "Service industries and farms" - 41 "Goods" (minus the credit balance on account 42 "Trade margin" if goods are accounted for in sales prices) - 43 "Finished products" - 44 "Selling expenses" - 45 "Goods shipped" - 46 "Completed stages of work in progress" - 97 "Deferred expenses" (except for costs reflected in line 1050 of the balance sheet) - 15 "Procurement and acquisition of material assets" - plus (minus) debit (credit) balance on account 16 "Deviation in the cost of material assets" - minus the credit balance on account 14 "Provisions for depreciation of material assets" |
Value added tax on acquired valuables | 1220 | Balance on account 19 "Value added tax on acquired values" |
Receivables | 1230 | Account debit balance: (receivables from suppliers for advances paid by the organization are reflected net of VAT) * - 62 "Settlements with buyers and customers" (except interest-bearing loans) - 69 "Settlements for social insurance and security" - minus the balance on account 63 "Provisions for doubtful debts" |
Financial investments (excluding cash equivalents) | 1240 | Account balance: - 58 "Financial investments" in terms of short-term investments (minus the balance on account 59 "Provisions for impairment of financial investments" related to short-term financial investments) - 73 "Settlements with staff on other transactions" (in terms of interest-bearing loans with a repayment period of less than 12 months after the reporting date) |
Cash and cash equivalents | 1250 | Account balance: - 50 "Cashier" (excluding the balance on the subaccount "Cash documents") - 51 "Settlement accounts" - 52 "Currency accounts" - 55 "Special accounts in banks" (excluding amounts accounted for in the composition of financial investments) - 57 "Transfers on the way" |
Other current assets | 1260 * | Account debit balance: - 50 "Cashier" (regarding the balance of the subaccount "Cash documents") - 76 "Settlements with various debtors and creditors" (in terms of VAT charged on the amounts of advance payments) * –79 "On-farm settlements" (in terms of settlements under a property trust agreement) - 94 "Shortages and losses from damage to valuables" - other current assets not reflected in other groups of articles of the section "Current assets" |
Total for Section II | 1200 | Sum of rows: 1210, 1220, 1230, 1240, 1250, 1260 |
Balance | 1600 | Sum of lines: 1100 and 1200 |
IV. long term duties | ||
Borrowed funds | 1410 | Balance on account 67 "Settlements on long-term loans and borrowings" (the amount of the principal debt, excluding accrued interest payable) |
Deferred tax liabilities | 1420 | Account balance 77 "Deferred tax liabilities" |
Estimated liabilities | 1430 | Balance on account 96 "Provisions for future expenses" (in terms of reserves created for events that will occur no earlier than a year later) |
Other liabilities | 1450 | Accounts credit balance: - 60 "Settlements with suppliers and contractors" - 73 "Settlements with personnel for other operations" - 75 "Settlements with founders" - 76 "Settlements with different debtors and creditors" (in terms of long-term accounts payable) |
Total for Section IV | 1400 | Sum of rows: 1410, 1420, 1430, 1450 |
V. Short-term liabilities | ||
Borrowed funds | 1510 | The balance of account 66 "Settlements for short-term loans and borrowings" (the amount of the principal debt, excluding accrued interest payable) |
Accounts payable | 1520 * | Accounts credit balance: - 60 "Settlements with suppliers and contractors" - 62 "Settlements with buyers and customers" (accounts payable to buyers on advances received by the organization are reflected in the balance sheet minus VAT) * - 66 "Settlements for short-term credits and loans" (in terms of accrued interest payable) - 67 "Settlements for long-term loans and borrowings" (in terms of accrued interest payable) - 70 "Payments for labor" - 68 "Calculations of taxes and fees" - 69 "Calculations for social insurance and security" in terms of debt " - 71 "Settlements with accountable persons" - 73 "Settlements with personnel for other operations" - 75 "Settlements with founders" - 76 "Settlements with different debtors and creditors" (in terms of short-term accounts payable) * |
revenue of the future periods | 1530 | Balance on account 98 "Deferred income" |
Estimated liabilities | 1540 | Balance on account 96 "Provisions for future expenses" (in terms of reserves created for events that occur during the year) |
Other current liabilities | 1550 | Account balance: - 79 "On-farm settlements" (in terms of settlements under a property trust agreement) - other short-term liabilities that are not reflected in other groups of articles of the section "Short-term liabilities" |
Total for Section V | 1500 | Sum of lines: 1510, 1520, 1530, 1540, 1550 |
Balance | 1700 | Sum of lines: 1300, 1400, 1500 |
2.LETTER OF THE MINISTRY OF FINANCE OF THE RUSSIAN FEDERATION dated 09.01.2013 No. 07-02-18 / 01
Assessment of debt on paid (received) advances (prepayment)
In accordance with PBU 1/2008, when forming the accounting policy of the organization, it is assumed that the organization will continue its activities in the foreseeable future and it has no intentions and the need to liquidate or significantly reduce its activities and, therefore, the obligations will be repaid in the prescribed manner (going concern assumption) ...
Repayment of the obligation of the party that received the advance payment (prepayment), in accordance with the procedure established by the contract, consists in the supply of goods (performance of work, provision of services, transfer of property rights). Based on the requirements of tax legislation regarding the payment and reimbursement of the amount of value added tax, the amount of liabilities to be paid does not include the amount of value added tax.
Considering this, in the event that the organization transfers payment, partial payment for the upcoming supply of goods (performance of work, provision of services, transfer of property rights), the receivable is reflected in the balance sheet in the assessment minus the amount of value added tax subject to deduction (accepted for deduction) in accordance with tax laws.
Similarly, when an organization receives payment, partial payment for upcoming deliveries of goods by this organization (performance of work, provision of services, transfer of property rights), accounts payable are reflected in the balance sheet in the assessment minus the amount of value added tax payable (paid) to the budget in compliance with tax laws. * "
In the article by Elena Popova, State Advisor to the Tax Service of the Russian Federation of I rank, "How to reflect in the Balance Sheet information on issued (received) advances - including VAT or minus VAT" it says (literally): "Balances on the debit of account 76 subaccount VAT from advances received "and the credit of account 76 subaccount" Calculations of VAT from advances issued "are not reflected in the balance sheet. I understood her statement correctly ??? But our auditor categorically disagrees with this. I have already discussed (orally) this issue with an expert. The expert said that the balances on account 76. AB are involved in drawing up the balance. But I am outraged by the fact that why Are you typing incorrect, incorrect wording in your articles?
The balances on the debit of account 76 subaccount "Calculations for VAT on advances received" and the credit of account 76 subaccount "Calculations for VAT on advances issued" are not reflected in the balance sheet. These clarifications are contained in the annex to the letter of the Ministry of Finance of Russia dated January 9, 2013 No. 07-02-18 / 01.
The rationale for this position is given below in the materials of the "Glavbukh Systems"
Situation:How to reflect in the Balance Sheet information on issued (received) advances - including VAT or minus VAT
Reflect information on advances in the Balance Sheet minus VAT. *
The prepayment transferred to the supplier should be reflected in the structure of accounts receivable in line 1230 "Accounts receivable" minus deductible VAT (deducted).
Apply the same procedure for accounts payable. Reflect the prepayment received from the buyer on line 1520 "Accounts payable" minus VAT payable (paid) to the budget.
Similar explanations are contained in the annex to the letter of the Ministry of Finance of Russia dated January 9, 2013 No. 07-02-18 / 01. *
An example of the reflection in the balance sheet of information about advances issued (received) for the upcoming delivery of goods. VAT from the listed advance was accepted for deduction
In November 2012, ZAO Alpha received an advance payment from the buyer, OOO Trading Firm Hermes, for the upcoming delivery of goods in the amount of RUB 118,000. (including VAT - RUB 18,000). In December 2012, the organization transferred an advance payment to the supplier ZAO Master in the amount of 236,000 rubles. (including VAT - RUB 36,000). Alfa's accountant reflected these business transactions with the following entries:
Debit 51 Credit 62 subaccount "Calculations on advances received"
- 118,000 rubles. - received an advance payment from the buyer on account of the forthcoming delivery of goods; *
Debit 76 subaccount "Calculations for VAT from advances received" Credit 68 subaccount "Calculations for VAT"
- 18,000 rubles. (118,000 rubles? 18/118) - VAT charged on the received advance; *
Debit 68 subaccount "Calculations for VAT" Credit 76 subaccount "Calculations for VAT from advances issued"
- 36,000 rubles. - accepted for deduction VAT transferred to the supplier as part of the advance (after receiving an invoice from the supplier for the amount of the advance). *
In 2012, ZAO Alfa did not ship goods to OOO Trading Firm Hermes against the advance payment received. The goods from the supplier CJSC "Master" were also not received on account of the prepayment transferred by "Alpha".
Thus, as of December 31, 2012 on account 62 of the subaccount "Advances received" there are payables in the amount of 118,000 rubles. The balance on the debit of account 76 subaccount "Calculations for VAT from advances received" is 18,000 rubles. Account 60 subaccount "Calculations of advances issued" includes accounts receivable in the amount of 236,000 rubles. The balance on the credit of account 76 subaccount "Calculations of VAT on advances issued" is 36,000 rubles. *
Accordingly, in this situation, the tax is considered deductible. Indeed, at the time of registration of goods, works or services for which an advance payment was made, the organization will have the right to accept the "input" VAT deduction (if all the necessary conditions are met). Moreover, despite the fact that at the time of transferring the prepayment, she did not use the right to deduction.
An example of the reflection in the balance sheet of information about advances issued. VAT from the listed advance was not accepted for deduction
In December 2012, OOO "Trading Firm" Hermes "transferred an advance payment to the supplier in the amount of 236,000 rubles. (including VAT - RUB 36,000). No goods were received from the supplier against the prepayment made in 2012. The contract with the supplier does not provide for the transfer of an advance . Therefore, having transferred the prepayment, the accountant did not accept VAT deduction.
The indicated business transactions were reflected by the Hermes accountant with the following entries:
Debit 60 subaccount "Calculations on advances issued" Credit 51
- 236,000 rubles. - an advance payment was transferred on account of the forthcoming delivery of goods;
Debit 19 subaccount "VAT on advances issued" Credit 76 subaccount "Calculations for VAT on advances issued"
- 36,000 rubles. - reflected the VAT transferred to the supplier as part of the advance.
As of December 31, 2012, on account 60 of the subaccount “Calculations on advances issued” there are accounts receivable in the amount of 236,000 rubles. The balance on the credit of account 76 subaccount "Calculations for VAT on advances issued" is 36,000 rubles.
In the Balance Sheet, the accountant, in particular, reflected:
- on line 1220 "Value added tax on acquired valuables" - 36,000 rubles. - the amount of VAT deductible;
- on line 1230 "Accounts receivable" - 200,000 rubles. - accounts receivable from the supplier minus VAT.
The balance on the credit of account 76 subaccount "Calculations for VAT on advances issued" is not reflected in the balance sheet. *
Elena Popova, State Adviser of the Tax Service of the Russian Federation, I rank