Compound interest on loans issued account. Typical accounting entries for loans
During economic activity organizations often take out loans and borrowings on which interest is charged. The BU provides for a certain procedure for accounting for such transactions. Let's consider it in more detail.
Loan settlements
The chart of accounts provides for the account of the same name 66, which summarizes information about the short-term loans received by the organization. Based on the form in which the funds were received, passive account 66 is debited from cash accounts: 50, 51, 55, 60, etc.
The amount of interest payable is accounted for as follows:
- DT66 KT91 - interest on the loan has been accrued. A transaction is generated every time a debt is accrued. Loans not repaid on time are accounted for separately. Analytical accounting is kept separately by types of loans and creditors.
Accounting of transactions by the lender
The loans themselves are divided into short-term and long-term, which are recorded on accounts 66 and 67, respectively. These are passive accounts, which in the event of an overpayment may have a surplus.
The issuance of a loan to lenders is arranged in the following way:
- DT58 KT61- a loan has been provided.
- DT58 KT91- accrued interest on the loan. The transaction is generated monthly or quarterly, depending on the terms of the contract.
- DT51 KT98- interest paid.
- DT51 KT98- the loan was repaid.
Regardless of how long the loan is for, the “Interest accrued on short-term loan” entry will look the same as for a long-term loan.
Accounting for transactions by the borrower
Account 66 reflects the debt on all financial investments, regardless of their maturity. This inconsistency in the preparation of the chart of accounts affects the loan calculations. The provisions of the BU allow you to reflect on account 66 as soon as their maturity is reduced to one year.
Postings:
- DT51 (10, 41) KT67- a loan was provided in rubles, in the form of material assistance, goods.
- DT67 KT51 (10, 41)- the repayment of the loan is reflected.
To account for additional costs (interest, consulting services, on loans, sub-accounts are used. These costs are written off in the period in which they were accrued. But not in all cases.
Exception one
If borrowed funds were used for prepayment of inventories, then the accrued interest before the receipt of the goods increases the receivables, and after that it is accounted for according to the general rules.
- DT51 KT66- a loan has been provided.
- DT60 KT51- prepayment has been made.
- - accrued interest for the use of the loan. The transaction is generated before the actual receipt of the goods.
- DT60 KT51 - prepayment of the inventories was made.
- DT10 KT60- goods have been received from the supplier.
- DT19 KT60- VAT charged.
- DT60 subaccount "Advances", KT60 subaccount "Interest"- advance payment is credited.
- DT68 KT19- tax is accepted for deduction.
- DT91 KT66- accrued interest on the bank loan. The posting is generated after the goods have been capitalized.
- DT66 KT51- interest paid.
- DT66 KT51- loan repayment.
Exception two
A separate procedure for accounting for interest is provided if the loan is issued for the acquisition or construction of assets on which depreciation is charged. Then the cost of maintaining the asset is reflected in the original cost of the object. Wherein:
- The organization must prove that the facility will bring economic benefits in the future.
- The borrower will independently compensate for all construction costs of the facility.
- By the time the costs are recorded, the work should be started.
Example 1
- DT51 KT66- a loan has been provided.
- DT60 KT51- prepayment has been made.
- DT08 KT60 - received an OS object.
- DT19 KT 60- VAT charged.
- DT60 KT60 subaccount "Advances"- prepayment is credited.
- DT68 KT19 - VAT included.
- DT08 KT66- interest on the loan has been accrued to the bank. The posting is formed before the object is put into operation.
- DT66 CT- interest paid.
- DT01 KT08- OS object is accepted for use
- DT91 KT66- accrued interest on the loan.
- Wiring DT 66 KT51 reflects loan repayment.
In practice, enterprises often acquire fixed assets using loans issued for other purposes. The cost of using such a loan is included in initial cost object, but calculated at the weighted average rate. The ratio of the cost of borrowing not related to the acquisition of the asset and the weighted average amount of loans is determined. The latter is determined by summing up the balances on outstanding loans as of the first day of the reporting month.
After the entry "Interest accrued on long-term loan" is made, taxable profit is reduced, provided that the amount of accrued interest does not differ much from the average interest income on such liabilities. At the same time, loans issued in the same currency are compared for similar terms and in similar volumes.
If the organization does not have comparable loans, the expenses include interest accrued at the Central Bank rate and increased:
- by 110% - on ruble deposits;
- by 15% - on deposits in foreign currency.
Bonds
Having familiarized ourselves with how the posting “interest accrued on the loan” looks like, we turn to the issue of accounting for bonds. Loans raised through bonds are accounted for separately. If the market price securities higher than the nominal, then the wiring is made in the BU:
- DT51 KT66- issue of bonds.
- DT98 KT66 - for the difference in prices.
In subsequent periods, the accrued income from account 98 is evenly written off to “Other income”, account 91. If the market price is lower than the par value of the security. then the difference is evenly accrued to account 91 for the entire period of the security's turnover. According to PBU 15/01, accrued interest on loans refers to operating expenses, regardless of the timing of payment:
- interest accrued for loans granted;
- interest income on bonds;
- the difference between the redemption amount and the denomination of the bill;
- exchange rate differences arising from the payment of loans;
- related consulting services, duplicating works;
- expenses for conducting examinations, payment for communication services, etc.
Example 2
LLC sold bonds for 200 thousand rubles. The nominal value of the Central Bank is 180 thousand rubles. Interest income - 3%. Let's register this operation in the BU:
- DT51 KT68 - 180 thousand rubles. - capitalization of proceeds from sales.
- DT51 KT98 - 20 thousand rubles. - excess of the price over the face value.
- DT91 KT66 - 1350 rubles. - interest accrual at the end of the first quarter (5.4 / 4).
- DT98 KT91 - 5 thousand rubles. - excess of the price over the face value after interest has been calculated.
This is how loan interest is recorded in accounting.
Promissory notes
A separate subaccount is used to account for discount transactions with maturity less than a year. The holder of the bill reflects all transactions on account 66, which is debited from the account. 50, 51, 52, etc. When the holder of the bill returns the funds received under the promissory notes, due to non-fulfillment of obligations, an entry is made on DT68 and KT51 (52). At the same time, the debt with the counterparty, which is secured by an overdue bill of exchange, continues to be listed on the account accounts receivable... Analytical accounting is carried out on bills of exchange and creditors.
Enterprises can issue and receive borrowed funds themselves. According to the terms, such loans are divided into short-term and long-term. Depending on whether interest is charged for the funds provided, the procedure for accounting for such transactions in accounting is determined. The organization can issue loans to other legal entities and individuals, including its employees. Let's take a closer look at what loan interest entries are used in such cases.
Accrual
When you give a loan, the lender prescribes the order and the terms for the payment of the pro-prices. Depending on these conditions in the BU, the loan-mo-da-vets recognizes the benefits as others or incomes from ordinary types of employment. The second situation is possible if the issuance of loans is the subject of de-i-tel-ness of the or-ga-ni-zation. Then pro-prices-you learn-you-wa-yut-Xia on KT90. If the amounts of interest are recognized as other income, then they are reflected at KT91.
Loan granting (lender company)
Consider a typical situation where an organization has provided a loan to its counterparty. There is no need to charge VAT on the transferred amount. And in the expenses for the purposes of NU, it should also not appear. In BU, loans from which the organization receives income are reflected on account 58, and interest-free loans - on account 76:
- D-t 58 (73, 76) K-t 51 (50) - a loan has been granted.
Interest transactions on a loan
The procedure for reflecting transactions in NU is spelled out in Art. 271 of the Tax Code of the Russian Federation. For the amount of interest, you need to issue an invoice marked "without VAT". For violation of this requirement, the FTS may impose a fine of 10 thousand rubles. If the organization has not issued an invoice for more than six months, then the amount of the fine increases to 30 thousand rubles. For the purpose of calculating income tax, interest is included in non-operating income on a monthly basis, at the date of loan repayment. In the BU, income is recognized on a straight-line basis, regardless of the moment the funds are received. Consider the postings for the accrual of interest on the loan issued:
- Dt 76 (73) Kt 91 - accrued interest.
If a loan is provided to an individual at a low interest rate, then you need to charge additional personal income tax at a rate of 35%. Consider how, in this case, interest on the loan will be accrued in the BU. Postings:
- D-t 51 (50) K-t 76 - interest received.
- D-t 70 K-t 68 - personal income tax charged.
Example 1
The company received two loans: the first - for six months in the amount of 150 thousand rubles, and the second - for 36 months. in the amount of 680 thousand rubles. When preparing documents for the second loan, additional payments were made for the services of a lawyer in the amount of 5 thousand rubles. Let's reflect these operations in the BU:
Operation description | Amount, thousand rubles |
||
Short-term loan repaid in 6 months |
|||
Long-term loan provided | |||
Paid for the services of a lawyer | |||
Legal services are expensed |
|||
Loan repaid |
Refunds
When the counterparty repays the debt, the organization does not receive income, but the following entries are formed in the BU:
- D-t 51 (50) K-t 58 (73, 76) - return of the loan from the counterparty.
When returning an interest-free loan from an employee from the amount material benefits personal income tax should be withheld: D-t 70 K-t 68.
Example 2
The enterprise received a loan in the amount of 120 thousand rubles, for which it is necessary to pay 10% per annum. For the first (17 days) use of funds, 567 rubles were accrued in the form of interest, for the second month - 1 thousand rubles, for the third - 400 rubles. The loan was then repaid.
Operation description | Amount, thousand rubles |
||
Short-term loan provided | |||
Interest accrued for the 1st month | |||
Interest paid |
|||
Interest accrued for the 2nd month | |||
Interest paid |
|||
Interest accrued for the 3rd month | |||
Interest paid |
|||
Loan repayment |
Obtaining a loan (borrowing organization)
Now consider the reverse situation when an enterprise receives a loan from another organization. The funds received are not included in income. In BU, short-term loans are reflected on account 66, and long-term loans - on account 67:
- D-t 51 (50) K-t 66 (67) - received a loan.
At NU, interest is charged to non-operating expenses within a certain limit. It is calculated by multiplying the refinancing rate by a factor of 1.8. This formula applies if the loan is issued in rubles. You need to take into account interest on a monthly basis, on the date of the refund. If these amounts are transferred to the founder or individual, then personal income tax should be additionally withheld at a rate of 13%. In BU, interest is accounted for as other expenses. Interest transactions on a loan:
- D-t 91 K-t 66 - interest accrued on the loan;
- D-t 66 K-t 68 - withholding personal income tax;
- D-t 66 K-t 51 - interest paid.
The exception is loans that the company receives for the purchase or construction investment asset... Then these costs are included in the value of the property. The amount of funds returned, which is not included in expenses, is reflected wiring D-t 66 Set 51.
Accrual of interest on a loan: transactions in 1C
Let's consider this operation with an example. On January 20, 2015, the JSC's account received borrowed funds in the amount of 500 thousand rubles, on which interest will be accrued. The firm used the funds for three months, after which it paid off the debt. It is necessary to carry out all these operations in OU and BU.
The first step is to carry out the accrual of interest on the loan agreement. The transactions that are used in this operation include accounts 66 (67). Since the agreement is concluded for a period of less than a year, the interest on the short-term loan will be accounted for on account 66.04. We will accrue interest on the loan agreement. Postings:
- 01.2015 - D-t 91 K-t 66.04 - 3005.45 rubles.
- 02.2015 - D-t 91 K-t 66.04 - 7923.51 rubles.
- 03.2015 - D-t 91 K-t 66.04 - 5464.49 rubles.
In NU, non-operating expenses will include interest on loans issued, the entries will be the same, but the amount will be different:
- 01.2015 - D-t 91 K-t 66.04 - 2163.92 rubles.
- 02.2015 - D-t 91 K-t 66.04 - 5704.93 rubles.
- 03.2015 - D-t 91 K-t 66.04 - 3934.42 rubles.
In all months, the amount of accrued interest in BU is greater than in OU. This permanent positive difference is included in the costs only in the BU.
Next, you need to create a document "Operation (BU and OU)" in 1C, indicating the entries for interest on the loan and reflecting the generated differences. Then, using the regulatory document, you need to make the "Calculation of income tax". Positive differences do not reduce the tax base. Permanent tax liability(PNO) is also taxed at a rate of 20%:
- PNO January = 841.53 x 0.2 = 168.30 rubles.
- PNO February = 2,218.58 x 0.2 = 443.71 rubles.
- PNO March = 1,530.05 x 0.2 = 306 rubles.
Loan from the founder
The founder can also provide loans and receive loans from the organization. All the terms of this transaction are stipulated in the contract. Let's take a closer look legal aspects this operation. CC such transactions are not prohibited, but difficulties will arise when accounting for VAT. The transactions for these transactions are similar to those discussed earlier.
If the founder decides to “forgive” the debt to the enterprise, then his share in the capital must be taken into account. If it exceeds 50%, then no taxable profit is generated. The organization can pay off debts in kind, that is, with products:
- D-t 76 K-t 91 - revenue is reflected in the payment of debt.
- D-t 90 K-t 68 - VAT charged from sales.
- D-t 66 K-t 76 - debt is taken into account.
Example 3
The founder provided the organization with a loan in the amount of 200 thousand rubles. with maturity in 10 months. The service fee is 2% per annum.
Financial aid
Do not confuse loan forgiveness with gratuitous financial assistance. In the second case it comes to cover losses and prevent bankruptcy at the expense of the founder. Financial assistance can be formalized by a contribution to assets (LLC) or a gratuitous transfer of funds. In the second case, the amount received for the year must be included in other income: D-t 51 K-t 91. In these operations, the account of the same name 98 is not used, since it takes into account income from receipts of non-monetary assets.
Example 4
The firm received financial aid from the founder Ivanov. The amount of 300 thousand rubles was credited to the settlement account of the organization. the money was used to replenish working capital. Let's carry out this operation in the BU:
- D-t 51 K-t 91 - 300 thousand rubles. - received financial assistance from the founder.
Other types of investments
If financial assistance was received in the form of an asset, then in the balance sheet this operation is made out with the following entries:
- D-t 08 K-t 98 - market price received equipment.
- D-t 01 K-t 08 - putting the property into operation.
- D-t 20 K-t 02 - depreciation.
- D-t 98 K-t 91 - the cost of fixed assets is written off to other income.
Consider how financial aid is formalized in the form of materials:
- D-t 10 K-t 98 - the market value of the materials received.
- D-t 20 K-t 10 - the consumed materials are written off to other income.
Financial aid can also be used to repay the losses of the organization. Let's take a closer look. How to reflect this operation in the balance sheet using a specific example.
At the end of the year, the company received a loss of 1 million rubles. The founders Ivanov and Petrov, prior to the approval of the statements, decided to cover the loss at the expense of own funds... Ivanov contributed 520 thousand rubles to the account of the Firm, and Petrov - 480 thousand rubles.
Enterprises can issue and receive borrowed funds themselves. According to the terms, such loans are divided into short-term and long-term. Depending on whether interest is charged for the funds provided, the procedure for accounting for such transactions in accounting is determined. The organization can issue loans to other legal entities and individuals, including its employees. Let's take a closer look at what loan interest entries are used in such cases.
Accrual
When you give a loan, the lender prescribes the order and the terms for the payment of the pro-prices. Depending on these conditions in the BU, the loan-mo-da-vets recognizes the benefits as others or incomes from ordinary types of employment. The second situation is possible if the issuance of loans is the subject of de-i-tel-ness of the or-ga-ni-zation. Then pro-prices-you learn-you-wa-yut-Xia on KT90. If the amounts of interest are recognized as other income, then they are reflected at KT91.
Loan granting (lender company)
Consider a typical situation where an organization has provided a loan to its counterparty. There is no need to charge VAT on the transferred amount. And in the expenses for the purposes of NU, it should also not appear. In BU, loans from which the organization receives income are reflected on account 58, and interest-free loans - on account 76:
- D-t 58 (73, 76) K-t 51 (50) - a loan has been granted.
Interest transactions on a loan
The procedure for reflecting transactions in NU is spelled out in Art. 271 of the Tax Code of the Russian Federation. For the amount of interest, you need to issue an invoice marked "without VAT". For violation of this requirement, the FTS may impose a fine of 10 thousand rubles. If the organization has not issued an invoice for more than six months, then the amount of the fine increases to 30 thousand rubles. For the purpose of calculating income tax, interest is included in non-operating income on a monthly basis, at the date of loan repayment. In the BU, income is recognized on a straight-line basis, regardless of the moment the funds are received. Consider the postings for the accrual of interest on the loan issued:
- Dt 76 (73) Kt 91 - accrued interest.
If a loan is provided to an individual at a low interest rate, then you need to charge additional personal income tax at a rate of 35%. Consider how, in this case, interest on the loan will be accrued in the BU. Postings:
- D-t 51 (50) K-t 76 - interest received.
- D-t 70 K-t 68 - personal income tax charged.
Example 1
The company received two loans: the first - for six months in the amount of 150 thousand rubles, and the second - for 36 months. in the amount of 680 thousand rubles. When preparing documents for the second loan, additional payments were made for the services of a lawyer in the amount of 5 thousand rubles. Let's reflect these operations in the BU:
Operation description | Amount, thousand rubles |
||
Short-term loan repaid in 6 months |
|||
Long-term loan provided | |||
Paid for the services of a lawyer | |||
Legal services are expensed |
|||
Loan repaid |
Refunds
When the counterparty repays the debt, the organization does not receive income, but the following entries are formed in the BU:
- D-t 51 (50) K-t 58 (73, 76) - return of the loan from the counterparty.
When returning an interest-free loan from an employee from the amount of material benefits, personal income tax should be withheld: D-t 70 K-t 68.
Example 2
The enterprise received a loan in the amount of 120 thousand rubles, for which it is necessary to pay 10% per annum. For the first (17 days) use of funds, 567 rubles were accrued in the form of interest, for the second month - 1 thousand rubles, for the third - 400 rubles. The loan was then repaid.
Operation description | Amount, thousand rubles |
||
Short-term loan provided | |||
Interest accrued for the 1st month | |||
Interest paid |
|||
Interest accrued for the 2nd month | |||
Interest paid |
|||
Interest accrued for the 3rd month | |||
Interest paid |
|||
Loan repayment |
Obtaining a loan (borrowing organization)
Now consider the reverse situation when an enterprise receives a loan from another organization. The funds received are not included in income. In BU, short-term loans are reflected on account 66, and long-term loans - on account 67:
- D-t 51 (50) K-t 66 (67) - received a loan.
At NU, interest is charged to non-operating expenses within a certain limit. It is calculated by multiplying the refinancing rate by a factor of 1.8. This formula applies if the loan is issued in rubles. You need to take into account interest on a monthly basis, on the date of the refund. If these amounts are transferred to the founder or individual, then personal income tax should be additionally withheld at a rate of 13%. In BU, interest is accounted for as other expenses. Interest transactions on a loan:
- D-t 91 K-t 66 - interest accrued on the loan;
- D-t 66 K-t 68 - withholding personal income tax;
- D-t 66 K-t 51 - interest paid.
The exception is loans that a company receives for the purchase or construction of an investment asset. Then these costs are included in the value of the property. The amount of funds returned, which is not included in expenses, is reflected by the entry D-t 66 K-t 51.
Accrual of interest on a loan: transactions in 1C
Let's consider this operation with an example. On January 20, 2015, the JSC's account received borrowed funds in the amount of 500 thousand rubles, on which interest will be accrued. The firm used the funds for three months, after which it paid off the debt. It is necessary to carry out all these operations in OU and BU.
The first step is to carry out the accrual of interest on the loan agreement. The transactions that are used in this operation include accounts 66 (67). Since the agreement is concluded for a period of less than a year, the interest on the short-term loan will be accounted for on account 66.04. We will accrue interest on the loan agreement. Postings:
- 01.2015 - D-t 91 K-t 66.04 - 3005.45 rubles.
- 02.2015 - D-t 91 K-t 66.04 - 7923.51 rubles.
- 03.2015 - D-t 91 K-t 66.04 - 5464.49 rubles.
In NU, non-operating expenses will include interest on loans issued, the entries will be the same, but the amount will be different:
- 01.2015 - D-t 91 K-t 66.04 - 2163.92 rubles.
- 02.2015 - D-t 91 K-t 66.04 - 5704.93 rubles.
- 03.2015 - D-t 91 K-t 66.04 - 3934.42 rubles.
In all months, the amount of accrued interest in BU is greater than in OU. This permanent positive difference is included in the costs only in the BU.
Next, you need to create a document "Operation (BU and OU)" in 1C, indicating the entries for interest on the loan and reflecting the generated differences. Then, using the regulatory document, you need to make the "Calculation of income tax". Positive differences do not reduce the tax base. A permanent tax liability (PIT) is also taxed at a rate of 20%:
- PNO January = 841.53 x 0.2 = 168.30 rubles.
- PNO February = 2,218.58 x 0.2 = 443.71 rubles.
- PNO March = 1,530.05 x 0.2 = 306 rubles.
Loan from the founder
The founder can also provide loans and receive loans from the organization. All the terms of this transaction are stipulated in the contract. Let's consider in more detail the legal aspects of this operation. CC such transactions are not prohibited, but difficulties will arise when accounting for VAT. The transactions for these transactions are similar to those discussed earlier.
If the founder decides to “forgive” the debt to the enterprise, then his share in the capital must be taken into account. If it exceeds 50%, then no taxable profit is generated. The organization can pay off debts in kind, that is, with products:
- D-t 76 K-t 91 - revenue is reflected in the payment of debt.
- D-t 90 K-t 68 - VAT charged from sales.
- D-t 66 K-t 76 - debt is taken into account.
Example 3
The founder provided the organization with a loan in the amount of 200 thousand rubles. with maturity in 10 months. The service fee is 2% per annum.
Financial aid
Do not confuse loan forgiveness with gratuitous financial assistance. In the second case, we are talking about covering losses and preventing bankruptcy at the expense of the founder. Financial assistance can be formalized by a contribution to assets (LLC) or a gratuitous transfer of funds. In the second case, the amount received for the year must be included in other income: D-t 51 K-t 91. In these operations, the account of the same name 98 is not used, since it takes into account income from receipts of non-monetary assets.
Example 4
The firm received financial assistance from its founder, Ivanov. The amount of 300 thousand rubles was credited to the settlement account of the organization. the money was used to replenish working capital. Let's carry out this operation in the BU:
- D-t 51 K-t 91 - 300 thousand rubles. - received financial assistance from the founder.
Other types of investments
If financial assistance was received in the form of an asset, then in the balance sheet this operation is made out with the following entries:
- D-t 08 K-t 98 - the market value of the equipment received.
- D-t 01 K-t 08 - putting the property into operation.
- D-t 20 K-t 02 - depreciation.
- D-t 98 K-t 91 - the cost of fixed assets is written off to other income.
Consider how financial aid is formalized in the form of materials:
- D-t 10 K-t 98 - the market value of the materials received.
- D-t 20 K-t 10 - the consumed materials are written off to other income.
Financial aid can also be used to repay the losses of the organization. Let's take a closer look. How to reflect this operation in the balance sheet using a specific example.
At the end of the year, the company received a loss of 1 million rubles. The founders Ivanov and Petrov, prior to the approval of the statements, decided to cover the loss at their own expense. Ivanov contributed 520 thousand rubles to the account of the Firm, and Petrov - 480 thousand rubles.
How a loan differs from a loan and how to keep records of loans and borrowings in accounting - it primarily depends on who asks these questions - the lender or the borrower. It is this condition that determines which accounts will be applied. How these operations are reflected in the accounting of each of the parties to the transaction and how a loan differs from a loan will be discussed in our material.
What is the difference between a loan and a loan?
The loan is cash listed by the credit institution to the borrower. In this case, the latter pays interest for the use of such borrowed funds.
An important difference between a loan and a loan is that a loan is borrowed funds from organizations and individuals, expressed in cash or their in-kind equivalent.
Taking into account these definitions, it is possible to distinguish how a loan differs from a loan:
- a loan is issued only by a bank, and a loan can be provided by individuals, organizations and individual entrepreneurs;
- a loan implies the payment of interest to the lender for the use of the issued amount, the issuance of loans does not contain such a mandatory condition: they can be interest-free;
- a loan is issued exclusively in cash, a loan - both in cash and in the form of a natural equivalent (goods, for example).
What transactions does the accounting of loans and borrowings contain?
In accounting, there are no special differences between a loan and a loan. So, the rules for accounting for loans and borrowings in accounting are described in PBU 15/2008 "Accounting for costs of loans and borrowings".
In this case, the costs should include:
- interest on loans and borrowings;
- other related expenses: payment for consulting and information services, expert assessment of a loan or loan agreement, etc.
Interest, in accordance with clause 8 of PBU 15/2008, is accounted for in one of the following ways:
- evenly throughout the entire term of the contract,
- in the manner prescribed by the terms of the contract, if this does not violate the uniformity of their accounting.
Other expenses related to loans and borrowings should be accounted for evenly throughout the entire term of the agreement.
The borrowed assets are accounted for using the following accounts:
- 66 - under contracts valid for 12 months or less;
- 67 - under contracts valid for more than 12 months.
We will consider the accounting procedure for received loans and borrowings using examples.
An example of accounting for a loan received
Example 1
The organization received a loan on February 2 in the amount of 1,500,000 rubles. The interest rate is 10%. The term of the loan agreement is 24 months. The amount of the monthly payment is 62,500 rubles. The agreement with the bank provides for payment of interest and repayment of the loan amount monthly on the last day of each month. Interest is calculated from the next day after receiving the loan.
In February, the organization will make the following transactions:
Дт 51 Кт 67.1 - the loan was received to the settlement account of the organization in the amount of 1,500,000 rubles.
Dt 91.2 Kt 67.2 - interest on the loan was accrued: 1,500,000 / 365 × 26 × 10% = 10,684.93 rubles.
Дт 67.2 Кт 51 - interest payment - 10,684.93 rubles.
March transactions:
Dt 91.2 Kt 67.2 - interest on the loan was accrued: (1,500,000 - 62,500) / 365 × 31 × 10% = 12,208.90 rubles.
Дт 67.2 Кт 51 - interest payment - 12,208.90 rubles.
Dt 67.1 Kt 51 - partial repayment credit - 62,500 rubles.
This loan, being long-term, will be reflected in line 1410 "Borrowed funds" balance sheet for 2018 in the amount accounted for by the credit balance of account 67.
If the loan was short-term, it should have been reflected in line 1510 "Borrowed funds" of the balance sheet.
Commercial loans and bills of exchange are shown by the lines:
- 1450 "Other liabilities" (for long-term debt);
- 1520 " Accounts payable"(For short-term debt).
It should be noted that if funds were received for the purpose of acquiring, constructing or manufacturing an investment asset, interest must be reflected using account 08 “Investments in non-current assets” (Dt 08 Kt 66.2 / 67.2). An exception to this rule is made for economic entities that keep records in a simplified way, which are entitled to use account 91.2 for these purposes (clause 7 of PBU 15/2008).
How to reflect in accounting issued loans and borrowings?
Accounting for loans issued is regulated by PBU 19/02 "Accounting for financial investments".
To reflect loans in accounting, the lender uses account 58 " Financial investments».
Example 2
The organization issued a loan on March 1 for a period of 1 year. Loan amount - 3,000,000 rubles. The interest rate on the loan is 15% per annum. In accordance with the terms of the agreement, the borrower pays interest for each day of using the loan at the end of each month. Interest begins to accrue from the day following the day the loan is issued. The Agreement does not provide for partial repayment of the loan amount on a monthly basis.
In October, the lender reflected:
Dt 58 Kt 51 - issuance of a loan - 3,000,000 rubles.
Dt 76 Kt 91.1 - interest accrued: 3,000,000 / 365 × 30 × 15% = 36,986.30 rubles.
Dt 51 Cr 76 - interest received from the borrower - 36 986.30 rubles.
Postings in April:
Dt 76 Kt 91.1 - interest accrued for April: 3,000,000 / 365 × 30 × 15% = 36,986.30 rubles.
Dt 51 Kt 76 - interest received - 36 986.30 rubles.
Postings in May:
Dt 76 Kt 91.1 - interest accrued: 3,000,000 / 365 × 31 × 15% = 38,219.18 rubles.
Дт 51 Кт 76 - interest was credited to the current account - 38,219.18 rubles.
The lender will reflect the amount of the loan in the balance sheet for 2018 on line 1170 "Financial investments" in the amount of RUB 3,000,000.
Accounting for interest-free loans issued
Example 3
Consider the conditions from example 2, while supposing that the contract provided for the issuance of an interest-free loan.
Then the transactions from the lender will look like this:
Dt 76 Kt 51 - issuance of an interest-free loan of 3,000,000 rubles.
The next and last entry in the lender's accounting will be the transaction Dt 51 Kt 76 (it will appear on the day the loan is repaid).
IMPORTANT! Loans issued on interest-free terms are not financial investments for the lender company (clause 2 of PBU 19/02), since the essential condition for recognizing assets as such is not met: their ability to generate income. At the same time, the loan provided for interest will be considered as such (paragraph 3 of PBU 19/02).
In the reporting of the lender, the issued loan will be reflected in line 1230 "Accounts receivable". In this case, the organization can detail in the balance sheet the type of accounts receivable: short-term debt with a period of 12 months or less and long-term debt with a period of more than 12 months.
How to account for an interest-free loan issued to an employee, read .
What are the features of tax accounting of credits and loans?
The received credit or borrowed funds are not income for the purpose of calculating income tax for their recipient by virtue of the provisions of sub. 10 p. 1 art. 251 of the Tax Code of the Russian Federation. Also, the funds issued are not an expense, taking into account the provisions of clause 12 of Art. 270 of the Tax Code of the Russian Federation. Similarly, funds received and paid to repay a loan or loan are not income and expenses.
In this case, the amounts of accrued and paid interest are fully recognized extraordinary expenses in accordance with sub. 2 p. 1 art. 265 of the Tax Code of the Russian Federation. The moment of reflection in the expenses of the amount of interest is determined in accordance with paragraph 8 of Art. 272 of the Tax Code of the Russian Federation:
- at the end of each month,
- on the date of repayment of the loan or loan (if they are fully paid).
Interest amount, if any controlled debt included in non-operating expenses in the amount provided for in Art. 269 of the Tax Code of the Russian Federation.
Interest received under agreements on the issuance of loans and borrowings refers to non-operating income (clause 6 of article 250 of the Tax Code of the Russian Federation).
It should be noted that the differences in accounting and tax recognition in the expense of accrued interest when investment credit or in the presence of controlled debt, cause temporary differences to arise, accounted for in accordance with PBU 18/02 "Accounting for calculations of corporate income tax."
Is it possible to offset loan interest?
One of the methods of mutual settlements when paying off interest under a loan agreement, counterparties have the right to choose the offset of mutual claims. The offset of the requirements is possible subject to the observance of 3 conditions (Article 410 of the Civil Code of the Russian Federation):
- the lender and the borrower have counterclaims to each other;
- the requirements of both companies are the same;
- the deadline for the fulfillment of the counterclaim has already arrived.
For offset, a statement by one of the parties is sufficient.
The concept of a homogeneous requirement is not legally enshrined. According to clause 7 of the information letter of the Presidium of the Supreme Arbitration Court dated December 29, 2001 No. 65, it is indicated that the requirement for offset may not correspond to obligations of one type. It follows from this that obligations related to the performance of various contracts, but with the same method of repayment and expressed in one currency, are recognized as homogeneous.
Example:
The Stroymaster company received an interest-bearing loan from Alliance LLC in the amount of 20 million rubles. at 15% per annum for a period of 1 year with interest payment at the end of the crediting period. That is, to return "Stroimaster" is obliged 20 million rubles. principal and 3 million rubles. percent (20 million rubles * 10%).
For this operation, the companies recorded the following entries in the accounting:
OOO Alliance acquired office space from Stroymaster for 3 million rubles. The companies recorded the following in the accounting records:
Firm "Stroymaster" sent an application for offset of mutual claims in the amount of 2 million rubles.
Counterparty transactions will look like this:
Outcomes
The accounting of loans and borrowings received is reflected in the accounts: 66 - for short-term contracts, 67 - for long-term ones, and issued loans are reflected by the lender in accounts: 58 - for interest-bearing loans, 76 - for interest-free loans. Loan and loan interest is extraordinary income for the lender and non-operating expenses for the borrower.
In order not to fall into a financial trap, it is necessary not only to choose a reliable and honest lender, but also to determine how much the conditions provided by them will be beneficial for you.
Before concluding a contract, it will not be superfluous to carefully study its points and agree on them with the other party. With the right approach, both parties will only benefit from cooperation. Accounting for a loan agreement requires compliance and fulfillment of the accounting conditions.
Concepts
The concepts of "loan" and "credit" are not the same thing. Although they are similar to each other in many respects, the difference is quite noticeable.
First you need to figure out what a loan is. A loan is a type of transfer of funds or other property from one party (lender) to another party (borrower).
The loan has such distinctive features:
- allows you to use it for free;
- when concluding a loan agreement, the parties can be both legal entities and individuals;
- In addition to monetary funds, other things (property, jewelry, etc.) can also be the subject of a loan.
A loan is a kind of financial transaction, in the process of which funds are transferred to the borrower, subject to the obligatory condition of their return. The loan is characterized by:
- the obligatory presence of interest and their payment;
- one side loan agreement any credit organisation(for example, a bank);
- credit implies the transfer of only funds.
Video: Earning
Basic types
A loan is a fairly broad concept.
There are several features of this type of lending:
- in the basis of receiving funds from private traders and legal entities. persons is the legal framework;
- interest withdrawal is optional;
- the object of transfer can be not only cash, but also goods;
- the terms are established through a process of agreement between both parties.
If a contract is concluded with an organization, then it must be in writing. All conditions must be clarified before concluding a contract. All parties to the contract must adhere to them.
In case of violation of one of the clauses of the agreement, the transaction may be terminated. As for the payment of interest, you also need to worry about this in advance.
Interest-free
Anyone who decides to take an interest-free loan should be aware of taxes. Such loans, unlike others, are heavily controlled by the state.
If, for some reason, an individual did not repay the loan, then he must pay personal income tax, the accrual of which was carried out according to interest rate 35%.
If the agreement on interest-free loan lies between the physical and legal entity then there is a risk of a tax problem.
What you need to consider when concluding a contract
A careful study of the clauses of the contract is important condition... This is in the interests of both parties. The parties can agree on the terms of the contract on their own.
When studying the contract, pay special attention to the following:
- provision;
- the purposes for which the funds are needed;
- loan terms.
The loan term is set on the basis of the terms of the agreement, and can reach from several hours to several years. Among them, one can distinguish short-term (for one year), medium-term (from 1 year to 5 years) and long-term contracts (more than five years).
Short-term loans are considered the most expensive of all. They are often drawn up by various companies. The most unclaimed are long-term loans. They have the right to issue state banks, which occupy an honorable place in the Russian financial market.
The types of loans can be distinguished by target characteristics:
- targeted. The purpose for which money is needed is known and described in an accessible manner. This can be, for example, the purchase of goods or equipment;
- non-targeted. Unlike targeted loans, these loans are more popular. They are much easier to process due to the minimum number of documents.
Non-earmarked loans have one significant drawback. This is unprofitable interest, which can sometimes be up to 65% per year.
Tax and accounting
Based on what type of loan appears in the transaction process, you need to correctly record it.
Accounting
When all the postings are necessary, provide the VAT payer with an invoice marked "Without VAT". Failure to do so may result in penalties from the relevant authorities.
Interest should be accounted for in parts, and not in whole at the end of the period.
Tax
The emergence of this type of lending as a loan has made life much easier for those who often need certain amounts of money. The only nuance to which you should pay attention is the calculation of taxes. To avoid possible troubles, you need to take into account all the points in advance.
If the parties to the contract - individuals, then the payment of the loan will not provoke an additional tax burden. Concerning interest-free loans legal entity person, then there is a risk of non-operating income. It often becomes the cause of conflicts between those who pay taxes and special authorities.
If an interest-free loan was provided to individuals. person, then it must pay personal income tax 35%. If funds are needed to purchase real estate, then taxes are refunded by personal income tax.
Fundamental rules
There are a number of rules that you should pay special attention to in the accounting process. Here is some of them:
- the debt appears at the end of the use of funds, but not at the time of the conclusion of the contract;
- the amount of the selected credit line limit is taken into account, but not the total amount.
It is also necessary to pay attention to the ratio of debt to the timing of debt repayment. Often a short-term loan becomes a long-term one.
When and how to charge interest on a loan
When a lender issues an interest-bearing loan, it is necessary to adhere to the rules for calculating the terms and repayment of interest according to the agreement.
It is important that he also understands when and how to calculate interest on a loan.
Based on the clauses of the agreement, the lender has the right to recognize the accrued interest as:
- income from ordinary activities;
- other income.
If the loan is the object of the activity of any enterprise, then interest is income from ordinary activities.
Interest, which is other income, is credited to the credit of account 91 "Other expenses and income" every month.
Typical wiring
For example, in the construction of real estate, the interest on the loan is included in their initial cost.
From an individual
An individual must withhold personal income tax in the amount of 13% (if he is a resident) and 35% (if he is a non-resident) from the amount of interest paid.
In this case, the transaction will look like this: Debit 73 Credit 68 personal income tax. Interest accrual nat. the person is held by recording Debit 66 Credit 51.
Drafting postings
Based on the requirements of any legislation, including Russian, all financial operations are subject to mandatory reporting in written officially confirmed form. If for some reason this is not done, then there is a threat of a visit to a specific organization by the tax inspectorate.
The compilation of contract entries in 2018 is not much different from previous years. Accounting entries require special registration. Most often, all reporting is presented in a table. In the event of an inspection of the enterprise tax service special attention is paid to the contract.
This is due to the fact that contracts are often not genuine, which in turn contributes to the emergence of corruption. Therefore, for the sake of safety and to prevent fraud, it is important to carefully study all the clauses of the agreement. In addition to the contract, attention should be paid to other documents. Indeed, when checking them, tax inspectors study them in detail.
Contract interest transactions are not too complicated. Therefore, the accrual process does not cause any particular problems.
The legislative framework
All financial transactions related to lending are based on special laws and are regulated by them. In Russia, such a law is Tax code RF, in which there are articles that explain certain points on the calculation of taxes.
For example, Art. 250 of the Tax Code of the Russian Federation says that accrued interest is considered non-operating income for the purpose of calculating income tax. And article 271 of the Tax Code of the Russian Federation informs about the inclusion of interest in the income of the lender at the end of the month.
In paragraph 1 of Art. 269 states that interest can reduce taxable income if its amount does not differ much from the average level of interest on debt obligations.
Becoming a member financial process, it is important to remember and follow all the rules and requirements. It will be useful to get acquainted with Russian legislation, especially with articles that inform directly about the accrual of interest in accounting.
At the same time, not only one party should understand this operation. Awareness of all parties to the transaction will only play into the hands of both parties.
Paying debt requires punctuality. Untimely paid funds can lead to serious consequences. Therefore, before resorting to a loan, make sure that your financial position leaves nothing to be desired.
As for accountants, the accrual of interest will not cause difficulties for a real specialist. They are required to understand all tax intricacies and confidently navigate the Tax Code.