Accounting for discount on a bill as a deferred expense

What is a bill of exchange?

A bill of exchange is a security containing an obligation to pay its holder the amount specified in it. The features of how a bill of exchange is reflected in accounting are influenced by the fact that it can be:

• own or someone else's;
• simple (drawn up between 2 persons) or transferable (drawn up with the participation of a third party who will make the payment, repaying his debt to the drawer);
• discount (transferred at a price different from that indicated in it), interest (providing for the accrual of a certain percentage on the amount reflected in it) or interest-free (with a zero interest rate);
• a debt obligation, a means of payment, borrowing or investment.

It is extremely important for this document to comply with the requirements for the rules of execution and, in particular, to indicate in it (clauses 1 and 75 of the provisions “On bills of exchange and promissory notes”, approved by Resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated 08/07/1937 No. 104/1341) :

• its name;
• dates and places of its compilation;
• offers or promises to pay a certain amount;
• the name of its payer;
• payment deadline;
• place of payment;
• to whom or on whose order the payment is made;
• signatures of the person issuing the bill.

Acceptable:

• Do not indicate payment deadline. Then the bill is paid upon presentation.
• Do not provide places of origin and payment. In this case, they will be considered the location of the payer, reflected next to his name.
• Additionally, enter information about the interest rate and the start date of its application for a bill of exchange that is interest-bearing.
• The existence of contradictions between the payment amount entered in the bill in numbers and in words. The amount indicated in words will be considered correct.
• Transfer not only a bill of exchange, but also a promissory note.

A bill of exchange can only be issued on paper (Article 4 of the Law of the Russian Federation “On Bills of Exchange and Promissory Note” dated March 11, 1997 No. 48-FZ). The fact of its transfer is reflected in the relevant agreement and act. The existence of an agreement is not necessary when issuing your own bill.

Accounting

Calculate the amount of interest or discount on a bill of exchange using an accounting certificate (Part 1, Article 9 of Law No. 402-FZ of December 6, 2011, Clause 4, Article 328 of the Tax Code of the Russian Federation).

Situation: is it possible to reflect interest on a fixed-term bill of exchange (the maturity date of the bill of exchange is clearly defined) in accounting and taxation?

No you can not.

The drawer can provide for the accrual and payment of interest only on a perpetual bill (i.e., a bill that is payable upon sight or after a certain time after presentation).

If an interest clause is written into a term bill (i.e., a promissory note or bill of exchange that is payable within a specified period), it is considered unwritten.

This follows from Articles 5 and 77 of the Regulations, approved by Resolution of the Central Executive Committee and Council of People's Commissars of the USSR of August 7, 1937 No. 104/1341.

Since in this case, due to the violation by the drawer of the procedure for drawing up the bill, the holder of the bill does not have any economic benefits, it is not necessary to reflect the accrual of interest in accounting and taxation (Article 5 of the Law of December 6, 2011 No. 402-FZ, Art. 38, 41 of the Tax Code of the Russian Federation).

Accounting for income on a bill depends on what is reflected: interest or discount.

Accounting for own bills

A promissory note is usually issued by the buyer to the supplier in a situation where he cannot pay for the delivery in cash. Such a bill in the relationship between these two parties has the nature of a promissory note and is not taken into account as a security until it is transferred to a third party. Its issue and receipt is reflected by the buyer and supplier on the same settlement accounts as the principal debt. Only the analytics changes:

• from the buyer:

Dt 60calc Kt 60veks,

Where:

60calculation - subaccount for reflecting the debt for supplies,

60veks - subaccount of debt on the issued own bill;

• from the supplier:

Dt 62veks Kt 62calculation,

Where:

62veks - subaccount of debt on the buyer’s own bill of exchange received,

62calculation - subaccount for reflecting the debt for shipment.

At the same time, both parties show the appearance of such a bill on their balance sheet:

• buyer - as security issued:

Dt 009;

• supplier - as security received:

Dt 008.

If the bill is interest-bearing, then income will be accrued on it monthly, increasing the amount of the buyer’s debt on the bill:

• from the buyer:

Dt 91 Kt 60veks,

where 60veks is a subaccount of debt on the issued own bill;

• from the supplier:

Dt 62veks Kt 91,

where 62veks is a subaccount of debt on the buyer’s own bill of exchange received.

Payment on the bill will be reflected as the closure of the debt on it:

• from the buyer:

Dt 60veks Kt 51,

where 60veks is a subaccount of debt on the issued own bill;

• from the supplier:

Dt 51 Kt 62veks,

where 62veks is a subaccount of debt on the buyer’s own bill of exchange received.

At the same time, the bills will be written off from off-balance sheet accounts:

• from the buyer:

Kt 009;

• from the supplier:

Kt 008.

Read more about off-balance sheet accounts in the article “Rules for maintaining accounting records on off-balance sheet accounts.”

Accounting with the drawer

If a company issues a bill of exchange, then it must account for it in account 009 “Securities for obligations and payments issued” until the bill is repaid. In addition, its value is reflected in account 60 “Settlements with suppliers and contractors” subaccount “Bills issued”.

Please note: the bill is accounted for on its balance sheet at its face value.

If the bill is issued in payment for inventory items, then the amount of interest on the bill that the company will accrue must be taken into account as other expenses (line 2350 of the financial results statement).
Interest on purchased inventory items must be taken into account as part of other expenses, regardless of when they are accrued: before capitalization of inventory items or after (clause 7 of PBU 15/2008). CJSC Aktiv entered into an agreement with LLC Passiv for the sale of a compressor, the cost of which is 42,480 rubles. (including VAT - 6480 rubles). On June 17, as an advance payment under the “Passive” agreement, I issued a promissory note for the same amount. The bill provides for interest accrual based on 20% per annum. In June, the Liability accountant must make the following entries: DEBIT 009 - 42,480 rubles. – a bill of exchange was issued; DEBIT 91-2 CREDIT 60 subaccount “Bills issued” – 302.60 rubles. (RUB 42,480 × 20%: 365 days × 13 days) – interest accrued on the bill for June. “Active” shipped the compressor on July 7, and at the same time “Passive” put it into operation. The Liability accountant made the following entries: DEBIT 08 CREDIT 60 subaccount “Bills issued” - 36,000 rubles. (42 480 – 6480) – the compressor was capitalized; DEBIT 19 CREDIT 60 subaccount “Bills issued” – 6480 rub. – VAT is taken into account; DEBIT 91-2 CREDIT 60 subaccount “Bills issued” – 162.94 rubles. (RUB 42,480 × 20%: 365 days × 7 days) – interest accrued on the bill for 7 days (from July 1 to July 7); DEBIT 01 CREDIT 08 – RUB 36,000. - the compressor was put into operation. On July 17, “Liability” repaid the issued bill along with the interest accrued on it. The company’s accountant should reflect this as follows: DEBIT 91-2 CREDIT 60 subaccount “Bills issued” - 232.77 rubles. (RUB 42,480 × 20%: 365 days × 10 days) – interest accrued on the bill for 10 days (from July 8 to July 17); DEBIT 60 subaccount “Bills issued” CREDIT 51 – 43,178.31 rub. (42,480 + 302.60 + 162.94 + 232.77) – the bill has been repaid and interest on it has been paid; LOAN 009 – RUB 42,480. – the bill of exchange is written off from off-balance sheet accounting. Line 1150 of the balance sheet asset will indicate the cost of the compressor – 36,000 rubles. less accrued depreciation. Interest on the bill in the amount of 698.31 rubles. should be reflected on line 2350 “Other expenses” of the income statement.

Accounting for other people's bills of exchange as part of financial investments

The signs of financial investments correspond to bills purchased at a price below par or interest-bearing, i.e. capable of generating income (clause 2 of PBU 19/02, approved by order of the Ministry of Finance of Russia dated December 10, 2002 No. 126n).

They are taken into account in a separate subaccount of account 58-2 (accounting chart of accounts, approved by order of the Ministry of Finance of the Russian Federation dated October 31, 2000 No. 94n) in a valuation corresponding to the amount of acquisition costs (clause 9 of PBU 19/02) or the agreed, market, estimated value ( paragraphs 12–17 PBU 19/02).

Bills of exchange can arrive in several ways, and this will determine the posting of the bill of exchange in accounting. For example:

• when purchasing this security:

Dt 58-2 Kt 76;

• payment by the buyer for delivery by third party bill:

Dt 58-2 Kt 62;

• receiving it as a contribution to the management company:

Dt 58-2 Kt 75;

• property exchange transactions:

Dt 58-2 Kt 91,

Dt 91 Kt 10 (01, 04, 41, 43, 58);

• free admission:

Dt 58-2 Kt 91.

You can see examples of how bills are reflected in accounting in various situations in ConsultantPlus:

Get trial access to K+ for free and proceed to the material.

Since each debt security is individual, bills of exchange are reflected in accounting individually and the valuation upon disposal is made at the cost of each unit. The disposal process is carried out through account 91, forming the financial result from this operation on it. In this case, the debit of account 91 includes the book value of the bill:

Dt 91 Kt 58-2.

And for the credit of account 91, the amount is formed depending on the way in which the disposal occurs. For example, via:

• redemption or sale:

Dt 76 Kt 91;

• payment by delivery bill:

Dt 60 Kt 91;

• contribution to the management company:

Dt 58-1 Kt 91;

• issuing a loan:

Dt 58-3 Kt 91;

• exchange of property:

Dt 10 (01, 04, 41, 43, 58) Kt 91.

The sale of bills of exchange is not subject to VAT (subclause 12, clause 2, article 149 of the Tax Code of the Russian Federation).

Whether it is necessary to keep separate VAT records when transactions with bills of exchange, find out from the Ready-made solution from ConsultantPlus by getting trial access to the system for free.

Income on a bill with an acquisition cost below its face value can be accounted for in one of two ways, the choice between which must be reflected in the accounting policy:

• or the book value of the bill will not change (clause 21 of PBU 19/02) and will be taken into account at the time of its disposal, reflected in the financial result;
• or the increase in the book value to the par value will be done evenly during the circulation period of the bill (clause 22 of PBU 19/02):

Dt 58-2 Kt 91.

Interest on a bill is accrued monthly, but they do not increase the accounting value of financial investments (clause 21 of PBU 19/02) and are therefore reflected in the settlement accounts:

Dt 76 Kt 91.

The amount of this interest will be included in the book value of the bill upon disposal:

Dt 91 Kt 76.

Read about the analytics of account 58 and its relationship with the data of the balance sheet lines in the article “Financial investments in the balance sheet are...”.

Accounting methodology for transactions with bills of exchange

When carrying out business activities, any company takes part in purchase and sale transactions:

• goods,
• works,
• services,

which leads to the emergence of mutual settlements with other organizations, which are carried out based on the terms of such transactions.
At the same time, mutual settlements can be carried out not only in cash, but also in other means of payment. One such means is a bill of exchange.

According to the provisions of Article 143 of the Civil Code, a bill of exchange refers to securities*.

*A security is a document certifying (in compliance with the established form and required details) property rights, the exercise or transfer of which is possible only upon presentation. With the transfer of a security, all rights certified by it in the aggregate are transferred (clause 1 of Article 142 of the Civil Code of the Russian Federation).

Securities are classified as objects of civil rights in accordance with Article 128 of the Civil Code of the Russian Federation and, in accordance with paragraph 2 of Article 130, are recognized as movable property.

A bill of exchange is a debt security that certifies the debt of one person (debtor) to another person (creditor), expressed in monetary form, the rights to which can be transferred to any other person by order of the owner of the bill without the consent of the debtor.

The issue and circulation of bills are carried out in accordance with bill law.

In accordance with the provisions of Article 1 of the Federal Law of the Russian Federation dated February 21, 1997. No. 48-ФЗ “On bills of exchange and promissory notes” No. 48-ФЗ, on the territory of the Russian Federation the Decree of the Central Executive Committee and the Council of People's Commissars of the USSR “On the entry into force of the Regulations on bills of exchange and promissory notes” dated 07.08 is applied. 1937 No. 104/1341.

Resolution No. 104/1341 considers two types of bills:

• promissory notes,
• bills of exchange.

Also in the theory of bill law, other types of bills are distinguished.
For example:

• treasury,
• bronze,
• friendly,
• counter.

depending on the collateral:

• secured,
• unsecured.

Based on business customs, bills of exchange are also conventionally divided into:
1. Commodity or settlement bills.

By commodity is meant a bill of exchange used for settlements between organizations and their counterparties in transactions related to the purchase and sale of:

• goods,
• works,
• provision of services.

2. Financial bills.
Financial bills are bills whose transactions are not related to purchase and sale transactions. Including bills of exchange that are security for a loan obligation.

Despite the fact that settlements using bills of exchange are not uncommon nowadays, the reflection of these transactions in accounting always raises many questions.

The article will cover:

• accounting methodology for certain transactions with bills of exchange,
• features of the current legislation regulating bill settlements.

TYPES AND FEATURES OF BILLS
A bill of exchange is a written promissory note of a form strictly established by law, issued by the drawer (borrower) to the holder of the bill (creditor), giving the latter the unconditional right to demand from the drawer payment by a certain date the amount of money specified in the bill.

The concepts of a promissory note and a bill of exchange and their differences:

1. A promissory note is a document containing a simple and unconditional obligation of the drawer to pay the holder a certain amount at a specified time and in a specific place.

A promissory note is issued by the debtor. At its core, it is an IOU.

2. A bill of exchange (draft) is a document that is an instruction from the drawer (drawer) to the drawee (payer) to pay the remitee (third party) a certain amount at a specified time and in a specific place.

The difference between a promissory note and a bill of exchange is that a bill of exchange, unlike a promissory note, involves three parties:

• Drawer - drawer,
• The drawer is the payer,
• The recipient or holder of a bill.

Together with the bill of exchange, an acceptance is issued, proving the payer’s consent to pay the bill.
A promissory note is a special case of a bill of exchange, in which two parties are involved due to the fact that the drawer and the payer are one person.

A promissory note does not require acceptance, since the very fact of issuing the bill automatically means consent to its payment.

At the same time, both a bill of exchange and a promissory note can be transferred from one holder to another. To do this, it is necessary to issue an endorsement - an endorsement on the reverse side of the bill.

Other common types of bills and their definitions:

1. A discount bill is an interest-free bill placed at a price below par, that is, taking into account the discount.

2. An interest-bearing bill is a bill with a fixed interest rate. It is issued for the purpose of accumulating income as a deposit instrument. The advantage of such bills is that they can also be used to pay off counterparties.

3. An interest-free bill of exchange is a bill that does not contain an interest rate clause, or has a zero interest rate and a maturity date “at sight”.

PROCEDURE FOR EXECUTION OF BILLS

When conducting transactions with bills of exchange, you must remember the following:

1. A bill of exchange is a formal document. The absence of any of the required details makes the bill invalid.

2. Only money can be the subject of a bill of exchange.

3. A bill of exchange is an unconditional and indisputable monetary obligation, since the obligation to pay the bill of exchange cannot be limited by any conditions.

4. Bills of exchange and promissory notes must be drawn up only on paper (Article 4 of Law No. 48-FZ).

In accordance with the provisions of Decree No. 104/1341, the bill must contain:

1) The name “bill” included in the text of the document and expressed in the language in which this document was drawn up.

2) A simple and unconditional offer to pay a certain amount.

3) Indication of the payment term.

4) Indication of the place where the payment should be made.

5) The name of the person to whom or to whose order the payment should be made.

6) Indication of the date and place of drawing up the bill.

7) Signature of the person issuing the bill (drawer).

For a bill of exchange, the following mandatory details are also required:

• the name of who must pay (payer).

In accordance with paragraph 2 of Resolution No. 104/1341, a bill of exchange that does not contain any of the above details is not valid, except for the following cases:
1. A bill of exchange for which the payment period is not specified is considered payable upon sight.

2. In the absence of special instructions, the place of drawing up the document is considered the place of payment and at the same time the place of residence of the payer.

3. A bill of exchange that does not indicate the place of its drawing up is considered signed in the place indicated next to the name of the drawer.

Please note: In a bill payable at sight, the drawer may stipulate that interest will accrue on the amount of the bill. In any other bill of exchange such a condition is considered unwritten.

The interest rate must be stated on the bill itself. In the absence of such an indication, the condition is considered unwritten.

Interest is accrued from the date the bill is drawn up, unless another date is specified.

Both a promissory note and a bill of exchange can be transferred by endorsement*.

* An endorsement is a transfer inscription placed by the bill holder on a bill (or on an additional sheet - alonge ), by means of which all rights under the bill are transferred to another person.

At the same time, the drawer can prohibit the transfer by placing a clause “not to order” in the text of the document. This or a similar clause converts a negotiable instrument into a non-negotiable one. Such a bill cannot be transferred by endorsement.

A bill containing such a restriction is called a "rekta bill" and can only be transferred in accordance with the form and with the consequences of ordinary assignment.

Endorsement can even be made in favor of the payer, regardless of whether he accepted the bill or not, or in favor of the drawer, or in favor of any other person obligated under the bill.

These persons may in turn endorse the bill.

The endorsement must be simple and unconditional. Any condition limiting it is considered unwritten.

Partial endorsement is invalid.

A bearer endorsement has the force of a blank endorsement.

A bill of exchange can be issued for a period of:

1. Upon presentation.

Such a bill is payable upon presentation and must be presented for payment within one year from the date of its preparation.

The drawer may shorten this period or stipulate a longer period. These terms may be reduced by endorsers.

The drawer may stipulate that a bill of exchange due at sight cannot be presented for payment before a certain date.

In this case, the deadline for presentation runs from this deadline.

2. In such and such a time from presentation.

The due date for a bill of exchange drawn up at such and such a time from presentation is determined either by the date of acceptance or the date of protest.

In the absence of a protest, an undated acceptance is considered to be made in relation to the acceptor on the last day of the period provided for presentation for acceptance.

3. In so much time from compilation.

A bill of exchange issued for a period of one or several months from drawing up or presentment becomes due on the corresponding day of the month in which payment is due.

If there is no corresponding day in a given month, the payment deadline occurs on the last day of that month.

If a bill of exchange is issued for a period of one and a half months or several months and a half from drawing up or from presentation, then whole months must first be counted.

4. On a certain day.

If a bill of exchange is payable on a specific day in any place where a calendar other than the place of issue is adopted, then the due date for payment is considered to be determined according to the calendar of the place of payment.

If different calendars are in effect at the place of issue and at the place of payment for a bill of exchange issued for a period of so much time from its issuance, then the date corresponding to the day of issue is set according to the calendar of the place of payment, and depending on this, the payment period is determined.

Please note: Notes containing either a different due date or consecutive due dates are void.

Payment of a bill whose due date falls on a legally established non-working day can only be demanded on the first next working day.

Likewise, all other actions related to the bill, in particular presentation for acceptance and protest, can only be performed on a business day.

If any of these actions must be performed within a certain period, the last day of which is a non-working day established by law, then such period is extended to the next working day after the expiration of the period. Non-working days that fall during the period are counted towards the term.

In accordance with paragraph 73 of Resolution No. 104/134, the deadlines established by law or in the bill of exchange do not include the day from which the period begins to flow.

So, for example, when calculating interest, the day the bill was drawn up or the later date indicated on it for the calculation of interest is not included in the calculation.

ACCOUNTING METHODOLOGY FOR BILL PAYMENTS

The accounting procedure for transactions involving bills of exchange is determined:

• Based on the very terms of such transactions, taking into account the functions performed by bills of exchange,
• Based on whether the bill of exchange is a bill of exchange of a third party or a bill of exchange of an organization participating in the transaction.

1. The organization paid for the purchased goods (works, services) with its own bill.
1.2 Accounting for the seller of goods (works, services). The buyer paid with a bill of exchange.

In accordance with the provisions of the Chart of Accounts for accounting the financial and economic activities of organizations and the Instructions for its application, approved by order of the Ministry of Finance dated October 31, 2000. No. 94n, for accounting for bills received that secure the buyer’s debt, account 62 “Settlements with buyers and customers” is intended.

Subaccount 62.3 “Bills received” is opened for this account.

The buyer’s debt is transferred to this subaccount from subaccount 62.1 “Settlements with buyers and customers”:

Debit account 62.3 “Bills received”

Credit to account 62.1 “Settlements with buyers and customers”

— the buyer’s debt on bills received as payment for goods (work, services).

Such a bill of exchange is not a financial investment in accordance with clause 3 of PBU 19/02 “Accounting for Financial Investments”: financial investments of an organization do not include bills of exchange issued by the organization-issuer of the bill to the seller organization when paying for goods sold, products, work performed, services rendered .

In accordance with Order No. 94-n, if interest is provided on a received bill of exchange securing the debt of the buyer (customer), then as this debt is repaid, the following entries are made:

Debit account 51 “Currency accounts” or 52 “Currency accounts”

Credit to account 62.3 “Bills received”

- the amount of debt repayment.

Debit account 51 “Currency accounts” or 52 “Currency accounts”

Credit to account 91 “Other income and expenses”

- by the amount of the percentage.

However, this rule meets the requirements of the principle of prudence to a greater extent than the principle of temporary certainty of the facts of economic activity.

At the same time, in accordance with clause 12 of PBU 9/99 “Income of the organization”, revenue is recognized in accounting if the following conditions are met:

• the organization has the right to receive this revenue arising from a specific contract or otherwise confirmed in an appropriate manner;
• the amount of revenue can be determined;
• there is confidence that a particular transaction will result in an increase in the economic benefits of the organization. Confidence that a particular transaction will result in an increase in the economic benefits of the organization exists when the organization received an asset in payment, or there is no uncertainty regarding the receipt of the asset;
• the right of ownership (possession, use and disposal) of the product (goods) has passed from the organization to the buyer or the work has been accepted by the customer (service provided);
• the expenses that have been or will be incurred in connection with this operation can be determined.

Thus, the accrual of interest on a bill of exchange can be reflected in accounting monthly as follows:
Debit of account 62.3 “Bills received”

Credit to account 91 “Other income and expenses”

— the buyer’s debt has been increased by the amount of interest on the bill.

When choosing this method, it should be fixed in the company's accounting policies for accounting purposes.

Analytical accounting for account 62 “Settlements with buyers and customers” is carried out for each invoice presented to buyers (customers), and for settlements with scheduled payments - for each buyer and customer.

At the same time, the construction of analytical accounting should provide the ability to obtain the necessary data, including:

• For bills discounted (discounted) in banks;
• For bills for which funds were not received on time.

1.3 Accounting with the buyer.
The organization issued its own promissory note. In accordance with the provisions of Order No. 94n, account 60 “Settlements with suppliers and contractors”, subaccount 60.3 “Bills issued” are intended for accounting for bills of exchange issued to secure debt to the seller.

The buyer’s debt is transferred to this subaccount from subaccount 60.1 “Settlements with suppliers and contractors”:

Debit of account 60.3 “Bills issued”

Credit to account 60.1 “Settlements with suppliers and contractors”

— Issued own bill of exchange to the supplier.

Analytical accounting for account 60 “Settlements with suppliers and contractors” is maintained for each submitted invoice, and settlements in the order of scheduled payments are maintained for each supplier and contractor.

At the same time, the construction of analytical accounting should ensure the ability to obtain the necessary data, including:

• to suppliers on bills issued, the payment period of which has not yet arrived;
• to suppliers for overdue bills of exchange.

2. The organization paid for the purchased goods (work, services) with a third party bill of exchange.
2.1. Accounting for the seller of goods (works, services). The buyer paid with a third party bill of exchange.

Unlike the situation with the buyer's own bill of exchange, the transfer of a third party's bill of exchange leads to the repayment of the buyer's debt to the supplier from the moment of such transfer.

In case the bill of exchange of a third party is:

• Interest
• Discount,

then such a bill is accounted for in accordance with the provisions of PBU 19/02 “Accounting for financial investments”.
In accounting, such a transaction is reflected as follows:

Debit of account 58 “Financial investments” (sub-account 58.2 “Debt securities)

Credit account 76 “Settlements with various debtors and creditors”

- a third party bill of exchange is transferred from the buyer to the supplier.

Debit of account 76 “Settlements with various debtors and creditors”

Credit to account 62.1 “Settlements with buyers and customers”

— the buyer’s debt for the goods (work, services) received is repaid with an interest/discount bill of exchange from a third party.

Interest on the bill will accrue:

Debit of account 76 “Settlements with various debtors and creditors”

Credit to account 91 “Other income and expenses”

- interest accrued on the bill.

If a third party’s bill of exchange is interest-free, then such a bill of exchange cannot be taken into account as part of financial investments, since it does not meet the requirement of clause 2 of PBU 19/02.

In accounting, the transfer of such a bill of exchange is reflected by the posting:

Debit of account 76 “Settlements with various debtors and creditors”

Credit to account 62.1 “Settlements with buyers and customers”

- the buyer paid for the goods (work, services) received with an interest-free bill of exchange from a third party.

2.2. Buyer's account. The organization transferred to the supplier a bill of exchange from a third party as payment for goods (works, services).

The disposal of a third party's bill of exchange is reflected in a separate transaction as the sale of bills of exchange.

When disposing of interest-bearing/discount bills, you must be guided by PBU 19/02 “Accounting for financial investments”.

Such disposal is reflected by the following entries:

Debit of account 76 “Settlements with various debtors and creditors”

Credit to account 91.1 “Other income”

— the sale of a third party’s bill of exchange is reflected.

Debit account 91.2 “Other expenses”

Credit to account 58 “Financial investments” (sub-account 58.2 “Debt securities)

— the cost of the bill is written off as expenses.

The disposal of an interest-free bill of exchange is reflected in accounting as follows:

Debit of account 62.1 “Settlements with buyers and customers”

Credit account 76 “Settlements with various debtors and creditors”

— an interest-free bill of exchange from a third party is transferred as payment for goods (work, services) received.

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Accounting for other people's bills that are not financial investments

Interest-free bills purchased at par or at a price above par do not meet the profitability condition established for accounting for them as financial investments (clause 2 of PBU 19/02). For this reason, they are not taken into account in account 58, but in calculations using account 76.

The ways of their receipt and disposal may be the same as for revenue bills, but in the receipt transactions, instead of account 58, account 76 will be used, and from account 76, when such bills are retired, their accounting value will be written off to the debit of account 91.

About the features of accounting for settlements with bills when applying the simplified tax system, read the material “List of expenses under the simplified tax system “income minus expenses”” .

The company receives a bill of exchange from the buyer

If your buyer issues you his own bill, then this transaction formalizes a deferred payment. After all, by issuing a bill of exchange, he guarantees you payment within the terms specified in this paper.

To account for such bills, the selling company must use account 62 “Settlements with buyers and customers” subaccount “Bills received”.

The bill must be reflected at the contractual value, that is, at the price of the goods for which it was received.

In addition, the bill must be included in the balance in account 008 “Securities for obligations and payments received.”

note

The face value of a bill of exchange may be greater than the value of the goods for which it is issued.

This discrepancy means that the bill provides for a discount.

The payer of the bill can be either the buyer himself or a third-party company.

An example will show you how to discount a promissory note.

EXAMPLE Let's use the conditions of the previous example, but assume that Aktiv JSC issued a bill of exchange to Passiv LLC. Pride LLC accepted the bill in July, thereby confirming its obligation to pay the bill. On the day of acceptance, Aktiv's accountant must make an additional posting: DEBIT 62 subaccount “Bills accepted” CREDIT 62 subaccount “Bills issued” – 236,000 rubles. – the bill of exchange “Passive” is accepted. When “Passive” pays off the bill, the accountant will have to make the following entry: DEBIT 51 CREDIT 62 subaccount “Bills accepted” – 236,000 rubles. – funds were received to repay the bill.

The buyer may pay interest on his bill of exchange. They are taken into account by wiring:

DEBIT 51 CREDIT 91-1

– interest on the bill has been credited to the current account.

In a similar way, when repaying a bill, you can take into account the excess of its nominal value over the amount of the contract (discount).

The amount of interest or discount on the bill is indicated in line 2340 “Other income” of the Statement of Financial Results.

In March, Aktiv JSC shipped a batch of furniture worth RUB 590,000 to Passiv LLC. (including VAT - 90,000 rubles). In the same month, “Passive” issued a promissory note to “Aktiv” with a nominal value of 600,000 rubles. The accountant of “Aktiv” must make the following entries: DEBIT 62 CREDIT 90-1 – 590,000 rubles. – furniture has been shipped; DEBIT 90-3 CREDIT 68 subaccount “VAT Calculations” – 90,000 rubles. – VAT is charged; DEBIT 62 subaccount “Bills received” CREDIT 62 – 590,000 rub. – bill received; DEBIT 008 – 600,000 rub. – the bill is taken into account on the balance sheet at face value. When the bill is repaid, the entries will be as follows: DEBIT 51 CREDIT 62 subaccount “Bills received” – 590,000 rubles. – the bill “Liability” was repaid; DEBIT 51 CREDIT 91-1 – 10,000 rubles. (600,000 – 590,000) – the discount amount is reflected; LOAN 008 – 600,000 rub. – the write-off of the bill of exchange is reflected. Line 2340 of the financial results statement will indicate the amount of discount on the bill of exchange – 10,000 rubles.

Read how the drawer's accounting is structured in Berator

Results

Bills of exchange in accounting have their own reflection features. These features are due both to the existence of one’s own and other people’s bills, and to the division of the latter into profitable and non-income-generating.

Sources:

• Federal Law of March 11, 1997 N 48-FZ
• Order of the Ministry of Finance of Russia dated December 10, 2002 N 126n
• Tax Code of the Russian Federation

You can find more complete information on the topic in ConsultantPlus. Free trial access to the system for 2 days.

Accounting: interest bill

The procedure for accounting for interest on a bill of exchange does not depend on which bill of exchange the interest is reflected on (a third party’s bill of exchange or the counterparty’s own bill of exchange) and how it was received (as security for payment, under a purchase and sale agreement, etc.).

Include interest on the bill monthly as part of other income. Account the amount of interest in account 76, to which open a sub-account “Interest on bills received”:

Debit 76 subaccount “Interest on bills received” Credit 91-1 – interest on the bill has been accrued.

Reflect the receipt of money to pay interest as follows:

Debit 50 (51) Credit 76 subaccount “Interest on bills received” - interest on the bill is received.

This follows from the Instructions for the chart of accounts (accounts 91, 76) and paragraphs 7 and 16 of PBU 9/99.

Where are bills used?

Essentially, a promissory note is a written confirmation of a debt. It is not affected in any way by the circumstances under which it is issued and the characteristics of the transaction. If you need to specify additional conditions - for example, the sale of goods, the provision of a loan, and so on, then an additional agreement is concluded between the parties.

Basically, bills of exchange are used in:

• In lending. Any person can act as a lender or borrower. This could be a private owner, a credit organization, any legal entity - everything except the state! As we said at the beginning of the article, authorities do not have the right to issue such papers. Moreover, as before, a loan on a bill of exchange will be regarded as more reliable for the one who issues it. In fact, they pay off their own debts using bills of exchange and sell the debts to others.
• Entrepreneurship. Basically, sellers thus give the client the opportunity to defer payment. Typically, such transactions are carried out without interest.
• Raising capital. This is mainly done by banking organizations. But, unlike the first option, we are not talking about lending. Because in this case, bill obligations are similar to bank deposits. In addition to banks, large companies and investors can also increase turnover in this way.
• Monetary sphere. In other words, sometimes bills act as a substitute for money. These papers are used to pay off the debt. And this can be done in front of almost anyone. First of all, we are talking about business niches. You are unlikely to see bills of exchange in everyday life of ordinary citizens.

simplified tax system

For tax purposes, there is no difference between the treatment of interest and discount. This is explained by the fact that, according to tax law, any previously declared (previously known) income, including a discount, is recognized as interest. This follows from paragraph 3 of Article 43 of the Tax Code of the Russian Federation and is confirmed by arbitration practice (see, for example, decisions of the FAS of the North-Western District dated February 8, 2008 No. A05-8613/2007 and the West Siberian District dated July 25, 2006 No. F04-4649/2006(24854-A46-37)). It also does not matter the type of bill of exchange (a bill of exchange of a third party or the counterparty’s own bill of exchange) and the method of receiving it (as security for payment, under a purchase and sale agreement, etc.).

When the bill of exchange is presented for redemption, the loan obligation is terminated. Funds received to repay a loan obligation do not count as income taken into account for tax purposes (subclause 10, clause 1, article 251 of the Tax Code of the Russian Federation). Therefore, not the entire amount received must be recognized as income, but only interest (discount) (Clause 6, Article 250 of the Tax Code of the Russian Federation). This procedure does not depend on what object of taxation the organization applies - income or income minus expenses.

Similar clarifications are contained in letters of the Ministry of Finance of Russia dated November 25, 2008 No. 03-11-04/2/177 and dated October 10, 2006 No. 03-11-04/2/202.

For information on how a simplified organization can account for income from a bill of exchange that was purchased for resale, see How to record the sale and other disposal of a bill of exchange of a third party.

Income on a bill

Initially, during the entire period of stay with the organization, the security is considered as a debt obligation ( clause 6 of Article 250 of the Tax Code of the Russian Federation ).
The procedure for including non-operating income (in our case, interest on a bank bill) in the tax base is regulated by clause 1 of Art. 328 of the Tax Code of the Russian Federation : the amount of income is reflected in analytical accounting (separately for each bill) based on the conditions of the bill of exchange or its transfer (sale).

Recognition of income in the form of interest on debt obligations is carried out by the taxpayer on a monthly basis, regardless of the deadline for their payment stipulated by the agreement, under which its validity period falls on more than one reporting (tax) period. In analytical accounting, on the basis of certificates from the responsible person entrusted with keeping records of income (expenses) on debt obligations, the taxpayer is obliged to reflect in the income the amount of interest determined in the manner established by clause 6 of Art. 271 of the Tax Code of the Russian Federation ( paragraph 3, clause 4, article 328 of the Tax Code of the Russian Federation ).

In the income tax return (we believe, starting with reporting for the tax period of 2014, it must be submitted in a new form [7]), income in the form of accumulated interest is shown on line 100 of Appendix 1 to sheet 02 ( clause 6.2 of section VI of the Procedure filling out a tax return [8]).

Line 020 of sheet 02 reflects the total amount of non-operating income recorded for the reporting (tax) period in accordance with Art. 250 of the Tax Code of the Russian Federation and indicated on line 100 of Appendix 1 to this sheet ( clause 5.2 of Section V of the Procedure for filling out a tax return ).

Example 2

Let's continue example 1.

When drawing up an income tax return for the first quarter of 2015, the organization will reflect on line 100 of Appendix 1 to Sheet 02 the accrued interest on the bill in the amount of 12,275 rubles. (960 + 5,370 + 5,945). The same amount (as part of other non-operating income) will find its place in line 020 of sheet 02.

Features of the bill

Who can issue a bill of exchange

The main concept in this matter is bill capacity. That is, absolutely everyone will not be able to issue bills. According to the legislation of the Russian Federation, there are two groups of factors that determine bill capacity:

1. The bill can be issued by adult individuals
2. Can be issued by a legal entity

State executive authorities do not receive such a right!

That is why promissory notes are most often found in use by private traders, or government organizations that are not related to the authorities.

On the issue of determining the settlement price of a security

The procedure for determining the settlement price of non-traded securities, as already noted, is established by Order of the Federal Financial Markets Service of Russia No. 10-66/pz-n .
It has been in effect for more than one year, but, unfortunately, there have been no clear explanations on its use. Meanwhile, dealing with him is not easy. So, in accordance with clause 2 of the Procedure , the estimated price of non-negotiable bills can be determined:

• as a price calculated based on the prices of this security existing on the securities market in accordance with clause 4 of the Procedure ;
• as the price of a security calculated by the organization according to the rules provided for in clauses 5 – 19 of the Procedure ;
• as the estimated value of a security determined by the appraiser ( clause 19 of the Procedure ).

Clause 20 of the Procedure establishes that the methods for determining the estimated price of non-traded securities and the conditions for using specific methods are prescribed by the taxpayer in the accounting policy for tax purposes.
Moreover, it can contain one or more methods for determining the estimated price of a security that is not traded on the securities market[13]. And now a little more detail.

Determining the estimated price with the involvement of an appraiser (the last of the proposed options) would seem to be the most convenient, but not the cheapest (the corresponding services must be paid for). The same cannot be said about the first option. However, it is not suitable for everyone, but only for those who have bills of exchange from large companies and famous banks (purchase quotations may be announced for such securities; the settlement price will appear as the weighted average price of purchase offers; if quotations are not announced, you can contact request to professional securities market participants and obtain from them the data you are interested in).

Example 4

The nominal value of the Sberbank bill is 100,000 rubles, the maturity date is in 90 days.

The organization has data on the sale of bills of exchange of this series by professional participants in the securities market (see table).

Let's determine the settlement price of the bill.

The weighted average price (also the settlement price of the bill) will be 97,095 rubles. (97,400 rub. x 20 pcs. + 96,900 rub. x 30 pcs. + 97,000 rub. x 25 pcs. + 97,200 rub. x 20 pcs.).

Finally, you can determine the estimated price of the bill of exchange yourself, using the formulas proposed by the Procedure : in clause 13 - for a discount bill of exchange not traded on the ORSB, in clause 14 - for an interest-bearing bill.

Since the article discusses interest-bearing bills, we will turn to the corresponding formula.

The estimated price of a bill of exchange, on which interest accrual is provided, is determined by the following formula:

P – settlement price of the interest-bearing bill;
N – denomination of the bill;

C – interest rate on the bill;

r – discount rate corresponding to the level of risk of investment in the bill. The level of risk of investing in a bill and the interest rate are determined by the taxpayer based on an assessment of market conditions on the date of determining the settlement price in accordance with the procedure established by the accounting policy for tax purposes;

t – period from the purchase (sale) of a bill to the repayment of the bill in calendar days. If the bill matures, the t indicator is taken equal to zero;

t1 – base for calculating the period, equal to 365 (366) days or 360 days in accordance with the convention of the currency in which settlements on the bill are made.

What might be confusing about this formula? Well, of course, the concept of “risk level of investment in a bill”, which the Procedure , it must be said, does not disclose (nor does it establish methods for assessing market conditions).

Taxpayers began to contact the Ministry of Finance with a request to clarify the situation, but in vain. In its response letters, the department recommended contacting the Federal Financial Markets Service of Russia (see, for example, Letter dated April 26, 2011 No.  03‑03‑06/2/73 ).

For your information

In accordance with Decree of the President of the Russian Federation dated July 25, 2013 No. 645 , the Federal Service for Financial Markets was abolished from September 1, 2013. From this date, its powers to regulate, control and supervise the financial markets were transferred to the Central Bank of the Russian Federation ( 251-FZ dated July 23, 2013 ). Currently, to ensure the execution of these functions, structural divisions have been created within the central apparatus of the Central Bank of the Russian Federation, responsible for the development and functioning of financial markets ( Information of the Central Bank of the Russian Federation dated 02/28/2014 , dated 11/29/2013 , dated 08/22/2013).

The capital's tax authorities, referring to the position of financiers, also acted: clarification of issues relating to methods and methods for assessing the market conditions of securities does not fall within the competence of the tax authorities ( Letter dated May 16, 2011 No. 16-15/ [email protected] ), in order to find out how to apply the formulas, you should contact the Federal Service for Financial Markets ( Letter dated September 27, 2011 No. 16-15/ [email protected] ).

Of course, such answers do not add optimism. However, if we concentrate on the fact that the official bodies have provided “complete freedom”, the taxpayer needs to carefully consider the economic justification for the choice made, write down the corresponding provision in the accounting policy ( Article 313 of the Tax Code of the Russian Federation ) and appeal to it if necessary (disputable situations arise) . If the factors that guide economic decisions are taken into account, it will be difficult for tax authorities to challenge your calculation.

When determining the level of risk of investing in a bill of exchange that is not traded on the securities market, in our opinion, it is necessary to focus attention (first of all) on the reliability of the bank issuing the bill (you must agree, Sberbank occupies a priority place in this matter), its established reputation, duration of activity and other factors (interest rate, payment term, etc.).

Example 5

Let's use the data from examples 1 and 2, adding them slightly.

The accounting policy of the organization states that the estimated price of securities not traded on the organized securities market is determined as follows:

• for shares - according to an independent assessment, and if such an assessment was not carried out - using the net asset method;
• for bills - according to an independent assessment, if such an assessment has not been carried out - according to the methods specified in clauses 13, 14 of the Procedure, depending on the category of the bill (discount, interest).

In paragraph 18 of Art. 280 of the Tax Code of the Russian Federation states that the estimated price of non-negotiable securities must be determined as of the date of the agreement establishing all the essential conditions for the transfer of the security.
In our case, this is a compensation agreement dated 04/06/2015 (by the way, on the same day the bill was transferred to the counterparty). The period from the transfer of the bill to the date of its repayment ( t ) is 30 calendar days (from 04/06 to 05/06).

The base for calculating the period ( t1 ) is 365 days.

The risk of investing in a VTB bill is estimated at 2%.

The settlement price of the bill is determined as follows:

The minimum estimated price is calculated as follows: RUB 1,004,106. x 20% — 1,004,106 rub. = 803,285 rub.

The maximum estimated price is determined as follows: RUB 1,004,106. x 20% + 1,004,106 rub. = 1,204,927 rub.

Since the sale price of the bill (1,000,000 rubles) is within the specified price range, income in tax accounting is recognized in this amount - 1,000,000 rubles.

In expenses, the accountant will take into account the face value of the bill (it does not exceed the maximum estimated price).