Accounting for transactions with financial bills. Commercial and financial bill What is a financial bill

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See what the "FINANCIAL PROmissory Note" is in other dictionaries:

- (finance bill) Promissory note; draft (bill exchange), used for short-term credit. This bill cannot be resold to another party, like a bill accepted by a bank (banker's acceptance). Finance. Dictionary. 2nd ed. M... Financial vocabulary

financial bill- A bill of exchange used for a short-term loan. This bill cannot be resold to another party, like a bill accepted by a bank (bankers acceptance). … … Technical Translator's Handbook

FINANCIAL PROBLEM Legal Encyclopedia

A bill that does not have a commodity cover, for example, a bill issued by a banking institution to another banking institution to receive money in return. To the varieties of F.v. includes bank bills, treasury bills, ... ... Encyclopedic Dictionary of Economics and Law

FINANCIAL PROBLEM- a bill not backed by goods. Issued for the purpose of accounting in the bank and receiving funds ... Foreign economic explanatory dictionary

financial bill- - a promissory note, the basis of which is any financial transaction not related to the purchase and sale of goods ... Stocks and bods market. Glossary of basic terms and concepts

A financial bill certifies an unconditional obligation of the drawer (promissory note) or other payer specified in the bill (transfer bill) to pay the amount of money received on loan upon the expiry of the term stipulated by the financial bill. Financial bills are securities that are separate from the settlement transactions for which they were issued. Often financial bills are not associated with any commercial operations. A financial note can be issued as a long-term or short-term loan. At the same time, compared to bank loan the promissory note has one significant advantage for the client - it does not accrue interest.

Depending on the number of participants in the transaction, a simple and a bill of exchange are distinguished. A promissory note involves the presence of two participants in the transaction: the seller and the buyer. The debtor under this bill has no right to transfer it to another person for payment, since it contains only one signature of the person obliged to make this payment. A bill of exchange (draft) is issued and signed by the creditor. Such a bill includes several participants, it is a negotiable bill.

Financial bills are purchased as securities in order to receive income in the form of a discount or interest. In addition, they can be used as collateral, means of payment and as an object of sale. The terms of payment of interest on a bill of exchange have legal grounds only in relation to bills of exchange that are payable for a period of certain period from the moment of presentation or the period upon presentation. The amount of interest on them is calculated based on the annual interest rate and the period of circulation of the bill according to the formula:

where ΣB% - the amount of interest on the bill; HC - face value of the bill; GS - annual interest rate(in percents).

Accounting for transactions this species securities from organizations-investors is carried out using a separate sub-account to account 58 "Financial investments", and for organizations - sellers of bills - sub-accounts to accounts 66 "Settlements on short-term loans and loans”, 67 “Settlements for long-term loans and loans." Accounting analytical accounting of promissory notes is carried out by types of promissory notes, paying organizations, amounts received and drafts, and due dates for payment. Accounting for bills by maturity is determined by the procedure for determining the economically justified amount of income on them.

If a bill of exchange is received on account of the supply of inventory items, performance of work or provision of services, then accounting entries will be made on the debit of account 58 and the credit of accounts 62 “Settlements with buyers and customers”, 90 “Implementation”, 76 “Settlements with different debtors and creditors.

Let's consider on an example a variant of a situation with financial bills.

The organization issued a loan to another organization on a bill of 1,000,000 rubles. at 12% per annum. The validity period of the bill is from 02 April to 01 June. The promissory note was paid by the debtor organization on May 27, i.е. on day 56. Interest on the bill will be calculated on the basis of 56 days and equal to (12%: 360 * 56) = 1.87% and will amount to 18,700 rubles in total. (1,000,000 * 1.87%).

Accounting data business transactions find the following reflection:

Debit 58 subaccount 2 "Debt securities"

Credit of account 51 "Settlement account" in the amount of 1,000,000 rubles.

After payment of the bill, taking into account interest on the maturity date, the following entries will be made in the accounting:

Debit 51 "Settlement account" - 1018700 rubles.

Credit 58 subaccount 2 "Debt securities" 1,000,000 rubles.

Loan 91 " Operating income and expenses” sub-account “Operating income” 18,700 rubles.

In the event of an urgent need for free cash, the organization the holder of the bill can carry out a discounting operation. Discounting means the purchase of bills by the bank from the holder of the bill before their maturity date with the simultaneous collection of a discount. The concept of "discount" is used to refer to the process of accounting for bills of exchange by the bank and as the amount of the discount rate that is charged in this case. credit institution. The holder of a bill of exchange may transfer a bill of exchange as collateral (collateral) for a bank loan at a discount of bills. The receipt of funds from the bank is reflected in the accounting records in the debit of cash accounts in correspondence with the credit of accounts for settlements on short-term and long-term loans and borrowings. The accounting (discount) operation of bills is closed on the basis of the received bank notification of payment, with the reflection of this operation in the debit of the accounts for accounting for settlements on long-term and short-term credits and loans and credit of the corresponding accounts of receivables.

In case of failure to comply with set time the payer of obligations under the promissory note, the organization-bill holder must independently repay the debt to the bank, while making an entry on the debit of the accounts for recording settlements on long-term and short-term loans and loans and credit accounts for recording cash.

A loan issued by a bank against a promissory note must be equal to the face value of the promissory note less the discount held for the provision of the loan. When discounting, the bill is transferred to the bank, but its value continues to be accounted for on account 58 “Financial investments”.

Example. Buyer's promissory note for goods received with a nominal value of 1,500,000 rubles. and the amount of accrued interest in the amount of 100,000 RUB. discounted at the bank. The loan amount in the amount of 1420000 rubles. credited to the bank account of the organization. The bank received a promissory note as security for the loan, the face value of which with interest by the due date will be 1,600,000 rubles. In accounting, these business transactions are reflected in the following way:

Debit account 51 "Settlement account" 1,420,000 rubles.

Debit account 91 "Operating income and expenses" sub-account "Operating expenses" 80,000 rubles. (payment for bank services and interest on a loan)

Credit of account 66 “Settlements on short-term loans and borrowings” 1,500,000 rubles.

In the event of receipt of a notice from the bank on the receipt of funds to pay off a bill in the amount of 1,600,000 rubles. the following entry is made in the accounting records of the organization of the bill holder:

Debit account 66 "Settlements on short-term loans and borrowings" 1,500,000 rubles.

Debit account 26 " General running costs» 100000 rub. (interest on a bill)

Account credit 58 "Financial investments" 1,500,000 rubles.

Credit of account 91 "Operating income and expenses" 100,000 rubles.

Another situation is also possible, when the bank reports that the money on the bill was not received and ask to return the received loan. In this case, the bill holder transfers funds from the current account to the bank in the amount of the bill to be redeemed (1,600,000 rubles) and makes entries in the accounting records:

Debit account 66 "settlements on short-term loans and borrowings" 1,500,000 rubles.

Debit account 26 "General expenses" 100,000 rubles.

Credit of account 51 "Settlement account" 1,600,000 rubles.

With this option, the bill is still listed in the account of the bill holder on account 58 "Financial investments", but since this is a negotiable bill, it is advisable to record it on account 76 "Settlements with various debtors and creditors" subaccount "Settlements on claims".

Discounting bills of exchange transactions can be considered and accounted for as a purchase of a bill by a bank, and not as a loan secured by a bill. In this case, in accordance with the agreement, the holder of the bill, on the basis of the act of acceptance and transfer of bills under endorsement, transfers the bill to the bank and removes it from the accounting records.

nye calculations are quite common among organizations. But the accounting of bills has specific features. Promissory notes are used for settlements within the group between organizations, or as a means of payment for goods, works, services of suppliers, as well as for debt financing.

Definition 1

bill of exchange- this is a security containing a simple, unconditional obligation of the drawer or his offer to a third party to pay the specified amount within the specified period. A bill of exchange is a kind of promissory note, drawn up in a certain form and giving the right to demand payment of the amount indicated in the bill at the end of the period for which it is issued.

The drawer, i.e. the debtor is a person who issues a bill of exchange on account of repayment of arrears in payment for goods and materials, work or services to the holder of the bill. The holder of the bill, i.e. creditor - one who received a bill of exchange to pay off a debt.

Bills are of several types:

promissory note or a solo bill represents an obligation of the drawer to pay the holder sum of money within a certain period;
bill of exchange or a draft represents an obligation of the payer specified according to the bill to pay the bill holder the amount within the specified period;
discount bill- this is an interest-free bill, placed at a price below par, i.e. with a discount;
interest bill is a promissory note with a clearly marked interest rate, issued as a deposit instrument and a means of settlement with counterparties;
interest-free bill– this is a security with a zero interest rate and a maturity date - at sight;
bill of exchange is received by the organization as payment for the goods delivered or for the work or services performed.

Ready-made works on a similar topic

Course work Accounting for financial bills 470 rub.
abstract Accounting for financial bills 220 rub.
Test Accounting for financial bills 210 rub.

Remark 1

A guarantor for a bill payment may be a third party called an avalist. He affixes the corresponding inscription on the bill - aval.

Bills of exchange must have the following requisites:

name "bill";
name of the payer;
payment term;
indication of the place of payment;
the name of the person to whom the payment should be made;
place and date of drawing up the bill;
drawer's signature.

Operations on the purchase of bills are aimed at generating income from the use of free funds. Thus, the company provides for the term of holding the promissory note the amount corresponding to the purchase price, and the return of this amount with interest is carried out by its issuer.

To accept a bill for accounting, the conditions must be met, and in particular:

properly executed documents confirming the existence of the enterprise's right to financial investments and receiving assets;
transition financial risks, due to these investments;
economic benefits from investments in the future.

Features of bills accounting

In accounting, transactions with bills of exchange are reflected in separate sub-accounts. If the amount of the issued bill exceeds accounts payable the drawer, then the difference should be taken into account as part of the drawer's expenses and, accordingly, the drawer's income.

The drawer draws up the transfer of the bill in accounting with an entry on account 60 for the bill amount. In this case, the discount is reflected in the posting:

Credit $60$ "Settlements with suppliers".

The bill holder in accounting makes an entry on the $62$ account, while the discount is reflected in the posting:

Debit $91$ "Other income and expenses"
Credit $62$ "Settlements with buyers".

If the drawer uses the $97$ account instead of the $91$ discount, then the expense will be recognized on a straight-line basis over the life of the note.

In parallel, both participants in the bill of exchange relations keep off-balance sheet accounting of bills. To do this, use account $009$ "Securities for obligations and payments issued" by the drawer and account $008$ "Securities for obligations and payments received" by the holder of the bill.

The use of financial bills is financial investment. To account for them, an account of $58$ is used. In the case of settlement for the received materials with a financial bill, the following entries must be reflected in the accounting records of the enterprise:

Debit $10$ Credit $60$ - posting of received materials;
Debit $19$ Credit $60$ - reflection of the amount of VAT indicated in the settlement documents and the invoice;
Debit $60$ Credit $91-1$ - transfer of a financial bill in payment for received materials;
Debit $91-2$ Credit $58$ - write-off of a financial bill at the price of actual costs.

Receipt of a financial bill in payment for shipped goods is accompanied by postings:

Debit $62$ Credit $90-1$ - reflection of proceeds from the sale of products;
Debit $58$ Credit $62$ - reflection of the amount of shipped goods.

The excess of the face value over the value of the goods that arose at the time of repayment of the promissory note is taken into account in other income.

The transfer by the buyer of a financial bill as an advance payment in accounting is reflected in the posting:

Debit $58$ Credit $76$ - reflection of the amount of the bill.

Remark 2

It should be noted that tax liabilities does not arise upon receipt of a bill.

If the face value of the bill is different from the value of the work performed, then the difference when repaying the bill is reflected in the entries:

Debit $91-2$ Credit $58$ - reflects the value of the bill;
Debit $51$ Credit $91-1$ - reflects the face value of the bill;
Debit $91-2$ "Other expenses" Credit $91-9$ - reflected financial results from the redemption of the bill.

When using promissory notes in settlements for purchased goods, the taxpayer must keep separate VAT records. Such accounting applies to promissory notes of third parties, and when transferring own promissory notes, there is no sale.

If it is determined that the transaction is subject to VAT, respectively the tax base VAT is defined as the cost of goods sold. The date of VAT calculation is also determined at the time of shipment or receipt of prepayment, in particular in the form of a bill of exchange of a third party. After calculating the value added, an invoice is issued.

Separate accounting may not be kept if the organization's expenses do not exceed the materiality threshold of $5\%$ of the total expenses. Accordingly, if bills of exchange are rarely used in settlements, then separate accounting should not be kept.

For income tax, the tax base for transactions with bills of exchange is determined separately. Using bills of exchange as a means of payment, organizations make transactions at the face value of these securities. Accordingly, all additional expenses for their acquisition and sale are considered losses of the organization and are not taken into account when taxing profits. current period. However, they can be carried over to future results from such activities. With separate tax accounting in accounting policy it is necessary to reduce the amount of additional costs that are included in the expenditure part of the special tax base.

Content

A written obligation, a security of a certain form, is called a promissory note. According to the document, its owner has the right to demand the payment of a monetary debt on time and for a certain amount of the document. This tool is widely used by legal entities for settlements with each other.

What is a bill

In commodity relations, the first security, which gave rise to all other types of similar financial instruments, is a bill. This is a document that is issued and controlled by a special branch of legislation - bill of exchange law, and taxation is regulated tax code RF. A bill is a security that serves as confirmation of the debt of one person (the drawer) to a second person (the holder). Issue, issuance of paddle paper to the first owner is called emission.

This is one of the oldest financial documents. Its prototypes are celebrated even under the ancient Romans and the inhabitants of the Roman Empire. The first form emerged debt obligation, called a bill of exchange document, in Italy in the 18th century. Most of the terms that are associated with paper are of Italian origin. The flexibility and convenience of the document led to its ubiquity. Today, this financial instrument has received the widest application in Russia.

A significant difference between a promissory note and a bond is that the subject of debt in the first instrument is cash, and in the second, the share of participation in the capital of shareholders. There are other signs by which papers are distinguished from each other:

Each bond must be subject to state registration.
A bill of exchange can be used instead of cash, with bonds this is not possible.
Bonds are formed according to the legal mechanism of purchase and sale, and a bill of exchange document is transferred by order of the current owner.

Such characteristics are defined financial instrument:

abstractness;
indisputability of obligations;
unconditionality;
simplicity, the absence of unnecessary information, the use of only mandatory details;
formalism;

The characteristic "abstract" means that the receipt does not contain an indication of the agreement that became the basis of the bill of exchange document. The payment is not affected by obligations between entities. The characteristic "unconditional" means the absence of any conditions for payment. No conditions can cancel the payment of funds to the holder of the bill, specified in such a receipt.

Form and details of the bill

Strictly established form is a mandatory feature debt instrument. A form is understood as a way of fixing the rights certified by it. Only when drawn up according to certain rules, legal force and properties are acquired. Promissory note details refer to the elements of the form and cannot differ from the established procedures.

Mandatory details of the bill of exchange (transferable form), determined by the bill of exchange legislation of Russia, include:

designation "bill" in the text;
an offer to pay a specified amount of money, which is unconditional;
name of the payer (drawee);
payment term;
the name of the recipient of the debt;
data on the place and date of writing the promissory note;
signature of the person issuing the bill of exchange.

Types of bills

IOUs must be in writing, but not all of them look the same. Know what bills are. These financial instruments are of two types:

simple;
transferable.

There are also interest-bearing and interest-free bills. The meaning becomes clear from the names: in the first case, the interest rate is indicated, in the second - not. With an interest-free form of debt clearance, only the nominal value is not necessarily paid. In an explicit or implicit form, any commercial instrument involves the payment of interest. The interest-free form is conditional, because the interest rate is included in face value which will be paid when the debt is paid off.

promissory note

One of the subspecies of debt clearance is a simple or solo bill. According to this document, the drawer undertakes to return the specified amount to the holder of the bill within the specified period. Often the parties to such an agreement are the buyer and the seller. The buyer of any goods may issue a debt paper in the name of the seller, who is also acting as a creditor.

Promissory note with endorsement

When an entry is made on the back of a promissory note or on the appendix (allonge) that all rights of claim have been granted to another person, this text is called an endorsement (giro). A bill transferred by endorsement removes obligations from the former bill holder and transfers it to the endorsee (new bill holder). The person transferring the debt obligation in this case is called the endorser. The law does not allow the transfer of part of the amount (partial endorsement).

bill of exchange

When a financial instrument indicates the need to pay a debt by the drawer to a third party - the holder of the bill, we are talking about the transferable form of registration of debt. A draft bill of exchange "transfers" a debt from one person to another. In such documents, the drawer is called the drawer, the debtor - the drawee, and the recipient of money - the payee. The draft, the form of which is strictly established, contains a proposal (order) from the drawer to pay the specified amount to the drawee to a third party - the payer.

The difference between a promissory note and a bill of exchange

It is often misunderstood that transferable debt clearance can be transferred from one holder to another, but simple debt cannot. It is legal to sell, buy, use debt of any form as collateral for a loan, but an endorsement is issued for this. A promissory note and a bill of exchange differ from each other in the number of sides. There are three parties to a transfer obligation:

drawer;
payer;
recipient (bill holder).

Simultaneously with the draft, an acceptance is drawn up - a paper that serves as confirmation of the payer's consent to pay the debt. A simple type of document is a special case of a transfer document, since the drawer and payer are the same person. Acceptance at checkout promissory note is not needed, the payer confirms his consent to the payment by signing the main document.

Types of bills

Differences in the rights of the owner of debt clearance determine the classification into the following types:

nominal;
order;
to the bearer.

Documents of the 1st type contain information about the person who is granted the right to demand a return of money from the drawer. In the second case, such a right is granted to a person who, in this moment owns the document. His data is not written down on paper. An order obligation is drawn up in the name of the first owner and can be transferred to another person by making an endorsement. Selling and buying is carried out with each type of this financial instrument. A bank bill may be collectible. Then fixed endorsement in favor of a particular bank.

Nominal bill

If the surname, name, patronymic of the owner is indicated in the form of a financial instrument, then such an obligation is defined as a nominal one. The specified person has the right to demand payment of the debt in accordance with the concluded document. A promissory note is the most common type of promissory note. The holder can be changed by applying an endorsement on the back of the paper. The record contains the name of the next owner and the signature of the previous one.

Bearer bill

The order bill does not contain information about the bill holder. The paper prescribes the amount of the debt, the date and place of the calculation, the data of the debtor. The person who currently owns it has the right to receive a debt under an order form. During the validity of the document, several owners may change (especially if the amount is large), and the last holder requires payment of the debt.

Acceptance of a bill

An inscription on a bill of exchange is called acceptance, which confirms the obligation of the drawee to pay the specified amount. Sometimes this term denotes a procedure in which a third party (the payer) assumes the obligation to pay the debt. The issued debt is considered accepted when the consent or guarantee of the payer to pay the debt is issued. A bill of exchange can be presented for acceptance at any time from the date of issuance until the end of the payment period.

What is a surety bond called?

Guarantee, a guarantee on a bill, according to which a person (availist) assumes the obligation to pay a certain amount, is called aval. In fact, the aval of a bill is the postscript “consider aval” or equivalent on the front side of the issued debt next to the name of the drawer. The entry does not apply to required details, but its occurrence affects the value of the paper. When a document is validated financial institution, the holder receives a guarantee from this institution for payment. Debt in equally applies to the debtor and the avalist.

Bill circulation and bill settlements

Deferral settlements between suppliers and payers, regulated by a special document, are called bill form. Settlements where bills are applied are carried out between individuals and legal entities, when offsetting the mutual requirements of enterprises. Bill circulation is understood as the transfer of rights to receive fixed amount from one person to another.

Bill accounting

When a bill holder sells a debt obligation to a bank before the due date for it, we are talking about bill accounting. The bank buys the debt from the holder of the bill by endorsement. The owner receives for this the agreed amount without discount interest (discount), determined by the bank itself, depending on the solvency of the drawer. Accounting for bills of exchange is used when the holder needs money, it is impossible to use paper for payment by endorsement, and the time when the borrower must issue money has not yet come.

There are three types of accounting:

Ordinary accounting - the amount of the bearer loan is the full amount reflected on the financial instrument.
Accounting with reverse - the bearer undertakes to redeem the registered securities within a certain period of time.
Non-negotiable accounting - the bearer sells the security at an agreed price, and not at full value.

How to draw up a promissory note

For the validity of a debt obligation, it is important that the execution of a bill of exchange complies with all the norms established by law. The security paper is drawn up according to the model, it must certainly contain:

Label "bill" - at least once.
The amount of the obligation - in numbers and in words.
Date of repayment of the debt or other indication of the repayment period.
The location where the obligation will be returned.
Drawer's signature.
If necessary, the endorsement (on the back), the signature of the avalist, information about the issuer is fixed.

Regulated by law and information, features that should not be in the document. These include:

Debt payment terms.
Defects in shape that may result from decorative elements (such as frames).

Maturity of the bill

According to the legislation, the following payment terms are established:

on a specific date (urgent);
agreed with the moment of presentation;
correlated with the date of compilation;
requiring payment on demand.

A promissory note with a maturity date other than those specified is invalid. If the document stipulates payment at sight, then it should be handed over to the drawer no later than 1 year, otherwise it loses its force. The debtor may pay off earlier or stipulate more long term repayment. Also in security moments may be stipulated that the creditor does not have the right to demand the return of funds under the payment obligation upon presentation before a specific period.