Accounting for repayment of long-term short-term loans. Accounting for received credits and loans

1. How to reflect received loans and borrowings, as well as expenses on them, in accounting.

2. What needs to be provided for in the “accounting” accounting policy for the correct accounting of loans and borrowings.

3. In what order are interest on loans and borrowings taken into account for tax purposes.

Running a business, especially at the stage of creation and expansion, requires financial investments. It is very rare that you manage to do this “on your own”; most often you have to attract borrowed funds. You can borrow from a bank at a general interest rate, or you can borrow from business partners or even from the founders on preferential terms (including on an interest-free basis). The purposes of obtaining a loan (loan) can also be completely different: to update production assets, to pay off current debt, or, for example, to purchase a new “official” car for the director. Depending on these and other parameters (conditions, terms, purpose of raising borrowed funds), the accounting treatment of loans and borrowings varies. In addition, the rules for accounting for borrowed funds established for accounting purposes and for tax accounting purposes differ. All these features of accounting for loans and borrowings will be discussed in this article.

First, let's figure out what loans and credits are and what the difference is between them. In accordance with the Civil Code of the Russian Federation:

Under a loan agreement, one party (the lender) transfers into the ownership of the other party (borrower) money or other things determined by generic characteristics, and the borrower undertakes to return to the lender the same amount of money (loan amount) or an equal number of other things received by him of the same kind and quality . (Clause 1, Article 807 of the Civil Code of the Russian Federation)

Under a loan agreement, a bank or other credit organization (lender) undertakes to provide funds (loan) to the borrower in the amount and on the terms stipulated by the agreement, and the borrower undertakes to return the amount of money received and pay interest on it. (Clause 1, Article 819 of the Civil Code of the Russian Federation)

Thus, the main differences between a loan and a loan:

  • the creditor under a loan agreement is always a credit institution, and under a loan agreement the lender can be, for example, a partner organization (non-credit), individual entrepreneur, founder or other individual;
  • the loan provides for a “fee” - the accrual of interest, and the loan can be either interest-bearing or interest-free;
  • a loan is always issued in money, and a loan can be issued in both money and things.

This article discusses the accounting of loans received by the borrower and monetary loans

Accounting for loans and borrowings

Accounting for loans and borrowings is regulated by PBU 15/2008 “Accounting for expenses on loans and credits”, according to which, in accounting are reflected separately:

  • principal amount of the loan (loan);
  • amount of credit (loan) expenses:
    • interest for use;
    • additional costs associated with obtaining and servicing a loan (loan)

To account for received credits and borrowings, the Chart of Accounts provides the following: accounting accounts:

  • account 66 “Settlements for short-term loans and borrowings”
  • account 67 “Settlements for long-term loans and borrowings”

In order to separately reflect the principal amount of debt and interest on it, it is necessary to provide appropriate subaccounts, For example:

In addition, you can select separate sub-accounts for accounting for loans, separate ones for accounting for loans, as well as for analytical accounting of loans and borrowings received in foreign currency. Each organization develops a specific list of subaccounts “for itself.”

Principal Accounting

In accounting, the principal amount of the loan (loan) is reflected as accounts payable:

  • on the day of receipt of funds(but not earlier than the date of conclusion of the credit agreement (loan agreement). That is, the signing of the agreement in itself does not lead to the reflection of the debt in accounting - the actual receipt of money is necessary.
  • in the amount actually received(but not more than the amount specified in the contract). This means that if, under the terms of the agreement, the amount of the credit (loan) is transferred in several tranches, then in accounting accounts payable will be formed for each date of receipt of funds in their actual amount, and not in the total amount specified in the agreement.

Depending on the term for which the loan is provided, the debt on it may be:

  • short-term – if the period is 12 months or less (counted in account 66)
  • long-term – if the period is more than 12 months (counted in account 67)

Since PBU 5/2008 does not contain specific instructions on the procedure for accounting for debt on loans and borrowings depending on the repayment period, the organization must independently select and consolidate in its accounting policies for accounting purposes one of the possible options:

Option 1. Organization carries out the translation long-term debt on loans and short-term loans and vice versa, depending on the repayment period. For example, when there are 12 months left before the maturity date of a long-term loan, the organization transfers the remaining debt to short-term debt. Or, conversely, when the repayment period of a short-term loan is extended and more than 12 months remain before its expiration under the new conditions, the organization transfers the debt to long-term.

Option 2. Organization does not translate long-term debt on loans and borrowings into short-term and vice versa. In this case, credits (loans) received for a period of more than 12 months are taken into account as part of long-term debt until the expiration of the specified period.

It is worth noting that the first option for accounting for debt on loans and borrowings is more preferable, since it fully meets the requirements of clause 19 of PBU 4/99 “Accounting statements of an organization” on the separate reflection in the balance sheet of long-term and short-term liabilities (long-term and short-term accounts payable loans and borrowings are reflected in different sections of the balance sheet). However, formally, the second option is also not erroneous, since the basis for determining the repayment period of the debt on a credit (loan) is the period specified in the agreement.

Accounting for expenses on loans and credits

Borrowing costs include interest on borrowed funds and additional expenses. Of course, the main share of expenses comes from interest, especially when it comes to bank loans.

Interest

In accounting, interest for using a credit (loan) is reflected:

  1. as other expenses (account 91)
  2. as an increase in the value of an investment asset (account 08).

The second method is used if the purpose of obtaining a credit (loan) is the acquisition (construction, production) of an investment asset. At the same time, in accordance with PBU 15/2008, an investment asset is recognized as an object of property, the preparation of which for its intended use requires a long time and significant expenses for acquisition (construction, manufacturing), as well as objects of work in progress and construction in progress, which will subsequently be accepted for accounting as fixed assets (including land), intangible assets or other non-current assets. Specific conditions for classifying property as investment assets(what period of preparation for use is considered long, and what amount of expenses is significant) the organization must independently establish and consolidate in its accounting policies.

! Note: Organizations that have the right to use simplified accounting methods, including small businesses, have the opportunity to take into account interest on any loans and borrowings (even those received for the acquisition of an investment asset) as part of other expenses (paragraph 4, paragraph 7 of PBU 15 /2008). However, this must be specified in the accounting policies of the organization for accounting purposes.

Interest on the use of borrowed funds must be reflected as part of other expenses or included in the cost of the investment asset evenly(clause 8 of PBU 15/2008):

  • if, under the terms of the agreement, interest for using a credit (loan) is paid monthly, then it is advisable to accrue them in accounting on each date specified in the payment schedule, since this does not contradict the requirement of equal accounting of interest;
  • if, under the terms of the agreement, interest on the use of a credit (loan) is paid irregularly, for example, in a lump sum at the end of the period for which the borrowed funds are provided, then they must be accrued and reflected in accounting:
    • on the last day of each month of using the credit (loan);
    • and on each interest payment date stipulated by the agreement.
Additional expenses

Additional expenses for loans and borrowings include (clause 3 of PBU 15/2008):

  • amounts paid for information and consulting services;
  • amounts paid for the examination of a loan agreement (credit agreement);
  • other expenses directly related to obtaining a loan. Other expenses, for example, include the bank’s commission for supporting the loan. Since the list of additional expenses in PBU is open, it is better to register it in the accounting policy.

Additional costs for loans and borrowings are always included in the composition other expenses, regardless of the purpose of obtaining borrowed funds (clause 8 of PBU 15/2008).

Regarding the period for including additional expenses on loans and borrowings in other expenses, there are two options (paragraph 2, paragraph 8 of PBU 15/2008):

  1. at a time in the reporting period to which they relate;
  2. evenly throughout the term of the contract.

Accounting entries for accounting for loans and borrowings

Credit
51 “Current accounts” 66-01 “Short-term loans and borrowings”
Received credit (loan)
91-2 “Other expenses” The amount of additional expenses for the loan (for example, for the examination of the contract, bank commission, etc.) has been accrued.
76 “Settlements with various debtors and creditors” 51 “Current accounts” The amount of additional expenses on the loan (loan) has been paid
91-2 “Other expenses”
(08 “Investments in non-current assets”)		 66-02 “Interest on short-term loans and borrowings”
Interest accrued for using a credit (loan)
66-02 “Interest on short-term loans and borrowings”
(67-02 “Interest on long-term loans and borrowings”)		 51 “Current accounts” Interest paid for using a credit (loan)
67-01 “Long-term loans and borrowings” 66-01 “Short-term loans and borrowings” Long-term credit (loan) debt was converted into short-term
66-01 “Short-term loans and borrowings”
(67-01 “Long-term loans and borrowings”)		 51 “Current accounts” Repaid loan (loan)

Tax accounting of loans and borrowings

The procedure for tax accounting of received loans and borrowings, as well as interest on them, depends on what taxation system the borrower uses:

Components of credits and loans

 OSN
(recognition of income and expenses on an accrual basis)

simplified tax system
(recognition of income and expenses using the cash method)
Getting a loan (loan) Not recognized as income (Clause 10, Clause 1, Article 251 of the Tax Code of the Russian Federation), including the use of an interest-free loan (Letter of the Ministry of Finance dated 02/09/2015 No. 03-03-06/1/5149) Not recognized as income
(Clause 1, Clause 1.1, Article 346.15 of the Tax Code of the Russian Federation)
Repayment of credit (loan) Not recognized as an expense
(clause 12 of article 270 of the Tax Code of the Russian Federation)		 Not recognized as an expense
(Article 346.16 of the Tax Code of the Russian Federation)
Interest on loans and borrowings Recognized as part of non-operating expenses
(Clause 2, Clause 1, Article 265 of the Tax Code of the Russian Federation)		 Recognized as an expense
(clause 9 of article 346.16 of the Tax Code of the Russian Federation)
Recognized in tax accounting on each date *
(Clause 8 of Article 272 of the Tax Code of the Russian Federation):
- on the last day of each month of using the loan;
- on the loan repayment date		 Recognized in tax accounting on the date of payment
(Clause 1, Clause 2, Article 346.17 of the Tax Code of the Russian Federation)
Recognized as expenses in full **
(clause 1 of article 269, clause 2 of article 346.16 of the Tax Code of the Russian Federation).
Exception: interest on loans and credits recognized controlled transactions. Such interest is taken into account in expenses based on the actual rate, taking into account the provisions of Section. V.1 of the Tax Code of the Russian Federation (clause 1 of Article 269 of the Tax Code of the Russian Federation)

* The amount of interest included in expenses for calculating income tax on a specific date is calculated according to the formula (clause 4 of Article 328 of the Tax Code of the Russian Federation):

** From January 1, 2015, interest on loans and borrowings can be taken into account in tax expenses in full amount(based on the rate specified in the contract). However, for this, such expenses, like all others, must meet the requirements established in Art. 252 Tax Code of the Russian Federation:

  • economic feasibility;
  • proper documentation;
  • focus on generating income.

For example, the Ministry of Finance considers it unacceptable to take into account in expenses for tax purposes interest paid on a loan taken out to pay dividends to the founders, since such expenses were not made for the purpose of generating income (Letter of the Ministry of Finance of the Russian Federation dated March 18, 2013 No. 03-03-06/1 /8152).

So we found out that The procedure for reflecting loans and borrowings in accounting and tax accounting is different. Mainly, the procedure for recognizing interest for the use of borrowed funds in expenses differs. In this regard, differences may arise in accounting as provided for in PBU 18/02. For example:

  • Taxable temporary differences (TDT) and deferred tax liabilities (DTL) arise when a loan is raised to purchase an investment asset. In this case, in tax accounting, interest is taken into account as expenses on a monthly basis, and in accounting, they first form the cost of the investment asset, and then are taken into account as expenses as depreciation is calculated on it.
  • Deductible temporary differences (DTAs) and deferred tax assets (DTA) arise when an organization that uses the cash method of accounting for income and expenses in tax accounting takes into account interest on a loan (loan) in accounting expenses in one reporting period, and in tax expenses in another. period as payment is made.

Let me remind you that PBU 18/02 may not be applied by organizations that have the right to use simplified methods of accounting, including small businesses. However, such “non-application” must be stated in the accounting policy.

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Normative base

  1. Civil Code of the Russian Federation
  2. Tax Code of the Russian Federation
  3. Order of the Ministry of Finance of the Russian Federation dated October 31, 2000 No. 94n “On approval of the Chart of Accounts for accounting of financial and economic activities of organizations and Instructions for its application”
  4. Accounting Regulations “Accounting for expenses on loans and credits” (PBU 15/2008), approved. By Order of the Ministry of Finance of Russia dated October 6, 2008 No. 107n
  5. Accounting Regulations “Accounting for Income Tax Calculations of Organizations” (PBU 18/02), approved. By Order of the Ministry of Finance of Russia dated November 19, 2002 No. 114n
  6. Accounting Regulations “Accounting Statements of an Organization” (PBU 4/99), approved. By Order of the Ministry of Finance of the Russian Federation dated July 6, 1999 No. 43n
  7. Letter of the Ministry of Finance of the Russian Federation dated March 18, 2013 No. 03-03-06/1/8152

Find out how to read the official texts of these documents in the section

10. In accordance with the current procedure, short-term loans are provided based on the turnover of the material assets being financed and the recoupment of costs, but, as a rule, for a period of no more than a year. In some cases, taking into account the specifics of the production cycle, short-term loans can be issued for a longer period in accordance with the loan agreement.

Agricultural organizations, at their request, may be issued a loan against carry-over stocks of inventories, young livestock until they are sold next year or for the sale of products from next year’s harvest. On the day of issuance, these loans are formalized as urgent obligations or obligation obligations (indicating specific repayment periods).

Agricultural organizations can receive loans from other organizations and individuals under loan agreements in the form of cash or other property (feed, seeds, fertilizers, etc.).

11. Accounting for debt on short-term loans and borrowings is carried out on balance sheet account 66 “Settlements on short-term loans and borrowings”, the credit of which reflects the receipt of loans and borrowings, i.e. an increase in debt on bank credits and loans, and on debit - repayment of loans and borrowings.

Loans issued by a bank can have different targets, in connection with which the funds received can be credited directly to the current account, or supplier bills and other household expenses can be paid directly from the loan.

When crediting a loan to a current account, correspondence of accounts is drawn up:

debit of account 51 "Current accounts",

When paying debts to suppliers using a loan, the following entry is made:

debit of account 60 "Settlements with suppliers and contractors",

credit account 66 "Settlements for short-term loans and borrowings."

Payment from loan accounts of debts to social insurance authorities and financial authorities for payments to the budget is formalized according to the accounting entry:

debit of account 69 “Calculations for social insurance and security”,

debit of account 68 "Calculations for taxes and fees" and

credit account 66 "Settlements for short-term loans and borrowings."

When issuing a letter of credit directly from a loan account to a supplier or upon receiving a checkbook for settlements with a transport organization, the following entry is made:

debit of account 55 "Special accounts in banks",

credit account 66 "Settlements for short-term loans and borrowings." As a rule, cash is not issued from loan accounts. The exception is the purchase of young livestock from private individuals using a loan, as well as the receipt of money from a loan to the farm cash desk to pay for labor. These operations are reflected by the entry:

debit account 50 "Cash",

credit account 66 "Settlements for short-term loans and borrowings."

12. Within the established time limits, the bank checks the collateral and regulates the debt on issued loans. To do this, the farm provides the bank with special information on each loan item. The result of checking the collateral and regulating the debt of the loan account is credited to the current account (or collected from it) according to the bank’s administrative document, without issuing statements by the farmer. Therefore, all accounting entries for the loan account on the farm are drawn up solely on the basis of the bank statements received. The statements must be accompanied by payment documents from suppliers and other organizations paid for using the loan.

For loan accounts, loan repayment is made on the basis of urgent obligations (in collective farms - instructions-obligations), on the basis of which the bank repays loans in accordance with the terms specified in them. For each loan repayment period, a separate urgent obligation is issued in two copies (sometimes for a period of five days, ten days, etc.).

When the payment deadline specified in the obligation arrives, the bank independently debits the payment amount from the farm’s current account and uses it to pay off the debt on loan accounts. In this case, an accounting entry is made:

credit account 51 "Current accounts".

If there are not enough funds in the current account to pay, then the missing amount is attributed to overdue loans (overdue). In this case, on the back of the urgent obligation it is indicated that it has been partially fulfilled. To account for overdue loans in account 66, a separate analytical account “Loans not paid on time” is opened. The transfer of loans to this account is made using an internal entry:

debit of account 66 “Settlements for short-term loans and borrowings” (loans by maturity),

credit of account 66 “Settlements for short-term loans and borrowings” (loans not paid on time).

In these cases, when overdue loans are repaid by receiving another bank loan, the amount of the loan received is not sent to the current account, but to repay the overdue loan. The operation is recorded as an accounting entry:

debit of account 66 “Settlements for short-term loans and borrowings” (loans not paid on time),

credit of account 66 “Settlements for short-term loans and borrowings” (loans by maturity).

13. Interest accrued by the farm to the bank for using a loan in the established amounts is reflected in the credit of account 66 with a debit to account 91 “Other income and expenses”, and their repayment is reflected in the credit of account 51 and the debit of account 66.

14. In case of return of unused letters of credit issued at the expense of bank loans, they are used to reduce the debt on loan accounts, which is recorded as an accounting entry:

debit of account 66 “Settlements for short-term loans and borrowings”,

credit account 55 "Special accounts in banks".

15. A separate sub-account to be opened to account 66 “Settlements on short-term loans and borrowings” takes into account settlements with banks for accounting (discounting) transactions of bills and other debt obligations with a maturity of no more than one year.

The operation of accounting (discounting) bills and other debt obligations is reflected by the bill holder enterprise on the credit of account 66 “Settlements on short-term loans and borrowings” for the amount of the nominal value of the bill and the debit of accounts 51 “Settlement accounts” or 52 “Currency accounts” (the actual amount of money received funds on the bill) and 91 “Other income and expenses” (account interest paid to the bank).

The accounting (discounting) operation of bills and other debt obligations is closed on the basis of the bank's notification of payment by reflecting the amount of the bill in the debit of account 66 "Settlements on short-term loans and borrowings" and the credit of account 62 "Settlements with buyers and customers" (the bank received payment from the drawer and notifies the holder of the bill that the debt of the drawer and, accordingly, the debt of the holder of the bill on the loan can be written off from the balance sheet).

When the enterprise-bill holder returns the funds received from the bank as a result of discounting (discounting) bills and other debt obligations, due to the failure of the drawer or other payer of the bill to fulfill their payment obligations on time, an entry is made in the debit of account 66 "Settlements for short-term credits and loans" in correspondence with cash accounts. At the same time, the debt for settlements with buyers, customers and other debtors, secured by an overdue bill of exchange, continues to be accounted for in account 62 “Settlements with buyers and customers” until the bill is repaid.

Analytical accounting of discounted bills of exchange is carried out for banks accounting for bills of exchange or other debt obligations, issuers of bills and individual bills of exchange.

16. Account 66 also takes into account short-term loans raised by issuing and placing bonds. Moreover, if bonds are placed at a price exceeding their par value, then entries are made in the debit of account 51 “Current accounts”, etc. in correspondence with accounts 66 “Settlements for short-term loans and borrowings” (at the par value of bonds) and 98 “Income future periods" (by the amount of excess of the bond placement price over their par value).

The amount allocated to account 98 “Deferred income” is written off evenly during the circulation period of the bonds to account 91 “Other income and expenses”. If bonds are placed at a price below their par value, then the difference between the par value and the placement price of the bonds is added evenly during the period of circulation of the bonds from the credit of account 66 “Settlements on short-term loans and borrowings” to the debit of account 91 “Other income and expenses”.

17. When receiving a bank loan with bills of exchange with a maturity of up to one year, the following entry is made: debit to account 58 “Financial investments”, credit to account 66 “Settlements on short-term loans and borrowings”.

With the bills received, the client pays the debt to suppliers using the endorsement on the back of the bill. In this case, two entries are made: debit account 91 “Other income and expenses”, credit account 58 “Financial investments” - the nominal value of the bill is written off to account 91; debit of account 60 “Settlements with suppliers and contractors”, credit of account 91 “Other income and expenses” - payment of debt to the supplier by bill of exchange (the number of such transfers of the bill of exchange during its validity period is not limited). For the use of a bill of exchange credit, interest is charged to the bank: debit to account 91 “Other income and expenses”, credit to account 66 “Settlements on short-term loans and borrowings”. The debt paid to the bank on the bill of exchange and on the interest accrued for its use is reflected in the debit of account 66 “Settlements on short-term loans and borrowings” and the credit of account 51 “Settlement accounts”.

The amounts of long-term loans and borrowings received by the organization are reflected in the credit of account 67 “Settlements for long-term loans and borrowings” and the debit of accounts 50 “Cash”, 51 “Settlement accounts”, 52 “Currency accounts”.

Amounts of long-term commercial loans received to pay suppliers' bills are reflected in the credit of account 67 “Settlements for long-term loans and borrowings” and the debit of account 60 “Settlements with suppliers and contractors”. Fulfillment of obligations under the loan agreement (payment of the supplier's invoice) must be shown in the borrower's accounting by the debit of account 67 "Settlements for long-term loans and borrowings" and the credit of accounts 50 "Cash", 51 "Settlement accounts", 52 "Currency accounts".

Receipt of long-term loans in kind is reflected in the debit of asset accounts (07 “Equipment for installation”, 08 “Investment in non-current assets”, 10 “Materials”, 15 “Procurement and acquisition of material assets”, 41 “Goods”, etc.) to the credit of account 67 “Settlements for long-term loans and borrowings”

Interest payable on long-term loans and borrowings received is reflected in the credit of account 67 “Settlements on long-term loans and borrowings” in correspondence with the debit of account 91, subaccount “Other expenses”.

Interest on long-term loans and borrowings raised for the acquisition of material assets or non-current assets is included in the actual costs of acquiring these assets until they are capitalized. After the moment of capitalization, interest is classified as other expenses and is accrued in the debit of subaccount 91 “Other expenses”. For the amounts of repaid long-term loans and borrowings, account 67 “Settlements for long-term loans and borrowings” is debited in correspondence with the cash accounts. In case of failure to repay in cash the loan received as security for a bill of exchange, the bank's retention of the bill of exchange secured by the loan is reflected in the debit of account 67 “Settlements on long-term loans and borrowings” and the credit of account 91, subaccount “Other income”.

Credits and borrowings not paid on time are accounted for separately.

In accordance with the accounting policy established by the borrowing organization, the borrower can transfer long-term debt into short-term debt or account for borrowed funds at its disposal, the repayment period of which under a loan or credit agreement exceeds 12 months, before the expiration of the specified period as part of long-term debt. The transfer of long-term debt on received loans and credits to short-term debt by the borrowing organization is carried out at the moment when, according to the terms of the loan and (or) credit agreement, 365 days remain before the repayment of the principal amount of the debt.

Analytical accounting of long-term loans and borrowings is carried out by type of loans and borrowings, credit organizations and other lenders who provided them.

Table No. 2

Accounting entries for accounting for long-term loans and borrowings

Account correspondence

Primary document - basis

Received a long-term loan in rubles

08,11,1541,60,76

Received a loan in kind

Bank statement

Received a long-term bank loan in foreign currency

Loan agreement, bank statement

Interest has been accrued on the received long-term loan (according to clause 11 of PBU 10/99, interest paid by the organization for providing it with funds for use is classified as other expenses)

Accounting information

Bank statement

Interest accrued on the loan received

Bank statement

Loans and loans in rubles were repaid

Loan agreement, bank statement

Credits and borrowings in foreign currency have been repaid

Loan agreement, bank statement

Loans repaid in kind

Loan agreement

The difference between the assessment of inventory items received as a loan and the cost of inventory items upon repayment is reflected

Loan agreement

Transferred long-term debt to short-term debt

Accounting information

The amount of the loan issued is reflected

Loan agreement

The accrual of interest under the loan agreement is reflected to the lender

Loan agreement

Account correspondence

Primary document - basis

The lender reflects the borrower's debt on the loan when the payment is due

Loan agreement

Repayment of the borrower's debt is reflected from the lender

Loan agreement

Debt under the loan agreement is offset

Loan agreement

Loans are issued by banks for strictly defined purposes, for a certain period and with the condition of repayment.

The loan is divided into bank And commercial.

Bank loan– a cash loan provided by credit institutions (banks) for the production needs of an organization.

The following are distinguished: types of bank loan:

1). short-term loan;

2). long-term loan;

3). Bank loan against bill discount.

Short term loan is the main source of additional funds for the enterprise for temporary needs up to 1 year. These include loans for inventories of inventory, for temporary replenishment of working capital, for major repairs of fixed assets and other justified needs.

Long-term loan– source of additional funds received by the enterprise for periods of more than 1 year; they are intended for capital investments related to the development, modernization, rationalization of production, as well as improving its organization and increasing its intensity.

Bank loan against bill discount.

Discount– the difference between the amount specified in the bill of exchange and the amount of cash or cash equivalents actually received when placing this bill of exchange.

Commercial loan– civil obligations providing for deferment or installment payment for goods, work or services, as well as the provision of funds in the form of an advance or prepayment.

Interest charged for using a commercial loan (including advance amounts, prepayment) is a fee for the use of funds.

Accounting for short-term and long-term loans and borrowings is carried out on passive accounts 66 “Settlements for short-term loans and borrowings”, 67 “Settlements for long-term loans and borrowings”.

Account 66 “Settlements for short-term loans and borrowings” is intended to summarize information on the status of short-term (for a period of no more than 12 months) loans and borrowings received by the organization.

Account 67 “Settlements for long-term loans and borrowings” is intended to summarize information on the status of long-term (for a period of more than 12 months) loans and borrowings received by the organization.

The amounts of short-term and long-term loans and borrowings received by the organization are reflected in the entry:

Debit account 51 “Current accounts”, etc.

Credit account 66 “Settlements for short-term loans and borrowings”, 67 “Settlements for long-term loans and borrowings”.

For the amounts of repaid loans and borrowings, account 66 “Settlements for short-term loans and borrowings” or account 67 “Settlements for long-term loans and borrowings” is debited in correspondence with the cash accounting accounts. This is reflected in accounting by writing:

Debit account 66 “Settlements for short-term loans and borrowings” or account 67 “Settlements for long-term loans and borrowings”

Credit account 51 “Current account”, etc.

Analytical accounting short-term and long-term credits and borrowings are maintained by type of credits and loans, credit institutions and other lenders who provided them.

A separate sub-account to accounts 66 and 67 records settlements with credit institutions for accounting (discount) transactions of bills and other debt obligations with a maturity of no more than 12 months (more than 12 months).

Account 67 is designed to collect information about credits and loans issued for a period of more than 1 year. This contains detailed information about the amounts provided, interest accrued and the repayment process. Long-term liabilities can arise in different ways: when issuing bonds, issuing a loan or loan, issuing bills. Each of the situations finds its place in account 67. Let's consider the types of long-term liabilities and the organization of their accounting.

Types of borrowed funds

The legislation provides for two methods of legal registration of provided borrowed funds. This is a credit agreement and a loan agreement. When concluding them, two parties are involved - the lender and the borrower. A legally fixed transaction is made, according to which the lender provides the borrower with a certain amount of material assets for a specified period. Upon its expiration, the borrower undertakes to return the original amount of funds provided and pay interest (if provided for in the agreement). After the transfer of valuables from the lender to the borrower, the agreement is considered active.

Depending on the terms of the agreement and the categories of persons who take part in it, there are two main types of borrowed funds: credits and borrowings. Taken together, they form one of the most important elements in the formation of enterprise sources. Borrowed funds, along with own funds, significantly influence the well-being and development of the economic activity of a legal entity.

Types of loans and borrowings

Account 67 contains information about different types of borrowed funds. The only thing they have in common is the commitment period, which is at least 12 months from the reporting date. Loans can be in the form of earmarked funds, promissory notes or bonds. The main difference between this method of attracting assets is that a bank cannot act as a lender. A loan is a legally formalized transaction, according to which the parties agree to transfer funds or property into ownership on the terms of return with or without payment of interest for use. Individuals and legal entities can enter into such an agreement, with the exception, as already mentioned, of banks. One of the ways to attract loans is to issue securities (bills, bonds, shares).

A loan is a relationship between parties in which funds are transferred on loan on the terms of urgency, payment and repayment. The procedure for granting and repaying loans is regulated by law. The rights and obligations of the parties are specified in the loan agreement. Account 67 contains information about long-term loans and interest on them.

Characteristics of account 67

This account is included in section VI of the Standard Plan, in which the accounts of the settlement group are located. They are created to characterize relationships with different debtors and creditors. In the modern economy, it is difficult for the average enterprise to manage without borrowing funds. Often this step becomes a “breakthrough” in the development of entrepreneurship.

Accounts 66 and 67 were created specifically to record transactions on loans and credits issued to the company. The procedure for organizing accounting for them is similar, but has one significant difference - the duration of the relationship between the lender and the borrower. Account 66 describes the relationship of the parties to short-term loans, i.e. those that last less than 12 months. Account 67 is intended to account for longer-term transactions occurring over 12 months or more.

It has a passive structure, since account balances at the end of the month are reflected as part of the company's sources. For a loan, there is an increase in borrowed funds (an increase in accounts payable), and for a debit, there is a decrease in debt obligations.

Analytical accounting

Account 67 combines a lot of information: the amount of loans by type, the amount of accrued interest, penalties for late payments. To avoid confusion, it is necessary not only to distinguish different types of long-term liabilities from each other, but also to identify each creditor separately. An enterprise, in accordance with the recommendations of the accounting policy for organizing analytical accounting for account 67, can open the following sub-accounts:

  • 67/1 “Long-term loans”;
  • account 67/2 “Long-term loans”;
  • 67/3 “Interest on payment of loans and credits”;
  • 67/4 “Fines and penalties for the payment of loans and borrowings”;
  • 67/5 “Overdue loans and borrowings”;
  • 67/6 “Loans for the issue of securities”;
  • 67/7 “Loans and credits for employees.”

The data is reflected in summary statements, with the help of which the accuracy of analytical accounting is verified.

Debit transactions

Entries drawn up in the debit of account 67 mean a decrease in accounts payable for long-term loans. In this case, several scenarios are possible:

  1. Repayment of a loan (loan) by transferring funds. Accounts 51, 52, 55 will be interconnected.
  2. Completion of obligations after offset of counterclaims of the same type (Dt 67 Kt 62/76).
  3. Transfer of long-term debt to short-term debt if there are less than 365 days left before its repayment (Dt 67 Kt 66).
  4. Enrollment of an unfulfilled long-term obligation after the expiration of the limitation period among other income (Dt 67 Kt 91.1).
  5. Transfer to other income of positive exchange rate differences on a long-term loan or loan in foreign currency.

Thus, the amounts indicated in the debit of account 67 always mean a decrease in the amount of debt on a long-term loan or credit.

Loan transactions

Credit 67 of the account shows the amount of debt on credits and loans issued for a period of more than 1 year. Particular attention should be paid to the preparation of entries for the receipt of amounts or property in accordance with the loan (lending) agreement. Regardless of the purpose of registration, the amount is indicated in the credit of account 67. But determining the corresponding account is somewhat more complicated. Amounts must be charged to the asset account that is directly attributable to the loan or credit.

Let's consider typical cases:

  • registration of a loan for the purpose of purchasing property or starting construction is reflected in the debit of account 08; in this case, expenses that are associated with obtaining a credit (loan) and its use are charged either to account 91.2 or as part of the initial cost of fixed assets (if depreciation is charged on them and additional conditions are met);
  • if the loan is provided in the form of property, then its amount is entered in the debit of the accounts of such property (10, 11, 41);
  • cash and non-cash funds received in connection with the issuance of a long-term loan are indicated in the debit of the accounts of Section V (50, 51, 52, 55);
  • if a credit or loan is issued to cover other obligations, then the amounts are credited to these settlement accounts (60, 68, 76);
  • expenses associated with the maintenance of a loan (credit) and the imposition of penalties and interest are classified as other expenses;
  • Negative exchange rate differences on loans and borrowings in foreign currency are also classified as operating expenses.

Issue of bonds

Issuing bonds is a common way to obtain long-term loans. For such purposes, account 67 contains subaccount 67.6, which reflects information on the issue of securities. Bonds can be placed on the market at more than their face value, or, conversely, at a lesser price. In the first case, the accountant records the nominal value in account 67, and writes off the excess amount to future income (account credit 98). The current account usually corresponds with them.

If bonds are sold at a reduced price (with a discount), the difference is evenly and gradually accrued during the period of their circulation from the amounts of other income. Regarding this situation, an enterprise can write a clause in its accounting policy according to which the discount is preliminarily taken into account among the expenses of future periods (debit 97). And then the amounts are gradually written off as other expenses in the debit of account 91.2.

The interest that the issuer undertakes to pay to the owners of securities is reflected separately in a separate sub-account and includes the amounts as operating expenses (account 91.2). Or they are taken into account similarly to the previous case as part of deferred expenses with a gradual write-off to account 91.2.

Bank loans

Account 67.1 contains information about issued long-term loans. Upon receipt of funds, amounts are credited to 67.1 and debited to the accounts to which they were sent. The transactions describing this operation are as follows:

  • Dt 50–55 Kt 67.1 – credit received/credited.
  • Dt 60 Kt 67.1 – debt to suppliers is repaid using loan proceeds, or the loan is used for prepayment to the supplier.
  • Dt 68 Kt 67.1 – debt to the budget is covered with a loan.
  • Dt 76 Kt 67.1 – debt to another creditor is repaid using a loan.

The long-term loan (account 67) is repaid with even simpler entries. To do this, the account is debited in correspondence with the cash accounting accounts (51–55). Interest is calculated for using the loan using account 91.2, and payment is made in the same manner as debt repayment.

Applying for a loan for staff

Loans issued to employees for the purpose of housing construction and other needs are reflected in a separate sub-account (under the terms of this article 67.7). The organization records the amounts received on credit 67.7 in correspondence with the cash accounts. After the loan is issued to the staff, Dt 73 Kt 51 (50) is posted. Funds contributed by the employee to repay the debt are taken into account in debit 73. The company “closes” the loan with the posting Dt 67.7 Kt 51.

The capital of any enterprise is nothing more than a combination of borrowed and own funds. Carrying out effective economic activity is almost impossible without loans that contribute to the development of the enterprise. Raising funds on a long-term basis is carried out mainly for investment, modernization, construction or acquisition of fixed assets. Amounts, interest and penalties on them are reflected in account 67, the rules for maintaining which were discussed in detail in the article.