Some heads of organizations in the process of work use borrowed funds. Sometimes, under a loan agreement, they have to pay interest on a set schedule or at a certain time, which is specified in the regulatory document itself. But situations are also possible when it is not possible to pay interest on time. In this case, the lender is entitled to charge interest. How to reflect such expenses in accounting?
It is necessary
loan agreement
Instructions
Step 1
Calculate the amount of interest charged by your lender before paying. To do this, find in the loan agreement the condition on the accrual of interest in case of delay in the payment of interest. As a rule, this condition contains a percentage, it can have the following wording: "The borrower must pay a penalty in the amount of 0.3% of the outstanding amount for each day of delay." That is, you must multiply the amount of delay by 0.3% and the number of days of delay.
Step 2
Penalties paid under the loan agreement should be included in expenses in the form of penalties for non-compliance with the terms of the regulatory document. These amounts reduce the taxable base when calculating income tax in the period in which they took place. Consider these amounts on the last day of the month or at the time of debt repayment. Please note that VAT is not payable on interest.
Step 3
The amount paid in the form of a forfeit, you can reflect on account 76 "loans and borrowings" subaccount "Interest paid". Make the postings as follows:
- D91 “Other incomes and expenses” subaccount “Other expenses” K 76 “Settlements with various debtors and creditors” or 66 “Settlements on short-term loans and borrowings” subaccount “Interest paid” - penalties for late payment of interest under the loan agreement were calculated;
- D76 "Settlements with various debtors and creditors" or 66 "Settlements on short-term loans and borrowings" subaccount "Penalties paid" K51 "Current account" or 50 "Cashier" - interest has been paid for late interest under the loan agreement.
Step 4
In this case, do not forget to make an accounting statement with a detailed calculation. Make postings only on the basis of documents: reference-calculation, loan agreement, account statement, order.
