In the event of non-fulfillment or improper fulfillment of the terms of the contract, the enterprise is obliged to pay a penalty to the counterparty. This type of penalties is calculated in accordance with the accepted agreements or the rules prescribed in the relevant legislative acts. In accounting, the penalty is reflected in the other expenses of the enterprise.
Instructions
Step 1
Receive from the counterparty a written claim for payment of a penalty for violation of the terms of the contract. In this case, it is necessary that the document indicates the reasons for calculating the penalties, the amount and terms of payment. According to Art. 331 of the Civil Code, the procedure for calculating the penalty must be spelled out in a written agreement. Otherwise, it is calculated on the basis of legislative acts. For example, if you delivered a low-quality product or violated the delivery time, then you need to refer to paragraph 1 of article 23 of the Law on the Protection of Consumer Rights. Penalty in this case is charged at the rate of 1% of the price of the product or order.
Step 2
Satisfy the counterparty's forfeit claims within ten days or within the specified time frame. Otherwise, the consumer has the right to charge you a fine of 50% of the forfeit amount as of the current date. If you do not agree with the amounts of penalties presented, then appeal the claim in court.
Step 3
Take into account the payment of the penalty in the accounting department at the date of its formation, it does not matter when the actual payments were made. It should be noted that the receipt of a penalty in the form of income is reflected in the accounting as of the date of its recognition by the debtor. Open a loan on account 91.2 "Other expenses" for the recognized amount of penalties in correspondence with account 76.2 "Settlements on claims".
Step 4
Transfer the amount of the penalty to the settlement account of the counterparty or pay it from the cash desk of the enterprise. In the second case, it is imperative to issue an expense cash order. Reflect in accounting this operation on the date of payment on the debit of account 76.2 and credit of account 50 "Cashier" or 51 "Current account".
Step 5
Calculate taxes on the amount of the forfeit paid. If penalties are paid to an individual, then they must be charged with income tax for individuals and reflect their transfer to the budget on account 68.1. In this case, the payment of the forfeit is made in the amount minus the amount of personal income tax. When calculating income tax, the penalty interest is included in non-operating expenses at the date of recognition.
