The company in the course of its activities can carry out insurance of liability, property or employees. Some accountants face a number of difficulties in accounting for such expenses and incomes in the event of an insured event.
Instructions
Step 1
Sign the insurance contract and transfer the premium amount to the insurer. Reflect this operation in accounting on the credit of account 51 "Current account" and the debit of account 76.1 "Calculations for property and personal insurance". According to the rules specified in clause 5 of PBU 10/99 "Organization's expenses", these costs must be attributed to deferred expenses. To do this, open a credit to account 76.1 and transfer the amount of insurance to the debit of account 97 "Deferred expenses".
Step 2
Determine the duration of the insurance contract. Divide the insurance amount by the number of months specified in the agreement. The resulting result is debited on a monthly basis from the credit of account 97 to the debit of account 20 "Main production", 44 "Expenses for sale" or 26 "General business expenses".
Step 3
Reflect in accounting the occurrence of an insured event and receipt of insurance compensation. If an object of fixed assets has become unusable, then first it is necessary to write off its initial cost from the credit of account 01 "Fixed assets" to the debit of account 01.1 "Disposal of fixed assets". Write off the accrued depreciation from the credit of account 01.1 to the debit of account 02 "Depreciation of fixed assets". After that, debit account 76.1 for the residual value of the retired fixed asset. Receive insurance compensation and reflect it on the credit of account 76.1 and the debit of account 51, and then write off the non-reimbursed losses to the debit of account 99 "Profits and losses" from account 76.1.
Step 4
Accrue the insurance indemnity to the employee of the company, which is due from the insurance company as a result of the occurrence of an insured event. Reflect this operation on the credit of account 73 "Settlements with staff" and the debit of account 76.1. Receive insurance compensation: credit 76.1 - debit 51. Pay the amount due to the employee from the cash register of the enterprise: credit 50 - debit 73.
