If the company does not fulfill its obligations to the budget, counterparties or employees in the required time frame, then it has a debt to them. In this case, the accountant is obliged to correctly reflect these amounts in accounting.
Instructions
Step 1
Indicate the accruals of amounts payable on the appropriate accounts. If you buy any product or order the performance of work or services, all settlements are reflected in accounts 60 "Settlements with suppliers and contractors" or 76 "Settlements with creditors". Payments to the budget are accounted for on account 68 “Settlements for taxes and fees”, and for payroll calculations, account 70 “Settlements with staff on remuneration” is used. In this case, before the actual transfer of these amounts, they are indicated on the credit of these accounts.
Step 2
Make payment for the product, payment to the budget, or payroll. In this case, the transferred amounts are reflected on the credit of account 50 "Cashier" or 51 "Current account" in correspondence with the corresponding account.
Step 3
Determine whether the balance was formed at the reporting date on account 60, 76, 70 or 68. To do this, subtract its debit from the credit of the account. The presence of a positive balance indicates the formation of the enterprise's debt to counterparties. In addition, balances are checked on accounts such as 66 and 67 "Settlements on loans and borrowings", 73 "Settlements with personnel", 71 "Settlements with accountable persons" and others.
Step 4
Reflect in accounting the receipt of advance payments for the goods. In this case, before the actual transfer of the goods, the enterprise has a debt in the amount of the prepayment recorded on the credit of account 62 "Settlements with customers and buyers". If within the specified time frame the company does not fulfill its obligations, these amounts are subject to reflection in its accounts payable.
Step 5
Summarize the company's debt. The presence of a credit balance on the accounts is reflected at the end of the reporting period in the balance sheet on line 620 of the section "Short-term liabilities" with a breakdown of debts.
