Some organizations use this type of financial services such as leasing. It is a long-term lease of fixed assets with subsequent acquisition. The objects of this type of transaction can be buildings, structures, transport and other property.
It is necessary
- - leasing agreement;
- - the act of acceptance and delivery of property (form No. OS-1).
Instructions
Step 1
In order for you to be able to use the property with subsequent redemption, you need to draw up a lease agreement. According to this regulation, you will be the lessee and the other party will be the lessor. The contract must specify the term of its validity, in which you undertake to pay the lease payments.
Step 2
Also, the lease agreement must contain such a condition as property accounting, that is, which party will have the leased property on the balance sheet. In the event that, according to the document, the fixed asset is accounted for on the balance sheet of your counterparty (lessor), then you must reflect it on the off-balance sheet account.
Step 3
To reflect in the accounting the property accepted under the lease agreement, you need to draw up an acceptance certificate (form No. OS-1). After that, reflect its value on the off-balance sheet account 001 "OS Rent".
Step 4
According to the Accounting Regulations, reflect payments under a lease agreement as part of expenses for ordinary activities. If the property is on the balance sheet of the lessee, then all costs are a kind of investment process. Accordingly, the amount of input VAT must be reflected on account 08 “Investments in non-current assets” subaccount “Acquisition of fixed assets”. This account must go in correspondence with debit account 01 "Fixed assets".
Step 5
Take into account the amount of VAT on account 19 "Value added tax on acquired values" subaccount "Value added tax on the acquisition of fixed assets".
Step 6
Reflect all settlements under the lease agreement on account 76 "Settlements with different debtors and creditors" subaccount "Leasing obligations".
Step 7
Also, monthly depreciate the leased property that is on your balance sheet. Reflect the amount of depreciation as follows:
D20 "Main production", 25 "General production costs" К02 "Depreciation of fixed assets".
