Important component of activity of any company is the correct and effective management of debt obligations. Abilities it is correct to dispose of debts of contractors and own, available before creditors, are a basis of successful business. Distinguish two types of debts: debit and creditor. They play a role at assessment of a financial state, reflecting positions in interaction with different contractors and creditors. Managers and owners of business need to know what types of receivables and payables exist and also to understand whether the truth that existence of debts of debtors is always good, and presence of obligations to creditors slows down development.
Features of debtsExistence in balance of the company of debt obligations is normal practice, and in certain cases the necessary phenomenon is a way of increase in income at the expense of the growing sale or attraction of financing. Comparison of obligations is made for reduction of risk of unprofitability by accountants of the enterprise to reveal balance of assets. The large role is played by types of receivables and payables of the enterprise, some of them negatively affect a financial position.
Size KZ and DZ is influenced by identical types of factors, such as payment discipline, quality of the analysis, sales amounts, conditions of calculations.
Classification of accounts receivableDebts of debtors is called the amount, unpaid partners or employees of the company, but arrival of which is expected on the settlement account or in cash desk. Most often the term is used at designation of the unpaid, but performed shipments to buyers. Also DZ means prepayment made by the company on account of which works were not performed, services were not rendered, TMC did not arrive. DZ on several types is classified:
• long-term or short-term;
• normal or overdue;
• commercial (it is connected with the main activity of the company) or administrative (it is connected with expenses on ensuring functioning of the company).
Existence of DZ not always positively affects an economic condition of the enterprise. It depends on a type of an asset to which the debt belongs. At the same time DZ has considerable weight by consideration of current assets at absence or a small amount of money on accounts of the company. If money was not sent for development, then this factor is negative.
Concept and types of accounts payableThe concept and types of accounts payable are defined by the tax law of the Russian Federation. According to regulations and the Tax Code of the Russian Federation, the obligations which are characterized by the size of the debt payable to other persons are recognized as creditor (the individual or legal entity can act as the creditor). Payment of debt to the creditor or his write-off because of not demand can be the basis of termination of obligations. Emergence is connected with a discrepancy of receipt date of goods with date of the actual payment. Deliberate and regular evasion from payment of KZ is punished under the Article 177 of the Criminal Code of the Russian Federation. Types of accounts payable of the enterprise are determined proceeding from type of creditors, a repayment period, security degree (provided, poor), by legal criteria (urgent and overdue). Obligations can be in advantage:
• suppliers – debts for goods, materials;
• employees – non-payment or a delay of the salary;
• state agencies (IFTS, Fonda) – tax payments and other obligatory contributions;
• banks – the credits;
• other creditors.
Types of accounts payable depending on term: long-term (over 1 year) and short-term.
Thus, KZ includes the following obligation types:
• the debts relying for payment the legal entity in favor of creditors, formed by results of the financial and economic relations;
• the accounts created by deliveries on credit or payment payment by installments.
Features of accounts payableFeatures of debt to creditors are caused by its economic essence which is that KZ acts as a part of property of the legal entity, including in the form of money, inventory items. Therefore from the legal point of view KZ treats a special property part of the legal entity, being a subject of the obligatory relations with creditors. The companies own and KZ use, but are obliged to return or pay any part to creditors.
Thus, the nature of KZ is dual – as the property belongs to the company, and as object of legal relationship – to creditors. For this reason, KZ is reflected in balance of the company as debts.
Accounting of accounts payableThe purposes of the performed accounting of KZ:
• control of repayment periods of obligations to creditors;
• assessment of a financial state;
• forming of the development strategy.
The bases – primary documents are necessary for entering of a debt to creditors into balance (for example, the contract). Display of debts to creditors is performed by means of the amounts specified in agreements between contractors, education in foreign currency or conventional units sometimes is allowed.
KZ is subject to write-off at lapse of time of the claim which is equal to 3 years. Calculation of the period is performed of date of violation of obligations to the creditor. Storage of document confirming the facts of debt relief is necessary.
Storage period from the moment of write-off:
1. Accounting - 5 years.
2. Tax accounting - 4 years.
Features of accounting depend on the system of taxation applied by the organization or SP. KZ is reflected in the corresponding accounts, for example, 60 (shows a condition of settlings with suppliers and contractors), 76 (settlings with creditors and debtors), 68 (a condition of calculations for taxes and fees).
Other debt obligations of various originNot all current obligations of the enterprises are displayed in KZ and DZ, the debts of the following types are ranked as those:
• from builders;
• money in funds of the enterprise, according to the Charter;
• the deposited payments to workers.
Any obligations of the company under the contract which did not find reflection in other balance sheet items can be referred to the same category.
It is important to note that for effective management creditor and other types of debts it is necessary to carry out their regular analysis.