Basic operations on account 60. For accounting of financial results

In the article we will understand who the suppliers are, why account 60 is needed and what transactions reflect settlements with suppliers and contractors.

Suppliers are organizations that supply inventory and other assets, as well as provide various types of services and perform certain work. To account for settlements with suppliers, accounting account 60 is used.

Account 60 – that is, it simultaneously records the assets and liabilities of the enterprise. What are assets and liabilities and what applies to them - read. Next, let's look at how postings to account 60 reflect settlements with suppliers and contractors.

Accounting for settlements with suppliers

The credit of account 60 reflects the cost of goods shipped, work rendered, and services performed. The debit of account 60 records payment for goods, work, and services.

The debit of account 60 corresponds with the credit of cash accounts (accounts 50, 51, 52,55), the credit of account 60 corresponds with the debit of accounts for goods, materials, fixed assets, intangible assets and other asset accounts (account 41 , 10, 08, 43, 44, 20, 23, etc.).

Along with inventory items, the supplier also presents the corresponding primary documents: invoices, acts, invoices. Based on these documents, the accountant makes a receipt entry: D10 (41, 08,..) K60. The amount for which this entry is made must correspond to the specified total amount in the supplier’s documents minus VAT.

If the organization is a VAT payer, then the tax amount is allocated to a separate account. 19 wiring D19 K60. Next, VAT will be sent for deduction by posting D68.VAT K19. At the same time, you need to remember that posting in the direction of VAT deduction can only be done on the basis of an invoice presented by the supplier. If this document is not available, then you must either obtain it or receive the value at the total cost.

That is, when receiving something from a supplier, you need to split the receipt amount into two components: the amount excluding VAT and VAT. The amount excluding VAT is sent to the debit of asset accounts, VAT is allocated for reimbursement from the budget (direction for deduction).

If the organization is not a VAT payer, then the amount is not divided into components; the received values are accounted for at the total cost indicated in the documents.

There are two possible situations for mutual settlements with suppliers:

Payment for goods, materials, etc. upon receipt of them;
Transfer of prepayment (advance payment), on the basis of which the supplier makes the shipment.

In the first case, account 60 will behave as passive: at the time of receipt of the goods, the organization’s accounts payable to the supplier (liability of the enterprise) will be reflected on the credit of the account, and the repayment of debt will be reflected on the debit (reduction of liabilities).

In the second case, account 60 will behave as active: when an advance is transferred to the debit of account 60, a receivable from the supplier to the organization (asset) is formed, and this advance is offset against the loan (reduction of the asset).

Let's consider which transactions reflect the accounting of settlements with suppliers in both of these cases.

Payment upon receipt of goods and materials

In this case, we first receive assets, work, services from the supplier, and debit them to the corresponding account. After this, we pay for the delivery, repaying the debt. The wiring looks like this:

Postings to account 60:

Accounting for settlements on advances issued

The organization first transfers a certain amount of money - an advance, after which the supplier makes a delivery against this advance.

Accounting in this case will become a little more complicated. You will need to open an additional subaccount 2 “Advances issued” on account 60, while subaccount 1 will reflect settlements with the supplier in the general case.

When transferring an advance, its amount is credited to the debit of account 60/2 by posting D60/2 K50 (51, 52). After which the supplier delivers, provides services or performs work. The values received are debited to the corresponding accounts by posting D10 (41, 08...) K60/1.

The last posting is to offset the advance payment issued - D60/1 K60/2.

Subaccount 2 “Advances issued” was closed, the supplier and the buyer do not owe each other anything.

Postings for accounting for advances issued:

Accounting for bills issued

Another possible way to pay for the services of a supplier is to issue him a bill of exchange, according to which the organization undertakes to pay the debt within the period specified in the bill.

Accounting account 60 is an active-passive account “Settlements with suppliers and contractors”, opens the “Settlements” section of the chart of accounts and serves to summarize information on all types of settlements of the organization:

With various legal entities and individuals;
Including on-farm payments.

All transactions related to payments for purchased goods, materials, consumed services or accepted work are reflected in account 60, regardless of the fact of payment. Account 60 is credited according to the supplier's settlement documents, debited for the amount of fulfillment of obligations, that is, payment of bills, including advances and prepayments, in correspondence with cash accounts, etc. In this case, the amounts of advances issued are accounted for separately in a separate sub-account.

For account 60, analytical accounting is maintained for each supplier invoice received, and settlements are made in the order of scheduled payments, that is, for each supplier separately.

Typical wiring

Let's look at the main transactions for account 60 in the table:

Account Dt	Kt account	Wiring description	Base document
07/10/41	60	Payment to the supplier for equipment/materials/goods	Invoice for payment
60	50.01/51/52	Payment of debt to the supplier
94/76	60	Write-off of shortages within the normal natural loss/in excess of the norm, in case of an error or price discrepancy	Acceptance certificate
19	60	VAT on purchased assets	Invoice for payment Get 267 video lessons on 1C for free: invoice
50/51/52	60	Payment of invoice to supplier/contractor	RKO, extract from a current or foreign currency account
10/15/41	60 Non-faculty supplies	Material assets were capitalized without invoices for payment	Material acceptance certificate
60 Non-defective deliveries	60	Payment of invoices for previously recorded materials without payment documents	Invoice for payment
60/91.02	91.01/60	Writing off exchange rate differences on an account, positive/negative	Calculation
91.02/63	60 Advances issued	Write-off of advance payment not returned by the supplier/contractor at the expense of profit/reserve for doubtful debts

Analysis of account 60: balance sheet, account card

The balance sheet for account 60 is a report in the form of a table, which presents the beginning and ending balances, turnover for the selected period by account or subaccounts, subaccounts, currency amounts, and expanded balance.

An account card is a report with details down to the posting (account).

You can analyze mutual settlements and the movement of documents for settlements with suppliers in the 1C Enterprise Accounting program using standard reports Account Card and Turnover Balance Sheet (hereinafter referred to as SALT) for account 60 “Settlements with suppliers and contractors” with a specific counterparty or in general for all.

It is correct to do this according to subaccounts:

Subaccount 60.01 reflects the settlements with suppliers themselves;
Subaccount 60.02 reflects advances issued.

In SALT, the balance on subaccount 60.01 is reflected as a credit, and the balance on subaccount 60.02 is reflected as a debit.

For example, when posting a bank, if it is paid to the counterparty on an invoice, then the goods are received and the payment should be reflected in the debit of subaccount 60.01. If there was an advance payment for goods or materials to the counterparty, then - by debit of subaccount 60.02.

If the posting is done incorrectly, then the balance with a minus will “hang” in the SALT for account 60. If there is a minus balance on the loan of the subaccount 60.01, this means that the prepayment was reflected incorrectly, not on the subaccount 60.02.

Example

Snegir LLC transfers an advance to Bor LLC for goods in the amount of 23,600 rubles. A few days later, the goods arrived from the supplier on account of the previously issued advance in the amount of 23,600 rubles.

Postings to account 60 for the advance payment issued to the supplier.

To support its activities, an enterprise purchases materials or services. All settlements with counterparties are displayed through account 60 in accounting.

The essence of operations

The provision of services is most often confirmed by an agreement, which stipulates the obligations of the parties, the timing of settlements and other conditions. However, services can be provided without signing documents. Such transactions are also legal.

If the goods are purchased on an advance payment basis from a trusted supplier, the contract does not need to be signed. It is enough to issue an invoice to pay for the delivery. It may indicate payment terms (usually 3 days) and delivery conditions. Such transactions are regulated by the Civil Code.

Contracts for services are signed up more often. This primarily applies to long-term relationships. If we are talking about a one-time consultation, it is not necessary to conclude an agreement. In any case, the completed transaction is formalized by a deed or invoice. If the supplier is on the general taxation system, he additionally issues an invoice.

What is 60 count?

Suppliers are organizations that deliver material values, assets, and provide services. Account 60 is used to account for settlements with them. This is an active-passive account, i.e. the movement of funds is carried out by debit and credit. It displays cost data:

inventory items, work performed, services provided, including provided electricity, gas, water, etc.;
identified surplus inventory items;
transportation, communication services received, etc.;
advances issued for the shipment of goods and materials or work performed.

Account 60 “Settlements with suppliers” displays the movement of funds between the company and all counterparties, regardless of the basis on which the payment was made.

Registration

Almost all primary accounting documents have a unified form. Delivery registration is accompanied by TORG-12. The work acceptance certificate is not unified. But it is necessary to include the following details:

number, date of compilation;
names of the parties to the transaction;
if an agreement was previously concluded, then the act must contain a reference to it;
bank details of the parties.

Having received the primary documents, they must be immediately reflected in accounting. Let's look at the basic accounting entries for account 60.

Settlements with suppliers

The company purchases goods with non-cash payment from a supplier using the general taxation system. The minimum set of documents accompanying the transaction must include a waybill (TORG-12) and an invoice.

The following records are made in the BU:

DT41 KT60 - amount of goods accepted (excluding VAT);
DT19 KT60 - VAT on goods;
DT68 KT19 - VAT deduction based on invoice;
DT60 KT51 - payment to the supplier.

Settlements with intermediaries

The company used the services of a third party to deliver the goods. The minimum package of documents is an acceptance certificate for services and an invoice. Account 60 in the accounting records for this transaction will contain the following entries:

DT44 KT60 – cost of the service received (excluding VAT);
DT19 KT60 – VAT charged;
DT60 KT51 - payment for transport company services.

The company received an invoice from the telecom service provider. The following transactions are displayed in the BU:

DT26 KT60 - cost of the service received (excluding VAT);
DT19 KT60 – VAT charged;
DT68 KT19 - VAT deduction is reflected based on the invoice;
DT60 KT51 - payment for communication services.

Purchase of equipment

The company acquired the OS. Delivery and installation are carried out by two different organizations. All suppliers are subject to a common taxation system. Let's display through account 60 in the accounting "Settlements with counterparties":

DT08 KT60 – equipment has been capitalized (excluding VAT);
DT19 KT60 – VAT charged;
DT60 KT51 - payment to the supplier;
DT08 KT60 - payment for transport services (excluding VAT);
DT19 KT60 - VAT on motor transport services;
DT68 KT19 - reflect the VAT deduction based on the invoice;
DT60 KT51 - payment to the motor transport company;
DT08 KT60 – the cost of installation and commissioning services is taken into account (excluding VAT);
DT19 KT60 - VAT on installation services;
DT68 KT19 - reflect the VAT deduction based on the invoice;
DT60 KT51 - payment for equipment installation services.
DT01 KT08 - putting the OS into operation.

Analytical accounting

Analytics for account 60 is carried out for all counterparties and contracts. The ending balance indicates that either the goods have been paid for but not yet received, or there is a debt to the supplier. According to analytical accounting data, information should be displayed in the following sections:

accepted payment documents for which the payment deadline has not yet arrived;
for documents not paid on time;
on bills issued;
overdue payments on bills;
on a commercial loan received.

Synthetic accounting is carried out according to settlement documents (within the limits of acceptance amounts) based on the number of values. If upon acceptance of goods a shortage or arithmetic errors were discovered, account 60 in accounting is credited with account 76-3 “Calculations for claims” for the amount of discrepancies between the goods actually received and the amount in the documents. VAT is displayed in correspondence with DT18.

Reconciliations

Periodically, mutual settlement amounts are checked between counterparties. Based on its results, the client’s debt can be reduced or increased. Let's look at how the check (accounting) is displayed on the balance sheet. Account 60 is debited with the following accounts:

16 “Deviation in the cost of goods and materials”, 18 “VAT”, 92 “Non-operating income and expenses”, if, based on the results of the reconciliation, the amount of debt decreases. The second adjustment option is to reverse the corresponding entry.
For the amounts of paid advances in correspondence with the CT cash account.
When repaying the debt, mutual claims are offset - account. 62, 76.

At the end of the month, for materials not received, the payment amount is credited to the inventory account. At the beginning of the next month, the cost of accepted raw materials is reversed. Payment amounts continue to be included in accounts receivable.

Example

The organization purchases materials in the amount of 2.36 million rubles. (including VAT 18% - 360 thousand rubles). The buyer makes an advance payment in the amount of 1.18 million rubles, the balance - after receiving the goods. The following transactions are generated in the control unit:

DT60 KT51 – 1.18 million rubles - advance payment transferred to the supplier;
KT60 DT10 – 2 million rubles. - cost of purchased materials excluding VAT;
KT60 DT18 – 360 thousand rubles. - VAT charged;
DT60 KT51 – 1.18 million rubles. - amount of surcharge.

6-APK

To record the transaction on account 60, journal order No. 6-APK is used. Records are generated for each document (account, TTN, RN). Accounting is carried out by suppliers.

The journal consists of two sections: the general ledger and analytical data. The last page provides a summary of the settlement status at the end of the period. Data can also be displayed on separate journal forms. Reviews from accountants confirm that, in particular, it is easier for agricultural organizations to separately account for transactions for the purchase of valuables that are intended for capital construction.

The left side of the journal reflects transactions from KT60 to DT accounts for inventory, costs, and investments in non-current assets. VAT amounts are recorded on a separate line. The right side displays amounts from DT60, i.e. payments to suppliers. If the maturity date of the liability is extended, this is reflected as a separate entry at the end of the journal. The results of the left side of the journal are transferred to the general ledger, and the right side is used to reconcile turnover. Entries in the Book are made according to settlement documents. Excess inventory items are displayed as a separate line in the journal.

Payment data is entered into the journal based on bank statements, cash orders, and other monetary documents. Write-offs of debt amounts are reflected in accounting statements.

Transfer

Loan turnover from the second section at the end of the period is transferred to the first section of the new journal, and then to the general ledger. Account balances 60 are displayed in the Analytical Data table. Turnover according to KT60 (first section) is recorded in the column of the same name in the general ledger. DT turnover is displayed in the “From credit account” section. 60". Entries are created on the last page of the journal.

Let's look at how auditing (accounting) is carried out at enterprises in different industries.

Catering: DT07, 10 - with data 46-APK.
Manufacturing enterprises: account. 20-1 - with data from report No. 18A, account. 20-2 - with data from report No. 18B.

Score 11 of enterprises from all industries is compared with:

73-APK;
DT60, KT51 revolutions and 2-APK data; KT55 and 3-APK data; KT66 and 4-APK data, etc.

The results of form No. 6-APK must correspond to the synthetic accounting data:

payment amount + write-offs for the month + outstanding debts + unwritten amounts = total of column 14 + debt at the beginning of the month.

Form 6a

The “Register of transactions for settlements with contractors” can also be used to display planned payments. First, record the amount of debt at the beginning of the period, the name of the supplier:

receipt of valuables for a certain period - in column 5;
VAT amount – in column 6;
columns 7 and 8 remain empty.

The register is opened for 3, 6 or 12 months. Entries are reflected every 30 days in chronological order for each supplier document.

Peculiarities

When making mutual settlements with suppliers, the moment of crediting the funds plays an important role: upon receipt of the goods or in advance, with subsequent additional payment. In the first case, account 60 “Settlements with suppliers and contractors” will be used as a passive account: CT reflects the amount of the organization’s debt, and DT reflects its repayment. In the second case, it’s the other way around: according to DT, the amount of receivables is formed, and according to CT, payment is recorded.

Advance payments

If there is an advance payment, the calculations become more complicated. Additionally, a subaccount 60-2 is opened, to which the advance amount is credited. After delivery of the goods, valuables are received, the advance amount is transferred to account 60-1. Subaccount 60-2 closes at 0.

The postings are presented in table form.

Accounting for bills of exchange

In this case, the following transactions are possible.

Working with 1C

In the 1C: Accounting program, all amounts of payments from counterparties are transferred to account 60 in accounting. Videos on using the program show how to correctly enter data into the database, so at this stage we will not go into detail, but will pay attention to the main points.

The account statement can be generated from the reports at the top of the tabs. In the new window, you should indicate the period for which the data will be provided, the account number, the name of the organization and click the “Generate report” button. Settings can be adjusted. On the right is a panel of basic and additional options. In the first paragraph, you select on the basis of which indicators the statement will be formed: accounting, accounting, permanent (temporary) differences, balance. Next, the subconto is indicated. Usually these are counterparties, contracts and settlement documents. An active checkmark means that the subconto will be taken into account when generating the report. In the second tab, you can select additional data, the order of their placement (in separate columns), sorting, and design options.

All these settings can be saved so as not to make them next time. To do this, use the button of the same name in the form of an icon on the right above the window with bookmarks. By double-clicking with the left mouse button, you can get from the back to the detailed “Account Card” report.

Account 60 “Settlements with suppliers and contractors” reflects information on settlements with suppliers and contractors for: -

inventory items received, work performed and services provided, including the provision of electricity, gas, steam, water, etc., as well as for the delivery or processing of material assets, payment documents for which have been accepted and are subject to payment through the bank; -

inventory items, works and services for which payment documents were not received from suppliers or contractors (uninvoiced deliveries); -

surplus inventory items identified during their acceptance; -

transportation services received, as well as for all types of communication services, etc.

Organizations that perform the functions of a general contractor during the execution of a construction contract, a contract for the performance of research, development and technological work and other contracts, also reflect settlements with their subcontractors on account 60 “Settlements with suppliers and contractors”.

All transactions related to settlements for acquired material assets, accepted work or consumed services are reflected in account 60 “Settlements with suppliers and contractors” regardless of the time of payment.

Account 60 “Settlements with suppliers and contractors” also reflects the amounts for settlement documents collected by suppliers, subject to payment without acceptance in accordance with the current rules, and the amounts for enforcement documents presented by the relevant organizations to the bank for forced collection from the settlement and other company accounts.

If, before the receipt of the settlement or executive document at the bank, the debt was recorded on another payable account, then the amount on the received invoice or executive document is recorded in the credit of account 60 “Settlements with suppliers and contractors” and in the debit of the account on which this debt was recorded.

The following subaccounts can be opened to account 60 “Settlements with suppliers and contractors”: 60-

01 "Settlements with suppliers and contractors based on accepted and other payment documents"; 60-

02 "Calculations for uninvoiced deliveries"; 60-

03 "Settlements with suppliers and contractors for advances issued"; 60-

04 "Settlements on bills issued to suppliers and contractors"; 60-

05 "Settlements with subsidiaries"; 60-

06 "Settlements with dependent companies"; 60-

08 "Settlements on bills issued to other counterparties."

Subaccount 60-01 “Settlements with suppliers and contractors based on accepted and other settlement documents” is intended to account for settlements with suppliers and contractors for purchased values, works, and services.

Subaccount 60-01 “Settlements with suppliers and contractors on accepted and other settlement documents” is credited for the cost of received inventory items accepted for accounting, accepted work, consumed services in correspondence with the accounts of these values or the accounts of the corresponding costs.

Value added tax on inventory items, works, and services is reflected in the credit of subaccount 60-01 “Settlements with suppliers and contractors on accepted and other settlement documents” and the debit of account 19 “Value added tax on acquired assets.”

W.W.W...I.n.e.t.L.i.b:Ru. -

For services for the delivery of material assets (goods), as well as for the processing of materials on the side of the entry on the loan of subaccount 60-01 "Settlements with suppliers and contractors on accepted and other settlement documents" are made in correspondence with the accounts for recording inventories, goods, costs of production, etc.

If a shortage of material assets is detected due to the fault of the supplier, discrepancy between prices stipulated by the contract, an arithmetic error, etc. Before the payment documents are accepted, the invoice is accepted in the amount minus the cost of the missing valuables.

If a shortage or other discrepancies indicated in the invoice after its payment are detected, subaccount 60-01 “Settlements with suppliers and contractors on accepted and other settlement documents” is credited and account 10 “Materials” (15 “Procurement and acquisition of material assets”) is debited to the cost of received valuables or other accounts for the cost of accepted work and consumed services, and for the amount of the unrecognized part of the account, subaccount 76-09 “Settlements with various debtors and creditors for claims” is debited in correspondence with the credit of subaccount 60-

01 "Settlements with suppliers and contractors based on accepted and other payment documents."

Subaccount 60-01 “Settlements with suppliers and contractors for accepted and other settlement documents” is debited for the amount of fulfillment of obligations (payment of bills) in correspondence with cash accounts, etc.

Excess material assets in comparison with those indicated in the invoice, as well as the receipt of material assets in the absence of settlement documents, are reflected in accounting as uninvoiced supplies under the credit of subaccount 60-02 “Calculations for uninvoiced supplies” in correspondence with the debit of the corresponding accounts for accounting inventory items at prices provided for in the contracts. Upon receipt of settlement documents, the previously recorded debt is reversed.

Subaccount 60-03 “Settlements with suppliers and contractors for advances issued” takes into account settlements with suppliers and contractors for advances issued to them for the supply of material assets or for the performance of work and services.

The amounts of advances issued are reflected in the debit of subaccount 60-03 “Settlements with suppliers and contractors for advances issued” in correspondence with cash accounts and other accounts. The offset of previously issued advances and repayment of debt of a supplier or contractor is reflected in the credit of subaccount 60-03 “Settlements with suppliers and contractors for advances issued” in correspondence with subaccount 60-01 “Settlements with suppliers and contractors for accepted and other settlement documents”.

Subaccount 60-04 “Settlements on bills issued to suppliers and contractors” reflects the amounts of debt to suppliers and contractors secured by promissory notes issued by the organization or bills of exchange (transferable) accepted for payment.

The issuance of a bill of exchange or acceptance of a draft to pay off debts to suppliers and contractors for goods, works, services is reflected in the debit of subaccount 60-01 “Settlements with suppliers and contractors on accepted or other settlement documents” (or other subaccounts of account 60 “Settlements with suppliers and contractors ") in correspondence with the credit of subaccount 60-04 "Settlements on bills issued to suppliers and contractors." Receipt of goods, works, services from suppliers and contractors is reflected in the debit of accounts 10 "Materials", 41 "Goods" and other accounts in correspondence with subaccount 60-01 "Settlements with suppliers and contractors on accepted or other settlement documents" (or other subaccounts Account 60 "Settlements with suppliers and contractors").

The replacement of a monetary obligation with a bill of exchange (in accordance with an additional agreement with the supplier) is reflected in the credit of subaccount 60-04 "Settlements with suppliers and contractors on bills issued" in correspondence with subaccount 60-01 "Settlements with suppliers and contractors on accepted and other settlement documents" .

Payment of the bill of exchange is reflected in the debit of subaccount 60-04 “Settlements with suppliers and contractors on bills issued” with a credit of cash accounting accounts.

In subaccounts 60-05 “Settlements with subsidiaries” and 60-06 “Settlements with dependent companies,” the organization reflects information on settlements with suppliers and contractors that are subsidiaries or dependent companies in relation to the organization. Subaccount 60-08 “Settlements on bills issued to other counterparties” reflects the amounts of debt to other counterparties secured by promissory notes issued by the organization or bills of exchange (transferable) accepted for payment.

Amounts of accounts payable for which the statute of limitations has expired are written off for each obligation based on the inventory data, written justification and order (instruction) of the head of the organization and are included in the financial result of the organization. In accounting, this operation is reflected in the debit of account 60 “Settlements with suppliers and contractors” and the credit of subaccount 91-01 “Other income”. If settlements with suppliers and contractors are carried out in foreign currency, on account 60 “Settlements with suppliers and contractors” exchange differences may arise due to changes in the exchange rate of the ruble against foreign currency. When reflecting exchange rate differences, an entry is made in the debit of account 60 "Settlements with suppliers and contractors" and the credit of subaccount 91-01 "Other income" - for the amount of positive exchange differences or in the debit of subaccount 91-02 "Other expenses" and the credit of account 60 "Calculations with suppliers and contractors" - for the amount of negative exchange rate differences.

Analytical accounting for account 60 “Settlements with suppliers and contractors” is maintained for each submitted invoice. At the same time, the construction of analytical accounting should ensure the possibility of obtaining the necessary data on: suppliers on accepted and other payment documents for which the payment period has not yet arrived; to suppliers for payment documents not paid on time; to suppliers for uninvoiced deliveries; to suppliers on issued bills of exchange; to suppliers for received commercial loans, etc.

Accounting for settlements with suppliers and contractors within a group of interrelated organizations, about the activities of which consolidated financial statements are prepared, is kept on account 60 “Settlements with suppliers and contractors” separately.

Table 6.1.

Account 60 "Settlements with suppliers and contractors" corresponds with accounts On debit On credit 50 "Cash" 07 "Equipment for installation" 51 "Settlement accounts" 08 "Investments in non-current assets" 52 "Currency accounts" 10 "Materials" 55 "Special bank accounts" 11 "Animals for growing and fattening" 60 "Settlements with suppliers and contractors" 15 "Procurement and acquisition of material assets" 62 "Settlements with buyers and customers" 19 "Value added tax" on purchased assets" 66 "Settlements for short-term loans and borrowings" 20 "Main production" 61 "Settlements for long-term loans and borrowings" 23 "Auxiliary production" 16 "Settlements with various debtors and creditors" 25 "General production expenses" 7 9 "Intra-business calculations" 2 6 "General business expenses " 91 "Other income and expenses" 28 "Production defects" 99 "Profits and losses" 29 "Service production and facilities" 41 "Goods" 4 4 "Sale expenses" 50 "Cash" 51 "Cash accounts" 52 "Foreign exchange accounts" 55 "Special bank accounts" 60 "Settlements with suppliers and contractors" 7 6 "Settlements with various debtors and creditors" 7 9 "Intra-business settlements" 91 "Other income and expenses" 94 "Shortages and losses from damage to valuables" 97 "Prepaid expenses"

Account 60 in accounting used to reflect transactions with suppliers and contractors. In this article we will talk about the features of its use.

Accounting for settlements with suppliers and contractors

The use of account 60 “Settlements with suppliers and contractors” is regulated by the Chart of Accounts, approved by Order of the Ministry of Finance of the Russian Federation dated October 31, 2000 No. 94n. This account is necessary to reflect data on payments for:

goods, works, services (hereinafter referred to as GWS), which were accepted from the supplier and for which primary documents were received;
GWS that were accepted from the supplier, but for which primary documents were not received (uninvoiced deliveries);
surplus capitalized upon receipt of goods;
work accepted from subcontractors, etc.

Operations to reflect accounts payable are carried out at the moment the obligation arises, the moment of payment is recorded on the loan 60 accounts in accounting no effect. When to show a liability in accounting depends on the conditions for the transfer of ownership of the purchased goods and services in accordance with the agreement between the buyer and supplier. The reflection of the obligation in accounting occurs at the same time as the reflection of the receipt of goods and services. When capitalizing the goods and services, the accountant records the transaction on the credit of account 60 and on the debit of the accounts of purchased property (as well as account 15) or costs for the amount specified in the supplier’s primary documents. VAT, included in the cost of goods and services, is allocated separately by posting:

Dt 19 Kt 60.

When obligations are fulfilled, that is, payment is made to the supplier, an entry is made for the amount of payment:

Dt 60 Kt 50, 51, 52, 55.

If the buyer makes payment before delivery of goods and materials, the posting is recorded in the debit of account 60 of the “Advances issued” subaccount. Thus, accounts receivable are accumulated in a separate subaccount of account 60, which will be repaid upon receipt of goods and services. At the same time, in the balance sheet, accounts payable for account 60 are shown as a liability, and accounts receivable are shown as an asset, and therefore the collapsed balance of account 60 cannot be shown in the reporting.

If the buyer transfers his own bill of exchange as a guarantee of payment of the goods and services, then the accounts payable from account 60 are not written off, but are reflected in a separate sub-account, for example, by posting:

Dt 60 subaccount “Settlements on received technical and technical materials” - Kt 60 subaccount “Settlements on bills issued”.

When repaying your own bill, the following posting is made:

Dt 60 subaccount “Settlements on bills issued” - Kt 50, 51, 52, 55.

Reflection of accounts payable when identifying disagreements with a counterparty

When accepting GWS, shortages may be discovered, the full scope of ordered work may not be completed, while the full cost is indicated in the settlement documents. In addition, the error may be contained in the documents themselves, for example, an incorrect price or quantity. The buyer must inform the counterparty about the violation that has occurred and file a claim. Since the supplier may either agree or disagree with the requirements presented, in accounting the buyer will have to reflect the obligation for the full amount in accordance with the primary documents, showing the disputed amount on account 76, sub-account “Settlements for claims”:

Dt 07, 08, 10, 15, 20, 23, 25, 26, 41, 44 Kt 60 - actually received GWS are taken into account;
Dt 19 Kt 60 - reflects the amount of incoming VAT on actually received GWS;
Dt 76 subaccount “Calculations for claims” Kt 60 - the amount of the shortage (error) is attributed to settlements for claims.

The opposite situation is also possible, when accompanying documents were not received for the received goods, or surpluses were identified upon acceptance, or the volume of work performed was exceeded. If an organization, in compliance with the law, refuses to pay and decides to return such goods to the supplier, then their accounting is kept on the balance sheet, in account 002 “Inventory and materials accepted for safekeeping.” If an organization decides to accept such GWS, then it must capitalize them using the supplier’s prices and show the debt on the credit of account 60. Prices can be taken from the contract, accompanying documents for similar GWS, or based on an expert assessment.

Results

There are different types of lender. One of them, and often the most significant, is obligations to suppliers and contractors. To account for them, a separate account 60 is allocated in the chart of accounts. It must be remembered that account 60 can also be active when reflecting advances and prepayments.