Chart of accounts 66 account. Accounting for loans and borrowings. Repayment of a short-term loan

Loans issued by an organization are financial investments. Accounting for issued loans is kept on account 58 “Financial investments”. Loans provided are reflected in the debit of account 58 in correspondence with account 51 or other relevant accounts. The repayment of the loan is reflected by a reverse entry.

For tax accounting purposes in accordance with clause 6 art. 271 Tax Code of the Russian Federation Interest receivable under loan agreements is recognized as income at the end of each reporting period (if the term of the agreement exceeds a quarter).

Debit 58 Credit 51- A loan has been issued.

Quarterly (monthly)

Debit 58 Credit 91- Interest due under the loan agreement has been accrued;

Debit 51 Credit 58- Interest on the loan was received into the current account;

Debit 51 Credit 58- Repayment of the loan is reflected.

Accounting for the borrower

Loans are divided into short-term (with a repayment period of no more than 12 months) and long-term (more than 12 months). To account for short-term loans, the chart of accounts provides for account 66 “Settlements for short-term loans and borrowings”; for accounting for long-term loans, account 67 “Settlements for long-term loans and borrowings”. Long-term loans can be accounted for in account 67 until maturity, or can be transferred to account 66 after 365 days remain until maturity.

Debit 51 (50.52) Credit 66 (67)- A loan was received in rubles (in foreign currency);

Debit 10 Credit 66 (67)- Received a loan in the form of material assets;

Debit 41 Credit 66 (67) A loan was received in the form of goods;

Debit 66 (67) Credit 51 (50.52)- Repayment of the loan is reflected;

Debit 66 (67) Credit 10- Repayment of the loan is reflected;

Debit 66 (67) Credit 41- Repayment of the loan is reflected.

Sub-accounts are opened for these accounts, which record the costs associated with obtaining and using borrowed funds. This is primarily interest on loans; in addition to interest, expenses include additional costs associated with obtaining borrowed funds (consulting, information services, document reproduction, etc., etc.), as well as exchange rate differences. As a general rule, interest on loans is included in the expenses of the period to which they relate. There are two exceptions to this rule.

In the first case, borrowed funds are used for advance payment of inventories, goods, works and services. At the same time, interest accrued before receipt increases the receivables due to their prepayment. Interest accrued after receipt is taken into account as a general rule.

Debit 51 Credit 66- Loan received;

Pre-payment of the inventories has been made;

Debit 60 ac/account "Advances issued" Credit 60 ac/account "Interest on loans"- Interest accrued on the loan (until receipt of the indemnity);

Debit 60 account "Interest on loans" Credit 51

Debit 10 Credit 60- Inventory received from the supplier;

Debit 19 Credit 60- VAT is reflected on the received inventories;

Advance payment credited;

Debit 68 Credit 19- Accepted for VAT deduction;

Debit 91 Credit 66 account "Interest on loans"- Interest accrued on the loan (after capitalization of the inventory);

Debit 66 account "Interest on loans Credit 51- Interest on the loan has been paid;

Debit 66 Credit 51- Repayment of the loan is reflected.

In the second case, borrowed funds are used to purchase or construct investment assets, which are subject to depreciation. In this case, the cost of servicing the loan is included in the initial cost of this asset.

However, there are a number of conditions that must be met in order to include costs in the initial cost:

1. The organization must be confident that the asset will bring economic benefits in the future or will be used for management needs;
2. The borrower organization bears all costs of acquiring and constructing the asset;
3. The work must have already begun by the time costs are included;
4. Loan servicing expenses have already been incurred.

Debit 51 Credit 66- Loan received;

Debit 60 account "Advances issued" Credit 51- Advance payment has been made to the supplier;

Debit 08 Credit 60- Received a fixed asset item from the supplier;

Debit 19 Credit 60- VAT reflected;

Debit" 60 Credit 60 s/ac "Advances issued"- Advance payment credited;

Debit 68 Credit 19- accepted for VAT deduction;

Debit 08 Credit 66 account "Interest on loans"- Interest accrued on the loan (before the commissioning of the fixed asset);

Interest on the loan has been paid;

Debit 01 Credit 08- The fixed asset facility was put into operation;

Debit 91 Credit 66 "Interest on loans"- Interest accrued on the loan;

Debit 66 account "Interest on loans" Credit 51- Interest on the loan has been paid;

Debit 66 Credit 51- Repayment of the loan is reflected.

In practice, a situation arises when an organization buys or builds fixed assets using borrowed funds that were received for other purposes. In this case, the costs for using the loan are included in the initial cost of the object and are calculated at the weighted average rate.

The weighted average rate is calculated as the ratio of the costs of loans not related to the acquisition of an investment asset to the weighted average amount of such loans not repaid during the reporting period.

The weighted average amount of loans not repaid during the reporting period is determined by summing the balances of outstanding loans on the first day of each calendar month of the reporting period and dividing the resulting amount by the number of months in the reporting period.

Account 66 of accounting is a passive account “Settlements for short-term loans and borrowings”, used to account for short-term loans and borrowings received for a period of up to one year, as well as interest on them. Using standard entries, we will consider the specifics of using account 66, its subaccount, as well as examples of reflecting transactions for accounting for interest on a short-term loan and accounting for positive exchange rate differences in account 66.

Subaccounts of the account “Settlements for short-term loans and borrowings” are presented below in the figure:

This accounting account is passive, so its increase is reflected as a credit, and its decrease is recorded as a debit. In other words, the debit of the account reflects the repayment of loans and borrowings, and the credit reflects their receipt. The loan balance of account 66 shows the balance of the debt.

Analytical accounting for account 66 is carried out by type:

• Credits and borrowings (separate bills);
• Credit organizations, including those that carry out accounting (discounting) of bills or other debt obligations;
• To other lenders who provided credit or loans (drawers).

The amounts of accrued interest are accounted for separately.

Settlements on transactions (discount) of bills of exchange with an organization within a group of interrelated companies, about the activities of which consolidated financial statements are formed, are carried out separately.

Typical entries for short-term loans and borrowings

Correspondence 66 accounts and the main accounting entries for the account are formed in the table:

Examples of postings for account 66

Example 1. Postings to reflect positive exchange rate differences on a loan

Let’s say that under the loan agreement “Vesna” received funds from JSC “Leto” for 1 month. The loan amount is 1,000.00 US dollars, and all payments are made in rubles. The US dollar exchange rate on the date of receipt of the loan is 58.30 rubles/USD, on the date of repayment – ​​59.40 rubles/USD.

The accountant of Vesna LLC generated the following entries for account 66:

Example 2. Reflection of interest on a short-term loan in account 66.04

Leto LLC received a loan in the amount of 110,000 rubles. at 9% per annum. Percentage:

1. April 2016 (15 days) – 412.50 rubles;
2. May 2016 — 825 rub.;
3. June 2016 (10 days) - 275 rub. Loan repayment.

The accountant of Leto LLC generated entries for account 66.04:

Account 67 is designed to collect information about credits and loans issued for a period of more than 1 year. This contains detailed information about the amounts provided, interest accrued and the repayment process. Long-term liabilities can arise in different ways: when issuing bonds, issuing a loan or loan, issuing bills. Each of the situations finds its place in account 67. Let's consider the types of long-term liabilities and the organization of their accounting.

Types of borrowed funds

The legislation provides for two methods of legal registration of provided borrowed funds. This is a credit agreement and a loan agreement. When concluding them, two parties are involved - the lender and the borrower. A legally fixed transaction is made, according to which the lender provides the borrower with a certain amount of material assets for a specified period. Upon its expiration, the borrower undertakes to return the original amount of funds provided and pay interest (if provided for in the agreement). After the transfer of valuables from the lender to the borrower, the agreement is considered active.

Depending on the terms of the agreement and the categories of persons who take part in it, there are two main types of borrowed funds: credits and borrowings. Taken together, they form one of the most important elements in the formation of enterprise sources. Borrowed funds, along with own funds, significantly influence the well-being and development of the economic activity of a legal entity.

Types of loans and borrowings

Account 67 contains information about different types of borrowed funds. The only thing they have in common is the commitment period, which is at least 12 months from the reporting date. Loans can be in the form of earmarked funds, promissory notes or bonds. The main difference between this method of attracting assets is that a bank cannot act as a lender. A loan is a legally formalized transaction, according to which the parties agree to transfer funds or property into ownership on the terms of return with or without payment of interest for use. Individuals and legal entities can enter into such an agreement, with the exception, as already mentioned, of banks. One of the ways to attract loans is to issue securities (bills, bonds, shares).

A loan is a relationship between the parties in which funds are transferred on loan on the terms of urgency, payment and repayment. The procedure for granting and repaying loans is regulated by law. The rights and obligations of the parties are specified in the loan agreement. Account 67 contains information about long-term loans and interest on them.

Characteristics of account 67

This account is included in section VI of the Standard Plan, in which the accounts of the settlement group are located. They are created to characterize relationships with different debtors and creditors. In the modern economy, it is difficult for the average enterprise to manage without borrowing funds. Often this step becomes a “breakthrough” in the development of entrepreneurship.

Accounts 66 and 67 were created specifically to record transactions on loans and credits issued to the company. The procedure for organizing accounting for them is similar, but has one significant difference - the duration of the relationship between the lender and the borrower. Account 66 describes the relationship of the parties to short-term loans, i.e. those that last less than 12 months. Account 67 is intended to account for longer-term transactions occurring over 12 months or more.

It has a passive structure, since account balances at the end of the month are reflected as part of the company's sources. For a loan, there is an increase in borrowed funds (an increase in accounts payable), and for a debit, there is a decrease in debt obligations.

Analytical accounting

Account 67 combines a lot of information: the amount of loans by type, the amount of accrued interest, penalties for late payments. To avoid confusion, it is necessary not only to distinguish different types of long-term liabilities from each other, but also to identify each creditor separately. An enterprise, in accordance with the recommendations of the accounting policy for organizing analytical accounting for account 67, can open the following sub-accounts:

• 67/1 “Long-term loans”;
• account 67/2 “Long-term loans”;
• 67/3 “Interest on payment of loans and credits”;
• 67/4 “Fines and penalties for the payment of loans and borrowings”;
• 67/5 “Overdue loans and borrowings”;
• 67/6 “Loans for the issue of securities”;
• 67/7 “Loans and credits for employees.”

The data is reflected in summary statements, with the help of which the accuracy of analytical accounting is verified.

Debit transactions

Entries drawn up in the debit of account 67 mean a decrease in accounts payable for long-term loans. In this case, several scenarios are possible:

1. Repayment of a loan (loan) by transferring funds. Accounts 51, 52, 55 will be interconnected.
2. Completion of obligations after offset of counterclaims of the same type (Dt 67 Kt 62/76).
3. Transfer of long-term debt to short-term debt if there are less than 365 days left until its repayment (Dt 67 Kt 66).
4. Enrollment of an unfulfilled long-term obligation after the expiration of the limitation period among other income (Dt 67 Kt 91.1).
5. Transfer to other income of positive exchange rate differences on a long-term loan or loan in foreign currency.

Thus, the amounts indicated in the debit of account 67 always mean a decrease in the amount of debt on a long-term loan or credit.

Loan operations

Credit 67 of the account shows the amount of debt on credits and loans issued for a period of more than 1 year. Particular attention should be paid to the preparation of entries for the receipt of amounts or property in accordance with the loan (credit) agreement. Regardless of the purpose of registration, the amount is indicated in the credit of account 67. But determining the corresponding account is somewhat more complicated. Amounts must be charged to the asset account that is directly attributable to the loan or credit.

Let's consider typical cases:

• registration of a loan for the purpose of purchasing property or starting construction is reflected in the debit of account 08; in this case, expenses that are associated with obtaining a credit (loan) and its use are charged either to account 91.2 or as part of the initial cost of fixed assets (if depreciation is charged on them and additional conditions are met);
• if the loan is provided in the form of property, then its amount is entered in the debit of the accounts of such property (10, 11, 41);
• cash and non-cash funds received in connection with the issuance of a long-term loan are indicated in the debit of the accounts of Section V (50, 51, 52, 55);
• if a credit or loan is issued to cover other obligations, then the amounts are credited to these settlement accounts (60, 68, 76);
• expenses associated with the maintenance of a loan (credit) and the imposition of penalties and interest are classified as other expenses;
• Negative exchange rate differences on loans and borrowings in foreign currency are also classified as operating expenses.

Issue of bonds

Issuing bonds is a common way to obtain long-term loans. Account 67 for such purposes contains subaccount 67.6, which reflects information on the issue of securities. Bonds can be placed on the market at more than their face value, or, conversely, at a lesser price. In the first case, the accountant records the nominal value in account 67, and writes off the excess amount to future income (account credit 98). The current account usually corresponds with them.

If bonds are sold at a reduced price (with a discount), the difference is evenly and gradually accrued during the period of their circulation from the amounts of other income. Regarding this situation, an enterprise can write a clause in its accounting policy according to which the discount is preliminarily taken into account among the expenses of future periods (debit 97). And then the amounts are gradually written off as other expenses in the debit of account 91.2.

The interest that the issuer undertakes to pay to the owners of securities is reflected separately in a separate sub-account and includes the amounts as operating expenses (account 91.2). Or they are taken into account similarly to the previous case as part of deferred expenses with a gradual write-off to account 91.2.

Bank loans

Account 67.1 contains information about issued long-term loans. Upon receipt of funds, amounts are credited to 67.1 and debited to the accounts to which they were sent. The transactions describing this operation are as follows:

• Dt 50–55 Kt 67.1 – credit received/credited.
• Dt 60 Kt 67.1 – debt to suppliers is repaid using loan proceeds, or the loan is used for prepayment to the supplier.
• Dt 68 Kt 67.1 – debt to the budget is covered with a loan.
• Dt 76 Kt 67.1 – debt to another creditor is repaid using a loan.

The long-term loan (account 67) is repaid with even simpler entries. To do this, the account is debited in correspondence with the cash accounting accounts (51–55). Interest is calculated for using the loan using account 91.2, and payment is made in the same manner as debt repayment.

Applying for a loan for staff

Loans issued to employees for the purpose of housing construction and other needs are reflected in a separate subaccount (under the terms of this article 67.7). The organization records the amounts received on credit 67.7 in correspondence with the cash accounts. After the loan is issued to the staff, Dt 73 Kt 51 (50) is posted. Funds contributed by the employee to repay the debt are taken into account in debit 73. The company “closes” the loan with the posting Dt 67.7 Kt 51.

The capital of any enterprise is nothing more than a combination of borrowed and own funds. Carrying out effective economic activity is almost impossible without loans that contribute to the development of the enterprise. Raising funds on a long-term basis is carried out mainly for investment, modernization, construction or acquisition of fixed assets. Amounts, interest and penalties on them are reflected in account 67, the rules for maintaining which were discussed in detail in the article.

To ensure efficient operation of an enterprise, it is necessary to have working capital stock. Companies often resort to raising capital from outside. This is not always due to a lack of own working capital; sometimes it is more profitable to use borrowed capital than your own.

You can raise funds for the needs of the enterprise through loans. A loan is an amount of borrowed capital received on terms of urgency and repayment. They come in three types according to the repayment period: short-term (up to a year), medium-term (1-6 years), long-term (more than 6 years).

Short-term funds are most often attracted for the current needs of the enterprise to maintain the circulation of working capital. By issuing bills of exchange, you can pay for goods shipped or services provided. Funds can be purchased in national or foreign currency.

Amounts of different currency categories are recorded separately. Operations to attract short-term loans are subject to accounting and are displayed on Account 66 “Short-term loans and borrowings”.

Legislative framework and analytical monitoring

Regulatory regulation of the reflection of contracts for a period of up to 12 months is carried out on the basis of Orders and Instructions of the Ministry of Finance and the Central Bank of the Russian Federation. Control of account information is carried out separately for each type of loan, for organizations that provided loans (banks, credit organizations, suppliers). If bills of exchange have been issued, monitoring is carried out for each of them separately.

Count 66 is in section of the Chart of Accounts No. 6 “Calculations”. Used to summarize information and control transactions on short-term loans. Whether an account in the balance sheet is assigned to the active or passive part can be determined by the transactions that are carried out on it.

On active reflects what belongs to the company, and passive— what assets are formed from. Based on this, we can conclude that the account is passive and the amounts on it are reflected in section 5 of the balance sheet.

At the end of each reporting period, it is not subject to closure if there is a credit balance. Maintenance continues until the balance on it is equal to zero.

Debit and credit

Debit 66 reflects transactions to repay amounts under agreements with a maturity of up to 12 months. The loan shows transactions involving the receipt of short-term loan amounts by the company.

Depending on where the assets for repaying loans come from, it can work on a debit basis in conjunction with accounts 55, 52, 50, 51. To clearly separate the sources of loans, debit entries 62, 76 are used. For analytics of write-off of interest on a loan, the difference the cost of more money or exchange rate differences, account 91 is used.

The loan corresponds with accounts depending on where the borrowed funds were sent: for tangible assets (07, 08, 11, 10,), for quickly sold assets (50, 55, 52, 51), settlements with counterparties (60.76 ), replenishment of reserve capital (82), etc.

Balance

The balance of “Short-term loans and credits” displays the amount of debt the company owes to creditors. During the reporting period, if there is movement in the account, then the debit and credit will reflect the amounts of funds received and repaid.

The opening balance may be zero, which means that the company has no borrowed funds. If the amount is indicated in the opening balance, then it follows that the company has not repaid the loan. Although the term of contracts is 12 months, there are frequent cases of credit balances.

This balance will continue until the loan is repaid. To disclose information on transactions, a balance sheet is compiled.

Main subaccounts

Analytical accounting for account 66 is maintained strictly according to subaccounts. This is due to the fact that separate records must be kept for each type of loan. Below are the most common ones that can be opened using account 66.

66.01 – short-term loans. This subaccount reflects the amounts borrowed by the enterprise. By debit, it corresponds with accounts 50, 51, 52, 55, etc. By credit, entries are possible with 55, 51, etc. On a subaccount 66.02 accrued interest on them is reflected.

66.03 – short-term loans. It shows the funds raised by issuing promissory notes. Works in conjunction with debits 51, 91, etc. When repaying bills, it works with accounts that reflect accounts receivable. On 66.04 Interest on bills of exchange and transactions related to cash accounts are reflected.

If the organization received funds in foreign currency, then the following amounts are reflected:

• 66.21 – operations on foreign currency loans;
• 66.22 – interest on foreign currency loans;
• 66.23 – transactions on loans in foreign currency
• 66.24 - interest on them.

Posting examples

Example 1. Obtaining borrowed funds. The enterprise LLC "Manufactura" received the amount of 500,000 rubles. Interest is calculated monthly - 20%. The loan term is 12 months. This situation will look like this in accounting:

1. Dt 51 Kt 66 (66.01)– transfer of the amount received—RUB 500,000.
2. Dt 91.01 Kt 66 (66.02)– interest for use per month – 8333 rubles. This posting is carried out every month until the amount received is paid in full.

After closing the loan agreement, a posting is made Dt 66 Kt 51 for a body amount of 500,000 rubles. and 100,000 rub. by percentage.

Example 2. Reflection of positive exchange rate differences. Veterok LLC received a loan in US dollars. Borrowing amount – 3000 dollars. The contract term is 2 months at 8% monthly. The rate on the date of receipt is 55.01, in the first month - 54.86, in the second - 54.43. Payments are made in rubles.

The following transactions were carried out:

1. Dt 51 KT 66 (66.21)— 55.01 * 3000 = 165030 rub.
2. Dt 91 Kt 66 (66.22)— 3000 * 8% / 2 = 120 * 54.86 = 6583.2 rub.
3. Dt 91.01 Kt 66 — 225.
4. Dt 91 Kt 66 (66.22) — 120 * 54,43 = 6531,6.
5. Dt 91.01 Kt 66 — 870.
6. Dt 66 Kt 51 — 177274,8.

In this case, the exchange rate difference was 1095 rubles. and was included in the item non-operating income.

Example 3. Reflection of bond issues on the primary market. Ajax LLC issued bonds on the primary market. The nominal value of the bond is 20 rubles. The price for the first placement is 100% of the amount. It is reflected in the following form in accounting: Dt 51 Kt 66– 20 rub.

If the price for the first placement is less or more than the face value, then such a difference is reflected in sets 97 and 98, respectively.

Example 4. Issue of bonds on the secondary market. Ajax LLC sells bonds using the secondary market, costing 45 rubles. Their denomination is 20 rubles. The placement period is 1 year.

1. Dt 51 Kt 66– 20 rub.
2. Dt 51 Kt 98– 20 rub.
3. Dt 98 Kt 91.1– 2 rub. 8 kopecks (every month until the expiration of the placement period).

If the value of the bond is below par, then the difference is additionally charged to the debit of account 91 throughout the entire placement period.

Example 5. Issue of bonds with yield. Ajax LLC issued bonds with a nominal value of 50 rubles. Payments are made twice a year. Profitability - 25%. Payments on coupon income - once a year.

We post monthly: Dt 91 Kt 66– 12 rub. 50 kopecks

We accrue coupon income once a year: Dt 66 Kt 51– 12 rub. 50 kopecks.

Example 6. Purchasing shares using bonds. If the bonds were issued by a joint-stock company and were not repaid on time, then the joint-stock company may offer to become a member of the founders in exchange for repayment (exchanging bonds for shares).

Ajax LLC issued bonds in the amount of 40 rubles. They were not repaid on time. The bondholder was invited to join the board of shareholders.

1. Dt 51 Kt 66 – 40.
2. Dt 66 Kt 75 – 40.

Example 7. Inclusion of interest in the cost of equipment. Brik LLC received a loan for the intended use in the amount of 400,000 rubles. Equipment was purchased with this money. Repayment period is 1 month. The interest is calculated monthly - 10%. Attributing interest to the cost of equipment will look like this: Dt 08 Kt 66– 40,000 rub.

Example 8. Repaying debt by shipping materials. Mikhelson LLC received 100,000 from Trading LLC. The refund period is 1 month. The amount for using money is 12,000 rubles. The refund was not made on time. It was decided to ship materials for this amount: Dt 66 Kt 10.1– 112,000 rub.

Raising funds from outside allows enterprises to obtain quickly salable assets for current needs and pay for goods or services necessary for normal life. This great tool for effective business. Account 66 characterizes the solvency of the enterprise when conducting audits in order to obtain funds for a longer period.

A video lesson on account 66 in accounting is presented below.

Account 66 in accounting is used to reflect information about the company's loans. It shows the movement of funds accepted by the organization for a period not exceeding 12 months. Next, accounting advice on this article will be presented.

Reflection of amounts

Funds received by the enterprise for a period of less than 12 months are attributed to account 66 (loan). The following items are debited:

• "Cash desk" (count 50).
• "Settlements with contractors/suppliers" (account 60).
• "R/s" (count 51).
• "Special accounts" (account 55).
• "Currency accounts" (account 52).

Movement of amounts on bonds (accounting consultations)

Funds raised by the issue and placement of these securities are reflected separately. If the placement price of bonds is higher than their face value, then the entry is made according to DB account. 51. In this case, accounts 66 and 98 are credited. The latter reflects the income of the upcoming periods. Securities at par value are taken into account in Art. "Short-term loans" (account 66). Account 98 reflects the amount of excess of the placement cost over the par value. These funds are written off evenly over the period of circulation of the bonds in the account. 91. The latter shows other expenses/income. When placing securities at a cost less than their nominal value, the difference is added evenly throughout the period of circulation with the CD account. 66 in db sch. 91.

Separate reflection of funds

Interest payable on loans received is transferred to Kd to account 66. Postings are made from the account. 91. Accrued interest is reflected separately. Account 66 in accounting is debited for the amount of repaid obligations. The records include items recording the movement of funds. The amounts on them are reflected according to Kd. Obligations not paid on time are recorded separately. Analytics is carried out by types of loans and credits, financial organizations that provided them.

Discount

Settlements with credit companies for the accounting of bills of exchange and other debt obligations, the repayment period of which does not exceed 12 months, are reflected in a separate sub-account. The holder of the bill shows the face value according to Kd. The corresponding account number is 51 or 52 and 91. The first two reflect the amount actually received, the last one reflects the interest paid by the organization. The closing of the transaction is carried out on the basis of a notification from the financial company about payment.

The payment amount is transferred in DB to account 66 in accounting. The entry credits items that record accounts receivable. When the holder company returns funds received from a financial institution at a discount or other debt obligations, due to failure by the drawer or other payer to fulfill the contractual terms of payment, an entry is made in DB to account 66 in accounting and Kd articles recording the movement of money. At the same time, unpaid amounts by buyers, customers and other counterparties continue to be reflected. Accounting is carried out for the relevant accounts receivable items.

Controversial point

Settlements on short-term loans and borrowings within a group of related companies, the activities of which are reported on, are reflected separately. Here, according to a number of experts, there is some inconsistency in the plan's developers. In terms of financial investments, they combined these investments into one account. As for the funds raised, according to the logic of the developers, they should be divided into debt lasting more than 12 months and less than a year.

Specifics

The 66th account in accounting is considered very important. It reflects loans and other funds raised. At the same time, the loans themselves are divided into short-term (less than a year) and long-term (more than 12 months). The latter are shown on the account. 67. Account 66 is considered predominantly passive. However, a debit balance may form on it if more is deducted than was due for payment. Next, we will describe how accounting is carried out for situations that occur most often in practice.

Traditional case

The receipt of a loan is formalized by crediting funds, or the lender repays the debtor’s existing financial obligations. In the latter case, an assignment agreement is concluded. When funds are normally credited, the account is debited. 50-52, 55. In the second case, funds are credited to DB articles 60, 76. Account 66 is credited in both options for obtaining a loan.

Issue and sale of bonds

The presence of the securities themselves does not affect balance sheet accounts. However, as the bonds are sold, the following entries are made: Db 50, 51 Kd 66.

The instructions for the plan indicate that funds raised by the issue and placement of bonds are recorded separately. Previous recommendations described one option for accounting for sales - at a cost exceeding the face value. The new instructions provide explanations for the situation when the sale is carried out at a lower price. When placing bonds at par, problems, as a rule, do not arise.

The above entry will be considered sufficient. If a bond is sold at a value higher than its nominal value, the difference is recorded in the account. 98.1. This amount must subsequently be written off throughout the entire circulation period of the paper. For this account 98.1 is debited. Corresponding account number – 91.1 (other receipts). When bonds are sold at a price below par, the difference is accrued evenly throughout the circulation period. Account 66 is credited, and account 91.2, accordingly, is debited.

Interest payment

It almost always occurs when receiving loans or borrowings. The specificity of double entry is that when funds are received, only the amount received is shown. At the same time, the real amount of debt in some cases is significantly greater than it. This difference arises due to accrued interest on the underlying debt. Experts see a solution to this issue in additional interest accrual at the end of the period in which they are calculated. That is, the following entry is proposed: Db 91.2 Kd 66. Such an entry is made in each reporting period.

Explanations on PBU

The above approach complies with the requirements of the accounting regulations (15/01). It states, in particular, that debt is reflected with the inclusion of interest payable at the end of the period in accordance with contractual terms. In clause 12 of the PBU, expenses on received loans and borrowings are recognized as operating expenses. They refer to the period in which they were actually produced. However, it should be noted that not all of these expenses are operating expenses. For example, this occurs if funds are received and used to form an investment asset or are used for advance payment for work, material assets, or services. In addition, expenses related to loans and borrowings include:

• Interest due on funds received.
• Bond discount.
• The difference between the amount indicated in the bill of exchange and the funds actually received/their equivalents when placing the paper.
• Amount and exchange rate differences that relate to interest payable on loans received in foreign currency or foreign currency. e.
• Expenses for copying and duplicating work.
• Costs of consulting and legal services.
• Expenses for carrying out examinations.
• Amounts of fees and taxes (in cases provided for by law).
• Expenses for payment of communication services.
• Other costs directly related to obtaining credits/borrowings and placing liabilities.

Additional expenses may be pre-recorded as accounts receivable. Subsequently, these costs will be included in operating costs during the period during which the assumed obligations will be repaid.

Inventory costs

If an enterprise uses borrowed funds to prepay inventories, work, services, or other valuables, then the costs of servicing such loans are included in the increase in accounts receivable. After the organization receives inventories and other objects, the subsequent accrual of interest and other costs are reflected in the reporting according to the general rules - with the inclusion of these costs in the operating costs of the borrower.

Loan in foreign currency or currency. e.

When repaying, an exchange rate or amount difference may occur. The previous instructions indicated that analytical accounting is carried out for individual terms and loans. This is not included in the new recommendations. However, this does not mean that a specialist should refuse such accounting. In accordance with the requirements of PBU 15/01, analytics should be organized in the context of overdue and urgent debts. The latter should be understood as obligations whose repayment time has not yet arrived or has been prolonged (extended). An overdue debt is one whose payment term under the contract has expired. Upon expiration of the established period for repayment of obligations, the borrowing company must ensure their transfer from one category to another. The operation of transforming urgent debt into overdue debt is carried out on the date that follows the day on which, according to the terms of the credit agreement (loan agreement), the borrower was required to repay the principal amount of the debt.