60 account. "Settlements with suppliers" - 60 account

The most active flow of financial flows of the organization occurs when mutual settlements with counterpart enterprises. The speed of turnover of money, the existing indicators of debt, the presence of penalties are criteria for assessing the solvency of the company. All these positions are evaluated by potential partners before concluding contracts.

Chart of accounts used for accounting

For the correct work of the accounting organizations, leading accounting and tax accounting, created a single standard chart of accounts. All used business transactions are reflected in the relevant position. To improve the effectiveness of the application, they are divided into groups according to their intended use. The section for interaction with the counterparties of the enterprise begins with the figure 6, settlements with suppliers - 60 account, with the buyers - 62, etc. The group described consists of passive and active-passive accounts that reflect the flow of financial flows under concluded economic contracts.

The tasks facing the accounting system with counterparties

The analysis of the economic activity of an enterprise, the efficiency and profitability of its work is evaluated by many criteria. These include tracking financial flows in settlements with suppliers. Account 60 allows you to obtain information that enables you to perform the following tasks:

• Control over the state of amounts owed to contractors and suppliers of goods and materials (information is relevant both for owners and for providing reliable reporting).
• Formation of the information base. Based on it, the turnover speed is monitored. It is used in the formation of management reports.
• Control over observance of contractual obligations, terms, volumes of deliveries and payment on them.
• Drawing up a payment plan for suppliers in the allocation of financial resources.
• Elimination of the possibility of violation of the law and monitoring of late payments.

Account number 60

60 the account is used by enterprises as a balance sheet, passive regardless of the chosen accounting system, from the organizational and legal form of activity. It is designed to reflect information on each of the suppliers and contractors. The basis for the start of accounting are:

• Conclusion of a contract for the supply of goods and materials, major non-current assets, intangible assets;
• The provision of various services (utilities, repair and maintenance of buildings, structures, machinery and equipment);
• Transportation of goods;
• Performance of work of the contract, etc.

In a standardized chart of accounts , 60 accounts are called "Settlements with suppliers and contractors." Synthetic general accounting is maintained for all organizations. Sub-accounts are created for analytics. In the balance sheet account 60 is reflected in a cumulative form and shows the amount of the debt of the enterprise for all suppliers and contractors. Analytical accounting for obtaining reliable and objective information should be conducted by an individual contractor or contract.

Document flow for 60 accounts

60 accounts are used to form the movement of settlements with the counterparties of the enterprise. Movement on it occurs due to the receipt of the following documents:

1. The invoice, the commodity-transport waybill are the documents for the appearance of the enterprise's debts for the delivered materials or services rendered or for the payment of the advance payment amount. The invoice and the TTN are also justification for the formation of the purchase book (VAT received).
2. A payment order or demand, a bank statement serves to extinguish payables to contractors and suppliers.
3. Expenditure order, partial or complete elimination of the debt in cash, through the cashier's organization of the payer.
4. The act of the executed works which is signed by both parties, is accepted as the basis for payment of the sum specified in the contract.
5. The receipt order is carried out on 60 account in case of the return of the advance paid earlier, the repayment of the amount of the claim by the supplier in cash to the cash department of the enterprise.

When goods are delivered without a document, the fact of receipt is also reflected in the registers. At the moment of presentation of commodity waybills 60 the account is corrected for the difference between the accounting prices and the value of the goods on the submitted documents.

Transactions on account K 60

Balance sheet, passive account 60 shows the amount of the company's debts to contractors that arises. The balance at the beginning and end of the period is usually reflected on the loan. For individual suppliers, the balance can be debited in the case of prepayment under the terms of the contract. In correspondence with the 60 credit account, the debit can be the following:

• 07, 08 - purchase, modernization, capitalization of non-current assets;
• 10, 15 - materials, goods received from the supplier;
• 19 - the amount of VAT reflected in the commodity transport documents;
• 20, 23, 25, 26 - works performed by third-party organizations are attributed to an increase in the cost of main, auxiliary production, general economic or general production costs ;
• 41 - goods purchased;
• 43, 44 - increase in trade costs due to the provision of services by contractors;
• 50, 51, 52, 55 - return of cash or cashless funds from the supplier (overpaid amounts, making part of the advance due to the impossibility of delivering the agreed consignment of goods or sending it to the partner for qualitative or other reasons, settlement of the claims);
• 60 - offset of amounts previously paid as advance;
• 66 - cancellation of a part of a short-term loan (loan) at the expense of a cession agreement;
• 76 - the amount of claims presented to the buyer;
• 79 - the head organization paid for the goods delivered to the branch or subsidiary of the TMC;
• 91.2 - the exchange rate (negative) difference in the calculation using the currency is written off as miscellaneous costs.

Operations on account D 60

In the debit of the account, operations related to the settlement of accounts payable for a particular counterparty are reflected. Account 60 debit posting in correspondence with the following items:

• 10, 15 - return of goods received from the buyer;
• 50 - payment of the invoice issued or repayment of existing debts through the cashier's office in cash;
• 51 - non-cash transfer from a settlement or other account;
• 52 - settlement with suppliers of currency (according to the terms of the contract);
• 55 - payment by means blocked before the fact of delivery (money is preliminary transferred from the settlement or other account of the organization to a special letter of credit in the beneficiary's bank, the amount is prescribed in contractual obligations, signed by both parties);
• 60 - an advance paid for earlier was credited;
• 66 - cancellation of the amount of debt to counterparties at the expense of short-term loan;
• 76 - assignment of a debt under a cession agreement in favor of a third organization;
• 92 - write-off of the creditor's pledge in the following cases: expiry of the statute of limitations, liquidation of the creditor's enterprise, exchange difference, revaluation of the amount of debt, penalties provided for in the contract.