Accounting for funds in the company's current account

Enterprises can open settlement and current accounts in banks.

A current account is the main account of an enterprise through which all monetary transactions are carried out without limiting their list.

Current accounts are opened for separate transactions. Current accounts include: foreign currency accounts, loan accounts, accounts for transactions with funds for special purposes, etc.

To open a current account, the company provides the following documents to the bank:

· application for opening an account

· the founder’s decision to create an enterprise

· statutory documents (copies certified by a notary)

· certificate of registration of the enterprise (copy)

· certificate from the tax office confirming tax registration

· card with signature samples and seal imprint (2 copies)

An agreement for settlement and cash services is concluded between the bank and the enterprise, which, in addition to legal norms, stipulates tariffs - the cost of banking services.

Acceptance and issuance of cash or non-cash transfers are formalized by monetary settlement documents of the established form:

· payment orders

· payment requests-orders

· settlements for collection

· letters of credit

· advertisement for cash payment

A payment order is an order to the bank to transfer a certain amount from the company’s account to the account of the recipient of the funds (supplier). The payment order is drawn up in 2-3 copies using carbon paper, the first (memorial) copy is drawn up with the company’s signatures (in accordance with the card) and its seal. 2 copies are provided to the bank for local payments, 3 copies for long-distance payments.

A payment request-instruction is a demand from the supplier to the buyer and an order from the buyer to its bank to pay the cost of delivered products (work, services) based on settlement and shipping documents. The supplier sends a request-instruction to the buyer's bank, bypassing its bank.

Collection settlements are a requirement for the undisputed write-off of funds (IFTS, social funds, etc.)

A letter of credit is an order from a bank servicing an enterprise to a non-resident enterprise servicing a supplier to pay the supplier’s invoices for goods shipped or services provided under the conditions specified in the application for opening a letter of credit.

A check (cash) is an order to the bank to issue the amount of cash specified in the check from the enterprise account. Cash checks are documents of strict accountability and are issued by bank institutions on the basis of an application in the established form.

An announcement for cash deposits is issued when cash is deposited into the current account. To confirm the receipt of money, the bank issues a receipt to the depositor, which serves as a supporting document.

Erasures and corrections in settlement documents are not allowed.

To record transactions on a current account, active account 51 “Current Account” is used, the debit of which reflects the receipt of funds, and the credit – their write-off (transfer, withdrawal). The debit balance of account 51 for each date must correspond to the balance of money in the current account (according to the bank statement).

The basis for recording transactions on account 51 are bank statements.

An extract is a copy of a company’s personal account opened by a bank. The statement contains the company's account number and the dates for which transactions were made on the current account (current and previous). By storing the funds of an enterprise, the bank considers itself its debtor, i.e. has accounts payable for this amount. Therefore, the bank records balances and receipts to the current account as a credit to the current account, and write-offs and cash withdrawals as a debit. When processing statements, it is necessary to take this feature into account and record the credited amounts and the balance on the debit side of the current account, and write-offs on the credit side.

The company receives a daily statement from the bank with attached copies of documents on the basis of which funds have been credited or debited.

General scheme of cash flow in the organization:

To make payments in foreign currency, a foreign currency current account is opened at the bank. Cash movements in a foreign currency account are reflected in the organization’s accounting records on the basis of bank statements in account 52 “Currency accounts.”

Separately, we can highlight the letter of credit form of payment, which is a method of non-cash payments between counterparties, in which the payer bank (issuing bank), on behalf of the applicant (payer under the letter of credit), undertakes the obligation to settle with the beneficiary (recipient of funds under the letter of credit) the amount indicated in the letter of credit upon submission by the beneficiary to the bank of documents in accordance with the terms of the letter of credit within the time period specified in the text of the letter of credit, or pay, accept or honor the bill of exchange, or authorize another bank (executing bank) to make payments or pay, accept or honor the bill of exchange.

To reflect transactions on letters of credit in accounting, account 55.1 “Letters of Credit” is used.

All business entities are required to keep their available funds in bank accounts. Payments for the obligations of an enterprise with the state and among themselves are carried out, as a rule, through non-cash payments. For these purposes, current accounts and special accounts may be opened for them.

Current accounts are opened for business entities that have their own working capital and independent balance sheet. The number of current accounts required to carry out business transactions and the banks are chosen by their owner. From current accounts, economic authorities can carry out all types of cash, settlement and credit operations.

The procedure for conducting transactions on a current account is regulated by the regulations of the Bank of Russia.

To account for cash in a bank, the company opens a current account.

To open a current account, the following documents are submitted to the bank institution:

• 1) an application for opening an account in the established form, signed by the manager and chief accountant of the account owner;
• 2) certificate of state registration of the enterprise issued by the registering authority (or its copy certified by a notary);
• 3) laced and numbered, notarized copies of the charter and constituent agreement. When an enterprise has one founder, then instead of the constituent agreement, the founder’s decision to create the enterprise is attached;
• 4) cards with sample signatures of the manager, deputy manager and chief accountant and the seal of the enterprise in the prescribed form (two copies), certified by a notary;
• 5) a document from the tax authority confirming the registration of this enterprise (organization) with the tax authorities;
• 6) copies of documents on the appointment of persons having the right of first and second signature;
• 7) a copy of the certificate of assignment of statistical codes to the enterprise;
• 8) documents confirming registration with the Social Insurance Fund of the Russian Federation.

After providing these documents and signing an agreement for banking services, by order of the bank manager, an account is opened for the company, which is assigned a number, and a personal account is created.

Currently, enterprises have the opportunity to have an unlimited number of ruble settlement (current) accounts, pay the budget and make other payments from any current account. The number of current accounts is not limited by law.

To account for the movement of funds on the current account, an active balance sheet account 51 “Current accounts” is used.

If an enterprise has several current accounts, it is necessary to organize analytical accounting in the context of current accounts.

The company receives a daily account statement from the bank, the required details of which are:

• 1) client account number;
• 2) the date of the previous statement and its closing balance, which is the opening balance for the subsequent statement;
• 3) amounts credited and debited from the current account;
• 4) the balance of funds in the current account on the date of drawing up the statement.

Supporting documents confirming the legality of debiting and crediting funds to the current account are attached to the bank statement. The procedure for writing off funds from a current account is regulated by the Civil Code of the Russian Federation.

The statement is processed by the accountant daily by entering in the fields the account codes corresponding to the current account.

If, when checking a bank statement at a company, it is discovered that funds have been erroneously debited from the current account, you must immediately report this to the bank's operational department.

Until the reasons for the error are clarified, the disputed amount is reflected in the accounting records: D 76 “Settlements with various debtors and creditors”, subaccount 2 “Settlements for claims” - K 51.

If funds that were not intended for this enterprise were mistakenly credited to the current account, then it is necessary to make entries in the accounting accounts: D 51 - K 76-2.

As a rule, payments from a current account are made with the consent of the account owner. However, there are exceptions here.

IN indisputably payments not made on time to the budget, extra-budgetary funds, social insurance funds, pension funds, for customs procedures, according to writs of execution from judicial authorities are written off.

IN without acceptance bills for electricity, heat, and water supply and sewerage organizations are paid.

If there are insufficient or no funds in the current account, documents that are not paid on time are placed by the bank in card index No. 2 and are paid as funds are received.

The order of payments for the obligations of enterprises declared insolvent by the bank is determined by the management (board) of the bank.

The movement of funds through the current account is documented with primary documents.

The primary documents used to make payments from a current account include: cash checks (when receiving cash for wages, benefits, travel expenses, business expenses), payment orders and claims (when paying by bank transfer for products and services).

Cash check - an order from the owner of a current account to the bank to issue the amount of cash specified in it for certain purposes. The check is issued by hand in ink (ballpoint pen) in one copy indicating the amount, date of issue, name of the recipient. Checks are signed by persons having the right of first and second signature, and are certified by the seal of the organization. Corrections and erasures are not allowed in them.

Payment orders - an order from the owner of a current account to the bank to transfer funds to the current accounts of recipients: suppliers, financial authorities, superiors and insurance organizations. Payment orders have a single form for all types of transfers.

Payment request contains the requirement of the creditor under the agreement to the payer to pay funds through the bank. Debiting funds from the payer's current account for payment requests can be carried out with the consent (preliminary acceptance) and without the consent (without acceptance) of the account owner.

Within the limits of the free balance of funds, payments can also be made by obligations signed by the manager and chief accountant.

Acceptance of cash to the current account (the balance of unpaid wages, proceeds from the sale of material assets deposited in the organization’s cash desk, etc.) is carried out on the basis of a written order from the account owner “Announcement for cash contribution”, issued in one copy, with the obligatory indicating the source of cash. An announcement for a cash contribution contains an announcement as the basis for an accounting entry in the bank, an order, a receipt.

The announcement is sent to the responsible executive at the bank, who checks the document for correctness of details and completion. After verification, the document is registered in the cash receipt journal and then transferred to the cash desk. The client is invited to the cash desk, cash is accepted from him, it is counted and he is given a receipt for accepting money with a receipt from the cashier and a seal, which serves as the basis for drawing up a cash order in the accounting department of the organization and writing off funds at the cash desk.

Example. Cash revenue for October of CJSC Center amounted to 500,000 rubles, for November - 450,500 rubles, for December - 505,000 rubles; cash payments for October - December - 1,000,000 rubles, including payment of wages and temporary disability benefits - 130,000 rubles. Closed joint stock company "Center" is engaged in retail trade; the store is open daily from 9 to 19 hours, seven days a week. The proceeds are deposited to the bank independently two to three times a week. Calculate the preliminary cash balance limit for the next year, which Center CJSC can agree with its servicing bank. Determine possible areas for spending cash.

Solution

Actual cash revenue for the last three months: 500,000 + 450,500 + 505,000 = 1,455,500 rubles.

Average daily revenue - 15,821 rubles. (1,455,500: 92 days). Average hourly revenue - 1582.1 rub. (15,821:10).

Actually paid in cash for the last three months (except for wages and social benefits) - 870,000 rubles. (1,000,000 - 130,000).

Average daily consumption - 9,457 rubles. (870,000: 92).

The requested limit amount may be 10,000 rubles. The proceeds can be spent on wages, travel and business expenses, and settlements with suppliers.

To receive amounts for work performed and services provided, the supplier company issues payment request and presents it to the bank's servicing branch.

To record transactions on a current account, the organization maintains an active synthetic account 51 “Current Accounts”, entries for which are made on the basis of primary documents attached to the bank statement (Table 1).

Scheme of typical transactions on a current account

Table 1

A current account is opened by organizations in banks to provide operational services with funds in non-cash form. A current account is required for the following essential activities:

• storing the institution's funds in a bank;
• withdrawal of necessary cash amounts;
• mutual settlements with counterparties;
• transfer of wages to employee cards.

Each enterprise has its own unique current account, and all actions are carried out by bank employees only after receiving consent and confirmation from the client.

The accounting of funds in the current account in the accounting department is carried out on the account. 51 chart of accounts (Order of the Ministry of Finance No. 94n dated October 31, 2000). Debit 51 “Current Account” reflects the receipt of funds, payments are made on the loan. Such accounting is regulated in accordance with the current legislation of the Russian Federation:

• Civil Code of the Russian Federation;
• Tax Code of the Russian Federation;
• 402-FZ “On Accounting” dated December 6, 2011;
• 86-FZ “On the Central Bank of the Russian Federation (Bank of Russia)” dated July 10, 2002;
• Federal Law No. 395-1 of December 2, 1990 “On Banks and Banking Activities”;
• “Regulations on non-cash payments in the Russian Federation” (as amended by the Directives of the Central Bank of the Russian Federation dated March 3, 2003 No. 1256-U, dated June 11, 2004 No. 1442-U).

The main forms of primary documentation in accounting for transactions on a current account are a payment order and a payment request. A payment order is a document that is responsible for the organization’s money transfers, that is, for settlements with suppliers and other counterparties, for the return of loan amounts and interest on them, and for other non-cash transactions.

A payment request is an administrative document of the recipient of funds, which contains a requirement to transfer money from the debtor's current account to the creditor's current account. Mutual settlements can be with the prior acceptance of the payer or carried out by the bank without it.

The movement of money in bank current accounts in budgetary institutions is reflected in the account. 0 201 00 000, and 0 201 01 000 - funds in the account. Accounting is carried out by the organization in the context of the KBK reported to it in the statement of analytical accounting of appropriations, funding volumes and cash expenses of the PBS.

Transactions on the movement of funds on the current account are reflected in the Transaction Journal No. 2 for the bank current account on the basis of documents attached to the account statements.

Postings

Transfer of funds, receipt to the current account - postings to the account. 51 for NPOs will be presented in the table.

Operation name	Debit	Credit
Targeted funding has been received (income has been pre-accrued)	51	76 (76.86)
Targeted funding has been received (income is not pre-accrued), such as donations	51	86 (86.02)
Receiving cash from the bank	50	51
Cash delivery to the bank	51	50
Transfer of salaries	70	51
Transfer to the supplier for the purchase of OS for business activities	60.2	51
Funds from the sale of foreign currency were credited to the ruble account	51	91.1
Bank commission has been debited from the account	91.2	51
Refund of tax or insurance premium	51	68, 69
Money was received from a bank account or the amount was sent to another bank account (specify the sub-accounts of the recipient and sender banks)	51	51
Receipt of a loan or loan	51	66, 67
Repayment of a loan or loan	66, 67	51
Payment of taxes or insurance premiums	68, 69	51

On the territory of the Russian Federation, all non-cash payments are made to bank accounts. Operations on such accounts are carried out using special settlement documents. Read more about how funds are accounted for in a current account in the following article.

Primary documentation on transactions on the current account

Non-cash payments are carried out by credit institutions on the basis of special rules. forms These forms are payment requests and orders.

A payment order is a document of an administrative nature from the account owner, which obliges the credit institution to deposit a certain amount of funds into the recipient’s account. With the help of instructions, orders for money transfers are issued:

Payment requirements have a slightly different purpose. It is an administrative document not of the payer, but of the recipient of funds. It contains requirements for the transfer of funds from the debtor's accounts to the creditor's current account.

Synthetic and analytical accounting

Synthetic accounting of transactions on the current account is carried out on account No. 51. This account is active. Its debit reflects the balance of non-cash funds in the company’s account, as well as receipts to it, and the credit reflects write-offs. Analytical accounting is carried out for each open account.

Postings upon receipt of funds to the current account

Typical transactions for receipts to the current account will be as follows:

1. D51 – K50 – receipt of money deposited from the cash register to the current account.
2. D51 - K58 - repayment of an interest-bearing loan that was provided to another company.
3. D51 – K60 – return of the previously listed advance to the supplier.
4. D51 – K62 – funds received from buyers as payment for goods.
5. D51 – K62 – receiving advance payment from the buyer.
6. D51 - K76 - the supplier paid the claim.
7. D51 – K76 – receipt of money from other persons.
8. D51 – K66, 67 – obtaining a loan or credit.
9. D51 – K68, 69 – return of money from extra-budgetary funds.
10. D51 – K75 – making a contribution to the company’s management company.
11. D51 – K86 – obtaining budget funding.
12. D51 – K91 – accrual of interest on the current account.
13. D51 – K76 – receipt of dividends.
14. D51 – K57 – receipt of funds to the account through transfers in transit.

Postings written off from the account

Postings to the current account regarding write-offs will be as follows:

1. D50 – K51 – withdrawing money from a bank account to deposit it in the company’s cash desk.
2. D58 - K51 - provision of an interest-bearing loan to another company.
3. D60 – K51 – transfer of payment to the supplier for the supplied products.
4. D60 – K51 – advance payment to the supplier.
5. D62 – K51 – return of advance payment to the buyer.
6. D66, 67 – K51 – repayment of the “body” of a loan or credit, as well as interest on it.
7. D68, 69 – K51 – repayment of debt on payments to the budget and extra-budgetary funds.
8. D70 – K51 – transfer of salaries to employees’ bank cards.
9. D71 – K51 – transfer of accountable amounts to bank cards of accountable persons.
10. D76 – K51 – payment to the buyer according to his claim.
11. D57 – K51 – write-off of funds through transfers in transit.
12. D51 – K51 – making a transfer from one account to another.
13. D91 – K51 – write-off of funds to pay for bank services.
14. D75 – K51 – payment of dividends.
15. D73 – K51 – issuing a loan to the company’s employees.

An organization's funds used for non-cash payments with other legal entities must be kept in banks. Banks open settlement, current, currency and other accounts for organizations. Current accounts can be opened by any legal entity, regardless of their form of ownership. Current accounts are opened in credit institutions on the basis of documents, the list of which is established by current legislation. This:

Application in the prescribed form for opening an account;

Copies of the company's charter and constituent agreement, certified by a notary;

A copy of the registration certificate of the enterprise, certified by a notary;

Certificate from the tax authority on registration of the enterprise as a taxpayer;

A copy of the document confirming registration as a payer with the Pension Fund of the Russian Federation;

A copy of the certificate of assignment of statistical codes;

A card with sample signatures of the manager, deputy manager and chief accountant of the enterprise and an imprint of the seal of the enterprise in the prescribed form, certified by a notary.

A current account is a copy of a personal account opened by a bank for a specific legal entity. Information about opening an account is transmitted by the bank to the tax office with which the organization is registered within five days. An organization's services to a bank are carried out in accordance with a bank account agreement, which defines the responsibilities of the bank and the client, the procedure for settlements between the bank and the client, the responsibility of the parties for ensuring secrecy on transactions of the current and other accounts, and also indicates the details of the parties. A bank account agreement may provide for remuneration for the use of funds that remain in the organization’s current accounts.

The procedures for opening a current account, its re-registration and closing are regulated by the Banking Law. Currently, organizations are allowed to open accounts in the amount necessary to carry out settlement transactions. Information about current accounts opened in various credit organizations is reported to the tax office by both the servicing banks and the organization itself.

Transactions on current accounts are processed in accordance with the Regulations of the Central Bank of the Russian Federation "On non-cash payments in the Russian Federation" dated October 3, 2002 No. 2-P.

Money is credited to the current account in accordance with banking rules based on standard cash and settlement documents. For example, cash is withdrawn from a current account on the basis of a cash check, and credited is an announcement for a cash deposit.

The managers of the money in current accounts are the manager and the chief. accountant. They sign all the documents according to which money is written off from the accounts. If there are funds in the account, the amount of which is sufficient to satisfy all payments, the funds are written off in the order in which the client’s order is received. If there are insufficient funds in the current account, they are written off in the order established by Article 855, Part 2 of the Civil Code.

In an indisputable manner, payments not made on time to the state budget, social funds, payments under executive and equivalent documents are written off from the organization’s accounts.

The receipt and expenditure of funds on the current account is documented with primary documentation, the form of which depends on the form of payment. For cash payments use:

Announcement for cash deposit – cash deposit to the current account. A standard form is provided for announcing a cash contribution. The form consists of three detachable parts: the actual announcement for a cash contribution, a receipt and an order. The announcement for a cash contribution must be filled out in one copy. Simultaneously with the announcement, an expense cash order must be issued, since cash is withdrawn from the organization’s cash register.

The bank employee must sign the receipt, stamp it and return it to the teller. This receipt is filed with the cash receipt order, which was used to document the withdrawal of money from the cash register. The bank transfers the completed order with its notes to the organization along with the bank statement;

checkbook (cash check) – receipt from a current account.

To withdraw cash from a current account, the organization receives from the bank, on the basis of an application in the established form, a book with cash checks (checkbook). A cash check consists of two parts: a tear-off sheet and a check counterfoil. The tear-off sheet indicates the purpose of receiving funds, the amount that is withdrawn from the current account, as well as the passport details of the person receiving the money. Funds received from a check must be spent only for the purposes specified on it. The tear-off sheet of the cash check is handed over to the bank employee, who issues cash. The counterfoil remains in the checkbook and must be kept by the organization for 5 years. The check is valid for 10 days. If this period has expired, the bank will not accept the check. Cash received by check must be posted to the organization's cash desk. A cash receipt order must be issued.

For non-cash payments, the following are used: payment orders; payment requests, settlement checks, collection orders.

In an agreement with the buyer (customer) of goods (works, services), an organization may provide that payment of their debt will be made according to payment requirements. Based on the payment request, the buyer's (customer's) bank will write off funds from the payer's current account and credit it to the recipient's current account.

A standard form is provided for payment requests. As a rule, the payment request is drawn up in 4 copies: the bank returns the first copy to the organization; the second copy remains in the bank in which the organization’s current account is opened; the third and fourth copies are sent to the bank where the payer’s (that is, buyer or customer) account is opened.

The bank debits money from the current account by order of the organization. Such an order is formalized by a payment order (for example, to pay for goods (work, services), transfer taxes to the budget or make another payment). As a rule, a payment order is drawn up in 4 copies: - the bank returns the first copy to the organization; - the second copy remains in the bank in which the organization’s current account is opened; - the third and fourth copies are sent to the bank where the recipient of the money has an account. If funds are transferred to an organization that has a current account in the same bank, it is enough to issue 3 copies of the payment order.

Information about the flow of funds in the current account is contained in the current account statement, which is a copy of the personal account of a specific organization. It is presented to the client daily (if the number of transactions is small, it may be less often). The bank statement reflects: date, document number, transaction code, debit and credit amounts, as well as balances at the beginning and end of the day. When processing a document, you must remember that the debit or issue of money from a current account is reflected as a debit, and receipts and balances are reflected as a credit, that is, this account is passive for the bank. Along with the statement, the organization also receives primary documentation based on the records of which the money was written off or credited.

Accounting for funds in current accounts is carried out on active account 51 “Current Accounts”, the debit of the accounts reflects the balance of money on the accounts, receipts, and the write-off of the credit. At an enterprise, subaccounts can be opened for an account based on the name of the bank with which the settlement is carried out.

The debit of the account reflects the amounts received from:

Dt 51 Kt 62 - from buyers, procurement organizations.

Dt 51 Kt 76/9 – from other debtors

Dt 51 Kt 66, 67 – short-term or long-term bank loans and loans

The credit of account 51 reflects amounts received from the bank or transferred to other accounts or other organizations

1. Dt 60 Kt 51 – to suppliers and contractors

2. Dt 68 Kt 51 – debt to financial authorities for payments to the budget

3. Dt 69 Kt 51 – social debt. insurance and security

4. Dt 66, 67 Kt 51 – debt on repayment of loans and borrowings

5. Dt 76 Kt 51 – debt to creditors.

The accounting register in which transactions on the current account are reflected in the journal-order form of accounting is the journal-order 2-APK.