The organization has the right to transfer to the counterparty a bill of exchange of a third party in payment of its debt. Such a transfer means the repayment of obligations (part of the obligations) of the organization to the counterparty.
This follows from articles 407 and 409 of the Civil Code of the Russian Federation.
Attention: settlements using bills of exchange (including third parties) increase the risk of conducting an on-site tax audit for all participants in the bill of exchange transaction (clause 12 of Appendix 2 to the order of the Federal Tax Service of Russia dated May 30, 2007 No. MM-3-06/333 ).
Accounting
Interest (discount) bill
In accounting, reflect the transfer of an interest-bearing (discount) bill of exchange from a third party to a counterparty in payment for goods (work, services) as a disposal of financial investments (clause 25 of PBU 19/02). That is, in correspondence with account 58 “Financial investments” sub-account “Debt securities” (58-2) (Instructions for the chart of accounts).
As part of other income, recognize the value of the transferred bill of exchange, which is equal to the entire amount of the debt repaid by it (clauses 7 and 10.1 of PBU 9/99). And the expenses include the cost of the bill reflected in account 58-2, and interest accrued until the bill is disposed of (clause 11 of PBU 10/99). Make the following entries:
Debit 60 (76) Credit 91-1 – a bill of exchange of a third party was transferred in payment for goods (work, services);
Debit 91-2 Credit 58-2 – the value of a third party’s bill of exchange is written off, at which it is recorded at the time of its transfer;
Debit 91-2 Credit 76 subaccount “Interest on bills received” - accrued but uncollected interest on a third party bill is written off.
This scheme of accounting entries follows from the Instructions for the chart of accounts (accounts 58, 91).
Interest-free (discount-free) bill
The transfer of an interest-free (non-discount) bill of exchange of a third party to a counterparty in payment for goods (work, services) should be reflected in the debit of account 91 “Other income and expenses” in the subaccount “Other expenses” (91-2) in correspondence with account 76. That is, the account on which the transferred security is accounted for.
Make an entry in accounting:
Debit 91-2 Credit 76 subaccount “Settlements on bills received” - reflects the transfer of a bill in payment for goods (work, services).
This follows from the Instructions for the chart of accounts (accounts 76 and 91) and paragraphs 11 and 17 of PBU 10/99.
Reflect the disposal of the bill at the value at which it was recorded on the date of transfer.
Loan repayment by bill of exchange
If the loan is short-term, then the bill amount goes to account 66, long-term - account 67. When a bill of exchange is received from the payer to repay the loan, the following entries are made:
- For Debit 51 - for Credit 66 or 67.
- If the bill is interest-bearing, then Debit 91.2 – Credit 66 or 67.
When the bill is issued, the money goes into accounts payable. It contains the full amount of debt on an interest-bearing or non-interest-bearing bill. While the loan agreement is in effect, the debt in the financial statements remains unchanged.
- Accrued interest is subject to write-off as expenses. This should be done every month using account 97. To make a posting, you need to write off Debit 97 - Credit 66 or 67.
- Accrued interest on a security is paid when the bill is repaid, on the same day. When a bill is issued, Debit 009 is written, after repayment, you need to make an entry for the loan.
Documenting
Confirm the fact of transfer of the bill and the date of the transaction with a primary document drawn up in any form; a unified form is not provided. For example, this may be an act of acceptance and transfer of bills of exchange from third parties, containing all the required details in accordance with paragraph 2 of Article 9 of the Law of December 6, 2011 No. 402-FZ. At the same time, it is necessary to issue an endorsement on the transfer of all rights under the bill (clause 3 of Article 143, clause 3 and subclause 2 of clause 8 of Article 146 of the Civil Code of the Russian Federation).
Situation: is the transfer of a third party’s bill of exchange to a counterparty in payment for purchased goods (works, services) for tax purposes?
Yes it is.
For tax purposes, the transfer of a bill of exchange in payment for goods (work, services) leads to two transactions:
- for the acquisition of goods (works, services);
- for the sale of securities.
This follows from the provisions of Article 128, paragraph 2 of Article 142 of the Civil Code of the Russian Federation, paragraphs 2, 3 of Article 38, paragraph 1 of Article 39 of the Tax Code of the Russian Federation and is explained by letters of the Ministry of Finance of Russia dated October 10, 2006 No. 03-11-04/2/202 , dated June 6, 2005 No. 03-04-11/126, dated November 24, 2004 No. 03-03-01-04/1/141, Ministry of Taxes of Russia dated June 15, 2004 No. 03-2-06/ 1/1372/22.
In arbitration practice there are examples of court decisions that recognize the legitimacy of such a conclusion (see, for example, the decision of the Supreme Arbitration Court of the Russian Federation dated May 18, 2007 No. 5697/07, the resolution of the FAS Volga District dated January 26, 2007 No. A57-16025/05 -33).
Advice: there are arguments that allow an organization that pays a counterparty with a third party bill of exchange not to recognize its transfer as an operation to sell a security. They are as follows.
Depending on the purpose of the transfer, the bill of exchange can be used as:
- method of drawing up a loan agreement;
- securities as a way to generate additional income;
- means of settlements with counterparties.
This follows from Article 5, paragraph 2 of Article 142, Article 815, paragraph 1 of Article 408, Article 862 of the Civil Code of the Russian Federation, the Regulations approved by the resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341, and the ruling of the Constitutional Court of the Russian Federation dated April 4, 2006 No. 98-O.
As a rule, when transferring a bill of exchange in payment for goods (work, services), the bill itself is not the object of the transaction, but a means of settlement with counterparties (a means of payment). The transfer of a bill of exchange as payment is equivalent to the transfer of funds. That is, the bill in this case is not a commodity in the sense of paragraph 3 of Article 38 and paragraph 1 of Article 39 of the Tax Code of the Russian Federation. This means that its sale does not occur when repaying the debt to the counterparty. This point of view is confirmed by arbitration practice (see, for example, the rulings of the Supreme Arbitration Court of the Russian Federation dated August 11, 2009 No. VAS-10058/09, dated February 8, 2008 No. 910/08, dated February 4, 2008 No. 403/08, dated August 29, 2007 No. 10480/07, dated April 20, 2007 No. 4773/07, resolution of the Federal Antimonopoly Service of the Moscow District dated March 11, 2009 No. KA-A40/1255-09, dated December 11, 2007 No. KA- A40/12645-07-2, West Siberian District dated May 7, 2007 No. F04-2543/2007(33746-A27-40), Volga District dated October 23, 2007 No. A57-13898/2006, Ural District dated September 24, 2008 No. Ф09-6808/08-С3, dated October 1, 2007 No. Ф09-7982/07-С3, dated February 8, 2007 No. Ф09-363/07-С3 and dated January 16, 2007 No. Ф09-11811/06-С3, Volga-Vyatka District dated June 22, 2006 No. A31-2731/2005-13).
Transfer of a bill of exchange: how to draw it up correctly
Question from Klerk.Ru reader Elena (Ufa)
Our bank account has received funds for the goods from the buyer. We cannot ship the goods. The manager said that we would cover this debt with promissory notes. How should I transfer the bill? According to the act of acceptance and transfer of the bill of exchange? Add. Is an agreement to the contract necessary? And what should I do with VAT: I have to pay VAT on the car. payments, but when paying by bill of exchange, can I somehow recover VAT?
In the situation under consideration, the supplier did not fulfill his obligations to the organization for the supply of goods, and on the basis of clause 3 of Art. 487 of the Civil Code of the Russian Federation, the buyer has grounds for terminating the sales contract and returning the amount of advance payment for goods not transferred by the seller.
From the moment of termination of the contract, the organization’s accounting records do not reflect the supplier’s debt for shipment of goods, but his accounts payable in the amount of the prepayment for the goods transferred to him. At the same time, current legislation does not make the receipt of an advance in cash dependent on the method of its return (cash or non-cash). The procedure for repaying accounts payable depends on the agreement of the parties.
