Essence
Issuing a loan is a method of replenishing a company’s current account. The possibility of providing the service is stipulated in the Civil Code of the Russian Federation (Article 807). In the Civil Code, such a loan is defined from the perspective of the contract. It stipulates the transfer of a loan from the founder (employee, company, microfinance organization) to the current account in the form of money or material assets with generic characteristics. In this case, the company, represented by its representative, undertakes to return the transferred funds (things) within the agreed period.
If an enterprise (legal entity) is involved in the agreement, the paperwork is concluded in writing. The timing of the loan transfer and other terms of the transaction are reflected in the agreement, taking into account the requirements of the law. The transfer of money and material assets is carried out taking into account the payment of interest or without it.
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| I know something is wrong somewhere. Because the turnover sheet for synthetic accounts does not add up. I don’t know where. Please tell me. Contents of a business transaction Correspondence of accounts D K Due to a short-term bank loan, the debt of suppliers was repaid 60 66 Finished products were shipped to the buyer 62 43 Payments from buyers were received into the current account 51 62 Tax debt from the budget was transferred from the current account 68 51 Construction materials were received from suppliers 10 60 Due to retained profits, the authorized capital was increased 80 84 Construction materials were released from the warehouse for the construction of a production workshop 08 10 At the expense of undistributed profits, a bonus was awarded to employees of the organization 70 84 The balance of unspent accountable amounts was returned to the cash register 50 51 Cash was received from the current account to the cash desk for issue wages to employees 50 51 A short-term loan from another organization was transferred to the current account 51 66 Materials were released for the production of products 40 10 Wages were issued from the cash desk by the employees of the enterprise 70 50 The employees of the enterprise were accrued wages for the manufacture of products 70 40 The enterprise was provided with services by a transport organization for the construction of a production facility workshops 40 20 A short-term bank loan was repaid from the current account 66 51 A loan debt to the bank was repaid from a short-term loan from another organization 66 58 Materials were received from suppliers 10 60 Cash from the cash register was deposited into the current account 51 50 Debt to social insurance authorities was transferred from the current account 69 51 |
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How is a loan deposited into a current account?
The loan agreement is concluded with the participation of companies and citizens. The following options are possible:
- Depositing a loan from the founder to the current account or employee of the organization.
- Obtaining a loan from an MFO.
- Applying for a loan from another organization.
- Raising money from private individuals at interest and with a public offer.
The mentioned agreements are drawn up taking into account the current legislation regarding the conclusion of such agreements.
Subtleties of design
A common case is when an agreement is concluded with the founder of an enterprise. The advantage of this method is that such a deposit of a loan into a current account is not subject to taxation. If we are talking about difficulties in which a company participant is not able to help financially, the organization turns to special credit institutions.
Registration takes place in the following stages :
- Drawing up the text of the agreement. The loan term, amount, interest (if any) are specified here.
- Agreement agreement and signing.
- Transfer of funds to the borrower on the day specified in the agreement.
How long does it take for money to reach my current account?
The money in the current account is not necessarily the amount in the bank’s vaults. It is enough for a Russian bank to have a record in its registers that the client’s payment account has the required amount.
A transfer from one current account to another is only a transfer of information:
- The bank maintaining the payer's account reduces the amount in the register by the amount of the payment.
- The bank where the recipient's account is located increases the entry in the register by the amount of money received.
- The process ends when the client can see the received amount in his account.
Crediting money to your account can happen very quickly, because... It is not the money itself that is transferred, but information from one computer system to another. The only obstacle can be distrust between the sender and recipient of information.
However, within one bank, and even more so within one regional bank branch, the degree of trust and information transfer is high. Therefore, intrabank transfers are almost instantaneous.
The usual time standard for transfers between banks is “today for tomorrow”.
It means that:
- the bank from which the funds are transferred promises to transfer the information no later than the next day after receiving the transfer instruction from the client;
- The bank receiving money to one of its current accounts promises to credit it no later than the next day from the moment it receives information about the transfer.
How long it takes for the money to arrive in the account depends not only on the wishes of the banks, but is subject to the rules of the system with the participation of the Central Bank of the Russian Federation. All Russian banks have their correspondent accounts with the Central Bank. The transfer process through the Central Bank goes like this:
- The sending bank transmits information about the transfer to the Central Bank and debits the money from the payer's current account.
- The Central Bank debits funds from the sender's correspondent account and credits the money to the recipient bank's correspondent account.
- The bank receiving the funds credits them to the recipient's current account.
In such a chain, the addition of two “tomorrows”, from the sending bank and from the receiving bank, can turn into “the day after tomorrow”. There are several reasons for this:
- Information about transfers does not go to the Central Bank immediately, but during “ruble flights” at intervals of one and a half to two hours.
- Processing information also takes time. Thus, payment orders sent by the bank at 13:00 arrive at the Central Bank at 14:00, then are checked and confirmed by the Central Bank at 15:00. Confirmed orders are sent to the recipient's bank.
- Due to the fact that the Central Bank conducts operations according to Moscow time, accepts the first payments at 13:00 and confirms the last at 22:00, some operations are postponed to the next day.
Good to know:
How to withdraw cash from an individual entrepreneur's current account
How do banks make quick payments if the deadline for receiving money to the current account of an individual entrepreneur or LLC is the period of time for cash settlement, transfer of information to the Central Bank and back, and the time of crediting to the recipient’s account?
For the sake of speed of transfers, many banks do not wait for the end of the entire process and instructions from the Central Bank, but establish direct, confidential contacts with each other. It looks something like this:
- The sender's bank notifies the recipient's bank that a payment is being made to one of its checking accounts.
- The sending bank freezes the payment amount on the payer's account.
- The receiving bank adds this amount to its client's account.
At the end of the day, banks take into account transactions for the day, offset mutual claims and transfer the amount of the difference from bank to bank in the prescribed manner.
However, banks have no obligation to do so. They have the right to carry out transfers in the prescribed manner and verify the data of the sender and recipient of funds. The only thing the Civil Code (Article 849) requires of banks is to credit received funds to the current account no later than the next day and also transfer money from the account.
How is money credited?
The loan is deposited directly into the company's bank account. The following paths are highlighted here:
- Registration of a transfer from the account of a citizen or organization that transfers money to the recipient’s bank account. The agreement between the parties specifies the details for the transaction.
- Through a self-service terminal (with the bank open).
- Transfer of funds at a branch of a financial institution. This is a classic method, which will also require bank details. This option is relevant in cases where the lender’s money is available in cash.
Depositing a loan into a current account (from the founder or another party) does not require any other manipulations. An exception is the preparation of financial statements. As soon as the funds are transferred, they become the disposal of the organization.
How to account for receipts
Lenders can receive additional income from providing loans in the form of interest or receive nothing, issuing them interest-free on installment terms. As a rule, interdependent persons do this when providing support to enterprises from their holding.
In accounting, the money raised can be displayed in different accounts in direct dependence on the repayment period established by the agreement:
- 66 “Settlements for short-term loans and borrowings”;
- 67 “Calculations for long-term loans and borrowings.”
Accounting for borrowed capital must be carried out in accordance with the guidance of PBU 15/2008. In the accounting records of companies, receipts to the current account of loans and borrowings are reflected under the same conditions. Therefore, to understand what type of loan the company uses, you need to read the contract. The number and date of the agreement can be seen on subconto 2 when generating the balance sheet for accounts 66, 67. Subconto 1 is used to account for loans to the counterparties that issued them.
Note from the author! Turnover balance sheets contain information about the balances and movements of each account along with sub-accounts.
Accounts 66 and 67 are classified as passive. This means that the loan reflects the receipt of borrowed funds and accrues interest payable. The debit, in turn, repays the loan and pays interest.
In this case, a number of operations are carried out:
- Debit 51, 52 Credit 66, 67 - borrowed capital has arrived.
- Debit 66, 67 Credit 51, 52 - debts on borrowed funds are repaid.
For example, Dolgaya Dolina LLC entered into a loan agreement with Invest.COM LLC for a period of three years. In the company's accounting records, the debt will be reflected as the raised money arrives in the current account. According to the terms of the agreement, the money will be received in equal tranches every month. The contract amount is 28,800,000 rubles.
- 28,800,000 / 36 months = 800,000 rubles.
Dt 51 Kt 67 - 800,000 rubles monthly.
Balance sheet for correspondence accounts:
Table No. 1. Balance sheet for account 67.
| Check | Balance at the beginning of the period | Period transactions | balance at the end of period | |||
| Counterparties | Debit | Credit | Debit | Credit | Debit | Credit |
| Treaties | ||||||
| 67 | 800 000,00 | 800 000,00 | 1 600 000,00 | |||
| 67.03 | 800 000,00 | 800 000,00 | 1 600 000,00 | |||
| LLC "Invest.COM" | 800 000,00 | 800 000,00 | 1 600 000,00 | |||
| 4904 -10 from 02/01/2018 | 800 000,00 | 800 000,00 | 1 600 000,00 | |||
| Total | 800 000,00 | 800 000,00 | 1 600 000,00 | |||
In operations, accounts 51 “Currency accounts”, 52 “Currency accounts” are used, through which the movement of finances occurs between the company and the lender. Account 50 “Cash” can be used for receipts, but one must remember that according to clause 6 of Bank of Russia Directive No. 3073-U dated October 7, 2013, legal entities do not have the right to use cash payments over 100,000 rubles under one agreement.
Therefore, cash payments can only be used if the lender is an individual. In this case, individual entrepreneurs are classified as legal entities.
Note from the author! Debt on short-term and long-term loan accounts is shown together with creditor interest accrued at the end of the reporting period.
Postings in accounting
In practice, the postings when a loan is deposited into a current account depend on the repayment period. If the agreement is concluded for a period of up to a year, account 66 is used, and when concluding an agreement for a period of more than a year, account 67 is used. The accounting entries are as follows:
- D50 K66 (67) - received an interest-free loan (in cash at the cash desk).
- D51 K50 - funds “entered” the company’s account.
The Tax Code of the Russian Federation (Articles 251 and 270) states that money transferred and received under a loan agreement is not taken into account from the point of view of expenses and profits.
