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Published: 09/05/2019
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Accounts receivable of an enterprise are obligations to be fulfilled in favor of such an enterprise by third parties. Accounts receivable include unpaid funds from customers for the purchase of the company's products, unfulfilled work of contractors for which an advance was received, as well as other debts arising from third parties to the company as a result of concluded contracts.
- Why do they buy accounts receivable?
- The procedure for putting a lot up for auction
- Debt purchase procedure
- What documents are needed
- Management of risks
How to transfer a debt
To transfer an obligation, the original debtor and the organization to which the debt is transferred sign a corresponding agreement.
And the creditor must put his mark on this agreement stating that he is not against the transfer. Such consent is required by paragraph 1 of Article 391 of the Civil Code of the Russian Federation. Or you can enter into a tripartite agreement. The creditor's signature on it will mean his consent.
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By default, the original and new debtors are jointly and severally liable to the creditor. That is, the creditor can demand that the debtors fulfill the obligation jointly. He also has the right to make such a demand to each of them separately.
At the same time, in the debt transfer agreement, the parties may also provide for subsidiary liability. It assumes that if the new debtor does not fulfill the demand, then the original debtor is obliged to fulfill it.
It is possible to completely release the original debtor from the obligation (clause 3 of Article 391 of the Civil Code of the Russian Federation).
How to sell accounts receivable{q}
The sale of receivables is accompanied by the conclusion of an assignment agreement. Assignment - assignment of the right to claim a debt - an agreement according to which the original owner of the debt transfers to a new person the right to claim it. The original owner is called the assignor, and the new owner is called the assignee. As a result of concluding such an agreement, the debtor will repay its obligations to the original creditor to the assignee.
Dt 60 (last creditor) Kt 60 (old creditor), because according to Art. 384 of the Civil Code of the Russian Federation, the sale of debt retains its legal basis.
Dt 60 (new creditor) Kt 51 (50).
Assignment agreement: 25 questions from the debtor and creditors
The borrower is a legal entity. Companies do not have a Law on the Protection of Consumer Rights as protection, therefore the general norms of the Civil Code of the Russian Federation on the change of persons in obligations apply. The bank may transfer the right to claim a debt to a non-credit organization, without the consent of the debtor (organization), in accordance with Article 2. 382 of the Civil Code of the Russian Federation. Most likely, the loan agreement is drawn up in such a way that it includes this clause. This position is expressed in the information letter of the Presidium of the Supreme Arbitration Court of the Russian Federation dated October 30, 2007 N 120 “On the practice of application by arbitration courts of the provisions of Chapter 24 of the Civil Code of the Russian Federation. Your agreement can include a ban on the assignment of debt to a non-credit organization, however, Federal Law N 367-FZ dated 12/21/2013, made changes on this issue. Previously, the assignment of a claim was not allowed if it contradicted the law, other legal acts or an agreement.
In this case, a special agreement is concluded. It can be issued at any stage of the legal process. It will also be necessary to notify the court about the change of successor so that it takes this circumstance into account and collects the debt against another citizen or company. Is it possible to sell a debt under a writ of execution to collectors? This article has the answer to this question. If the creditor has IL in his hands, then he can also enter into an agreement with another company or person for the assignment of rights to the citizen’s debt. Even when this document is already with the bailiffs, it is possible to carry out such a transaction. To do this, it is only necessary to indicate in the contract between two creditors its object - a court decision on collection. Regarding the cost of the transferred debt, the law does not provide for any exact amount. It is even possible to conclude this transaction free of charge.
Accounting: with the lender
Debit and credit using examples in the article: what is debit and credit in simple words.
Debit 62 (58, 76...) “New debtor” Credit 62 (58, 76...) “Original debtor” – reflects the amount of debt transferred by the debtor to another person.
This must be done on the effective date of the debt transfer agreement.
Debit 50 (51, 60, 76...) Credit 62 (58, 76...) “New debtor” – payment has been received (offset has been made) to repay the debt under the agreement from the new debtor.
This procedure follows from the Instructions for the chart of accounts (accounts 58, 62, 76).
Reflection in the accounting of transactions on the transfer of debt obligations from the party accepting receivables will be carried out according to the norms of PBU 19/02. Accounting rules require the attribution of amounts for repurchased debts from other legal entities to account 58 (clause 3 of PBU 19/02). Transactions on the assignment of the right of claim, drawn up by a legal entity that initially acted as a creditor and initiated the transfer of debt to a third party, are formalized as a sale of receivables.
Accounting for a transaction with an old debtor
Before transferring a debt from one organization to another, the old debtor must obtain permission for this action from the creditor. The latter risks losing his funds, so this action is mandatory (Article 301 of the Civil Code of the Russian Federation). After receiving consent and signing the relevant document, the person is released from the debt (specific conditions depend on the composition of the document).
Information about this action should be displayed not only in the records of the new debtor and his creditor, but also in the records of the legal entity that has relieved itself of the corresponding obligations. The accountant is obliged to reflect this action with the following entry: Dt 60 Kt 76.
The termination of the undertaken obligation occurs simultaneously with the entry into force of the previously signed document. From this moment on, the person is no longer a debtor to the creditor. However, the old debtor has obligations to the new one.
The entry described above reflects the fact that the creditor has been written off and transferred to the counterparty after receiving the consent of the person acting as the creditor.
On the date specified in the debt transfer agreement, the old debtor’s obligation under the contract ceases. In return, he has obligations to the counterparty who has assumed the obligation to repay the debt
The repayment of the obligation incurred to the counterparty must also be shown in a separate line: Dt 76 Kt 50. This scheme is applied if, for example, the company has a debt for goods supplied or services provided.
When transferring a loan debt to another organization, the accounting entries of the person released from obligations should look like this: Dt 66 Kt 76.
In this case, the debt to the person who assumed the obligation is displayed, as well as the closure of the debt incurred to the bank. Despite the fact that the debt is transferred to the counterparty, it must be displayed in the standard manner when calculating income tax.
Attention! The deduction of value added tax from the price of received products cannot be restored.
Thus, the legislator allows the transfer of debt from one company to another. This action is carried out only after obtaining consent from the company acting as a creditor. To carry out the procedure, a debt transfer agreement is drawn up, the entries for it must be reflected in the accounting records of all three parties.
All data is entered only after the document on the basis of which the payer is changed comes into force. Postings are entered into analytical accounting. This procedure entails a change of debtor, but does not affect the amount of debt and does not lead to income. Therefore, there is no need to take it into account in tax reporting.
Reflection of transactions under the assignment agreement with the debt buyer
In accounting, referring to clause 7 of PBU 9/99 “Income of the organization” (Order of the Ministry of Finance of the Russian Federation dated May 6, 1999 No. 32n), income from the sale of debt is taken into account as from the sale of other assets as part of other income. Proceeds from the sale of debt are credited to the account. 91 in correspondence with the other debtors account. At the moment of transfer of debt, the realized debt recorded in the assignor’s account is also written off. 62. Consequently, the following entries are made in the assignor’s accounting:
- Dt 76 Kt 91.1 - revenue from the sale of debt is displayed;
- Dt 91.2 Kt 62 - the amount of receivables sold is written off;
- Dt 51 (50) Kt 76 - funds were credited for the assignment of the right of debt.
According to Art. 146 of the Tax Code of the Russian Federation, the transfer of rights is subject to VAT. Art. 155 of the Tax Code of the Russian Federation establishes the taxation procedure for this situation. Thus, during the initial assignment of debt arising as a result of the sale of goods and services subject to VAT, the original creditor charges VAT on the positive difference between the income from the assignment and the amount of the receivables sold. If the amount of the assignment is less than or equal to the buyer's debt, no VAT arises.
Dt 91.2 Kt 68.
We suggest you read: Transfer of documents to the FSS
In the case of a subsequent assignment, the VAT basis is determined for its seller as the difference between the income received from its buyer and the amount originally spent on acquiring the debt.
The financial result from the assignment of debt is accordingly determined as the difference between credit and debit turnover on the account. 91, as a rule, it is negative.
The tax accounting of the debt seller will also include income and expenses. In this case, the date of receipt of income will be the date of signing the act of assignment (clause 5 of Article 271 of the Tax Code of the Russian Federation). When the assignment is unprofitable, the provisions of Art. 279 Tax Code of the Russian Federation. Thus, if the transfer of debt was carried out after the payment deadline established by the parties to the transaction, the resulting loss can be taken into account in the calculation of income tax in a total one-time amount on the date of assignment. If the assignment agreement was concluded before this period, to accept the loss you must be guided by clause 1 of Art. 279 of the Tax Code of the Russian Federation and accounting policies.
You can familiarize yourself with the procedure for normalizing losses and see an example in the material “Losses from the assignment of a claim from January 1, 2015 are taken into account according to the new rules.”
Dt 58 Kt 76.
The assignee takes into account the received receivable in the amount transferred to the assignor, taking into account all costs of acquiring the debt. If there is input VAT from the assignor, the tax can be deducted, observing the general conditions for deduction.
You can learn more about accounting for financial investments, including accounting for issued loans, investments in securities, and find out how financial investments are kept in a management company or a simple partnership in the article “Accounting for financial investments - PBU 19/02.”
Dt 76 Kt 51 (50).
The right of claim as a financial investment, according to PBU 19/02, is withdrawn at the moment of receiving money from the debtor or signing an assignment deed to another creditor. Clause 34 of PBU 19/02 in accordance with PBU 9/99 “Income of the organization” (Order of the Ministry of Finance of the Russian Federation dated May 6, 1999 No. 32n) classifies income from financial investments as other income if they are not the subject of the company’s main activity.
Accordingly, the receipt of money from the debtor is accompanied by the following accounting entries:
- Dt 51 (50) Kt 76 - amount received from the debtor;
- Dt 76 Kt 91.1 - income from the assignment of the right of claim is displayed;
- Dt 91.2 Kt 58 - reflects the amount spent on the acquisition of debt;
- Dt 91.2 Kt 68 - if the amount of debt repayment exceeds the amount transferred to the original creditor, VAT is charged on the excess amount.
Similar entries will be made if the debt is transferred to another creditor:
- Dt 76 Kt 91.1 - debt assigned;
- Dt 51 (50) Kt 76 - funds received from a new creditor;
- Dt 91.2 Kt 58 - the cost of the transferred right of claim has been written off;
- Dt 91.2 Kt 68 - VAT is charged (if there is a positive difference).
In tax accounting, execution from the debtor or income from the assignment, according to clause 3 of Art. 279 of the Tax Code of the Russian Federation, the assignee recognizes upon receipt of money from the debtor or further assignment of the debt. The same date is the date of recognition of assignment expenses. If the debtor repays the debt gradually, then income is recognized in parts, and expenses are taken into account in direct proportion to them.
We purchase accounts receivable
Source: Audit
By acquiring the rights of claim, its buyer (assignee) enters into an assignment agreement (agreement on assignment of the right of claim) with the seller of the claim (assignor). In this article we will look at how to take into account the receipt of such a requirement by the assignee.
Assignment agreement
Assignment of the right of claim is one of the ways of changing persons in an obligation, i.e., changing the creditor. According to paragraph 1 of Article 382 of the Civil Code of the Russian Federation, the right (claim) belonging to the creditor on the basis of an obligation may be transferred by him to another person under a transaction (assignment of the claim).
A creditor who has assigned a claim to another person is obliged to transfer to him documents certifying the right of claim and provide information relevant for the implementation of the claim (clause 2 of Article 385 of the Civil Code of the Russian Federation).
