Reflection of inventory results in accounting is the final stage after an audit in an organization. It is very important to complete the documents properly. If mistakes are made, this may result in distortion of the entire company’s reporting. And for false information there are quite serious penalties.
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Method Functions and Definitions
The legislation establishes the obligation of legal entities to show complete and reliable information about the financial condition of the organization in their accounting records. The essence of these actions is control and comparison of the actual availability of material assets and their nominal presence on the company’s balance sheet. In other words, it is a tool for analyzing the state of a company/enterprise. Each stage is strictly regulated by federal laws and recommendations of the Ministry of Finance of the Russian Federation.
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Accounting records based on inventory results take into account not only the legal entity’s own property, but also leased, temporarily owned assets. According to accounting legislation, reconciliation is required in the following situations:
- In advance of the annual report.
- After there were changes in the management team responsible for the safety of money/property.
- When facts of misappropriation/damage are revealed. As well as if there are suspicions of such actions.
- If you plan to rent out material assets or put them up for sale.
- When liquidation is initiated.
- In case of business reorganization.
- Due to unforeseen emergency circumstances.
Whatever the basis for the recalculation, the procedure for reflecting the inventory results in accounting will be the same. You will see that filling out forms correctly only looks complicated. If you understand the essence of the system, then in reality everything turns out to be much simpler.
If the organization has established a procedure for collective responsibility, then the basis for starting the process may be:
- Change of leadership.
- Renewal of the team by more than half.
- At the request of any of the responsible employees.
For most LLCs/IPs, the minimum inventory frequency is 1 year. Some exceptions apply to libraries (once every five years), OS (once every three years), as well as for legal entities operating in the Far North.
Inventory procedure, legal regulation
The procedure and conditions for carrying out the inventory, registration of the results of the inventory are regulated by the Methodological Guidelines for the Inventory of Property and Financial Liabilities, approved by Order of the Ministry of Finance of the Russian Federation dated June 13, 1995 No. 49. This regulatory act determines the need for an inventory of all property of the enterprise and its financial obligations. However, not only property that is owned is subject to inventory; in addition, inventories and other types of property that are not owned by the organization, but reflected in accounting (raw materials transferred for processing, leased property, etc.) are subject to inventory.
The timing of inventories, their frequency and the list of assets subject to inspection are approved by the head of the enterprise, except in cases specified by law.
According to the Federal Law “On Accounting” No. 402 - Federal Law dated December 6, 2011. Mandatory inventory must be subject to:
- property transferred for rent, as well as during the redemption or sale;
- property of a state or municipal organization in case of its transformation;
- annually all property, the inventory of which was carried out before October 1 before the preparation of annual reports, while certain categories have their own characteristics. Fixed assets can be inventoried once every three years, and library collections - once every five years. In the Far North and in areas equivalent to it, inventory can be carried out at the moment when the least amount of balances is recorded in the warehouse;
- in cases of change of the financially responsible person (on the day of transfer of cases);
- as a result of theft and damage to property;
- in case of emergencies, natural disasters, fires;
- property of the organization subject to liquidation or reorganization;
Before carrying out the inventory, an inventory commission is formed, the composition of which is determined by the head of the organization and approved by order. The commission includes representatives of the accounting department, administration employees, and other specialists.
Inventory is carried out directly at the places where property is stored and in the presence of the financially responsible person.
Before carrying out the inventory, the warehouse is sealed, the necessary measuring instruments are checked, and a receipt is taken from the materially responsible person stating that all material assets have been taken into account (received materials are capitalized, retired materials are written off as expenses).
During the inventory, the commission verifies the actual balances of property in the presence of the materially responsible person and two copies of the inventory list are compiled. The inventory list is provided to the accounting department for comparison with accounting data. The results of the reconciliation (shortage, surplus) are reflected in the matching statements.
As a result of the work, the commission is also obliged to identify the causes of surpluses and shortages, draw appropriate conclusions, and make decisions. Based on the results of the work, an inventory protocol is drawn up, reflecting all the results, which is approved by the head of the enterprise.
Order and regulated actions
There is an established algorithm for conducting the inventory. In order for the event to be considered legal and bring results, it is recommended to strictly follow the roadmap that we provide below.
Creation of a commission
To do this, you need to draw up an official order on behalf of your immediate supervisor. More information about the compilation can be found in. It is imperative to follow the standard for filling out the form.
As for the list of participants, it can be compiled from absolutely any employee of the company. Representatives of various services often gather. Administrative staff must be present at every stage. The accounting department is assigned its own representative. Technical specialists, legal department, financial sector, etc. participate along with everyone else.
It is worth noting that those responsible for matrimonial duties are not included in the list. However, their presence at each stage is considered mandatory. There is only one limit on the number of participants - at least two people. The procedure for processing inventory results does not depend on the number of participants.
The order identifies not only the direct executors, but also substantiates the reasons for the event, as well as its time frame. It is important to determine the materials to be accounted for, as well as to outline the obligations of employees for their safety. The signature of the director and each member is required. Strictly ensure that a note is made in the accounting journal for the execution of orders in the form.
Obtaining data on movements for the last period
The time period for which receipt and expense invoices are prepared is determined depending on the type of activity and specific conditions. After compiling the list, it is certified by an authorized member of the commission, with the obligatory indication of the date. Thanks to this step, it will be possible to generate current balances for a specific day.
Collection of receipts
This is done well in advance of the process. It indicates that all invoices for receipt and write-off were submitted to the accounting department. Items that have not been capitalized or written off at the warehouse cannot exist. It is the responsibility of each participant to ensure that the generated list is valid at the time of recount.
Checking availability and condition
The group's powers include the following actions:
- Determination of the quantity and name of items actually located on the entrusted territory. This applies not only to goods directly, but also to cash, etc. In addition to the quantitative expression of these resources, their condition is determined. It is important to find out whether it allows you to use them for their intended purpose.
- If the nomenclature is not expressed in physical form, then the documentation is verified, which records the rights to these virtual resources. This applies to such types of property as financial investments, intangible assets, etc.
- Members of the commission assess the status of counterparties' debts to the organization and debts to creditors. This occurs by signing mutual settlements, as well as by checking contracts establishing and confirming the debt obligations of the parties.
The procedure for reflecting inventory results in accounting is as follows:
- All information is entered into inventory forms.
- All participants put signs under the decision.
In this way, the fact of participation of the designated people is recorded, and their agreement with the data entered in the forms is confirmed.
Reconciliation
After establishing the actual state of the assets, a comparison is made with the balance sheet of the enterprise. When discrepancies are identified between what is nominally and what actually exists, a statement is drawn up in which all the pros and cons are entered. Only those positions for which there are discrepancies require inclusion in this register. We will tell you below how to process the inventory results (sample).
Mixing
All participants will have to come to a common conclusion at the meeting after completing the activities on the fifth point. If discrepancies are found, they are all entered in form No. INV-26. The absence of deviations is also recorded by group members. At this stage, it is possible to discuss options for resolving controversial situations. After finding a consensus, the final protocol with visas of authorized persons is sent to the head for signature.
Statement
All acts/statements on the basis of which the commission made its conclusion are submitted to the director for signature. The boss also indicates in his resume the procedure for eliminating the discrepancies found. After this, the entire package is sent further.
Reporting
The results of the inventory are reflected in the accounting documents. All items that, for one reason or another, cannot perform their function are subject to write-off. The same applies to financial obligations for which the statute of limitations has expired.
The procedure for conducting an inventory and reflecting its results in accounting
The head of the organization (according to the law) and the chief accountant of the organization (according to internal job descriptions) are responsible for the timeliness and correctness of the inventory.
To carry out the inventory, an inventory commission is appointed by order of the head of the organization. The commission includes: the head of the organization, the chief accountant or deputy chief accountant, specialists in various fields (accountants, engineers, agronomists, livestock specialists, etc.) and from the organization’s workers from various types of production. Materially responsible persons cannot be members of the inventory commission. The chief (senior) accountant is responsible for the correct documentation of inventory.
Therefore, before starting the inventory, careful preliminary preparatory work is necessary:
- The inventory commission draws up a calendar plan for conducting an inventory and distributes the work between individual intermediate groups (teams) of the commission.
- Each intermediate group (team), depending on the object of inspection, develops a detailed program for conducting an inventory of specific objects and distributes work among the members of the group (team). In each group, a senior (foreman) is appointed (selected), and for the inventory commission as a whole, the chairman of the commission is elected from its members.
- The head of the organization and the chief (senior) accountant instruct members of the commission about the goals, objectives and procedure for conducting an inventory.
- The organization's accounting department prepares all the necessary document forms for conducting an inventory (inventory lists, matching statements, interim acts, etc.).
- By the beginning of the inventory, all records and account balances in the analytical and synthetic accounting registers must be carefully verified, and all document data must be recorded in the registers.
Inspection of material and production assets, cash and non-current assets is carried out at the place of their storage, necessarily in the presence of persons who are responsible for the assets being inspected.
Identified and recalculated values are recorded in inventory records. Inventory lists are compiled strictly according to the places where the inventory was carried out and to the financially responsible persons for each type of valuables. Separate inventories are compiled for values that do not belong to the organization.
All inventory records are compiled in two copies, one of which is handed over to financially responsible persons. After removing the actual balances of valuables and recording them in the inventory list, the inventory commission, together with the accounting department, enters the balances of valuables into the inventory according to the data of the accounting registers and displays surpluses and shortages.
All inventories are signed by the head of the organization (if he is the chairman of the commission) or the chairman of the inventory commission and members of the commission, as well as the relevant financially responsible persons.
Before signing, the financially responsible person must provide a written certificate with the following content: “All the valuables named in this inventory list were verified by the commission in kind in my presence and included in the inventory, and therefore I have no complaints against the inventory commission. The valuables listed in the inventory are in my custody.”
In the accounting department of an organization, inventory data is compared with the balances shown in accounting, and comparison sheets are drawn up for values for which deviations (surplus or deficiency) have been identified. The matching statement is signed by the commission and the financially responsible person. The matching statement takes the form of the following table:
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Based on the results of the inventory, each group (team) of the inventory commission draws up an interim report for a specific section of the wiring, and based on the results of a complete inventory, a general inventory report. The act indicates the composition of the inventory commission, the results of the inventory, conclusions and proposals. The inventory report is approved by the head of the organization.
Based on the results, the inventory commission draws up a protocol , noting its decisions and proposals, which is approved by the head of the organization. Next, they determine the procedure for regulating the identified differences between inventory and accounting data. Established discrepancies must be adjusted within ten days after the end of the inventory.
In order to timely resolve discrepancies between actual balances and accounting data, an order is issued from the head of the organization, taking into account the noted decisions and proposals in the protocol of the inventory commission.
Discrepancies identified during the inventory between the actual availability of property and accounting data are reflected in the accounting accounts in the following order:
- surplus property is accounted for at market value on the date of the inventory and the corresponding amount is credited to the financial results of a commercial organization or an increase in income for a non-profit organization or an increase in funding (funds) for a budgetary organization. These surpluses are reflected in the accounts of a commercial organization: Debit of accounts 10 “Materials”, 41 “Goods”, 43 “Finished products”, etc. Credit to account 91 “Other income and expenses”;
- shortage of property and its damage within the limits of natural loss norms are attributed to production or distribution costs (selling costs), in excess of norms - at the expense of the guilty persons. If the perpetrators are not identified or the court refuses to recover damages from them, then losses from the shortage of property and its damage are written off to the financial results of a commercial organization or an increase in expenses for a non-profit organization or a decrease in funding (funds) for a budgetary organization.
In the accounts of a commercial organization, these transactions are reflected as follows:
- identified shortages of valuables: Debit account 94 “Shortages and losses from damage to valuables” Credit accounts 10 “Materials”, 41 “Goods”, 43 “Finished products”, etc.;
- shortage of property and its damage within the limits of natural loss: Debit of accounts 26 “General business expenses”, 44 “Sale expenses”, etc. Credit of account 94 “Shortages and losses from damage to valuables”;
- shortage of property in excess of the values (norms) of loss, losses from damage: Debit of account 73 “Settlements with personnel for other operations” Credit of account 94 “Shortages and losses from damage to valuables”;
- shortage of valuables in excess of the amount (norms) of loss and losses from damage to valuables in the absence of specific culprits, as well as shortage of inventory items, the recovery of which was refused by the court due to the bias of the claims: Debit of account 91 “Other income and expenses” Credit of account 94 “Shortages and losses from damage to valuables";
- when recovering from the guilty persons the cost of missing valuables, the difference between the cost of missing valuables credited to account 73 “Settlements with personnel for other operations” and their value reflected in account 94 “Shortages and losses from damage to valuables” is attributed to: Debit of account 73 “Settlements with personnel for other operations"
Credit to account 98 “Deferred income”, and as the debt is repaid: Debit account 98 “Deferred income” Credit to account 91 “Other income and expenses”.
If shortages and damage to property identified during the inventory are associated with emergency situations, then the cost of such property is written off from the accounts of valuables (resources) to the debit of account 99 “Profits and losses”.
Correct preparation of forms
There are quite strict regulations in this matter. The main point is the choice of the correct reporting act.
What documents are used to document inventory results?
- Inventory-OS No. INV-1, as well as statement in form No. INV-18.
- MPZ No. INV-3, No. INV-4, No. INV-19.
- To indicate future expenses No.INV-11.
- Upon completion of the cash register comparison - No. INV-15.
- Intangible assets are recorded according to No. INV-16.
- Financial obligations are entered in this format - No. INV-17.
We will describe in more detail below the postings for reflecting the results of the recalculation. You can also refer to the list of legislative acts that regulate documentation templates.
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Deadlines
To answer this question, let’s decide on the type of event being held. If the process is initiated voluntarily, then the deadlines for it are established by internal decisions. If the inventory is mandatory, then we are guided by the norms of the current legislation. Much depends on the reason for the obligation. One of the most common is annual reporting. For the most part, reconciliation is carried out at least once a year. A much more difficult situation is bankruptcy. Then, according to the law, a period of three months is allocated from the moment the bankruptcy proceedings begin for calculating the company’s assets.
Reflection of inventory results on accounting accounts: postings
In accounting, everything is indicated in the same period in which the counting actions were actually carried out. Totals are also indicated in annual reports.
If goods/values are identified that were not in the possession of the company, then the following entry is generated:
- The goods discovered during the comparison were put on the balance sheet - Dt 08, 10, 41, 43, 50 Kt 91.
- The cost was written off - Dt 20, 23, 44 Kt 94.
- The shortage is attributed to the responsible person - Dt 73 Kt 94 (*If this person is still on the staff).
- Deducted from the salary of the responsible person - Dt 70 Kt 73
- Deposited into the cash register by the responsible person - Dt 50 Kt 73.
- The loss is written off due to the impossibility of collecting money for the damage caused - Dt 91-2 Kt 94
In the opposite case, when a shortage was detected, a posting is made to the debit of account 94 with a list of missing materials. If this can be attributed to loss due to natural causes, then the wiring is as follows:
When the value of the shortage exceeds the norms of natural values for write-off, and the person responsible for the loss is identified, the following entry is made:
According to the Labor Code of the Russian Federation, it is possible to withhold only 20% from an employee’s salary to cover losses:
If the employee is willing to pay the money to repay the debt independently from his own funds:
If it was not possible to identify the culprit, or there is no way to recover funds from him, then a record of the following type is created:
Accounting for inventory of fixed assets if a shortage is detected
A shortage identified by an audit will require a mandatory consideration of the reasons that led to it. The person responsible for the safety of the OS explains this fact in writing. Depending on the reasons for the shortage, the manager makes a decision to write off the missing asset and assign the amount of damage from its shortage:
• on the guilty person (if he is identified);
• for losses of the company (if it is impossible to determine the culprit), for example, in the event of emergency situations, theft. The fact that it is impossible to identify the perpetrators should be documented. In case of theft, this may be a decision of investigative authorities or a court.
The amount of damage from writing off shortages of fixed assets for the company's losses is taken into account in accounting as other expenses, and in tax accounting as non-operating expenses. The main transactions accompanying operations to reflect the shortage of fixed assets in accounting:
Operations | D/t | K/t |
Accounting for inventory of fixed assets when assigning damage to the person at fault: | ||
Write-off of the original cost of the missing asset | 01/2(disposal) | 01 |
Write-off of the residual value of an asset | 94 | 01/2 |
Write off depreciation on it | 02 | 01/2 |
The residual value of the fixed assets is attributed to the guilty party | 73/2 | 94 |
The additional valuation of the object is written off if it was carried out | 83 | 94 |
The amount of the shortfall is withheld from the salary of the culprit | 70 | 73/2 |
Or it is deposited into the cash register (to the current account) | 50,51 | 73/2 |
Accounting for inventory of fixed assets when charged to other expenses : | ||
The shortage was written off as other expenses (as of the date of receipt of documents confirming this fact) | 91/2 | 94 |
When writing off the shortage of fixed assets, input VAT is restored from the residual value of the object.
Normative base
- Everything we wrote about above is regulated by Law No. 402-FZ. It describes in great detail all the recommendations and requirements. After reading this Federal Law, you will understand exactly in which document to reflect the inventory results, and you will also find answers to many questions related to accounting.
- Order of the Ministry of Finance of Russia No. 34n establishes the rules for maintaining reporting in organizations.
- Order of the Ministry of Finance of Russia No. 49 describes in detail the processes for registering the calculation. The guidelines from this standard will be extremely useful for familiarization.
- In the Decree of the State Statistics Committee of Russia No. 88 and No. 26 you will find all the forms and forms.
Documentation of inventory at the enterprise
The documents used in the inventory can be classified:
- For those that are prepared before inventory:
- order of the head on the formation of an inventory commission (form according to Appendix 1 to the Methodological Instructions, approved by order of the Ministry of Finance of Russia dated June 13, 1995 No. 49), which is registered in the Accounting Book (form according to Appendix 2 to the Methodological Instructions);
- an order to conduct an inventory (form INV-22), registered in the accounting journal (form INV-23);
- available primary documents that reflect data on inventory items (acts, invoices, PKO, RKO);
- a list of relevant primary documents as of a certain date (which must occur earlier than the date of the inventory or the start of the inventory);
- receipts from materially responsible employees stating that primary documents on inventory items have been submitted to the accounting department, the items have been capitalized or written off (again, as of the day prior to the start date of the inventory).
- For those that are recorded during the inventory process:
- inventory lists (signed by the commission and financially responsible employees);
- acts of reconciliation of inventories and accounting data;
- matching statements.
- Those that consolidate the inventory results:
- a protocol reflecting the results of the work of the inventory commission;
- a statement reflecting the results of the inventory (form INV-26);
- order from the manager to approve the inventory results.
Let's take a closer look at the specifics of documents used specifically to reflect inventory results in accounting, including those used as supporting documents when creating accounting entries.
How often and for what reasons should reconciliation be carried out?
Based on the regulations that we indicated above, the process begins in situations where:
- Before submitting the report. This applies to those items that were not recalculated before October 1 of the current year. OS can be compared once every 36 months.
- If personnel who were responsible for certain resources leave.
- After detection of theft or damage.
- After an emergency: fire, flood, etc.
- In case of liquidation or reorganization.
It is allowed to count inventories at the request of individual employees if the need is justified.
Accounting info
The documents submitted to formalize the write-off of property shortages must be accompanied by decisions of investigative or judicial authorities confirming the absence of perpetrators, or the conclusion of an internal or external examination on the reasons for damage to valuables.In the accounting of a non-profit organization, based on the inventory results, the following entries can be made:
1) for the amount of the cost of fixed assets not reflected in accounting:
Debit account 01 “Fixed assets”, Credit account 91-1 “Other income”;
2) for the amount of the cost of missing fixed assets:
Debit account 94 “Shortages and losses from damage to valuables”, Credit account 01 “Fixed assets”;
3) for the amount of the cost of materials not reflected in accounting: Debit account 10 “Materials”,
Credit to account 91-1 “Other income”;
4) for the amount of the cost of missing materials: Debit account 94 “Shortages and losses from damage to valuables”, Credit account 10 “Materials”;
5) for the amount of excess cash in the cash register: Debit account 50 “Cashier”,
Credit to account 91-1 “Other income”;
6) for the amount of cash shortage in the cash register:
Debit account 94 “Shortages and losses from damage to valuables”, Credit account 50 “Cash”.
Then it is determined from which sources the amounts allocated to account 94 are written off.
The shortfall amounts may be reimbursed at the expense of the guilty financially responsible persons or officials of the non-profit organization.
The impact of inventory results on the property status and tax obligations of an enterprise
When writing off missing property and recording previously unaccounted for property, you should be careful.
If an object is identified for which there is no data in the accounting registers, then the organization must be guided by the procedure for acquiring ownership of ownerless things provided for in Art. 225, 226, 231 Civil Code of the Russian Federation.
Article 225 of the Civil Code of the Russian Federation determines that an ownerless thing is a thing that does not have an owner or the owner of which is unknown, or a thing for which the owner has renounced ownership.
If this is not excluded by the rules of the Civil Code of the Russian Federation on the acquisition of ownership of things that the owner has refused (Article 226), on finds (Article 227 and Art. 228), on stray animals (Article 230 and Art. 231) and treasure (Article 233), the right of ownership of ownerless movable things can be acquired by virtue of acquisitive prescription.
Ownerless real estate is accepted for registration by the body that carries out state registration of rights to real estate, upon application from the local government body in whose territory they are located.
After a year has passed from the date of registration of an ownerless immovable property, the body authorized to manage municipal property may apply to the court with a request to recognize the right of municipal ownership of this thing.
An ownerless immovable property, not recognized by a court decision as having come into municipal ownership, may be again taken into possession, use and disposal by the owner who abandoned it, or acquired into ownership by virtue of acquisitive prescription.
Article 226 states that movable things abandoned by the owner or otherwise abandoned by him for the purpose of renouncing the right of ownership of them (abandoned things) can be turned into their property by other persons in the manner provided for in paragraph 2 of this article.
A person who owns, possesses or uses a plot of land, a body of water or another object where there is an abandoned thing, the cost of which is clearly lower than the amount corresponding to five times the minimum wage, or abandoned scrap metals, defective products, driftwood from an alloy, dumps and drains generated during the extraction of mineral resources, industrial waste and other waste, has the right to convert these things into his property by starting to use them or by performing other actions indicating the conversion of the thing into property.
Other abandoned things become the property of the person who took possession of them if, at the request of this person, they are recognized by the court as ownerless.
If within six months from the date of the application for detention of stray domestic animals, their owner is not found or does not declare his right to them, the person who kept and used the animals acquires the right of ownership to them.
If this person refuses to acquire ownership of the animals kept by him, they become municipal property and are used in the manner determined by the local government body.
In the event of the appearance of the previous owner of the animals after their transfer to the ownership of another person, the former owner has the right, in the presence of circumstances indicating the preservation of affection for him on the part of these animals or cruelty or other improper treatment of them by the new owner, to demand their return on the terms determined by agreement with the new owner, and if an agreement is not reached, by the court (Article 231 of the Civil Code of the Russian Federation). At the same time, the fact of the absence of any animal does not lead to the loss of ownership rights to this object by the organization.
If a non-profit organization is a property tax payer and the inventory results reveal a surplus of property, it may have an additional subject to this tax.
Despite the fact that the results of the mandatory annual inventory are reflected in the balance sheet as of January 1, the tax authorities believe that the basis for calculating property tax must be increased from the date when the specified property should have been taken into account in the accounting registers and reflected in the balance sheet asset. If this date can be established from the data of primary documents, then if errors (distortions) are detected in the calculation of the tax base relating to previous reporting periods, tax liabilities are recalculated in the current reporting period for the time from the moment the error was committed.
And only if the specific period in which the property should have been capitalized cannot be determined, the organization’s obligations to pay tax arise in the current reporting period.
The cost of fixed assets and materials that have fallen into disrepair does not reduce the tax base for property tax until the period in which their write-off will be documented. This means that an indication in the inventory of the impossibility of further using the property for its intended purpose cannot serve as a basis for excluding this property from the object of taxation.
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Reflection of inventory in accounting if a shortage is identified
If the shortage is within the permissible natural loss, then the operations will be as follows:
D94—K10(41.43) | The cost of losses is written off |
D20(25,26,44)—K 94 | Shortage within normal limits canceled |
If exceeded, there are two scenarios:
- If the guilty person is identified, collect compensation from him.
- When it is not possible to find out the culprit, or it is impossible to take legal action against him, the loss is included in the other expenses column.
D94—K01(10,41,43,5) | The cost of inventory items has been written off |
D73(76)—K94 | The amount of the lost was attributed to those responsible |
Dt50 (51.70)—K73 (76) | Collection made |
D91—K94 | Loss exceeding the required value is included in other expenses |
Inventory materials (inventories, acts, comparative statements, protocols) are drawn up in one copy and are the basis for reflecting the inventory results in accounting
To determine the results of the inventory, the accounting department of the enterprise, with the participation of the inventory commission, compiles comparative information of values, the actual presence of which during the inventory deviates from the accounting data.
To compile comparative information and determine inventory results, the enterprise's accounting department checks all calculations in inventory records (acts). Detected errors in prices, taxation and calculations must be corrected and certified by the signatures of all members of the inventory commission and financially responsible persons.
The inventory commission checks the correctness of the compilation of comparative information and, based on the explanations received, establishes the nature of the identified surpluses and shortages of valuables. The commission reflects the conclusions and proposals for covering shortages and regulating established differences in the minutes.
The procedure for resolving inventory differences:
1). The shortage of valuables, as well as losses from their damage, are compensated by the guilty parties in accordance with the procedure for determining the amount of losses from theft, shortage, destruction (damage) of material assets. Materials about shortages and losses resulting from abuse are subject to transfer to the preliminary investigation authorities within five days, and a civil claim is filed for the amount of identified shortages and losses. Call.
2). If the perpetrators are not identified or the court does not satisfy the claim for compensation, then the shortage of valuables and losses from their damage are written off as results of economic activity
3). Valuables that are in surplus are subject to capitalization and credited to the results of economic activities
These data are recorded in the inventory results sheet (Table 71)
Table 71 . Inventory results sheet
The procedure for reflecting inventory results is given in Table 72
. Table 72. Correspondence of accounts to reflect inventory results
Pore No. | Contents of a business transaction | Corresponding accounts | Amount, UAH | |
debit | credit | |||
1 | 2 | 3 | 4 | 5 |
1 | Reflection of the amount of shortfall | 947 | 21 | 200,00 |
2 | Amount subject to reimbursement according to law | 375 | 716 | 360,00 |
3 | Value added tax charged | 716 | 641 | 40,00 |
4 | Accrued amount to be paid to the budget | 716 | 642 | 120,00 |
5 | Received compensation for losses | 30 | 375 | 360,00 |
6 | Transferred to the budget the difference between the amount of compensation and the book value | 642 | 311 | 120,00 |
7 | Value added tax transferred to the budget | 641 | 311 | 40,00 |
Table 73 shows typical correspondence of accounts to reflect the results of the inventory of enterprise assets
. Table 73. Typical correspondence of accounts for recording inventory results
Por | Contents of a business transaction | Corresponding accounts | |||
№ | debit | credit | |||
1 | 2 | 3 | 4 | ||
And Shortage or damage to fixed assets If the culprit has not been identified | |||||
1 | Reflection of the amount of the shortfall as part of the expenses of the reporting period | 976 | 10 | ||
The amount of depreciation is reflected | 131 | 10 | |||
3 | Accrued VAT amount | 976 | 641 | ||
4 | Displaying the amount of the shortfall on the off-balance sheet account | 072 | |||
If the culprit is identified | |||||
1 | Depreciation of written-off fixed assets is reflected | 131 | 10 | ||
2 | The residual value of written-off fixed assets is reflected | 976 | 10 | ||
3 | The amount to be reimbursed in the amount established in accordance with the requirements of current legislation | 375 | 746 | ||
4 | VAT amount reflected | 746 | 641 | ||
5 | The amount to be paid to the budget is reflected | 746 | 642 | ||
6 | Received amount of compensation for shortfalls | 30, 31 | 375 | ||
7 | The amount due was transferred to the budget | 641,642 | 311 | ||
II Lack of inventory If the culprit is not identified | |||||
1 | Reflection of the amount of shortfall | 947 | 20, 21,22, 26, 27,28 | ||
2 | VAT amount charged | 947 | 641 | ||
3 | Displaying the amount of the shortfall on the off-balance sheet account | 072 | |||
If the culprit is identified | |||||
1 | Reflection of the amount of shortfall | 947 | 20, 21, 22, 26, 27, 28 | ||
2 | Reflection of the amount of shortages within the limits of natural loss norms | 23, 91, 93 | 20, 26, 27, 28 | ||
3 | Reflected on the off-balance sheet account of the amount of shortfalls | 072 | |||
4 | The amount to be reimbursed in the amount established in accordance with the requirements of current legislation | 375 | 716 | ||
5 | VAT amount reflected | 716 | 641 | ||
6 | The amount to be paid to the budget is reflected | 716 | 642 | ||
7 | Received compensation for losses | 30 | 375 | ||
8 | The amount of shortfalls is written off from the off-balance sheet account | 072 | |||
1 | 2 | 3 | 4 | ||
9 | The difference between the amount of compensation and the book value of inventories that are in short supply is transferred to the budget | 641,642 | 311 | ||
III Donuts of production reserves | |||||
1 | Capitalization of inventories not previously accounted for on the balance sheet | 20, 21, 22, 26 27, 28 | 719 | ||
IV Shortage of fixed assets and inventories as a result of emergency events | |||||
1 | The residual value of fixed assets lost due to extraordinary events has been written off | 99 | 10 | ||
2 | Depreciation amount written off | 131 | 10 | ||
3 | Reflection of shortages of fixed assets due to their theft, if the perpetrators have not been identified | 976 | 10 | ||
4 | Reflection of shortages of inventories due to their theft, if the perpetrators have not been identified | 947 | 20,21,22, 26 27, 28 | ||
5 | Inventories lost as a result of extraordinary events are written off | 99 | 20, 21, 22, 26, 27, 28 | ||
6 | Received waste from the write-off of inventories destroyed as a result of emergency events | 20, 22, 28 | 752 |