Long-term loans in accounting term. Credit account in a bank - the procedure for crediting loans. Transferring a liability to a short-term liability

Account 67 “Settlements for long-term loans and borrowings” contains information about received and repaid long-term loans and credits of the organization.

Sometimes an organization plans to purchase expensive equipment or reconstruct or modernize production facilities, the purchase of which requires working capital, which may not be available at the moment. The purchase of new equipment is economically justified, since progress does not stand still. To do this, it is advisable to obtain a long-term loan with a repayment period of more than one tax period, i.e. more than a year (12 months).

An organization can receive a long-term loan in both rubles and foreign currency. If the loan is received in a foreign currency, it is accounted for in accounting in rubles with currency conversion at the rate of the Central Bank of the Russian Federation at the time of the actual transaction, i.e. on the date of receipt of money in the foreign currency account.

Accounting for long-term loans (for a period of more than 12 months) is kept in passive account 67 “Settlements for long-term loans and borrowings”. The receipt of a long-term loan (or credit) is reflected in the credit of account 67 and corresponds with the company’s cash accounts. The debit of account 67 “Settlements for long-term loans and borrowings” reflects the repayment of the loan (debt repayment).

Analytical accounting of long-term loans provides the organization with information about the sources of the loan (lenders) and concluded agreements.

Typical entries for the debit of account 67 "Calculations for long-term loans and advances."

Typical entries for the credit of account 67 "Calculations for long-term loans and advances."

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A bank credit account is a financial instrument, the legal nature of which, although disclosed in sufficient detail in special legislation, by-laws and local documentation, nevertheless causes a lot of controversy related to its opening, maintenance and accounting. Below we will look at the most common problems.

What is a bank account?

The bank opens a credit account for its client (both citizen and legal entity) in order to ensure the technical ability to both issue a loan and receive back the borrowed funds from the client. The latter, as they return, will deposit them into such a separate account.

The purpose of a credit account in a bank is to reflect in the balance sheet of the bank itself transactions aimed at the formation and repayment of loan debt in accordance with the provisions of loan agreements (see question 1 from the information letter of the Central Bank of the Russian Federation dated August 29, 2003 No. 4).

Another common name for such an account is a loan account.

Taking into account the form of issuing a loan and the method of managing the account, the following types of credit bank accounts can be distinguished:

Simple. The amount issued as a one-time loan is placed on it, and funds are deposited into it to repay this loan.
Line of credit - a loan to a bank account is transferred in installments within the established limit as needed.
Overdraft. A special cash reserve is linked to the client’s account (current or settlement), which the client can use in situations where there are not enough own funds to carry out a transaction on the account.

A short-term loan (credit) from the bank has been credited to the current account

Short-term loans are considered loans and credits issued for a period of up to 12 months.

Short-term loans are generally used by clients to finance current needs. Thus, short-term loans/credits serve to cover additional working capital needs.

Accounting for short-term loans in the organization is carried out on account 66 “Settlements on short-term loans and borrowings”, subaccounts 01 “Short-term loans” and 02 “Interest on short-term loans” (see, for example, order of the Ministry of Agriculture of the Russian Federation dated June 13, 2001 No. 654, etc.) d.) or other relevant subaccounts.

Moreover, if a short-term loan is transferred to the organization’s current account, then account 66 is a credit account, and the corresponding account in the corresponding accounting entry 51 “Current accounts” is a debit account.

If, on the contrary, a short-term loan received from a bank is repaid from the current account, then the credit account will be 51, and the debit account will be 66.

Long-term loans to a bank account : long-term loan accounts

Loans and credits issued for a period of more than one year are considered long-term. Such funds in the organization’s accounting department are accounted for in a separate account 67 “Settlements for long-term loans and borrowings.”

When transferring long-term loan funds to the current account of a legal entity / individual entrepreneur, the credit account is precisely account 67, and the debit account is 51.

At the same time, interest on loans due for payment (also valid for short-term loans) is reflected in account 91 “Other expenses” (see clause 7 of the accounting regulations..., approved by order of the Ministry of Finance of Russia dated October 6, 2008 No. 107n) , which is a debit, and account 67 is reflected as a credit.

Payment of interest is carried out by corresponding accounts 51 and 67 (the first is credit, and the second is debit).

Bank loan account and credit card: which account is used?

A credit card is a banking product that allows you to mobile use bank credit funds allocated to an individual or organization (in this case the card is called corporate). Spending of funds and subsequent repayment of debt are made using a loan (credit) account.

In this case, the card acts as nothing more than a physical medium that allows its owner to use a loan account outside the office of a credit institution or without special services (for example, Internet banking) and in the presence of special devices that allow reading the code from the plastic (ATMs, payment terminals, POS- terminals, etc.).

Charging a commission for opening and maintaining a loan account for individuals is illegal (decision of the Supreme Court of the Republic of Bashkortostan dated December 13, 2016 in case No. 33-24213/2016). At the same time, on completely legal grounds, the bank can charge fees agreed upon in the contract for issuing a card, its maintenance and special services (mobile banking, the possibility of making contactless payments, etc.).

So, a credit (loan) account is opened in order to ensure the technical ability of the bank to issue a loan and repay it by the borrower.

In accounting, loans and borrowings are displayed as follows:

short-term bank loans - account66;
long-term bank loans - account 67.

The accounting (discount) operation of bills and other debt obligations is closed on the basis of a notification from the credit institution about payment by reflecting the amount of the bill in the debit of account 67 “Settlements for long-term loans and borrowings” and the credit of the corresponding accounts receivable.

When an organization that is a bill holder returns funds received from a credit institution as a result of discounting (discounting) bills or other debt obligations, due to the failure of the drawer or other payer of the bill to fulfill their payment obligations on time, an entry is made in the debit of account 67 “Settlements for long-term loans and borrowings" in correspondence with cash accounts. At the same time, debt for settlements with buyers, customers and other debtors, secured by an overdue bill of exchange, continues to be recorded in the corresponding accounts receivable.

Analytical accounting of discounted bills of exchange is carried out for credit institutions that have carried out discounting (discounting) of bills of exchange or other debt obligations, issuers of bills and individual bills of exchange.

Accounting for settlements with credit institutions, lenders and drawers within a group of related organizations, the activities of which are compiled in consolidated financial statements, is kept separately on account 67 “Settlements for long-term loans and borrowings”.

Account 67 “Settlements for long-term loans and borrowings” corresponds with the accounts:

Table 1

By debit:	By loan:
51	Current accounts	07	Equipment for installation
52	Currency accounts	08	Investments in non-current assets
55	Special bank accounts	10	Materials
62	Settlements with buyers and customers	11	Animals being raised and fattened
67	Calculations for long-term and loans	41	Goods
76		50	Cash register
91	Other income and expenses	51	Current accounts
52	Currency accounts
55	Special bank accounts
60	Settlements with suppliers and contractors
67	Calculations for long-term loans and borrowings
68	Calculations for taxes and fees
76	Settlements with various debtors and creditors
82	Reserve capital
91	Other income and expenses

Account 67 “Settlements for long-term loans and borrowings” is similar in content to account 66 “Settlements for short-term loans and borrowings”. Both accounts are designed to record borrowed funds, but the timing of repayment of borrowed funds is decisive for assessing the financial position of the organization. And in this regard, first of all, those debts that must be repaid within a year are taken into account. It was this circumstance that forced the compilers of the chart of accounts to divide, in essence, a single account “Settlements on loans and borrowings” into two. According to the provisions of PBU 15/01, short-term debt is considered to be debt on received loans and credits, the repayment period of which, according to the terms of the agreement, does not exceed 12 months. Long-term debt is considered to be debt on received loans and credits, the repayment period of which, according to the terms of the agreement, exceeds 12 months. Classification of debt into short-term and long-term allows for a more reasonable calculation of the organization's solvency. That is why, as soon as under a specific agreement the loan repayment period is less than a year, it is advisable to make an entry: Debit 67"Calculations for long-term loans and borrowings" Credit 66 “Calculations for short-term loans and borrowings” Because only in this case the financial position of the organization will be reflected quite correctly. Many accountants underestimate what has been said and do not convert long-term credits (loans) into short-term ones. At the same time, they proceed from the understanding of a loan as a given that once arose, reasoning approximately like this: if a loan is taken for 18 months, I will take this loan into account in account 67 “Calculations for long-term loans and borrowings,” and if the loan is taken for 9 months, then I I will take it into account on account 66 “Settlements for short-term loans and borrowings.” The choice of account determines the term of the specific loan agreement. However, this is not so, because we are not talking about the period specified in the contract, as supporters of such an interpretation think, but about calculating the solvency of the organization. Of course, converting a long-term loan into a short-term one is associated with additional work of an accountant. He needs to track the payment schedule, make additional entries, transfer from analytical accounting one synthetic account to another account, opening, almost anew, a new account in analytical accounting. And naturally, accountants shy away from this work, but here we must remember that economic activity does not exist for the accountant, but the accountant works for it and for her. PBU 15/01 provides for the possibility of two options for reflecting received loans and borrowings in accounting: transfer of long-term accounts payable on loans and borrowings to short-term ones at the moment when, according to the terms of the loan and (or) credit agreement, there are 365 days left until the repayment of the principal amount of the debt. take into account the borrowed funds at his disposal, the repayment period of which under the loan or credit agreement exceeds 12 months before the expiration of the specified period as part of long-term debt. The choice of one of the options must be reflected in the accounting policy of the enterprise. But regardless of the option of recording received loans and borrowings in accounting accounts, when preparing financial statements, it is necessary to comply with the requirements of methodological recommendations on the procedure for generating indicators of financial statements of organizations, according to which the outstanding amounts received are shown in the group of articles “Loans and credits” of the section “Long-term liabilities”. loans and borrowings subject to repayment in accordance with agreements more than 12 months after the reporting date.The group of articles of the same name in the section “Short-term liabilities” reflects the amounts of accounts payable subject to repayment within 12 months after the reporting date. In other words, liabilities presented in the balance sheet of the previous reporting period as long-term and expected to be repaid in the reporting year must be presented at the beginning of this reporting year as short-term. The fact that liabilities previously accounted for as long-term are presented as short-term must be disclosed in the notes to the balance sheet. Accounting for received long-term loans and borrowings Long-term loans are provided to organizations for the construction, reconstruction and technical re-equipment of industrial and social facilities, the acquisition of machinery, equipment, vehicles, buildings, structures and other facilities for a period of more than one year. Long-term loans can be issued in stages, as capital investments are made . Interest rates for a loan can be fixed or floating, which is provided for in the loan agreement. Long-term loans for these purposes are formalized by loan agreements. Transactions on long-term and medium-term bank loans and borrowings are recorded on account 67 “Settlements on long-term loans and borrowings”, for the loan of which record the increase in debt on loans and borrowings, and in debit - repayment of loans and borrowings. It should be borne in mind that loans for capital investments are strictly targeted. They are used to pay specific expenses for capital investments, bypassing the current account: to pay suppliers' bills for building materials and equipment and acts of contractors for work performed, to pay checks for paying wages to construction workers, and for other expenses provided for in the estimate. Crediting a loan to a current account can only take place as an exception, provided that the organization has paid the expenses covered by the loan with its own funds. In this case, at the expense of a long-term loan, the organization reimburses its own working capital used for the needs of capital investments. When sending a loan to pay off a debt to a supplier (contractor), account 67 corresponds with account 60 “Settlements with suppliers and contractors”, and the following entry is made: Debit of account 60 "Settlements with suppliers and contractors", Receiving cash from a loan account to pay wages (wages) to workers or for other purposes is recorded as an accounting entry: Debit account 50 "Cash", Credit to account 67 “Settlements for long-term loans and borrowings.” When issuing letters of credit, the following entry is made: Debit account 55 "Special accounts in banks", Account credit 67. Debts to the bank on long-term loans are repaid in accordance with the urgent obligations of the farm. When the deadline established in the obligation arrives, the bank writes off the payment amount from the current account or from a special cash account for financing capital investments and uses it to pay off the debt on the loan account. This operation is recorded as an accounting entry: Debit of account 67 “Settlements for long-term loans and borrowings”, Credit account 51 "Current accounts" or account 55 “Special accounts in banks”, analytical account “Special account for funds for financing capital investments”. If the organization does not have enough funds in the accounts to repay the loan, the outstanding part is allocated to overdue loans and is then repaid as funds arrive in the accounts in accordance with the current order of payments. Analytical accounting of loans received under account 67 is carried out separately for loan accounts opened by the bank for individual targeted activities. For example, “Loan for mechanization of water supply on a dairy farm”, “Loan for the construction of a milk processing point”, etc. For homogeneous long-term loans for capital investments, the organization receives one general statement from the bank. The distribution of debt among individual loan objects is given in a fixed-term obligation issued by the organization at the end of the year. In addition, current analytical accounting with a large number of loan objects does not have all the data to distinguish between loans for completed and unfinished construction projects. Therefore, in many organizations, analytical accounting also reflects the deadlines for completion of construction and commissioning for each facility. This makes it possible to quickly and easily distinguish between loans according to their belonging to fixed assets or capital investments. For long-term loans, correct documentation of loans becomes important. Since loans are issued for a long period, they are initially issued for a conditional period, indicating only the year of repayment without a specific date. The specific payment deadline is set at the end of the year preceding the year of repayment of the loan.Account 67, as well as account 66, can account for transactions on the discount of bills of exchange by the bank (only in this case with a maturity of more than one year).On the loan of account 67, records are also kept of received loans in the form of loans in kind. Account 60 “Settlements with suppliers and contractors” can also be used. When receiving loans in kind, entries are made in the debit of accounts for accounting for material assets and in the credit of account 67. The return of loans in kind is recorded by an entry in the debit of account 67 and the credit of accounts 90 “Sales”, 91 “Other income and expenses”. Analytical accounting for account 67 in terms of loans is carried out by lenders and loan repayment terms. The procedure for reflecting the most typical transactions for settlements of loans and borrowings in accounting accounts indicating approximate correspondence is given below: Operations on the debit of the account table 2

№	Contents of operation	Dt	CT
1	Long-term bank loans repaid in cash	67	50
2	Interest paid on a long-term bank loan in cash	67	50
3	Long-term loans and borrowings were repaid by transfer from the accounts of organizations	67	51, 52, 55
4	Interest was paid on a long-term bank loan by transferring funds from accounts	67	51, 52, 55
5	The accounting operations of the notice (discount) of bills are closed when the bank fulfills the obligations of the drawer (with the bill holder)	67	62
6	Credits for trade credits are reflected when fulfilling obligations by shipping products	67	62
7		67	67
8		67	67
9	Bill discount transactions are closed when obligations are fulfilled by other debtors	67	76
10	Debt on loans and borrowings was offset by writing off claims against the bank or lenders	67	76
11	The debt of other debtors was offset against the repayment of loans received from them	67	76
12	Unclaimed debt on loans and borrowings with an expired statute of limitations, when creditors refuse to claim or under an additional agreement on the provision of financial assistance, is included in income	67	91

Table 3 Operations on account credit

№	Contents of operation	Dt	CT
1	Received trade credits and loans for equipment and other inventories	07, 10, 11, 41	67
2	Credits and cash loans received at the cash desk	50	67
3	Credits or loans credited to bank accounts	51, 52, 55	67
4	Payments were made to suppliers and contractors using bank loans	60	67
5	Debt to suppliers and contractors has been restructured into relationships under a loan agreement	60	67
6	The loan was reissued, deferred and overdue loans were reflected	66, 67	67
7	The debt on a trade loan was repaid using funds from a bank loan	67	67
8	A long-term loan from one bank was repaid using a long-term loan from another bank and loans	67	67
9	Paid debt on taxes and fees through long-term loans	68	67
10	Paid debts to other creditors using loans received	76	67
11	Reserve capital funds were used to issue bonds of the joint stock company	82	67
12	Interest accrued for received loans and borrowings	91	67

2 Drawing up the initial balance as of 12/01/200 8

Balance– the totality of balances of the enterprise’s property as of the reporting date. The assets of the balance sheet reflect current and non-current assets, and the liabilities - equity and borrowed capital.

In the article we will talk about what short-term and long-term loans are, how they differ, and how they are accounted for in accounting. In the article we will get acquainted with two accounts: 66 and 67. Below are the entries for the accounting of loans and borrowings involving accounts 66 and 67.

In the accounting chart of accounts for accounting for short-term loans there is account 66 “Calculations for short-term loans and borrowings”, for accounting for long-term loans account 67 “Calculations for long-term loans and borrowings” is used.

Loans, both short-term and long-term, are issued by credit institutions, that is, banks. They are given for specific purposes, for a limited period, after which the lender undertakes to return the money received.

Video reference “Accounting for short-term loans on account 66”: subaccounts, operations

The video lesson explains in detail how to keep accounting for short-term loans and borrowings on account 66. The training is conducted by the teacher of the “Accounting and Tax Accounting for Dummies” website, chief accountant Gandeva N.V. To watch online, click on the player below ⇓

Accounting for short-term loans

Short-term loans are issued for a period of up to 1 year. The funds received are accounted for on the loan account 66 in correspondence with (if the loan was issued in cash), and (relevant entries D50 K66, D51 K66, D52 K66).

When receiving loans, the organization incurs certain costs. These can be the so-called basic costs, which include interest on the loan, exchange rates, and amount differences in interest. The main costs are included in the composition, while the posting is carried out in accounting D91/2 K66.

In addition to the main expenses, there are also additional expenses associated with obtaining credit money, these include payment for legal and consulting services, copying costs, taxes, examinations, and communication services. These expenses are reflected by posting D91/2 K60.

Repayment of the loan is reflected in the debit of account 66 in correspondence with the accounts, and, depending on how the loan debt is repaid (entries D66 K50, D66 K51, D66 K52).

Accounting for long-term loans

A long-term loan is issued for a period of over 1 year. The funds received, just as in the case of a short-term loan, are accounted for as a credit account. 67 in correspondence with cash accounts. Further, long-term loan accounting can be carried out in two ways:

On the account 67 before maturity.
On the account 67 until there are 365 days left until maturity. After this, the loan amount is transferred to the account. 66 by posting D67 K66, that is, long-term debt is transferred to short-term debt.

The chosen accounting method must be reflected in the accounting policy order, which can be read about in the article ““.

Postings to accounts 66 and 67

The table below discusses the accounting of credit operations: obtaining long-term and short-term loans and their reflection. ⇓

Debit	Credit	Operation name
		Received a short-term cash loan (to a current, foreign currency account)
		The main costs associated with obtaining a loan amount are taken into account (interest, exchange rate differences)
		Short-term loan repaid
		Received a long-term cash loan (to a current, foreign currency account)
		Long-term loan converted to short-term

Account 67 “Settlements for long-term loans and borrowings” is intended to summarize information on the status of long-term (for a period of more than 12 months) loans and borrowings received by the organization.

The amounts of long-term loans and borrowings received by the organization are reflected in the credit of account 67 “Settlements for long-term loans and borrowings” and the debit of the accounts “Currency accounts”, “Currency accounts”, “Special accounts in banks”, “Settlements with suppliers and contractors”, etc. d.

Long-term loans raised by issuing and placing bonds are accounted for on account 67 “Settlements for long-term loans and borrowings” separately. Moreover, if bonds are placed at a price exceeding their par value, then entries are made in the debit of the “Current accounts” account, etc. in correspondence with accounts 67 “Settlements for long-term loans and borrowings” (at the par value of bonds) and “Deferred income " (by the amount of excess of the bond placement price over their nominal value). The amount allocated to the “Deferred Income” account is written off evenly over the period of circulation of the bonds to the “Other Income and Expenses” account. If bonds are placed at a price below their par value, then the difference between the placement price and the par value of the bonds is added evenly during the period of circulation of the bonds from the credit of account 67 “Settlements for long-term loans and borrowings” to the debit of the “Other income and expenses” account.

Interest payable on loans and borrowings received is reflected in the credit of account 67 “Settlements on long-term loans and borrowings” in correspondence with the debit of the account “Other income and expenses”. Accrued interest amounts are accounted for separately.

For the amounts of repaid loans and borrowings, account 67 “Settlements for long-term loans and borrowings” is debited in correspondence with the cash accounts. Credits and borrowings not paid on time are accounted for separately.

Analytical accounting of long-term loans and borrowings is carried out by type of loans and borrowings, credit organizations and other lenders who provided them, and individual loans and borrowings.

A separate sub-account to account 67 “Settlements on long-term loans and borrowings” records settlements with banks for accounting (discount) transactions of bills and other debt obligations with a maturity of more than 12 months.

The accounting (discount) operation of bills and other debt obligations is reflected by the bill holder organization on the credit of account 67 “Settlements on long-term loans and borrowings” (face value of the bill) and the debit of the accounts “Settlement accounts” or “Currency accounts” (the amount of funds actually received) and “Other income and expenses” (accounting interest paid to the credit institution).

When an organization - a bill holder returns funds received from a credit institution as a result of discounting (discounting) bills or other debt obligations, due to the failure of the drawer or other payer of the bill to fulfill their payment obligations within the established period, an entry is made in the debit of account 67 "Settlements for long-term loans and borrowings" in correspondence with cash accounts. At the same time, debt for settlements with buyers, customers and other debtors, secured by an overdue bill of exchange, continues to be recorded in the corresponding accounts receivable.

Analytical accounting discounted bills of exchange is maintained for credit institutions that have discounted (discounted) bills of exchange or other debt obligations, issuers of bills and individual bills of exchange.

Accounting for settlements with credit institutions, lenders and drawers within a group of related organizations, the activities of which are compiled consolidated financial statements, is kept on account 67 “Settlements for long-term loans and borrowings” separately.