Accounting for long-term loans and borrowings. Short-term and long-term loans - accounting in accounting Postings for long-term loans and borrowings

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 into 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 repay a debt to a supplier (contractor), account 67 corresponds with account 60 “Settlements with suppliers and contractors”, and the following is recorded: 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.

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 bill 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.

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

by debit

"Current accounts"
"Currency accounts"
"Special bank accounts"
"Settlements with buyers and customers"
"Calculations for long-term loans and borrowings"
"Settlements with various debtors and creditors"
"Other income and expenses"

The repayment of the loan, in other words its repayment, is determined by the conditions specified in the agreement. The amount of payments and the schedule for their transfer are necessarily contained in the agreement.

Repayment of a short-term loan

When repaying a short-term loan, the amount of the principal debt is transferred separately from the current account (Debit 66 Credit) and separately interest (Debit 66 “Loan Interest” Credit).

If the loan is repaid in foreign currency, the posting will look like this: Debit 66 Credit.

Sometimes there are situations when a company cannot make a loan payment on time. If the contract specifies sanctions for late payment (usually in the form of a percentage of the debt amount or penalties), then

The accrual of such amounts is carried out by recording: Debit 91.2 Credit 76,
and payment - Debit 76 Credit.

Postings:

Account Dt	Kt account	Wiring description	Transaction amount	A document base
66		Loan received	570 000	Bank statement
91.2	66	Monthly	5 225	Loan agreementAccounting certificate
66		Monthly transfer of the loan principal amount	95 000	Payment order ref.
66		Monthly transfer of interest on the loan	5 225	Payment order ref.
91.2	66 “Calculations for penalties”	Penalties charged for late payment	548,	Accounting information
66 “Calculations for penalties”		Penalties paid	600	Payment order ref.

Repayment of a long-term loan

Repaying a long-term loan is essentially no different from a short-term one. The postings are the same, only the credit account changes. For the long term it is . Therefore, repayment of the principal amount of the loan will be reflected by the entry:

Debit 67 Credit (),
and interest – Debit 67 “Loan Interest” Credit ().

The organization received a loan in the amount of RUB 3,700,000. for 7 years at a rate of 12% per annum. Payment is made monthly in equal amounts.

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 accounts 50 “Cash”, 51 “Settlement accounts”, 52 “Currency accounts”.

Amounts of long-term commercial loans received to pay suppliers' bills are reflected in the credit of account 67 “Settlements for long-term loans and borrowings” and the debit of account 60 “Settlements with suppliers and contractors”. Fulfillment of obligations under the loan agreement (payment of the supplier's invoice) must be shown in the borrower's accounting by the debit of account 67 "Settlements for long-term loans and borrowings" and the credit of accounts 50 "Cash", 51 "Settlement accounts", 52 "Currency accounts".

Receipt of long-term loans in kind is reflected in the debit of asset accounts (07 “Equipment for installation”, 08 “Investment in non-current assets”, 10 “Materials”, 15 “Procurement and acquisition of material assets”, 41 “Goods”, etc.) to the credit of account 67 “Settlements for long-term loans and borrowings”

Interest payable on long-term 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 account 91, subaccount “Other expenses”.

Interest on long-term loans and borrowings raised for the acquisition of material assets or non-current assets is included in the actual costs of acquiring these assets until they are capitalized. After the moment of capitalization, interest is classified as other expenses and is accrued in the debit of subaccount 91 “Other expenses”. For the amounts of repaid long-term loans and borrowings, account 67 “Settlements for long-term loans and borrowings” is debited in correspondence with the cash accounts. In case of failure to repay in cash the loan received as security for a bill of exchange, the bank's retention of the bill of exchange secured by the loan is reflected in the debit of account 67 “Settlements on long-term loans and borrowings” and the credit of account 91, subaccount “Other income”.

Credits and borrowings not paid on time are accounted for separately.

In accordance with the accounting policy established by the borrowing organization, the borrower can transfer long-term debt into short-term debt or account for borrowed funds at its disposal, the repayment period of which under a loan or credit agreement exceeds 12 months, before the expiration of the specified period as part of long-term debt. The transfer of long-term debt on received loans and credits to short-term debt by the borrowing organization is carried out at the moment when, according to the terms of the loan and (or) credit agreement, 365 days remain before the repayment of the principal amount of the debt.

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.

Table No. 2

Accounting entries for accounting for long-term loans and borrowings

Account correspondence	Primary document - basis

	Received a long-term loan in rubles
08,11,1541,60,76	Received a loan in kind	Bank statement
	Received a long-term bank loan in foreign currency	Loan agreement, bank statement
	Interest has been accrued on the received long-term loan (according to clause 11 of PBU 10/99, interest paid by the organization for providing it with funds for use is classified as other expenses)	Accounting information
		Bank statement
	Interest accrued on the loan received	Bank statement
	Loans and loans in rubles were repaid	Loan agreement, bank statement
	Loans and borrowings in foreign currency have been repaid	Loan agreement, bank statement
	Loans repaid in kind	Loan agreement
	The difference between the assessment of inventory items received as a loan and the cost of inventory items upon repayment is reflected	Loan agreement
	Transferred long-term debt to short-term debt	Accounting information
	The amount of the loan issued is reflected	Loan agreement
	The accrual of interest under the loan agreement is reflected to the lender	Loan agreement
Account correspondence	Primary document - basis

	The lender reflects the borrower's debt on the loan when the payment is due	Loan agreement
	Repayment of the borrower's debt is reflected from the lender	Loan agreement
	Debt under the loan agreement is offset	Loan agreement

Account 67 “Settlements for long-term loans and borrowings” is used by legal entities to display data on mutual settlements for borrowed funds received for the use of the company for periods of more than 12 months

Account 67 in accounting is necessary for generalization and subsequent analysis of information about ongoing mutual settlements under credit agreements (loan agreements) and interest accrued for the use of borrowed money. Data on mutual settlements for long-term agreements over 12 months is displayed here.

Attention! For accounting of short-term loan agreements (less than 12 months), account 66 is used.

Count 67 is passive. The loan displays the amounts of funds received for temporary use by the enterprise in correspondence with accounts 60,50,51,52, etc. By debit - partial or full repayment of loans and credits.

Attention! For interdependent companies that present unified financial statements based on the results of their activities, mutual settlements for ongoing borrowings are displayed separately.

Additional borrowing can be provided by the company through the issue and subsequent placement of bonds. These transactions are accounted for separately on account 67. In cases where securities are placed at a price above their face value, the excess amount is additionally displayed on account 98. The difference is written off evenly throughout the entire period of placement of securities. In cases where securities are placed at a price below face value, then during the period circulation of bonds, the difference between the values is added evenly from Kt67 to Dt91.

Also, if necessary, a sub-account can be opened for account 67 to separately display information on transactions of transfer of bills by the bill holder to the bank and other obligations of the organization with maturities of more than 12 months (the face value of the transferred bill is taken into account according to Kt67). The completion of the bill accounting operation is carried out on the basis of the received notice from the bank (other financial organization) by displaying the amount of the bill according to Dt67 in correspondence with the accounts receivable. Operations for the return of funds by the bill holder company to the bank as a result of failure to comply with the terms of agreements by the drawer are recorded under Dt67.

Please note! Accounts receivable, the collateral of which were overdue bills of exchange, remain displayed in special accounts.

Analytical monitoring

Monitoring of information displayed on account 67 is carried out depending on the type of borrowing, by counterparty creditors providing funds (for example, banks, financial organizations, large suppliers). Bill settlements are analyzed by credit institutions that accepted the bill, counterparties who issued the bill, and separately for each bill.

Regulatory regulation

Using the account 67 to display information on mutual settlements for borrowed funds provided for use by companies under agreements with periods of more than 12 months is carried out in accordance with the current Chart of Accounts, approved by Order of the Ministry of Finance dated October 31, 2000 No. 94, PBU 15/2008 and other legislative acts.

Account 67 in accounting - common entries for business transactions

Receiving funds under long-term loan agreements
Dt50,51,52,55 Kt67 - received cash or wire transfer

Dt10.41 Kt67 - capitalization of inventory items, goods under a short-term loan agreement

Dt60 Kt67 - transfer of existing debts to suppliers into a loan from them, transfer of received loans and credits to cover accounts payable
Displaying accrued interest for using money
Dt91.02 Kt67
Write-off of outstanding overdue accounts payable
Dt67 Kt91.01
Displaying the difference between the par value and the circulation price of securities, accounting for the difference in funds actually received on bills compared to the par value.
Dt91.02 Kt67
Repayment of loans and credits
Dt67 Kt50,51,52,55 - cash withdrawal from the cash register or non-cash transfer

Dt67 Kt62 - repayment of mutual claims