Synthetic account 60. Expanded balance

Balance sheet for account 60 - Thisone of the accounting registers. It allows you to track the status of payments to suppliers for all types of business transactions, from the purchase of office supplies to the purchase of a new building. The account is active-passive, and in most cases this is the main reason for the difficulties encountered when filling out.

Characteristics and purpose of account 60

Being an active-passive account, account 60 may have a balance reflecting both advances transferred by the company and the company’s debts to suppliers. This is the main reason for the need to reflect detailed turnover and balances in the statement, since for different suppliers a completely opposite situation may arise at the same moment. A company on a certain date may, for example, owe payment to organization A and pre-transfer funds for goods that have not yet been shipped to organization B.

In connection with the above, it is customary to conduct analytics for account 60 not only by subaccounts, but also by the company’s counterparties. Considering that accounting programs have become widespread recently, implementing such an approach to accounting is not difficult. Most often, accounting databases allow you to generate a balance sheet for account 60, both as a whole for all suppliers, and in detail for each of them. Its data serves as the basis for generating reconciliation reports.

Rules for drawing up a balance sheet

The source of information for recording transactions in the statement are primary documents from buyers on the supply of goods, works, services, materials, non-current assets, as well as documents on payment for purchased assets or services. Account turnover must contain the following information:

• On a loan - purchase of various types of assets, works, services. The data in this part of the invoice comes from the accompanying documentation: invoices, invoices, acceptance certificates. Using these amounts, you can track debts arising to the supplier. Also, through this part of the account, documents from counterparties that were received by the accounting department before the goods were posted are processed.
• By debit - prepayment or payment for shipped goods, materials, products or services provided, work performed. In the account registers, it is necessary to take into account each transaction carried out, relating both to advance transfers and to the repayment of debt for products. All bank transfer documents and cash orders must be taken into account without fail.

Before you start preparing the statement, you need to remember the need for detailed reflection of information for each trading partner of the company. The easiest way to understand the design is with an example.

Example 1

PJSC Salyut and JSC Festival entered into a contract for the arrangement of a checkpoint for the amount of RUB 3,500,000, including VAT. In March 2016, PJSC Salut transferred funds under the agreement in advance in the amount of RUB 3,500,000. (RUB 533,898.31 - VAT). In April 2016, the parties signed acts of acceptance of work in the amount of RUB 3,500,000.

The accountant of PJSC "Salut" - the customer's organization - must make the following entries:

March 2016

April 2016

The balance sheet for the subaccount of account 60 “Advances paid” in April 2016 will look like:

The statement of synthetic account 60 for the same period will look like:

In the absence of postings to offset the subaccounts of account 60, the balance sheets will have the following form:

The balance sheet for the subaccount of account 60 “Advances paid”

The balance sheet for the subaccount of account 60 “Calculations for work”

According to the synthetic score 60

Linking statement data with financial statements

Based on the purpose of the parties to the accounting accounts, it is easy to understand that the debit balance will be reflected in the assets of the balance sheet, and the credit balance in the liabilities. This logical construction is fully confirmed by regulatory documents, namely clause 73 of the order of the Ministry of Finance of the Russian Federation dated December 24, 2010 No. 34n.

If you do not offset the subaccounts, the balances will be inflated, and the balance sheet asset and liability figures will not reflect the real state of affairs.

The use of a balance sheet allows you to determine account balances at the beginning and end of the period, as well as the amount of turnover for the reporting period. Account balance 60 affects the asset and liability items of the balance sheet, allowing you to obtain information about receivables and payables to the supplier.

When practicing full or partial prepayment of contracts, the company must keep separate records of paid and repaid amounts in the corresponding sub-accounts. When capitalizing assets against a previously made prepayment, additional entries must be made to close the advances subaccount. Only in this case will reliable data appear in the financial statements.

When preparing for a test or exam in accounting, you need to know that teachers often like to ask about different accounts and entries in accounting. For dummies, it will be useful to know what counting 60 means. We’ll talk about this in our article today.

Any enterprise is engaged in accounting for payments to contractors and suppliers. This includes not only the supply of goods, but also various types of work and provision of services.

Account 60: accounting for expenses with suppliers

Account 60 displays all relationships with suppliers. Therefore, this account is called “Settlements with suppliers and contractors”.

The debit column reflects the payment to the supplier for the product/service/work, and the credit column reflects the organization’s debt to suppliers.

And in this table you can see the main entries for account 60, which will be useful to students:

Account 60: accounting for advances issued

If an organization transfers an advance to the supplier for the upcoming delivery of goods or services, it is necessary to make a note in the table “advance issued” (it is assigned subaccount number K50).

An example can be seen in the table:

Account 60: accounting of bills to pay off debt

A bill of exchange is issued to secure the debt. In this case, you need to open a “Bills Issued” subaccount in the table, as in the table:

There is quite a lot of information on accounting (score 60), and it is not always easy. We try to provide it as accessible and understandable as possible. Well, if this is not enough, and in addition to understanding the topic, you need to complete some super-difficult test/laboratory/coursework on this strange subject - contact us.

The balance sheet for account 60 (hereinafter referred to as OSV) is a summary of data on business transactions that are carried out using this account. The peculiarities of the formation of OSV are related to the fact that the count of 60 is active-passive. We will provide a sample of such a statement and tell you how to fill it out.

Description of account 60

Account 60 is active-passive, so it can have both a credit and a debit balance.

IMPORTANT! The balance must be reflected in detail, since the debit balance of account 60 is the prepayment paid, and the credit balance is the debt to the supplier for material assets, work, and services received but not paid for.

It is convenient to conduct analytical accounting for this account both in the context of subaccounts and for each supplier. Many accounting programs allow you to support such analytics. As a result, turnover is formed for the entire account, for sub-accounts of the account, and if necessary, you can always generate SALT separately for each supplier. The latest report can serve as the basis for drawing up a statement of reconciliation of settlements with the counterparty.

Formation of the statement: rules

The SALT must reflect absolutely all procurement documents, as well as all settlement documents:

• Credit turnover. The loan reflects all transactions related to the purchase of material assets, work, services, equipment, and fixed assets. All documents issued by suppliers and contractors: invoices, certificates of completed work, invoices must be reflected in the credit of account 60. This is how the organization’s accounts payable are formed. If an organization does not use account 15 when purchasing materials, then uninvoiced supplies are also reflected in the credit of account 60. It also shows the return of the advance payment from the supplier for a delivery that was not made by him.

It is described in detail how the work completion certificate should be filled out.

• Debit turnover. All operations related to payment to the supplier are processed through it. This includes repayment of the company’s debt reflected in the credit of account 60 and prepayment transactions. The debit must reflect all payment orders and cash documents on the basis of which the payment was made. This also includes data on offset transactions and return of goods to the supplier.

Formation of a statement: example

Let's start compiling the SALT. As mentioned above, the balance in the statement must be expanded. There are certain subtleties associated with this when creating the statement.

Let's look at an example.

Organization A entered into an agreement with organization B to perform work and transferred it an advance payment in the amount of 11,800 rubles. (including VAT RUB 1,800) in October 2018. In November, organization B completed the scope of work specified in the contract. The organizations signed a certificate of completion of work in the amount of 11,800 rubles. (including VAT 1,800 rubles), on the basis of which organization B issued an invoice to organization A.

Postings in the accounting records of organization A:

If no postings were made between the subaccounts of account 60, then the SALT will look like this:

SALT for November on account 60 “Advances”

SALT for November on account 60 “Calculations for work performed”

SALT for November on account 60 (synthetic)

Suppliers and contractors of an enterprise are organizations that supply inventory, fixed assets and other assets. In addition, this also includes organizations that provide any services or perform work for the needs of the enterprise. Settlements with suppliers and contractors are carried out on account 60. We will analyze the postings to this account in this article.

Account credit 60 shows the value of the transferred assets: raw materials, supplies, as well as the cost of work and services. Credit 60 corresponds with the debit of the accounts in which the relevant assets, works, services, as well as accounts for accounting for related costs are recorded. These can be 08, 10, 41, 43, 20, 23, 44, etc. The posting looks like D08 (10, 41, 20, 44..) K 60. The amount for which the posting is made for the receipt of assets from the supplier corresponds the cost of these assets reflected in the supplier’s documents, minus VAT.

Accounting for payments to suppliers is one of the most significant sections of accounting. Regardless of the field in which the enterprise operates, its activities are impossible without attracting goods or services from outside organizations. Accounting for settlements with suppliers is carried out on account 60 “Settlements with suppliers and contractors”. In order to fully have information about the status of settlements with counterparties for a specific period of time, periodic analytical activities are required. In this case, the main source of information in accounting is the turnover in account 60.

Characteristics of 60 accounts

According to its structure, account 60 is active-passive, since the final balance can be formed either by debit of the account or by credit, respectively:

• A credit balance on an account arises when the company has already received goods or services from suppliers,
• A posting to the debit of account 60 in correspondence with the cash accounting accounts is formed as the company repays its financial obligations for the valuables supplied.

For this account, it is advisable to organize analytical accounting not only in the context of each counterparty, but also in the context of each agreement concluded with a partner.

The turnover on the account for settlements with suppliers can be formed not only for the account as a whole, but also in relation to each individual counterparty. Such a report in its essence can become the basis for regular reconciliation of mutual settlements, as well as for inventory of receivables and payables.

Structure and meaning of turnover 60 accounts

In order for the account turnover to be formed correctly, all primary documents must be taken into account.

The account balance sheet is a table consisting of the following columns:

1. Accounting account;
2. Counterparties. This column will indicate either a complete list of the organization’s counterparties that were recorded on account 60, or a specific supplier, if there is a need to analyze information on the counterparty.
3. Balance at the beginning of the period. This column is divided into two columns - debit and credit. Depending on whether the opening balance is debit or credit, the amount will be reflected in one of these columns.
4. Period transactions. This column is also divided into debit and credit and is intended to reflect both the receipt of goods or services from the supplier and the transfer of payment for delivered values. Credit turnover will be formed by accounting documents received from the supplier. These may include invoices, certificates of work performed, and invoices. The debit turnover in the balance sheet will reflect the organization's payments transferred to the counterparty.
5. The last column, divided into a debit column and a credit column, is used to disclose information about the closing balance formed on the last day of the period under review.

A significant advantage of this analytical report is that you can analyze absolutely any time period. Unlike financial statements, which, as is known, are a photograph of the state of accounting on a specific date, the use of a balance sheet allows, based on the needs of the company, to independently select the period requiring analysis.

Using card 60 account

In addition to the turnover, an account card is often used for analytical activities. How is the structure of an account card different from a balance sheet? An account card is a report that allows you to obtain information on the selected account down to each accounting entry. An accountant may need this report when, based on turnover data, the expected state of settlements with suppliers does not correspond to the actual state and doubts arise regarding the correctness of the formation of accounting records involving account 60.

You can also create a score card of 60 for any time period. This is quite convenient if the approximate period of the error is known, as a result of which there is no need to view large amounts of unnecessary information.

The structure of this report is similar to the turnover for account 60 and reflects the following information:

• Account balances at the beginning of the period under review,
• Period transactions;
• The ending balance of the accounts for settlements with suppliers and contractors.

Account card 60 is generated separately for each document of mutual settlements with the counterparty.

Account analysis 60 accounts

Another equally important report provided to help an accountant is account analysis. It allows you to obtain information about all accounting accounts that were in correspondence with the accounts payable account during a certain period of time. Carrying out analytical activities in the “Account Analysis” report for settlements with suppliers will allow you to quickly check the accounting entries made by the responsible person involving 60 accounts during the analyzed period.

The structure of the report is presented as follows:

1. Accounting account;
2. Counterparty;
3. Accounting account corresponding to account 60;
4. Debit;
5. Credit.

Depending on whether the correspondent account is used as a debit or a credit in the transaction involving account 60, the entry with the amount will be reflected either in the “Debit” or in the “Credit” column.

It is advisable to use the “Account Analysis” report not only in relation to settlements with the company’s suppliers and contractors, but also with its buyers and consumers of services. In this case, an analysis of account 62 must be generated.