Accounting and write-off of accounts payable

Accounts payable has a lot of nuances. So, the amount of debt, which has exceeded the Statute of limitations on claims are accounted for as financial results and are non-operating income.

In this connection it is necessary to make timely write-off of accounts payable because the failure of this operation in time, the tax authorities may calculate the concealment or omission of non-operating income of the company. However, the court practice shows that tax officers are still required to prove that such receivables on loans with expired limitation period exists, and this causes the underestimation of the company's taxable profits. Otherwise the court in the lawsuit may fail.

Write-off of accounts payable and unclaimed held, which had expired Statute of limitations, is performed according to the regulations on accounting, p. 78. It States that the amounts held and payable after the Statute of limitations should be written off on the basis of information that appeared in the results of the completed inventory orders and written justification of the head. From non-profit organisations, these amounts are to increase income from commercial companies refers to financial results.

An Inventory of mandatory hold before you can make buharkent for the year. The inventory Commission in the consideration payable and receivable by verifying documentation establishes the validity and correctness of the found amounts payable, including those that are past the Statute of limitations on the claim.

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Write-off of accounts payable: transaction

These funds with VAT included in other income, which are recognized in the period when the completion of the period of limitation. In accounting this transaction is assigned transaction debit 60 accounts and credit 91. The amount of debt that has past the Statute of limitations, bring in other income.

In some cases the limitation period may for a specified period to stop and then continue. This happens in the cases of the creditor to the court, and in recognition of its debt obligations by the debtor. The company needs to show that she acknowledged his debt. To actions that are performed in order to interrupt the limitation period under the claim that attest to the recognition of debt, are as follows:

- a partial payment of the debt under the main contract, and the amount of sanctions, including partial recognition of the various claims for the payment of the debt, if it only has one base, and not get them for various reasons;

- the recognition of the claim;

- payment of principal interest;

- acceptance of the collection order;

- change to the authorized person of the contract, which implies recognition of the debtor as well as if it comes from the request for the amendment of the agreement (on installment or deferred payment).

In cases where the company once in every three years, acknowledges his debt in writing, will be the extension of the Statute of limitations and will not require the write-off of accounts payable.

If you interrupt a limitation period payables are written off and, consequently, taxpayers do not receive tax non-operating income.

For example, one company bought the other products. For example, 15 Nov 2010 recipient addressed to the supplier with a request for deferment of payment. As a result, the parties concluded additional agreement to the agreement on the implementation of payments for goods until 15.01.2011. In such a case the limitation period is interrupted and a new countdown will happen to 2.01.2011.

Appeared payables can be stopped if we are full of the obligation by the debtor and / or authorized third party.