1) provider ships product , writes out bill of exchange and sends it to the buyer

2) traceaccepts bill of exchange

3) drawer forwards the bill to the remitter

4) remittor presents bill to payment when payment is due

5) drawee pays bill of exchange

Bill of exchange must contain the following requisites :

· Name securities

· bill amount, which is usually indicated in both numbers and words. In the event of a discrepancy in the amount indicated in figures and the amount indicated in words, the bill is valid for the amount indicated in words. If the bill contains several amounts in figures or words, the bill is considered issued for a smaller amount

· payer's name

· payment term: there are payment terms defined by bill of exchange legislation:

o upon presentation(the bill must be paid upon presentation). The bill of exchange indicates the last date for presentation for payment; if this date is not specified, the bill of exchange must be presented for payment within one year from the date of its preparation.

o « in such and such a time from presentation"(the bill must be paid within a certain period of time after the fact of its presentation)

o « in so much time from compilation"(this period is determined by the last date of the circulation period of the bill, that is, the payment period should not exceed the circulation period of the bill)

o on a certain day.
If the payment period is not specified in the bill, then the bill is considered to be payable upon sight. A specific date can only be entered for the last two types (composition and day).

· recipient's name payment (the bill cannot be issued to bearer)

· place of payment(this is usually the location of the payer, unless otherwise specified in the bill). If there is no place of payment in the bill of exchange details, it will be considered the location of the payer.

· place and date of compilation bills

· drawer's signature(signature of the head of the enterprise or other authorized person)

The document in which any details are missing does not have the force of a bill of exchange. A bill of exchange must contain acceptance (agreement to pay the bill in favor of the holder of the bill who presented the bill for payment). Acceptance is marked on front side bills. The person who makes the acceptance is called acceptor. Upon acceptance, they must be marked signatures, seal payer and date acceptance.

The holder of the bill may present the bill for acceptance at any time, starting from the date of issuance of the bill and ending with the date of payment. Acceptance may be complete or limited to part of the bill amount.

All sorts of things change, made by the acceptor in the contents of the bill tantamount to refusal from acceptance.

By acceptance, the payer undertakes an unconditional obligation to pay the bill within the specified period.

Promissory note - the obligation of the drawer to pay before or on the due date a certain amount of money to the holder of the bill.

Promissory notes are used in payments and lending.

In a promissory note, the drawer is direct debtor, and he is obliged under such a bill in the same way as an acceptor under a transferable bill. Therefore, promissory notes do not need acceptance .

TO mandatory details promissory notes include the same details as bills of exchange. They do not contain the name of the payer.

Form both a promissory note and a bill of exchange must contain:

o ENDORSEMENT – an endorsement on the reverse side of the bill or on an additional sheet attached to it. The transfer note records the transfer of the right of claim under the bill of exchange from one person to another. The person in whose favor the bill is transferred is called the ENDORSER, and the person transferring the bill is called the ENDORSER. Transfer of part of the bill amount is not allowed. The endorsement must be signed by the endorser, and must also have a seal and date

o AVAL - promissory note guarantee. Its essence lies in the fact that a person assumes responsibility for payment of a bill of exchange of one or more responsible persons. Aval is made on the front side of the bill or on an additional sheet to the bill. The person issuing the aval is called AVALIST. The avalist may limit the guarantee to a part of the amount or a certain period. Aval can be issued for any person responsible for the bill, so it is necessary to indicate for whom the guarantee is given. If the person for whom the guarantee is given is not specified, then the drawer will be recognized as such. Any person can act as an avalist. The avalist and the person for whom he guarantees are jointly and severally liable for payment of the bill. That is, if the person for whom the guarantee is given is unable to pay the bill, then the obligation to pay rests with the avalist. After the avalist pays the bill, he acquires the right to demand payment of the bill amount to the person for whom he gave guarantee, as well as to all previous persons obligated under the bill.

Important procedures are:

1. payment on a bill of exchange includes deadlines payment and rules payment. Payment procedure has rules:

§ the bill is presented for payment at the location of the payer, unless another location is indicated in the bill

§ the payer must make payment immediately upon presentation of the bill, if its presentation is timely, but deferment of payment may be allowed for objective reasons (natural disasters, etc.)

§ when calculating the maturity of a bill of exchange, the day on which it is issued should not be taken into account. If the repayment date falls on a non-working day, the bill must be presented to the nearest office. day

§ presenting a bill of exchange for payment before its maturity does not oblige the debtor to pay on it, and the debtor’s request to the holder of the bill to accept payment before the maturity date of the bill cannot be satisfied.

§ the debtor can pay only part of the amount on the day of repayment of the bill, and the holder of the bill is obliged to accept payment. The holder of the bill has the right to protest the unpaid amount and bring a claim against any of all persons obligated under the bill in the amount of the unpaid amount

2. Protest of bills– an official certified demand for payment or acceptance and its non-receipt. The procedure for protesting a bill of exchange is carried out in notarial procedure and is as follows: the holder of the bill must present the unpaid bill to the notary at the location of the payer to protest the bills for non-acceptance at the location of the debtor within a certain period (that is, protest - non-payment or non-acceptance). Next, the notary presents demands to the debtor for payment or acceptance of the bill. If payment follows after this, then the notary, without making a protest, returns the bill with an inscription indicating receipt of payment. If a note of acceptance is made on the bill of exchange, the bill is returned without protest. If the payer refuses the request to accept or pay the bill, then the notary draws up a protest act. The issue is then resolved in court.

IN in case of expiration established to make a protest of non-acceptance or non-payment, the holder of the bill loses his rights against all obligated persons except the acceptor.

At timely protest The holder of a bill can recover the amounts due in court within a certain period, which is called the limitation period.

Bill of limitations periods for each participant in the bill of exchange relationship will be different. For example, to bring a claim by the holder of a bill against the acceptor - 3 years, against the holder of a promissory note - 1 year, if between the endorsers - 6 months.

Certificates

Certificate - security, certifying the deposit amount deposited in the bank, and depositor rights to receive, upon expiration of the established period, the amount of the deposit and stipulated in the certificate percent. If the investor acts as entity, then it is issued certificate of deposit, and if individual- That savings.

The issuance of a certificate is a form of conclusion bank deposit agreement .

Only in documentary form like personalized so on bearer.

Blanc the certificate must contain the following required details:

o name of the security

o number and series of the certificate

o date of making the contribution or deposit

o amount of contribution or deposit (in numbers and words)

o the bank’s obligation to return the deposited amount and pay interest

o date of claim of the amount under the certificate (term)

o interest rate

o amount of interest due (in figures and words)

o interest rate upon early presentation of the certificate for payment

o name and location of the bank

o name and location of the depositor (for a legal entity) or full name and passport details (for an individual) (ONLY if the certificate is personal)

o signatures of persons authorized by the bank, sealed

Absence in the text of the certificate form, any of the required details makes it void. The bank may include additional requisites.

Certificate form must contain all conditions release, appeals And payment certificates. To issue certificates, the bank must approve the terms their release and circulation in the main territorial department of the Central Bank of the Russian Federation.

Term of circulation of deposits certificates up to 1 year, and savings up to 3 years.

Certificates cannot serve as a means of payment or payment for sold goods, completed work and provided services.

Cash settlements for the purchase and sale of certificates of deposit, as well as payment of amounts on them, are carried out only non-cash. When advancing demand period deposit or deposit, the bank is obliged to pay the owner of the security deposit amount and interest at the rate established by the conditions of issue and circulation of certificates.

Payments are made based on presentation the price of the paper, as well as a statement from the owner indicating the bank details where the funds should be credited. For individuals Payment can also be made in cash. When early presentation certificate for payment, the bank pays the deposit amount and interest, which are established by the conditions of issue and circulation of the certificate, or interest that is paid to the bank on demand deposits.

Valuation of bills:

Bills of exchange can be issued with different terms payment: for which unknown date of payment and by which known payment date.

In bills for which payment date unknown , indicated initial amount and interest rate on a bill. Final amount , which the holder of the bill will receive upon presentation of the bill for payment, can be calculated using the following formula:

F=P*(1+t/n*i)

F – final sum

P – initial amount

n - number of units of time periods in a year (if the bill is issued for a certain number of days = 360, weeks = 52, months = 12)

t – number of units of time periods of bill ownership

i – interest rate in fractions of units

In bills for which payment date is known , indicated total amount, which includes initial amount And interest charges. From such bills one can determine initial amount according to the following formula:

P = F / (1+t/n*i)

Yield on certificates and bills:

The yield of these securities is assessed the same, since both are inherently debt obligations.

Due to the fact that certificates and bills of exchange may trade on the secondary market, there is a possibility of them buying and selling until maturity. Therefore, there is a need to determine current yield these securities.

Current profitability characterizes profitability of investments for the investor and is determined by the following formula:

i = (F-P)/P * n/t * 100, %

Securitization

This concept is most widely used in international practice securities market.

Securitization- release new securities(shares and bonds) confirming right on property or obligation debtor. In most cases, such new tools are defined as asset-backed securities.

Securitization of debt – re-registration existing government debt into new marketable debt tools(i.e. securities).

Any creditor or debtor has the right to securitize its assets or debts.

Success there will be an operation depend:

· from market readiness take extra risk

· from state of the debtor's finances from the point of view of servicing new obligations, the source of repayment of which are old debts.

· from political risks

In the process of securitization may be involved money market instruments, market loan capital, banking instruments.

Among main types of securities currently circulating on international financial markets can be distinguished 2 groups:

· foreign bonds , which are issued by non-residents in the domestic market of a foreign state

· Eurobonds , medium and long-term obligations in Eurocurrencies, issued for placement on the European market among foreign investors.

Eurobonds have higher reliability compared to other foreign currency denominated debt instruments. Thus, debt securitization is the most market form of settlement debt, and also allows optimize the structure debt payments in accordance with the forecast of budget revenues and expenditures of the debtor country.

Has become widespread in international practice securitization based on Brady bonds. In honor of the US Treasury Secretary who proposed securitizing the debt of developing countries to the US.

Such bonds are government bonds, issued in exchange to restructured duty before commercial banks. These obligations in terms of par are guaranteed US Treasury bonds.

In international practice the following are used types of Brady bonds :

· parity bonds(bonds with reduced interest) - provide for a reduction in current debt service payments by reducing the accrued interest rate (the cost of servicing the public debt - that is, interest - is reduced)

· discount bonds(bonds with a reduced principal amount) - they involve a reduction in the total volume of liabilities by writing off part of the principal debt (due to a discount)

· step bonds(bonds with lower initial rates) – are a tool for reducing debt service payments by initially identifying low interest rates

· debt conversion bonds– reflect unreduced debt to creditors who provided new funds to debtor countries

· new loan bonds(new debt bonds) – are issued with funds provided by creditors for debt conversion bonds, which are characterized by conditions similar to them

· interest bearing bonds– allow you to reduce unconsolidated interest debt by providing a discount

· capitalized bonds– contribute to the deferment of interest payments on debt for future periods by adding part of the interest payable to the principal debt and providing a grace period for the repayment of capitalized amounts.

The bill of exchange form of payment is a settlement between the supplier and the payer for goods or services with a deferred payment (commercial loan) on the basis of a special bill of exchange document.

A bill of exchange is an unconditional written promissory note of a form strictly established by law, giving its owner (the drawer of the bill) the indisputable right, upon the maturity of the bill, to demand from the debtor payment of the amount indicated in the bill of exchange. The law distinguishes between two main types of bills: simple and transferable.

A promissory note (solo bill) is a written document containing a simple and unconditional obligation of the drawer (debtor) to pay a certain amount of money at a certain time and in a certain place to the recipient of funds or his order. A promissory note is issued by the payer himself, and in essence it is his promissory note. (Appendix No. 8)

A bill of exchange (draft) is a written document containing an unconditional order from the drawer (creditor) to the payer to pay the amount of money specified in the bill to a third party or to his order. Unlike a simple bill of exchange, not two, but at least three persons are involved in a bill of exchange: the drawer (drawer), issuing the bill; the payer (drawee), to whom the order is made to make payment on the bill; bill holder (remitee) - recipient of payment on a bill. A bill of exchange must be accepted by the payer (drawee), and only after that it acquires the force of an executive document. The acceptor of a bill of exchange, like the drawer of a promissory note, is the principal debtor of the bill and is responsible for paying the bill on time.

The provision on promissory notes and bills of exchange provides that payment on a bill accepted by the payer can be additionally guaranteed by issuing a guarantee (aval). Such a guarantee is given by a third party (usually a bank) both for the original payer and for each other person obligated on the bill. The avalist and the person for whom he has guaranteed are jointly and severally liable for payment of the bill. If the bill of exchange is paid by the avalist, all rights arising from the bill of exchange are transferred to him.

The current bill of exchange legislation provides for the possibility of transferring a bill of exchange from hand to hand as an instrument of payment using an endorsement (endorsement). Transfer of a bill of exchange by endorsement means transfer, together with the bill of exchange, to another person and the right to receive payment under this bill. The person who transfers the bill by endorsement is called the endorser. The person receiving the bill by endorsement is the endorsee. All rights and obligations under the bill are transferred to the endorsee. The law provides that all endorsements crossed out are considered unwritten and have no legal effect. Under a bill of exchange executed by endorsements, all parties involved in it are jointly and severally liable for payments.

All endorsements on the bill, its acceptance or aval are executed within the established payment period. The due date for a bill of exchange is a mandatory requirement, and its absence makes the bill of exchange invalid.

There are 4 ways to set the due date for a bill of exchange:

1) a period for a certain day. Expressed as the entry “I undertake to pay on December 30, 2006”;

2) deadline upon presentation - payable on the day of presentation for payment. The maximum period that is established for presenting a bill of exchange for payment is 1 year from the date of issue;

3) in so much time from drawing up the bill;

4) at such and such a time upon presentation of the bill.

The bill of exchange form of payment presupposes its mandatory participation in the organization of banking institutions. In particular, bill legislation provides for the collection of bills by banks, i.e. their execution of instructions by the bill holder to receive payments on bills on time. Vessels transferred to the bank for collection are supplied by the holder of the bill with a guarantee inscription in the name of this bank with the words: “to receive payment” or “for collection”. Having accepted a bill for collection, the bank is obliged to promptly send it to the bank institution at the place of payment and notify the payer with a summons about the receipt of the document for collection. Upon receipt of the payment, the bank credits it to the client's account and informs him about the execution of the order.

Protesting a bill of exchange is a public act of a notary's office, which officially records the refusal to pay on a bill of exchange. Current legislation provides for the presentation of a bill of exchange to a notary's office to make a protest on the bill of exchange no later than 12 noon. A bank that does not fulfill the client’s instructions to collect bills of exchange is responsible for their timely protest.

After completing the protest procedure, the bill of exchange is returned through the bank to the bill holder, who receives the right to collect the payment amount on the bill in court. Moreover, if endorsements were made on the bill, the last holder of the bill who did not receive payment may sue any endorser. For the holder of a bill of exchange to bring a claim, the limitation periods are established, which vary depending on the nature of the responsibility of each participant in the bill of exchange:

To the acceptor of a bill of exchange – 3 (-) years;

To the maker of a promissory note or the endorser of a bill of exchange 1 (-) year;

For claims of endorsers against each other – 6 months.

Operations for collection of bills by banks are beneficial both for clients and for the bank itself. Thus, the client is freed from the need to monitor the deadlines for presenting bills for payment, and the process of receiving payment becomes faster, cheaper, and more reliable for him.

For the bank, this is one of the sources of profit. In addition, in the process of carrying out collection operations, significant funds are concentrated in the correspondent account of a commercial bank, which it can put into circulation.

The legal relationship between suppliers and buyers involves payment for work performed or goods delivered in cash. In some cases, this is not possible, and then settlements with bills of exchange are used as an alternative to a commercial loan, since this document approves the amount of debt that the buyer must pay to the seller. The use of bills of exchange for settlements in modern Russia began in 1991, and since then they have been used in the activities of enterprises in 2018.

Basic Concepts

Before paying with bills, you should consider what it is, and similar data is in Article 815 of the Civil Code of the Russian Federation. According to it, the object is a security, the function of which is to fix the obligation of the issuing person to pay the monetary debt to the specified person or bearer, which is what accompanies the loan provided. Typically, a bill of exchange sets clear deadlines, and it may contain an order to a third party to pay money, but it cannot be demanded to be repaid ahead of schedule.

Types of bills

This type of securities is divided into two main types: simple and transferable; the first does not indicate who the recipient is, so such paper can be used by the bearer to reflect how much funds are to be issued. Its advantage is that you cannot limit the circle of recipients of money. To trade any bills, you can connect a specialized program, where all the necessary information will be available and a wide range of functions will be available; you can download it on the Internet.

In settlements with bills of exchange, which are called drafts, the drawer, the drawee and the remitee are involved, the first being the person who must pay for something, for example, the buyer of the goods, including the municipal unitary enterprise. The remittor is the recipient of the funds, who is indicated in the text and it is he who has the right to withdraw money under the bill.

The drawer can be a bank or a company, that is, it is an intermediary who is assigned to transfer funds to the remitter; in Russia, the task is performed by Sberbank and many other companies. In some cases, commission transactions are carried out, in particular, avalization - execution of a bill of exchange guarantee from one of the banks to the company issuing the debt document. There is also a bill of exchange program under which such securities are formed to attract investment; all this is regulated by the Central Bank of Russia.

Bills of exchange can be either simple or transferable

Payment methods using bills of exchange

If there is a need to transfer or sell a bill of exchange, the law allows this to be done through endorsement; in most cases, an expert assessment of the paper is required. The warrant type, the holder of which is legitimized by the fact of presentation and the indication of the person in the text, can also be purchased. This is a transfer inscription that is placed on a security and indicates that the document now belongs to another person who will demand payment of funds on it.

One of the types of endorsement, forfaiting, provides for the acquisition of financial obligations of the debtor to the creditor, which is especially common in the international trading community, and the deferred export transaction turns into cash debt.

Also, an endorsement may look like an allonge - an attachment to a bill of exchange, which specifies the transfer of the latter. In order for the paper to enter into legal force and acquire authenticity, it is necessary to obtain acceptance, that is, written consent to fulfill obligations from one of the parties, which is actually legalization. It is indicated on the front of the paper, and if there is such an inscription, then it is possible to operate with it.

The accounting process of an accountant regarding a security and, in fact, the accounting of a bill of exchange are different concepts; the first provides for the correct reflection of the receipt and its value in the internal documentation and financial reports of the enterprise. Accounting involves the provision of funds to the creditor, that is, their return and final repayment of the bill in cash through the cash register or by bank transfer. The issuance consists of the fact that it is handed over to the first bill holder, who can further store the paper and operate with it in every possible way: receive payments of the specified amount of funds and transfer the rights of claim; the deferment can also be granted exclusively to them.

Features of the procedure

The nuances of how settlements will be carried out with a promissory note or its transferable type completely depend on the characteristics of this document. First of all, it is abstract - the text does not include the grounds for issuing money or the paper itself. Even if the reason for the issue was a trade transaction, exchange or other events during which it is necessary to pay off, the purpose is not indicated in any way on the bill, so it does not lose relevance when transactions are canceled and remains effective. The only information will be the obligation to pay a certain amount of funds within a clearly defined period.

Settlements can be made by transferring a bill of exchange

It is also important that the bill has a contractual nature, but it is not the declaration that resulted in the security being issued that is being considered. Its subject is the agreement of both parties that there are debts that one of them is obliged to accept at a specified time, and the other is obliged to repay. The bill is also distinguished by its indisputability, since although the text does not indicate the reason or reason for making the transfer, it is enough for the holder to have a guarantee of the return of funds, and for the payer to receive the obligation to pay off the paper, for the latter this is rather a disadvantage.

Important! The justification or unjustification of taking on an obligation does not matter, since the document only indicates the need to fulfill it, but the holder can ensure an extension of the obligation if there is such a need.

Bills of exchange are also one-sided documents that only record the obligation of one person to make payment. In this case, the holder of the bill can present paper to receive funds, send a protest appeal in case of non-compliance with the rules, but these are only conditions that can lead to the exercise of existing rights. One-sidedness is manifested in the absence of additional conditions, but in the translation type it becomes more complicated.

Responsibilities of participants

The drawer, who will issue the transfer document, assumes that he is the one who must pay if the payer does not do so. In order for the intermediary to undertake an obligation, he needs to confirm the bill by accepting it; this step cannot be skipped, since then there will be no official evidence of cooperation. Each obligation specified in the bill of exchange is formal and for its viability it is necessary to put the agreement in writing, which also requires taxation for the correct calculation of personal income tax.

If there is none, then the obligation does not exist, and in this case it is necessary not only to issue a debt document in writing, but also to draw up an endorsement and acceptance. In addition, the formal component is also introduced by the need to draw up a bill according to a specific structure; if this is not followed, then the document loses official force and no penalty is expected for its violation.

All obligations of the parties must be documented

Transfer rules

One of the main features is also the transferability of the document, when the first acquirer can give it ownership to another person; in the future, the right does not end and it can be used as many times as desired. The process of transferring a bill of exchange is carried out with an endorsement, that is, a signature certifying the transfer of the right of disposal. In this case, there are the following situations in which a bill of exchange can be used:

• transfer into full ownership of another person;
• issuing an order to cancel a bill of exchange to another person, but in the interests of the original holder;
• provide a bill of exchange for a pledge of a different order, for example, as a guarantee if you want to issue a loan product at a bank.

Despite the three categories of transferability, the phenomenon is based on the first point, that is, the fact that it is possible to change the owner of a security; the Central Bank allows this to be done to other financial institutions. The endorsement is simple and unconditional, just like the original document, and even if it contains a specific condition, it will not have any consequences from a legal point of view. It is also impossible to transfer the right to part of the bill amount, since such an endorsement will not be valid. If the transfer is correct, the endorser is deprived of the right to demand collection (payment) from the issuer of the bills, and the holder at the same time receives the right to demand collection.

Another feature of a bill of exchange is its monetary value, since the obligation consists in the need to pay a certain amount, but not to transfer a physical object, that is, property; this can be done either by bank transfer or in cash; in any case, a check is issued. And finally, a nuance of this paper is the right to protest for non-payment, refusal to accept and some other problems that should be checked by specialists who make their own conclusion.

When carrying out operations, the main rules should be followed

Disputes in this area are handled by a notary office, which requires acceptance or payment, and in case of refusal, creates an entry in the register and a note about the current situation. If a person has not paid a promissory note, you should know what to do; if a claim arises, you must pay the paper under the control of a notary, then the dispute will be settled and the bill must be returned to the issuer, even if settlement occurred late.

You should know! If there is no payment, then a claim process will begin, which will lead to forced repayment of the bill.

Calculation scheme

The form of payment by bills of exchange has its own procedure, according to which you can find out the specifics of working with these documents. First of all, there are two participants: the giver and the holder, the buyer and the supplier, respectively. At the first stage, an agreement is formed between them, which stipulates the obligation to repay on time. The second part is the exchange of the document for goods or previously defined services, that is, items specified in the main agreement.

When the specified time arrives, banks' transactions with bills occur. Their holder transfers the paper to his bank, and this intermediary, in turn, sends it to the institution servicing the person who issued the paper. Next, the funds are transferred to the holder’s account and the procedure is completed. There is a modified scheme that includes mediation between the banks of the domicile - a third party who must repay the paper at the place of residence (domicile) of the payer; this procedure is called domiciliation of existing bills. But any other place can be chosen, documented and in writing, the latter is required to eliminate the risk.

Accounting

Usually, with the help of bills of exchange, mutual settlements are made between LLCs or PJSCs, the subject of which can be both their own securities and those issued (issued) by banking organizations. Regardless of the nature of the origin, it is necessary to maintain internal accounting of bills of exchange and create entries that reflect the entire document flow in the accounting department of the enterprise. Thanks to them, it is possible to take into account debt securities on the balance sheet of enterprises and calculate them as resources available for operations, as well as carry out re-discounting much faster.

Transactions with bills of exchange must be reflected in accounting

In many ways, accounting of bill documents is necessary for the reason that they have a nominal value included in the turnover of capital, but the method of receipt determines which category the price will be classified into. If a bill of exchange was purchased at a price that is lower than its face value, or its essence involves receiving interest at a previously determined rate, then such a document is included in financial investments, since it provides the maximum level of benefit. When a security was received at the price indicated on it, it does not need to be classified in this category, and other accounts are used to account for such a liability.

Accounting entries

To correctly reflect the receipt of a bill on the balance sheet (plus) or its debit, it is necessary to use postings. The company's accountants must correctly use the system of accounts and subaccounts, using them to form debt receipts, possible movements of income on bills, as well as write-offs in case of repayment. A sample of each posting is presented in the table.

If we mean someone else’s bill of exchange as an received asset that is capable of generating income (discount type of paper), then postings are used (Dt 58-2/Kt **):

• purchase - 76;
• payment by third party paper - 62;
• acceptance as a contribution to the management company - 75;
• exchange of property occurred - 91;
• admission on a free basis - 91.

When removed from the balance sheet, the certificate should also be reflected in postings, taking into account exactly how the minus occurred. The sale or payment of a paper requires the use of Dt 76 Kt 91, but if the delivery was paid for at its expense, then it is necessary to use the posting Dt 60 Kt 91. The contribution of the bill to the capital company, at which it is removed from the balance sheet, is indicated by the combination Dt 58-1 Kt 91 If a loan was issued, then posting Dt 58-3 Kt 91 is required. A property exchange transaction in which the bill of exchange has changed the owner is reflected by the previous owner with posting Dt 10 Kt 91. Income tax (VAT) is not paid when selling a debt paper, there is no need to indicate this.

The document must be correctly formatted

Document structure

If the execution of any bill, even your own, does not follow the correct structure, it will be invalid, so you should look at its components and how to write out the paper correctly. According to the legal rule, the form of a debt document includes:

Since the mid-1990s. In the Russian economy the term “bill scheme” appeared. It is understood as a set of various bill of exchange transactions carried out for the hidden achievement of a certain goal - as a rule, reducing taxes, withdrawing profits by accelerating mutual settlements, or transferring profits (assets) from one enterprise to another.

Some schemes are classified as “white”, that is, they do not contain any significant violations of current legislation. However, in practice, there are also bill of exchange schemes that cover up serious tax and other offenses.

In most bill schemes, one way or another, friendly bills are present, that is, those that are issued free of charge or on the basis of invalid transactions. There are several examples of bill of exchange schemes.

Payments with interest-bearing (discount) bills

These schemes are based on the transfer of part of the proceeds for goods (work, services) into non-operating income on a security (interest, discount), which is exempt from VAT.

For example, a product was actually sold for 200 rubles, but the contract indicated a price of 150 rubles. The buyer gives the seller his bill of exchange with a face value of 150 rubles, and after two or three months he pays the par value of this bill plus another 50 rubles. percent (total 200 rubles). Externally, interest is 50 rubles. - this is income from a security, which is not subject to VAT, but in essence it is part of the parties’ payments for the goods.

A similar option is possible with a third party bill of exchange. For example, a product was sold for the same 200 rubles, but the contract indicated a price of 150 rubles. For these 150 rubles. The buyer transfers a third party bill of exchange to the seller. The seller, naturally, recognizes the revenue in the amount at which the parties valued the bill upon transfer (150 rubles). Then this bill is sold to an interdependent organization for 150 rubles. (at cost). This organization, in turn, resells the bill to a company that is interdependent with the buyer and receives the real price of the goods for it - 200 rubles. As a result, part of the proceeds for the goods is transferred to another company, and in the form of non-operating income.

In order to cover such schemes, in Chap. 21 of the Tax Code of the Russian Federation (clause 3 of clause 1 of Article 162 of the Tax Code of the Russian Federation) provides for the possibility of imposing VAT on certain types of interest and discounts on bills. For this to happen, two conditions must be met.

Firstly, the bill must be issued as payment for goods sold (work, services) subject to VAT. Secondly, the interest (discount) rate on the bill must exceed the refinancing rate of the Central Bank of the Russian Federation.

However, Art. 162 of the Tax Code of the Russian Federation in its current version “works” only when the buyer of the goods himself presents this bill for repayment. If the seller transfers the bill of exchange by endorsement to a third party (a bona fide purchaser), it is much more difficult to impose VAT on the interest income. To do this, it is necessary to prove the interdependence of the participants in the scheme and the fact of understatement of market prices.

Bill advances

In ch. 21 of the Tax Code of the Russian Federation there are no rules according to which advances issued by bills of exchange must be subject to VAT. There are no requirements to tax bill advances in the Methodological Recommendations for the application of this chapter.

If the production cycle at an enterprise is long enough, then often the supplier prefers to receive an advance not in money, but with a bill of exchange and then pay with this bill for raw materials. This scheme allows you to purchase raw materials for long-term production without diverting working capital to pay VAT on advances.

When making bill advances, you should pay attention to two points.

First: if receipt in advance of a third party’s bill of exchange is not subject to VAT, then subsequent settlement with such a bill of exchange with the supplier does not give the right to offset VAT until the goods are shipped (since this bill of exchange has not been paid). Indeed, according to paragraph 45 of the Methodological Recommendations, payment for goods with a third party’s bill of exchange allows VAT to be offset “provided that the specified bill of exchange was previously received by the buyer-endorser as payment for goods shipped, work performed and services rendered.”

Second: if a bill of exchange received in advance for goods (work, services) is sold for money, then the bill of exchange advance will thereby turn into cash and will be subject to VAT.

If the bill of exchange was purchased under an agreement for the purchase and sale of securities with a due date (that is, the bill of exchange was transferred first, and payment for it must be made later) and then resold for money, then the funds are not subject to VAT. Thus, not every bill received in advance is subject to VAT if it is sold for money. This occurs only when an advance by bill of exchange is made under a contract for the sale of goods (work, services) that are subject to VAT.

“Paying” taxes through a problem bank

The essence of this scheme is as follows. A commercial bank that has no money in its correspondent account issues its promissory note to a shell company with deferred payment. In the bank's liability, the debt on the bill arises, in the asset - the company's debt to pay it.

Then the company sells the said bill to an organization that has a debt to the budget. Real money is transferred to the company's account, which is then cashed out.

Then the budget borrower presents the bill to the bank for repayment. The bank cannot repay this bill because it has no money. However, internal wiring is done in the bank:

Debit of the bill debt account Credit of the current account of the debtor company.

The arrears company, having received “virtual” money into its account, submits a payment order to write off the amount of debt to the budget from the account and thus “fulfills” its duties as a taxpayer.

The Constitutional Court of the Russian Federation, in its Resolution No. 24-P of October 12, 1998, indicated that repeated collection from a bona fide taxpayer of taxes not received into the budget violates the constitutional guarantees of private property. That is, submitting a payment order to the bank is the fulfillment of the obligation to pay tax, provided that the taxpayer is in good faith. Thus, the tax authorities need to prove the taxpayer’s bad faith, citing, for example, the fact that he has several bank accounts, but he pays taxes from the problem bank.

Cash withdrawal through bank bills

The essence of this scheme is as follows. Company A transfers money to shell company B under a fictitious agreement for the purchase of goods or provision of services attributable to cost for tax purposes. With this money, Company B buys his (her) bill of exchange from the bank (financial company at the bank).

Then Company B transfers the received bill of exchange by endorsement to the same fictitious individual, who presents it for redemption to the bank (financial company). An individual receives the face value of the bill in cash (no restrictions on cash payments apply to individuals). The cash, minus a certain percentage, is returned to the management of company A. In reality, the individual himself does not participate in this operation, only his passport data is used.

In order to hold the participants of the scheme accountable, it is necessary to prove their conspiracy among themselves and the fictitiousness of all accompanying documents. Other options for action by tax authorities are ineffective.

In the second half of the 1990s, during the period of validity of the Law of the Russian Federation of December 7, 1991 No. 1998-1 “On personal income tax,” the tax police repeatedly tried to hold banks accountable for failure to withhold income tax at source on personal income persons from the sale of bills of exchange (a bill of exchange is a security and the same type of movable property, such as, for example, a car).

However, according to clause 11 of the Review of the practice of resolving disputes related to the collection of income tax (Appendix to the Information Letter of the Presidium of the Supreme Arbitration Court of the Russian Federation dated June 21, 1999 No. 42), “for tax purposes, receipt of execution on a bill cannot be equated to the sale of property by an individual " The reason for this is that repaying a note is a repayment of a loan, not a sale of a security. In this case, an individual can receive income in the form of interest and discount. The payer of a bill can always withhold tax on interest, but not always on the discount. This is only possible when the individual was the first owner of the bill and the payer knows the amount of the discount with which the bill was purchased.

As stated in paragraph 10 of the mentioned Review, “the person making payments on the bill withholds income tax in cases where he could determine the amount of income.”

Bills of exchange in salary schemes

Bills of exchange are used in schemes to pay wages through insurance companies.

Bill settlements: pros and cons

In this scheme, the enterprise or its employees enter into a life insurance contract with the insurance company. That is, an employee’s survival to a certain age is considered an insured event, and he is paid compensation. As a rule, in salary schemes the contract was concluded for each month, that is, the insured event is considered to be the survival of the employee until the day of payday.

The insurance premium can be paid in different ways. The employer company can pay it in money or with its own bill. In a more complex version, the premium is paid by the employee himself, who comes to the insurance company as if “from the street”. In the latter case, the employer company can issue a loan to the employee, and he will enter into an insurance contract on his behalf and pay a premium to the insurance company.

The insurance company, having received this money and thereby replenishing its insurance reserve, will place it... in the promissory note of the employer company. This completes the circle: the money is returned to the employer’s account. The employer gave, say, 10,000 rubles. employee, he paid them to the insurer, and the latter paid for these 10,000 rubles. bought his bill of exchange from his employer.

On payday, the employer pays off the bill with interest: for example, he pays the insurer the face value of the bill of 10,000 rubles. plus another 5,000 rubles. percent. Having received a total of 15,000 rubles, the insurer deducts his commission from it, and gives the rest to the employee - the “policyholder”. The employee returns 10,000 rubles, taken as a “loan” from the employer, and 5,000 rubles. minus the insurer's commission, this is his income from the insurance contract, which is a disguised form of salary.

"Promissory notes"

Bill loans are bank loans in which the borrower is given not money, but a promissory note from the same bank. As a rule, this transaction is formalized as follows. The bank transfers funds to the borrower's account and, on the same day, debits them back to pay the bill. That is, the borrower takes out a loan and immediately spends it on purchasing a bill of exchange from the same bank. Then this bill is used to pay for goods (works, services) and deduct VAT.

Formally, there are no violations of the law in this scheme - the bill of exchange, which is used to pay for goods (work, services), was purchased for money and paid in full. In order to challenge the deduction of VAT under such a scheme, the tax authority must prove the fictitiousness of the cash loan received by the borrower. In other words, it will be necessary to convince the court that in reality it was not a loan for the purchase of a bill of exchange, but a conspiracy of the parties for the purpose of unreasonable VAT reimbursement.

In bill lending operations, the borrower can purchase his own bill of exchange or a bill of exchange from a third organization. It should be noted that issuing your own bill of exchange on the basis of a purchase and sale agreement for this bill of exchange is legally incorrect.

According to Art. 815 of the Civil Code of the Russian Federation, a bill is a form of loan agreement. Therefore, the basis for issuing a bill of exchange can only be a loan agreement or an agreement containing some kind of borrowing relationship (deferred payment for goods, etc.).

In addition, an essential condition of the purchase and sale transaction is the transfer of ownership of the goods from the seller to the buyer. Meanwhile, when issuing its own bill, the organization that issues the bill does not transfer ownership of it. This right arises only from the first holder of the bill at the time he receives the bill.

Until the bill of exchange is transferred to a third party, the debtor and the creditor act as one person, and the obligations certified by the bill of exchange have not yet arisen. Therefore, we can say that the security, that is, the object of ownership until the transfer of the bill of exchange to the first holder, does not yet exist.

Using a bill of exchange in payments for goods

A bill of exchange is a debt security that certifies the right of its holder to receive from the person who issued the bill of exchange (the drawer) the amount of money specified in the bill of exchange. The main documents regulating the rules for the circulation of bills on the territory of the Russian Federation are the Civil Code of the Russian Federation, Federal Law dated 03/11/1997 N 48-FZ “On Bills of Exchange and Promissory Note”, Resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated 08/07/1937 N 104/1341 "On the entry into force of the Regulations on bills of exchange and promissory notes."

The legislation distinguishes two types of bills of exchange: simple and transferable. The peculiarity of a bill of exchange is that the payer under it may not be the drawer himself, but another person who accepted the bill. Otherwise, the circulation procedure for these two types of bills is similar.

Currently, in economic practice, a bill of exchange is one of the most common instruments used for non-cash payments. This is greatly facilitated by the following:

the issue of a bill of exchange does not require state registration and does not require permits or licenses;

the bill may be in free circulation, i.e. can be transferred to a third party without any restrictions;

The legislation establishes a simplified procedure for the collection of funds in the event of non-payment of a bill by the drawer or the person who accepted the bill.

Operations carried out with bills of exchange, depending on their nature, are divided into two categories:

settlements with bills of exchange for the supply of goods, work performed and services rendered;

use of a promissory note for the purpose of investing available funds.

Accordingly, the bills themselves are divided into commodity bills (used in payments for goods) and financial bills (initially used as an investment object).

Accounting for commodity bills of exchange is carried out in the manner established by Letter of the Ministry of Finance of Russia dated October 31, 1994 N 142 “On the procedure for reflecting in accounting and reporting transactions with bills of exchange used in settlements between organizations for the supply of goods, work performed and services rendered.” Accounting for commodity bills of exchange from organizations that issue bills, depending on the nature of the transactions, is carried out on sub-accounts opened to account 60 or 76, in the amount specified in the bill of exchange, in correspondence with the debit of the accounts for accounting for material assets or production costs.

Accounting for financial bills is regulated by the Accounting Regulations “Accounting for Financial Investments” (PBU 19/02), approved by Order of the Ministry of Finance of Russia dated December 10, 2002 N 126n. Accounting for financial bills is carried out on financial investment accounts (58). Financial bills are accepted for accounting in the amount of actual acquisition costs, including the cost of information, consulting, intermediary and other similar services related to their purchase. For preliminary accounting of costs associated with the acquisition of such bills, account 08 is used.

In economic practice, there are known cases of using both commodity and financial bills of exchange in payments for goods.

Promissory note

The scheme for organizing settlements using a bill of exchange is quite simple. The purchasing organization issues a bill of exchange to the seller in payment for the purchased goods. A bill of exchange can be transferred as either payment for goods or an advance payment. In this case, the purchasing organization can independently issue a bill of exchange or make a settlement using a third party bill of exchange.

Accounting records of the organization - the buyer of the goods, which issued its own bill of exchange

Accounting records of the organization - the seller of the goods, which received the bill of exchange for payment

Accounting records of the organization that purchased the goods, which used a third party’s bill of exchange in the calculations

Bill of exchange

A bill of exchange differs from a simple bill in that the payer under it is not the drawer of the bill, but the person indicated by the drawer. Thus, three persons participate in the circulation of a bill of exchange:

drawer - the person who writes a bill in the form of an offer to the intended payer to pay on that bill;

intended payer - the person indicated by the drawer as the payer under it;

holder of a bill - a person who purchases a bill of exchange and receives payment on it.

In business practice, a bill of exchange is usually used to replace debt transfer operations. For example, the organization "Alpha" has an accounts payable to the organization "Beta" for the delivered batch of goods. Organization Beta has outstanding obligations to pay for goods supplied to organization Vega. The Beta organization issues a bill of exchange, indicating the Alpha organization as the payer, and transfers it to the Vega organization in payment for the goods supplied. Thus, Beta transfers Alpha's debt to Vega and pays off its debt. "Alpha" becomes Vega's debtor.

When reflecting these transactions in accounting, it is necessary to pay attention to the following circumstance: a bill of exchange at the time of issuance represents only an offer by the drawer to the intended payer to repay the bill and does not in any way oblige the organization specified in the bill to pay under the document. Such an obligation arises only after the bill of exchange is accepted or officially accepted for payment by the payer organization specified in the bill. At the same time, in accordance with the Regulations on bills of exchange and promissory notes, the drawer of the bill of exchange is responsible for acceptance and payment. It follows that when issuing a bill of exchange before its acceptance, the payer of the bill is the organization that issues the bill. Thus, until the moment of acceptance, accounting for a bill of exchange is no different from accounting for a promissory note. From the moment of acceptance, the acceptor assumes the bill of exchange obligation, becoming the principal debtor. The obligation of the drawer also remains in force, which after acceptance is conditional, i.e. he will be obliged to pay the bill if the accepting organization does not repay it.

Accounting records of the organization-drawer "Beta"

Contents of operation	Debit	Credit
Debt for goods sold is reflected Alpha organization	62	90-1
VAT amount reflected	90-3	76
Received goods from the organization "Vega"	41	60
VAT amount reflected	19	60
A bill of exchange was issued to pay for goods	60	60-3
Interest accrued on the bill	97	60-3
The amount issued as security is taken into account obligations	009
Organization "Alpha" paid the bill of exchange	60-3	62
The debt to the budget for VAT is reflected	76	68/VAT
Accepted for VAT deduction	68/VAT	19
The amount of security for obligations is written off	009
Interest on the bill is written off	91-2	97

Accounting records from the paying organization "Alpha"

Accounting records of the bill holder organization "Vega"

Financial bill

A financial bill is initially purchased by the bill holder for the purpose of generating income in the form of interest or discount, since it is not related to the movement of goods or the provision of services. The operation of issuing a financial bill is actually comparable to the operation of obtaining a loan. Subsequently, the bill holder organization has the opportunity to use the financial bill in payments for goods of a third party. For example, the Delta organization issued a financial bill and sold it to the Omega organization.

Accounting for bill payments

The Omega organization used the bill of exchange when paying for goods purchased from the Sigma organization.

Accounting records from the organization-drawer "Delta"

Accounting records of the beneficiary organization "Omega"

Accounting records for the organization-supplier of goods "Sigma"

The economic crisis, which has affected the lion's share of Russian enterprises, makes us recall the seemingly sunk into oblivion of non-monetary forms of payment. Bills of exchange can be a worthy response to the crisis, especially since any enterprise can issue them. What are the main advantages of using a bill of exchange in settlements and the scheme for its use?

There are several forms of non-monetary payments between enterprises: trade credit, offsets (counter-offsets, mutual offset of counter payment claims), commodity bill, etc. Let us dwell in more detail on the bill of exchange, which is used to formalize a deferred payment.

Crisis Interest

The greatest interest in the use of non-monetary forms in settlements between enterprises arises during periods of liquidity crisis, that is, a lack of real money. The buyer, not being able to pay here and now, can use a bill of exchange (among its names are commodity, settlement, commercial). Compared to other forms of non-cash payments, a bill of exchange has a number of advantages. The main ones are accessibility, since any enterprise can issue its own bill, and ease of circulation - the corresponding infrastructure has developed in the market. The more famous the enterprise, the greater the chances of the bill issued by it to begin its journey.

Settlement bills enjoyed quite wide popularity in the 1990s. At the time, cash flow problems were a consequence of the government's tight monetary policy aimed at curbing inflation.

Bank guarantee issued against a bill of exchange

Moreover, the state itself set an example: in 1994-1995 it issued treasury bonds, and in 1995-1997 it guaranteed bill loans from banks. According to experts, in the mid-1990s, from 45 to 60% of all payments within the country took place in non-monetary form - pseudo-money in the form of settlement bills became an integral part of trade turnover.

Debt obligations of oil holdings and metallurgical plants were especially popular. This interest was largely explained by the fact that debt obligations were repaid with commodity deliveries, in contrast to, say, Gazprom’s obligations, for which the issuer always (albeit sometimes with a delay) paid in cash.

Among issuers of a more modest scale, I recall the experience of using non-monetary forms of payment by the JFC group (fruit importer), the Middle Volga Interregional Association of Radio Telecommunication Systems (SMARTS), the Russian Meal group, etc. Moreover, the SMARTS group used settlement bills to finance import supplies. In 2003, when the telecom operator entered into a contract with the Israeli company Comverce Ltd for the supply of billing solutions, the manufacturer received not real money, but promissory notes with a total face value of almost $3 million. Their repayment was carried out from September 2003 to August 2005.

Banks are involved in one way or another in the circulation of settlement bills (we will talk more about the market infrastructure a little later). In recent months, they have begun to pay more attention to various “anti-crisis” (non-cash) products aimed at corporate clients.

Thus, bill loans, that is, the execution of the same settlement bills, are offered today by Baltinvestbank. At the same time, the bank agrees with all parties on the possibility of circulating the debt securities of the drawer. Such a loan will cost the borrower 3-5% per annum. Zenit Bank works with bill loans in a similar range - 4-6% per annum (term - from 1 to 6 months). “Issuing bill loans allows enterprises to save working capital and speed up settlements with counterparties,” the bank emphasizes.

Settlement bill against receivables

The main advantages of using a settlement bill compared to having a receivable are:

• deferment of payment for a longer period;
• formation of a public credit history when purchasing bills of exchange by investors and the opportunity in the future to raise capital on the public market at more favorable rates;
• the opportunity to receive additional income by early redemption of your own bills;
• the supplier receives a liquid cash requirement, which, if necessary, he can use to replenish his own working capital.

Amount and terms of cancellation

The scheme for financing deferred payments with a bill of exchange is generally as follows. The supplier ships the goods, in payment for which he receives a bill of exchange from the buyer. Payment of a bill is made “on sight, but not earlier than a certain date.” The supplier who received the bill is free to sell the paper on the secondary market or obtain other financing for it. When payment becomes due, the last holder of the bill presents it to the buyer for payment.

It is not difficult to write your own promissory note: the law establishes only a few requirements that this promissory note must meet. Deferred payment for a large supply of goods can be paid with a series of bills of exchange, the repayment of which will be carried out according to a specific schedule. However, you need to remember here: the volume of bills issued, like any loan, cannot be unlimited and must take into account the company’s ability to service its own debt. As for the terms of repayment of bills, you need to focus on the period of time that will pass between the delivery of the goods to the buyer and the receipt of real money from him.

Infrastructure

To facilitate the circulation of settlement bills, an appropriate infrastructure has been created in the market. A number of financial companies and banks are involved in the organization of such transactions, as well as the procedure for accounting, storage and domiciliation (cancellation) of bills. Among them are VTB, Alfa-Bank, Bank Alemar, Gazprombank and almost all others that carry out transactions with their own bills.

Typically, the issuer of the bill entrusts the payment of its debt securities to a bank or financial company (this procedure is called domicile). Thus, the last holder of the bill presents the paper for payment not to the company that issued the bill, but to the bank.

By the due date of payment, the drawer must have sufficient funds in his account to fully pay off the issued bills. Otherwise, the bank may refuse to pay the bill holder, since he does not respond with his own funds to the client’s bill obligation. Domiciliation costs the client-drawer 0.05-0.5%.

The actions of participants in the simplest option for financing deferred payments using a promissory note are shown in scheme 1.

The buyer and supplier agree to pay for the delivery by bill of exchange, and enter into a contract or an additional agreement to the contract. After shipment of products (provision of services, performance of work), the buyer issues a bill of exchange and transfers it to the supplier. The provider sells the note on the secondary market or obtains other financing against the security. The last holder of the bill at the time of cancellation of the paper presents the bill for payment to the domicile. The latter pays the bill after receiving it from the bill holder. The drawer must transfer funds to the bank by the date of repayment of the bill.

Using settlement bills with Aval Bank

If the company is small and issues a bill for the first time, then it is unlikely to be in great demand among investors on the secondary market. In this case, the drawer company can enlist the support of a bank or financial organization that honors the bill ( scheme 2).

By valorizing a bill, that is, placing a special inscription on the front side of the debt paper, the bank assumes responsibility for canceling the paper. If the drawer does not pay the bill, then the bank responsible for the avalization will be obliged to repay it at its own expense.

To valorize a company's debt paper, the bank will require you to provide approximately the same documents that are required for standard lending. The period for reviewing documents is from three days to one and a half months, it all depends on the specific conditions and position of the company. Availability will cost 4-8% per annum, the specific rate is negotiated individually.

This financing scheme is often used by enterprises as part of large financial schemes as an additional guarantee that the parties will fulfill their obligations.

Using bills of exchange to pay for imports

Few people know that deferred payment provided by a Western supplier can also be arranged using your own bills of exchange. In this case, as a rule, you cannot do without Aval Bank. Moreover, both a domestic bank and a bank of the exporting country can valorize the debt paper of a Russian enterprise.

As is the case with import financing schemes, the applicant bank from Russia must have a reliable reputation abroad. As practice shows, issuing a deferred payment through a settlement bill of a Russian enterprise is possible only if the importer is supported by a local bank.

The terms of deferred payment, as well as other conditions, depend on the country from which the export is carried out. As a rule, bills are issued for six months or a year. The rate depends on three factors: the Libor rate at the time of the transaction and the spread, which, in turn, depends on the country’s risks and the rating of the avalorizing bank (diagram 3).

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Business is a dynamic environment in which there is a constant movement of money. Most of the mutual settlements between companies and entrepreneurs are carried out in cash. But in some cases, securities, such as bills of exchange, are used for these purposes. In this article we will touch on the main points that you need to know if you want to use settlements with bills.

A bill of exchange is a debt security that confirms the right to claim monetary compensation from the person who owns the bill from the person who issued the bill. Bills of exchange are issued exclusively in paper form, have several degrees of protection, and the right to claim the debt can be transferred regardless of the consent of the person who issued the bill.

Depending on their purpose, bills of exchange are conventionally divided into commodity bills (used for mutual settlements between enterprises) and financial bills (used for temporary placement of available funds). Read more about the types of bills of exchange in our “Types of bills of exchange and their circulation.”

Payments by bills: features

Settlements with bills of exchange are a fairly common occurrence in mutual settlements between counterparties. If, from the point of view of the management of the enterprise, everything is quite simple, then for accounting, accounting for settlements with bills of exchange presents a certain complexity. Quite a lot of questions arise about how to correctly display the corresponding entries in accounting. Let's try to understand this issue in a somewhat simplified form. Let's look at the main points and features.

Mandatory requirements presented for bills of exchange:

1. A bill of exchange is a formal document. Accordingly, there is a list of mandatory details indicated on the bill of exchange. The absence of at least one detail allows the bill to be considered invalid.
2. The obligation on a bill of exchange can only be monetary funds.
3. The bill must be paid regardless of any external factors and conditions.
4. Bills of exchange are issued exclusively on paper (Article 4 of Law No. 48-FZ).

Mandatory information that the bill of exchange must contain:

1. Name "Bill".
   2. A simple, without any additional conditions, obligation to pay the amount specified in the bill.
   3. Payment term.
   4. Place of payment.
   5. Information about who is the recipient of the payment, or on whose order the payment should be made.
   6. Information about the place and date of drawing up the bill.
   7. Signature of the drawer.
   8. If a bill of exchange is drawn up, it is mandatory to fill in the field where the payer of the bill is indicated.

In the absence of at least one of the above details, the bill has no legal force, with the exception of the following cases:

1. A bill of exchange for which the maturity date is not indicated should be considered as redeemable at sight.
   2. In the absence of information, the place where the bill was drawn up is considered both the place of its repayment and the place of residence of the payer.
   3. In the absence of information about the place of drawing up the bill of exchange, such place is recognized as the place indicated next to the name of the drawer.

Accounting for bills

Mutual settlements between enterprises can be made both using their own bills of exchange and using bills of exchange from large banks. Regardless of which bills of exchange are used in mutual settlements, bills are accounted for and entries are made. That is, all transactions with bills of exchange are displayed according to the accounting department of the enterprise.

In this article I will not describe in detail the transactions on bills of exchange. This information is purely for accountants and is quite specific. I will only say one thing: mutual settlements with bills of exchange have become widespread in the Russian economy. They are not something extraordinary or incomprehensible. Quite a lot of articles and guidelines have been written on how to display these accounting transactions. If you wish, finding this information is not very difficult.

A bill of exchange is a security that gives the right to receive a fairly large amount of money. It is for this reason that accounting for bills of exchange at an enterprise must be quite strict. In fact, this is a type of money, and bills of exchange must be treated accordingly. Accounting for settlements by bills of exchange is carried out by the company's regular accounting department in the usual scheduled manner. Posting a bill of exchange is simply an operation that needs to be correctly reflected in the accounting department. Nothing complicated, just the usual routine work of an accountant.