Instruction

1

Calculate and pay to the budget advance payments of profit tax. Reflect the transaction on the credit of account 51 "Settlement account" in correspondence with subaccount 68-40 "Arrears of income tax". Subaccount 68-5 formed specifically to account for advance payments and helps to generate the financial statements.

2

Make the calculation of the profit tax for the reporting period. This will credit the amount of contingent income or expense on the tax and reflect the calculated amount in the loan account 68-4 "Settlements on profit tax" in correspondence with a score of 99-3 "Conditional income and expense". Then determine the amount of permanent tax liability, which is equal to the product of permanent difference on the tax rate. Mention this charge on the credit score 68-4 in correspondence with a score of 99-2 "Constant tax obligation".

3

Will credit the amount of deferred tax asset, which is equal to the product of the temporary difference on the tax rate. Reflect the transaction on the credit score 68-4, and the debit of account 09 "deferred tax assets". If accounting income was greater than in tax accounting, a taxable difference. The product of the amount in tax is called a deferred tax liability which is accounted on the credit side of the account 77 "deferred tax liabilities" and charged to 68-4.

4

Determine the balance of the subaccount 68-4 at the end of the reporting period, then subtract from it the sum of actually paid advance payments of tax. If there was an overpayment, it is recognized in receivables. In accounting,

**the balance sheet**this amount is reflected in line 240 "accounts Receivable" section 2 "current assets". In the line 515 of section 4 indicates minimized balance for deferred tax liability.# Advice 2: How to calculate overpayment on loans

Loans have become an integral part of modern life. A lot of the credit organizations offer their services by advertising favorable conditions. But the best loan is one in which the small overpayment. When choosing loan programs for yourself, you can calculate this

**overpayment**.You will need

- Loan terms - loan amount, interest rate, period. Microsoft Excel.

Instruction

1

The amount of the overpayment on the loan is the sum of actually paid interest-bearing liabilities. In order to calculate the amount of the overpayment, you need to add up all the amounts the payment of interest for the entire period of the loan.

2

The monthly payment on the basic debt is calculated as follows. The full amount of the loan divided by the loan term in number of months.

3

Open the page in Microsoft Excel and create a table with the actual data of the specific loan. To do this the table header:

1 count) № p/p (number of months),

2 count) the number of days in the month

3 graph) the amount of the loan

4 graph), the repayment of the principal debt for the period

Count 5) payment of percent for the period

6 count) loan payment (sum of 3 and 4 count).

1 count) № p/p (number of months),

2 count) the number of days in the month

3 graph) the amount of the loan

4 graph), the repayment of the principal debt for the period

Count 5) payment of percent for the period

6 count) loan payment (sum of 3 and 4 count).

4

The first line of the "loan amount" indicate the full amount. The second line - put the cursor on the table cell and write the formula: = sum from the first row - the payment of principal in the previous month. This formula copy this column to the end of the table. Thus, each subsequent principal amount will be reduced by the amount of principal repayment on the loan in the previous month.

5

In the first row of graphs of interest on the loan put the cursor on the table cell and write the formula: = principal amount (the current row) * % rate of shares / 365 * a cell that represents the number of days in the month in the same table. So it turns out the amount of accrued interest for the current month. This formula also need to copy to the end of the table.

6

The first line of the graphs showing the loan payment put the cursor on the table cell and write the formula: = total monthly payment of principal + interest amount that is specified in the same table row (current pay period).

7

At the end of the table under the graph, paying the monthly payment of principal, interest and loan payment put the sign of the sum of all cells in the corresponding column. So in the graph of the monthly payment of principal total amount should equal the amount of the loan. In the column percent of the total amount will indicate the amount of the overpayment on the loan. And the loan payment the total amount will be the payment of the principal debt + interest for the entire period of the loan. So it is possible to check the correctness of calculations.

Note

The increase in the cost of credit is influenced by hidden fees in the shape of commissions, insurances, payments for opening and maintaining the accounts and other payments.

# Advice 3: How to read an overpayment of income tax

If you list in the state budget the amount of money in

**tax**on**profits**greater than calculated in the Declaration for expired tax period, then*the overpayment*, you should take note of the standings. To do this, complete the application and submit it to the tax authority, attach the necessary documents. Make an act of reconciliation with the inspection.You will need

- Declaration on profit for the reporting period;
- - the payment order about payment of the tax;
- - the tax legislation;
- - the application form about offsetting of overpayments;
- - documents of the company;
- - financial statements for the tax period.

Instruction

1

Make a statement in any form. Enter the name of your company in accordance with the Charter, other constituent document or personal data of a natural person who is registered as an individual entrepreneur, if your company appropriate legal form. Enter the taxpayer identification number, primary registration number and code of reason for registration to the tax office (for companies).

2

Enter the amount of overpayment on

**tax**on**profit**, enter the reporting period (quarter), for which it originated. Write to the tax (gathering, a fine) in respect of which you wish to offset*the overpayment*, and the period for which you want to do it.3

Enter personal data, job title and contact telephone number of the person responsible for the calculation, transfer taxes. As a rule, the chief accountant of the organization.

4

Attach to the application a copy of the Declaration for the profit and the payment order that confirms the overpayment on

**the tax**to the state budget. Submit application and documents to the tax office.5

Make with the tax on the act of settlement, which reflects the overpayment. Card account tax marking.

6

Within ten working days, the tax office should send you a notice of classification or refusal. If you have received a refusal from inspection, make another act of reconciliation, then write a new statement with a request to offset the overpayment. When you receive a positive decision from the tax man, make a classification. On account of Taxes and duties (68) put the debit for

**the tax**on**profit**(account 68, the subaccount VAT) credit.7

If you have outstanding taxes, fines, penalties, the tax authorities are entitled to make their own to offset

*the overpayment*for**the tax**on**profit**. The tax authorities must send the notice within five days from the moment of the decision about classification. After receiving the notice to make the necessary accounting entries.