How to charge interest transactions

Some heads of organizations in the process of using borrowed money. Sometimes under the loan agreement they have to pay interest on a fixed schedule or at a specific time which is specified in the legal document. But there are situations when to pay the interest on time is not possible. In this case, the lender is entitled to charge interest. How to reflect such costs in accounting?

You will need

- loan agreement.

Instruction

Before you pay penalties charged by your lender, calculate their sum. To do this, find the loan agreement the condition of charging interest in case of delay of payment of percent. Usually, this condition shows percentage, it can have the following wording: "the Borrower must pay contractual penalty of 0.3% of the unpaid amount for each day of delay". So you have the amount of delay multiplied by 0.3 percent and the number of days of delay.

Interest paid under the loan agreement, reflects the composition of expenses in the form of penalties for noncompliance with the terms of a legal instrument. These amounts are deductible when calculating profit tax in the period in which they took place. Consider these amounts the last day of the month or at the time of repayment. Note that interest is not paid VAT.

The amount paid in the form of penalties, you can reflect on the account 76 "Calculations with different debtors and creditors", or by opening account 66 "Settlements on short-term credits and loans" sub-account "Interest paid". Make wiring as follows:

- Д91 "other income and expenses" sub-account "other costs" To 76 "Calculations with different debtors and creditors" or 66 "Calculations on short-term credits and loans" sub-account "Interest paid" is the accrued penalties for late payment of interest under the loan agreement;

- Д76 "Calculations with different debtors and creditors" or 66 "Calculations on short-term credits and loans" sub-account "Interest paid" K51 "account" or 50 "cash" - paid penalties for late payment of percent on the loan agreement.

Do not forget to do accounting certificate with details of the calculation. Do transactions only on the basis of documents help-calculation, loan agreements, statements of accounts, orders.

Is the advice useful?