Account 67 “Settlements on long-term loans and borrowings” is used legal entities to display data on mutual settlements on borrowed funds received for use by the company for periods of more than 12 months
Account 67 in accounting is necessary for summarizing and subsequent analysis of information on ongoing mutual settlements under loan agreements (loan agreements) and interest charged for the use of borrowed money. Settlement data for long-term agreements over 12 months is displayed here.
Attention! For reference accounting short-term loan agreements (less than 12 months) is used sch.66.
Sch.67 is passive. Loan amounts are displayed Money received for temporary use by the enterprise in correspondence with accounts 60,50,51,52, etc. By debit - partial or full repayment of loans and credits.
Attention! For interdependent companies that submit unified financial statements based on the results of their activities, mutual settlements on ongoing borrowings are displayed separately.
Additional borrowing can be provided by the company through the issuance and subsequent placement of bonds. These operations are taken into account on account 67 separately. In cases where securities are placed at a cost higher than their face value, the excess amount is additionally displayed on account 98. The difference is written off evenly throughout the entire period of placement of securities. circulation of bonds, the difference between the values is additionally charged evenly from Kt67 to Dt91.
Also, if necessary, a sub-account can be opened for account 67 for separate display of information on the transfer of bills of exchange by the holder of the bank and other obligations of the organization with maturities of more than 12 months (the nominal value of the transferred bill is taken into account at Kt67). Completion of the accounting operation of the bill is carried out on the basis of the received notice of the bank (other financial organization) by displaying the amount of the bill for Dt67 in correspondence with accounts receivable. Operations on the return of funds by the bill-holder to the bank as a result of non-fulfillment of the terms of the agreements by the drawer are recorded according to Dt67.
Should be taken into account! Accounts receivable, the pledge of which was overdue bills, remains displayed on special accounts.
Analytical monitoring
Monitoring of the information displayed on account 67 is carried out depending on the type of borrowing, by creditor counterparties provided with funds (for example, banks, financial institutions, large suppliers). Promissory notes settlements are analyzed by credit institutions that accepted the bill, by counterparties-promissors and separately for each bill.
Regulatory regulation
Use of account 67 to display information on mutual settlements on funds loaned to companies under contracts for periods of more than 12 months, is carried out in accordance with the current Chart of Accounts, approved by Order of the Ministry of Finance dated October 31, 2000 No. 94, PBU 15/2008 and other legislative acts.
Account 67 in accounting - common postings on business transactions
- Receipt of funds under long-term loan agreements
Dt50,51,52,55 Kt67 - cash or bank transfer received
Dt10.41 Kt67 - posting of goods and materials under a short-term loan agreement
Dt60 Kt67 - transfer of existing debts to suppliers into a loan from them, transfer of loans and credits received as coverage of accounts payable
- Display of interest accrued payable for the use of money
Dt91.02 Kt67
- Write-off of outstanding overdue accounts payable
Dt67 Kt91.01
- Displaying the difference between the face value and the circulation price of securities, accounting for the difference in cash actually received under bills of exchange to the face value.
Dt91.02 Kt67
- Repayment of loans and credits
Dt67 Kt50,51,52,55 - cash withdrawal from the cash desk or cashless transfer
Dt67 Kt62 - repayment of mutual claims
All loans are issued by banks only for specific purposes on terms of repayment for a certain period, they are banking and commercial. A bank loan is a cash loan that is provided by a credit institution for the production needs of an organization, it can be long-term or short-term.
A short-term loan is a loan for a period not exceeding one year; it is the main source of additional funds for an organization for temporary needs. Borrowed short-term money is used for temporary replenishment of fixed and working capital, for inventory items, for, as well as for other needs.
Accounting for short-term loans on account 66
For the purposes of accounting for short-term loans in the accounting department, account 66 “Settlements on short-term loans and borrowings” is intended. Score 66 is passive. It exists to summarize information about the movement and availability of short-term loans and credits received by the organization.
A loan can be obtained both in domestic and foreign currencies. In the latter case, the currency is converted into rubles at the exchange rate of the Central Bank of the Russian Federation, the conversion is made at the time the funds are credited to the foreign currency account. Features of currency accounting can be read.
Foreign exchange differences are included in operating expenses. Interest accrued to be paid in accordance with the loan agreement is also included in operating expenses. In addition, in the process of obtaining a loan, the organization may incur a number of additional costs, such as payment for consulting, legal services, expertise services, communication services, and others. These expenses are also included in “Other income and expenses”.
Account 67 "Settlements on long-term credits and loans" is intended to summarize information on the status of long-term (for a period of more than 12 months) credits and loans received by the organization.
The amounts received by the organization of long-term loans and borrowings are reflected in the credit of account 67 "Settlements on long-term loans and loans" and the debit of accounts 51 "Settlement accounts", 52 "Currency accounts", 55 "Special accounts in banks", 60 "Settlements with suppliers and contractors " etc.
Long-term loans raised through the issuance and placement of bonds are recorded on account 67 "Settlements on long-term credits and loans" separately. Moreover, if bonds are placed at a price exceeding their face value, then entries are made in the debit of account 51 "Settlement accounts", etc. in correspondence with accounts 67 "Settlements on long-term loans and borrowings" (at the face value of bonds) and 98 "Income future periods" (by the amount of the excess of the placement price of bonds over their nominal value). The amount charged to account 98 "Deferred income" is debited evenly over the period of circulation of the bonds to account 91 "Other income and expenses". If the bonds are placed at a price lower than their face value, then the difference between the placement price and the face value of the bonds is additionally accrued evenly over the period of circulation of the bonds from the credit of account 67 "Settlements on long-term credits and loans" to the debit of account 91 "Other income and expenses".
Interest payable on received credits and loans is reflected in the credit of account 67 "Settlements on long-term credits and loans" in correspondence with the debit of account 91 "Other income and expenses". Accrued interest amounts are accounted for separately.
Account 67 "Settlements on long-term credits and loans" is debited for the amounts of repaid credits and loans in correspondence with cash accounts. Loans and borrowings that are not repaid on time are accounted for separately.
Analytical accounting of long-term credits and loans is carried out by types of credits and loans, credit institutions and other lenders that provided them, and individual credits and loans.
On a separate sub-account to account 67 "Settlements on long-term loans and borrowings", settlements with banks on the operation of accounting (discount) of bills and other debt obligations with a maturity of more than 12 months are taken into account.
The operation of accounting (discount) of bills of exchange and other debt obligations is reflected by the organization - the holder of the bill on the credit of account 67 "Settlements on long-term credits and loans" (nominal value of the bill) and the debit of accounts 51 "Settlement accounts" or 52 "Currency accounts" (actually received amount of cash funds) and 91 "Other income and expenses" (account interest paid to a credit institution).
The accounting (discount) operation for bills of exchange and other debt obligations is closed on the basis of a notice to the credit institution of payment by reflecting the amount of the bill on the debit of account 67 "Settlements on long-term loans and borrowings" and on the credit of the corresponding accounts receivable.
When an organization holding a bill of exchange returns funds received from a credit institution as a result of accounting (discount) of bills of exchange or other debt obligations, due to the failure of the drawer or other payer on the bill to fulfill their payment obligations in due time, an entry is made in the debit of account 67 "Settlements on long-term credits and loans" in correspondence with cash accounts. At the same time, indebtedness on settlements with buyers, customers and other debtors, secured by an overdue bill, continues to be recorded on the relevant accounts receivable.
Analytical accounting of discounted promissory notes is kept for credit institutions that have registered (discounted) promissory notes or other debt obligations, issuers and individual promissory notes.
Accounting for settlements with credit institutions, lenders and drawers within a group of interrelated organizations, on the activities of which consolidated financial statements are compiled, is kept on account 67 "Settlements on long-term credits and loans" separately.
In the article we will talk about what are short-term and long-term loans how they differ, how they are accounted for in accounting. In the article, we will get acquainted with two accounts: 66 and 67. Below are the accounting entries for loans and loans involving accounts 66 and 67.
In the accounting chart of accounts for accounting for short-term loans, there is an account 66 "Calculations on short-term loans and borrowings", for accounting for long-term loans, account 67 "Calculations for long-term loans and borrowings" is used.
Loans, both short-term and long-term, are issued by credit organizations, that is, banks. They are given for certain purposes, for a limited period, after which the lender undertakes to return the money received.
Video reference “Accounting for short-term loans on account 66”: sub-accounts, operations
The video tutorial explains in detail how to keep records of short-term loans and borrowings on account 66. The training is conducted by the teacher of the site “Accounting and tax accounting for dummies”, Chief Accountant Gandeva N.V. To watch online, click on the player below ⇓
Accounting for short-term loans
Short-term loans are issued for up to 1 year. The received funds are recorded under the loan account 66 in correspondence with (if the loan is issued in cash), and (the corresponding entries D50 K66, D51 K66, D52 K66).
When obtaining loans, the organization incurs certain costs. These can be the so-called basic costs, which include interest on a loan, exchange rate, and sum differences on interest. The main costs are included in the composition, while accounting posting is carried out D91/2 K66.
In addition to the main costs, there are additional costs associated with obtaining credit money, these include payment for legal, consulting services, copying and reproduction costs, taxes, examinations, communication services. These expenses are reflected in the D91/2 K60.
Loan repayment is reflected in the debit of account 66 in correspondence with accounts, and, depending on how the loan debt is repaid (postings D66 K50, D66 K51, D66 K52).
Accounting for long-term loans
A long-term loan is issued for a period of more than 1 year. The received funds, as well as in the case of a short-term loan, are taken into account under the loan account. 67 in correspondence with cash accounts. Further, accounting for a long-term loan can be carried out in two ways:
- On the account 67 before maturity.
- On the account 67 until 365 days remain until maturity. After that, the loan amount is transferred to the account. 66 posting D67 K66, that is, long-term debt is converted into short-term debt.
The chosen method of accounting must be reflected in the order on accounting policy, which can be read about in the article ““.
Postings on accounts 66 and 67
The table below discusses the accounting of credit operations: obtaining long-term and short-term loans and their reflection. ⇓
Debit | Credit | Operation name |
Received a short-term cash loan (to a current, foreign currency account) |
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The main costs associated with obtaining a loan amount (interest, exchange differences) are taken into account |
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Repaid short term loan |
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Received a long-term cash loan (to a settlement, foreign currency account) |
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Long-term loan converted to short-term |
The accounting (discount) operation for bills of exchange and other debt obligations is closed on the basis of a notice to the credit institution of payment by reflecting the amount of the bill on the debit of account 67 “Settlements on long-term loans and borrowings” and on the credit of the corresponding accounts receivable.
When the organization - the holder of the bill returns the funds received from the credit institution as a result of accounting (discount) of bills of exchange or other debt obligations, due to the failure of the drawer or other payer of the bill of exchange to fulfill their payment obligations in due time, an entry is made in the debit of account 67 “Settlements on long-term credits and loans” in correspondence with cash accounts. At the same time, indebtedness on settlements with buyers, customers and other debtors, secured by an overdue bill, continues to be recorded on the relevant accounts receivable.
Analytical accounting of discounted promissory notes is kept for credit institutions that have registered (discounted) promissory notes or other debt obligations, issuers and individual promissory notes.
Accounting for settlements with credit institutions, lenders and drawers within a group of interrelated organizations, on the activities of which consolidated financial statements are compiled, is kept separately on account 67 “Settlements on long-term loans and borrowings”.
Account 67 "Settlements on long-term loans and borrowings" corresponds with the accounts:
Table 1
| By debit: | By loan: | ||
| 51 | Settlement accounts | 07 | Equipment for installation |
| 52 | Currency accounts | 08 | Investments in non-current assets |
| 55 | Special bank accounts | 10 | materials |
| 62 | Settlements with buyers and customers | 11 | Animals for growing and fattening |
| 67 | Settlements on long-term and loans | 41 | Products |
| 76 | 50 | Cash register | |
| 91 | Other income and expenses | 51 | Settlement accounts |
| 52 | Currency accounts | ||
| 55 | Special bank accounts | ||
| 60 | Settlements with suppliers and contractors | ||
| 67 | Settlements on long-term credits and loans | ||
| 68 | Calculations for taxes and fees | ||
| 76 | Settlements with different debtors and creditors | ||
| 82 | Reserve capital | ||
| 91 | Other income and expenses |
Account 67 "Settlements on long-term credits and loans" is similar in content to account 66 "Settlements on short-term credits and loans". Both accounts are designed to record borrowed funds, but the maturity of borrowed funds is critical to assessing the financial position of an organization. And in this regard, first of all, those debts that must be repaid within a year are taken into account. It was this circumstance that forced the compilers of the chart of accounts to divide, in essence, a single account "Calculations on loans and borrowings" into two. months. Long-term debt is debt on received loans and credits, the maturity of which under the terms of the contract exceeds 12 months. Classification of debt into short-term and long-term allows more reasonable calculation of the organization's solvency. That is why, as soon as under a specific agreement, the loan repayment period will less than a year it is advisable to record: Debit 67"Settlements on long-term credits and loans" Loan 66"Calculations on short-term loans and borrowings" For only in this case the financial position of the organization will be reflected quite correctly. Many accountants underestimate what has been said and do not re-register long-term loans (loans) into short-term ones. At the same time, they proceed from the understanding of the loan as a given that once arose, arguing something like this, if the loan is taken for 18 months, I will take this loan into account on account 67 "Calculations on long-term loans and loans", and if the loan is taken for 9 months, then I I will take it into account on account 66 "Settlements on short-term loans and borrowings." The choice of account sets the term of a particular loan agreement itself. However, this is not the case, because this is not about the period specified in the contract, as supporters of such an interpretation think, but about calculating the solvency of the organization. Of course, reissuing a long-term loan into a short-term one is associated with additional work of an accountant. He needs to track the payment schedule, make additional transactions, transfer from analytical accounting one synthetic account to another account, opening, almost anew, a new account in analytical accounting. And of course, accountants shy away from this work, but here we must remember that not economic activity exists for the accountant, and the accountant works for her and for her. RAS 15/01 provides for the possibility of two options for reflecting loans and borrowings received in accounting: and (or) a loan until the repayment of the principal amount of the debt remains 365 days. Take into account the borrowed funds at its disposal, the maturity of which under the loan or credit agreement exceeds 12 months, before the expiration of the specified period as part of long-term debt. The choice of one of the options must be reflected in the company's accounting policies. But regardless of the option of accounting for received loans and borrowings on accounting accounts, when preparing financial statements, it is necessary to comply with the requirements guidelines on the procedure for the formation of financial statements of organizations", according to which the group of articles "Loans and credits" of the section "Long-term liabilities" shows the outstanding amounts of loans and borrowings that are repayable in accordance with agreements more than 12 months after the reporting date. In the group of the same name articles of the section "Current liabilities" reflect the amounts of accounts payable payable within 12 months after the reporting date. In other words, liabilities presented in balance sheet of the previous reporting period as long-term and expected to be redeemed in the reporting year, should be presented at the beginning of this reporting year as short-term. The fact of presenting liabilities previously recorded as long-term as short-term must be disclosed in the notes to the balance sheet. Accounting for received long-term loans and borrowings Long-term loans are provided to organizations for the construction, reconstruction and technical re-equipment of industrial and social facilities, the purchase of machinery, equipment, Vehicle, buildings, structures and other facilities for a period of more than one year. Long-term loans can be issued in stages, as capital investments are made. Interest rates for a loan can be fixed and floating, which is provided for in the loan agreement. Long-term loans for these purposes are formalized by loan agreements. they record an increase in debt on loans and borrowings, on a debit - repayment of loans and borrowings. It should be borne in mind that loans for capital investments are strictly targeted. They are used to pay specific expenses for capital investments, bypassing the settlement account: to pay suppliers' invoices for building materials and equipment and acts of contracting construction organizations for work performed, to pay checks for payment wages construction workers, for other expenses provided for by the estimate. Crediting a loan to a current account can only take place as an exception, provided that the organization has paid the costs covered by the loan with its own funds. In this case, the organization’s own working capital used for the needs of capital investments is reimbursed at the expense of a long-term loan. When a loan is sent to repay a debt to a supplier (contractor), account 67 corresponds with account 60 “Settlements with suppliers and contractors”, while making an entry: Debit account 60 "Settlements with suppliers and contractors", The receipt of cash from a loan account for the payment of wages (wages) to workers or for other purposes is documented with an accounting entry: Debit account 50 "Cashier", Credit of account 67 "Settlements on long-term credits and loans". When issuing letters of credit, an entry is made: Debit account 55 "Special bank accounts", Account credit 67. Debts to the bank on long-term loans are repaid in accordance with the urgent obligations of the economy. When the term specified in the obligation comes, the bank writes off the payment amount from the current account or from the special cash account for financing capital investments and directs it to repay the debt on the loan account. This operation is recorded in the accounting entry: Debit account 67 "Settlements on long-term loans and borrowings", Credit of account 51 "Settlement accounts" or account 55 "Special accounts in banks", analytical account "Special account for funds for financing capital investments." If the organization does not have enough funds in the accounts to repay the loan, the outstanding part is transferred to overdue loans and then repaid as funds are received on the accounts in accordance with the current order of payments. Analytical accounting of loans received on account 67 is kept separately for loan accounts opened by the bank for certain targeted activities. For example, “Loan for the mechanization of water supply at a dairy farm”, “Loan for the construction of a milk processing facility”, etc. For homogeneous long-term loans for capital investments, the organization receives one general statement from the bank. Distribution of debt by individual objects the loan is given in an urgent obligation issued by the organization at the end of the year. In addition, the current analytical accounting for a large number of credit facilities does not have all the data to distinguish between loans for completed and unfinished construction projects. Therefore, in many organizations, analytical accounting also reflects the timing of completion of construction and commissioning for each facility. This makes it possible to quickly and easily distinguish between loans according to their belonging to fixed assets or capital investments. For long-term loans, it is important to correctly documenting loans. Since loans are issued for a long period, they are initially issued for a conditional period, indicating only the repayment year without a specific date. The specific payment term is set at the end of the year preceding the year of repayment of the loan. On account 67, as well as on account 66, discount operations by the bank of bills can be taken into account (only in this case with a maturity of more than one year) On the credit of account 67, they also keep records of received loans in kind. Account 60 “Settlements with suppliers and contractors” can also be used. When receiving natural loans, entries are made in the debit of accounting accounts material assets and credit of account 67. The return of loans in kind is documented by an entry in the debit of account 67 and the credit of accounts 90 "Sales", 91 "Other income and expenses". Analytical accounting on account 67 in terms of loans is carried out by lenders and maturity dates of loans. table 2
| № | Contents of operation | Dt | ct |
| 1 | Long-term bank loans repaid in cash | 67 | 50 |
| 2 | Interest paid on a long-term bank loan in cash | 67 | 50 |
| 3 | Long-term credits and loans were repaid by transferring from the accounts of organizations | 67 | 51, 52, 55 |
| 4 | Interest paid on a long-term bank loan by transferring funds from accounts | 67 | 51, 52, 55 |
| 5 | Closing of accounting operations for notification (discount) of bills when the bank fulfills the obligations of the drawer (at the bill holder) | 67 | 62 |
| 6 | Reflected offset on commodity loans when fulfilling obligations by shipping products | 67 | 62 |
| 7 | 67 | 67 | |
| 8 | 67 | 67 | |
| 9 | Promissory note discount transactions are closed when other debtors fulfill their obligations | 67 | 76 |
| 10 | Debt on credits and loans was set off by writing off claims against the bank or lenders | 67 | 76 |
| 11 | The debt of other debtors was set off against the repayment of loans received from them | 67 | 76 |
| 12 | Unclaimed debts on credits and loans with an overdue limitation period, in case of refusal of creditors to claim or in case of an additional agreement on the provision of financial assistance, were included in income | 67 | 91 |
| № | Contents of operation | Dt | ct |
| 1 | Commodity credits and loans for equipment and other material and production reserves | 07, 10, 11, 41 | 67 |
| 2 | Received loans and cash loans at the cash desk | 50 | 67 |
| 3 | Credits or loans credited to bank accounts | 51, 52, 55 | 67 |
| 4 | Payments were made to suppliers and contractors at the expense of bank loans | 60 | 67 |
| 5 | The debt to suppliers and contractors was re-registered for relations under a loan agreement | 60 | 67 |
| 6 | The loan was reissued, deferred and overdue loans are reflected | 66, 67 | 67 |
| 7 | Debt on a commodity loan was repaid at the expense of a bank loan | 67 | 67 |
| 8 | A long-term loan of one bank was repaid at the expense of a long-term loan of another bank and loans | 67 | 67 |
| 9 | Debts on taxes and fees were paid at the expense of long-term loans | 68 | 67 |
| 10 | Debt paid to other creditors at the expense of received loans | 76 | 67 |
| 11 | The funds of the reserve capital were used for the issue of bonds of the joint-stock company | 82 | 67 |
| 12 | Accrued interest on loans and borrowings received | 91 | 67 |
2 Preparation of the opening balance as of 12/01/2000 8
Balance- the total balance of the company's property at the reporting date. The assets of the balance sheet reflect current and non-current assets, while the liability includes equity and borrowed capital.
