Bank operations on bill discounting. Accounting for bills of exchange and their reflection in accounting A commercial bank accounts for bills of exchange according to

A bill is an unconditional written promissory note drawn up in the prescribed form and issued by one party (the drawer) to the other party (the holder). Transactions with it are regulated by international bill of exchange legislation, the basis of which is the “Convention on the Uniform Law of Bills of Exchange and Promissory Note”, which was adopted in Geneva on June 7, 1930. On August 7, 1997, the Decree of the Central Executive Committee and the Council of People's Commissars of the USSR “On the implementation of the provisions on bills of exchange and promissory notes” No. 104/1341 was issued. This resolution is applied on the territory of the Russian Federation and currently in accordance with the Federal Law “On Bills of Exchange and Promissory Note”, adopted by the State Duma on February 21, 1997.

As follows from the listed documents, bills of exchange can be simple and transferable. A promissory note is a written document containing a simple and unconditional obligation of the drawer to pay a certain amount of money at a certain time at a certain place to the holder of the bill. There are two parties here: the drawer and the holder of the bill, who has the right to receive payment on the bill.

A bill of exchange is a written document containing an unconditional order from the drawer to the drawee to pay a certain amount of money at a certain time and at a certain place to the payee on his order. Unlike a simple bill of exchange, not two, but three persons are involved in a bill of exchange: the drawer, issuing the bill; the holder of the bill, who receives along with the bill the right to demand payment on it; and the payer, whom the drawer instructs to make payment

The peculiarity of the bill is that:

• the bill has a strictly established form and its contents are precisely defined by law, and other conditions are considered unwritten;
• a bill of exchange can be transferred from hand to hand by endorsement (endorsement);
• notarization of the signature is not required;
• liability for a bill of exchange for the persons participating in it is joint and several, with the exception of persons who have made a non-negotiable inscription;
• If the bill is not paid within the prescribed period, a notarial protest must be made.

In the letter of the Central Bank of the Russian Federation dated September 9, 1991 N 14-3/30 “On banking operations with bills of exchange” indicates that banks can carry out the following operations with bills of exchange:

• accounting of bills;
• issuing demand loans under a special loan account secured by bills of exchange;
• accepting bills for collection to receive payments and to pay bills on time.

In addition, banks can issue their own bills.

Keeping accounting records of transactions with bills of exchange in a bank is regulated by letter of the Central Bank of the Russian Federation dated 02.23.95 N 26 “On operations of commercial banks with bills of exchange and changes in the procedure for accounting of banking transactions with bills of exchange” with subsequent amendments and additions (edition of the letter of the Bank of Russia dated 21.02.97 No. 414). Introduction from January 1, 1998 of new Rules for maintaining accounting records in credit institutions located on the territory of the Russian Federation dated June 18, 1997 No. 61 as amended by the instructions of the Bank of Russia dated December 11, 1997 No. 62-u introduced some changes in the accounting procedure in banks.To maintain this accounting, the chart of accounts provides for a number of balance sheet and off-balance sheet accounts.

Within the first-order accounts, the second-order accounts are presented by maturity:

• poste restante;
• with a repayment period of up to 30 days;
• with a repayment period from 31 to 90 days;
• with a maturity from 91 to 180 days;
• with a maturity from 181 days to 1 year;
• with a repayment period of more than 1 year to 3 years;
• with a maturity of over 3 years.

Instructions of the Central Bank of the Russian Federation No. 62-u define the procedure for posting bills of exchange according to these terms when accounting for them. Bills of exchange with a payment term “on a certain calendar day” and “in such and such a time from drawing up” (“term bills”) are credited to accounts in accordance with the period actually remaining until payment at the time of purchase of the bill. The exact number of calendar days is taken into account. As the payment deadline approaches, bills of exchange are not transferred to accounts.

Bills of exchange with a payment term “at sight” are accounted for on demand accounts. Bills of exchange with a payment term “in such and such a time from presentation” are also accounted for on demand accounts, and after presentation they are transferred to the corresponding urgent accounts. Bills of exchange marked “on sight, but not earlier than a certain period” are initially accounted for in the account in accordance with the term, and after its maturity are transferred to the “on demand” accounts.

Separate personal accounts of active accounts (No. 513-519) account for bills purchased (accounted for) by the bank in the bank’s portfolio, including:

• promissory notes and bills of exchange purchased (discounted) by the bank and sent by it for collection to other banks - under the personal account “Bills discounted by the bank, sent for collection”;
• bills of exchange purchased (accounted for) by the bank, not accepted by the payer - under the personal account “Bills of exchange accounted for by the bank, not accepted by the payer”;
• bills of exchange purchased (accounted for) by the bank, but not accepted by the payer, sent by the bank to receive acceptance to other banks - under the personal account “Bills discounted by the bank, sent to receive acceptance”;
• simple and accepted bills of exchange that are in the bank's portfolio and not sent for collection - under the personal account "Bills Discounted by the Bank".

Additionally, each first-order account (No. 513-519) has second-order accounts with the name:

• not paid on time and protested;
• not paid on time and not protested;
• reserves for possible losses.

The first two types of accounts, like the rest of the mentioned accounts, are active, and the last one is passive. It serves to create insurance reserves for possible losses on transactions with bills of exchange.

The debit of the first two balance sheet accounts includes:

• recorded amounts of bills not repaid on time, in correspondence with an active account by maturity within the same first-order account;
• the amount of discount on the bill on discount bills in correspondence with balance sheet account N 61302 “Deferred income on securities”.
• interest on bills not repaid on time, if the bill contains a valid, from the point of view of bill of exchange law, clause on the accrual of interest on the bill amount in correspondence with balance sheet account N 61302 “Deferred income on securities”.

The credit of the same balance sheet accounts includes funds received from payers in repayment of the bill amount and in payment of interest accrued on bills not paid on time. This posting is made in correspondence with the bank's cash desk or its correspondent account.

An important innovation noted in the instructions of the Central Bank of the Russian Federation No. 62-u is the requirement to reflect in the accounts of bills for which the maturity date has not yet arrived, not the nominal amount of the bill, but the amount paid for the bill upon its acquisition. Since 01/01/98, when accounting for bills of exchange that have not matured, accounts are not opened to record deferred income on securities (account No. 61302) and accumulated (paid) interest (coupon) income on interest (coupon) debt obligations ( accounts No. 61305 and 61405).

A passive account is provided for bills issued by the bank No. 523 “Issued bills and bankers' acceptances”, divided into second-order accounts according to the terms described above for active accounts.

For off-balance sheet accounting of transactions with bills of exchange, the following accounts are used:

90701 Forms of own securities for distribution

90702 Certificates, forms, coupons of own securities for destruction

90703 Own securities purchased before maturity for resale

90704 Own securities purchased for redemption

91304 Discounted bills

Account No. 91304, located in Section V “Credit and Leasing Operations” of Chapter B “Off-Balance Sheet Accounts”, is intended for accounting for bills of exchange received by a credit institution as collateral to secure issued loans and other placed funds.

As already noted, banks can carry out accounting ( discounting) bills, i.e. purchase of bills of exchange from other persons. To reflect this operation in accounting, the following accounting entries are made:

Debit of one of the accounts N 512-519 of the subsection "Discounted bills" - at the actual purchase price,

A loan from one of the accounts N 20202 “Cash desk of credit institutions”, 30102 “Correspondent accounts of credit institutions in the Bank of Russia” or the current account of the seller - bank client - for the actual price of the bill (the amount of the par value of the bill minus the amount of the discount interest (discount)),

In accordance with the introduced instructions of the Central Bank of the Russian Federation No. 62-y, subclause 1.12.12 of part 1 “General part” of the Accounting Rules, “values ​​reflected in accounting on balance sheet accounts are not taken into account in off-balance sheet accounts,” but there is an opinion that in order to ensure proper To ensure the safety of these securities, it is advisable to store bills of exchange in the cash register and maintain off-balance sheet accounting in account No. 91202 “Miscellaneous valuables and documents.”

Upon repayment of the accountedThe bill bank makes the following entries for the bill amount:

Debit of one of the accounts N 20202 “Cash desk of credit institutions”, 30102 “Correspondent accounts of credit institutions with the Bank of Russia” or the current account of the payer - bank client,

Credit to one of the accounts No. 512-519 of the subsection “Discounted bills” for the actual purchase price.

At the same time, the face value of the repaid bill is posted to off-balance sheet accounts:

If the main debtor fails to repay a bill of exchange in the bank's portfolio on time, the bill must be presented in the prescribed manner for protest (if there is no clause of the drawer "without protest", "turnover without costs").

When the bill of exchange expires, the following entries are made:

Debit of the bill of exchange account “not paid on time and not protested” of group of accounts N 512-519 of the subsection “Discounted bills of exchange” for the bill amount,

Credit of one of the accounts N 512-519 of the subsection “Discounted bills of exchange” for accounting of purchased bills of exchange by maturity for the actual purchase price,

Credit account No. 61302 “Deferred income on securities” by the amount of the discount.

When protesting bills of exchange at the notary office, a commercial bank makes the following entries:

Debit of the bill of exchange account “not paid on time and protested” of group of accounts N 512-519 of the subsection “Discounted bills of exchange”,

Credit to the bill of exchange account “not paid on time and not protested” of group of accounts N 512-519 of the subsection “Discounted bills of exchange”,

A commercial bank assigns the amount of expenses for making a protest and sending a notice to the previous endorser and drawer to the debit of balance sheet account N 70204 “Expenses on transactions with securities” in correspondence with accounts for recording funds (cash or correspondent account of the bank).

Balance sheet account N 70106 “Fines, penalties, penalties received” includes funds received to repay accrued penalties and fines on bills not paid on time.

Bills purchased by a bank can be sold to them before their maturity date. If a discount bill is resold at a price below par but above the purchase price, the following entry is made:

Credit to account N 70102 “Income received from transactions with securities” -.

If a discount bill is resold at a price below par and below the purchase price, the following entries are made in the bank’s balance sheet:

Debit of one of the accounts N 20202 “Cash desk of credit organizations”, 30102 “Correspondent accounts of credit organizations in the Bank of Russia” or the current account of a bank client - a new buyer of a bill of exchange for the amount received for the bill of exchange sold,

Debit account N 70204 “Expenses on transactions with securities” for the amount of the difference between the sales discount and the purchase discount.

A credit to one of the accounts No. 512-519 of the subsection “Discounted bills of exchange” - for the amount of the actual purchase price of the bill.

The bank can send the bill of exchange for presentation for payment (for collection) to another bank. To do this, after completing the endorsement with the order and transferring the bill of exchange, a posting is made for the accounted amount of the bill of exchange sent for collection to the personal accounts of balance sheet accounts No. 512-519 of the subsection “Discounted bills of exchange” within one second-order account:

Debit of the personal account "Bills taken into account by the bank and sent for collection"

Credit to the personal account "Bills Discounted by the Bank".

The collected bill amount received into the bank account is reflected in the following entry:

Debit of the bank's correspondent account,

Credit of one of the accounts N 512-519 under the personal account “Bills taken into account by the bank, sent for collection” for the actual purchase price,

Credit account No. 70102 “Income received from transactions with securities” by the amount of the discount.

As noted in the letter of the Central Bank of the Russian Federation dated February 23, 1995 N 26, when issuing ( release) of its own bill of exchange, a commercial bank can act:

• drawer of a promissory note,
• acceptor of a bill of exchange,
• simultaneously the drawer and the acceptor of the same bill of exchange,
• by the drawer of a bill of exchange which he prohibits from being presented for acceptance,
• drawer of an unaccepted bill of exchange.

On a bill of exchange that specifies the interest rate and is issued with payment “at sight” or “at such and such a time after presentation,” interest is accrued and paid only when the bill is repaid. As when calculating interest on bank accounts, when calculating interest on interest-bearing bills, the number of days in a month is conventionally taken as 30, and in a year - as 360. In months with 31 days, the 31st day is not taken into account, and in February the balance is the last number is repeated as many times as there are days short of 30. Then the amount of interest is determined by the formula:

N*d*i

S = ----------

100 * 360

where S is the amount of interest;

N - denomination of the bill;

d - term of the bill in days;

i is the interest rate indicated in the text of the bill for calculating interest on the bill amount.

When issuing its own bills, the bank will make the following entries:

Debit of one of the accounts N 20202 “Cash desk of credit organizations”, 30102 “Correspondent accounts of credit organizations in the Bank of Russia” or the current account of a bank client - the buyer of the bill - for the actual selling price of the bill,

Debit of account No. 61402 “Deferred expenses on securities” - the difference between the par value of the bill and the actual price of its sale (discount)

Credit to account No. 523 “Issued bills and bankers' acceptances” - in the bill amount..

When the bank repays its own bill after the expiration of the circulation period, an entry is made for the amount of its face value:

Debit of account No. 523 “Issued bills and bankers’ acceptances”,

A loan from one of the accounts No. 20202 “Cash desk of credit organizations”, 30102 “Correspondent accounts of credit organizations with the Bank of Russia” or the current account of a bank client.

If during the initial sale of the bill a posting was made to account No. 61402, i.e. the bill was sold at a discount, then when it is repaid, an additional entry is made to write off the amount of the discount for bank expenses:

Debit of account No. 70204 “Expenses on transactions with securities”,

Credit to account No. 61402 “Deferred expenses on securities”

When a bank issues an interest-bearing bill, interest paid upon repayment is also accounted for as the debit of account No. 70204.

When issuing a loan using his own bills of exchange without the client purchasing a bank bill of exchange, he makes the following accounting entry for the bill amount:

Debit the account of loans granted,

Credit to account No. 523 “Issued bills and bankers' acceptances.”

Repayment of own bank bills, through which the bank issued a loan, is carried out in the manner described above.

"Taxation, accounting and reporting in a commercial bank", 2010, N 7

<1>In preparing the article, materials from the Bank of Russia website (www.cbr.ru), the website of the Association of Russian Banks (www.arb.ru), the website of the Association of Bill Market Participants (www.auver.ru), and the Bankir.ru portal (www.bankir.ru) were used. ru) and the website Parfenov.ru (www.parfenov.ru).

Operations related to the issuance and circulation of their own bills occupy a significant place in the activities of banks. The time of intense and not always justified interest in these securities has passed, and now it is possible to systematize the accumulated experience. The article summarizes the practice of accounting and partly document flow of transactions with the bank’s own bills, leaving outside the scope of the topic questions about their economic efficiency, taxation, as well as legal issues.

Regulatory regulation

The circulation and accounting of bills of exchange on the territory of the Russian Federation is regulated by:

• Ch. 42 of the Civil Code of the Russian Federation, which contains general provisions on loans, applicable to the extent that does not contradict Federal Law No. 48-FZ of March 11, 1997 “On bills of exchange and promissory notes” (hereinafter referred to as Law No. 48-FZ);
• Federal Law of March 11, 1997 N 48-FZ “On promissory notes and bills of exchange”;
• Resolution of the Central Executive Committee and the Council of People's Commissars of the USSR dated 08/07/1937 N 104/1341 “On the implementation of the Regulations on bills of exchange and promissory notes” (hereinafter referred to as the Regulations on bills of exchange), which is the main document regulating the circulation of bills of exchange on the territory of the Russian Federation;
• Resolution of the Plenums of the Supreme Court and the Supreme Arbitration Court of December 4, 2000 N 33/14 (hereinafter referred to as Resolution N 33/14), containing clarifications to the courts on certain issues related to the circulation of bills;
• Bank of Russia Regulation No. 302-P dated March 26, 2007 “On the Rules for Maintaining Accounting in Credit Institutions...” (hereinafter referred to as Regulation No. 302-P) on the general accounting rules for transactions with own bills.

Accounts for recording transactions with own bills

During the circulation period, the bank's own bills of exchange are subject to accounting on balance sheet accounts 52301 - 52307 "Issued bills and bankers' acceptances" depending on the maturity date (clauses 5.10 and 5.13 of Part II of Regulation No. 302-P):

• bills maturing “on a certain day” and “in such and such a time from drawing up” (term bills) are accounted for in accounts according to the periods actually remaining until the bills are redeemed at the time of their issue (for new ones - from the date of drawing up, for those in circulation - from date of re-issue, for transfers in the payer’s balance sheet - from the date of acceptance). In this case, the following must be taken into account: 1) in the case when the payment due date falls on a non-working day, the repayment period is postponed to the next business day (Article 72 of the Regulations on the bill of exchange), 2) in addition to the maturity date specified in the bill of exchange, the bill of exchange may be presented for repayment within the next two business days (Article 38 of the Promissory Note Regulations);

Example 1. The payment date of the bill of exchange issued on 01/01/2009 is 01/01/2010. However, 01/01/2010 is a non-working day, and the first next working day is 01/11/2010. We add the next two working days and get the final repayment date - 01/13/2010. Hence the circulation period is 377 days and the account for accounting is 52306.

• bills “at sight” are accounted for in account 52301 “On demand”. Unless otherwise indicated on the bill of exchange, the maturity of the bill of exchange “at sight” is one year.

Example 2. The circulation period of the “at sight” bill of exchange issued on 12/01/2009 will end on 12/01/2010, and the circulation period of the “at sight” bill of exchange issued on 01/01/2009 will end on 01/11/2009 (extended until the first business day).

(The bill may contain a term extending or limiting this period, but it is still subject to account 52301.);

• bills “at such and such a time from presentation” are accounted for on account 52301 (in terms of the period of stay on account 52301 - similar to bills “at sight”), and after presentation - in accordance with the procedure established for urgent bills;
• bills “on sight, but not earlier than a certain date” are taken into account before the date specified in the bill of exchange (before the date “not earlier”) in accordance with the procedure established for urgent bills, and after the specified date are transferred to the accounts “On demand” (52301 ) at the end of the business day preceding the date determined by the drawer as the period before which the bill cannot be presented for payment. Next, the bill of exchange is accounted for in accordance with the procedure for bills of exchange “at sight”.

When determining the terms, the exact number of calendar days is taken into account, while the date of the bill of exchange is not included in calculating the circulation period (Article 73 of the Bill of Exchange Regulations).

Own bills of exchange are subject to accounting in accounts 53201 - 52307 at face value (clause 5.13, part II of Regulation N 302-P).

Accounting for bills issued in foreign currency

Bills of exchange denominated in foreign currency (with and without an effective payment clause in foreign currency) have the following accounting features (see the Bank of Russia website for answers and explanations on the application of Regulation No. 302-P dated March 31, 2008, answer to question 7) :

• if a bill is issued in a foreign currency, but in accordance with the currency legislation of the Russian Federation is payable in rubles (a bill without a currency clause), then it is subject to accounting in rubles (the currency of the obligation does not coincide with the currency of the par value), that is, it will actually be an obligation containing NVPI;
• if a bill of exchange is issued in a foreign currency and, in accordance with the currency legislation of the Russian Federation, is subject to payment in this foreign currency (a bill of exchange with a clause on the currency of payment coinciding with the currency of the face value), then it is subject to accounting in the foreign currency in which it is issued (the currency of the obligation is the same with denomination currency);
• If a bill of exchange contains a clause on effective payment in a currency other than the par value currency, then it is subject to accounting in the currency of the effective clause (the currency of the obligation), unless this contradicts the currency legislation of the Russian Federation (the currency of the obligation does not coincide with the par currency). That is, it will also be an obligation containing NVPI.

When issuing own bills of exchange in a currency for which the place of payment is not the Russian Federation (sometimes used in international trade transactions), the obligation is subject to accounting in the amount of the face value or in another currency, depending on the conditions of the currency legislation of the country in which the place of payment is determined.

Note. Bills of exchange in foreign currency without a currency clause with a place of payment in the Russian Federation can also be issued by banks that do not have a currency license.

Features of bill accounting Early repayment and its delay

Bills of exchange for which the circulation period has expired or which were accepted for early repayment and not repaid on the same day are recorded in account 52406 “Bills for execution”.

Regulation N 302-P does not prohibit reflecting on account 52406 bills accepted for early repayment and paid on the same day (essentially transit turnover, see the last paragraph of clause 5.14 Part II of Regulation N 302-P). On the same account, together with the amount of the main obligation on the bill (par value), the interest accrued on account 52501 at the time of transfer to account 52406 is taken into account.

Analytical accounting and accounting of forms

Analytical accounting for accounts 523, 52406, 525 is carried out in the context of each bill. It is allowed to maintain analytical accounting in the context of bills of exchange in separate programs with the total amounts reflected on the corresponding accounts (clause 2.1, section 2, part III of Regulations N 302-P).

Blanks of promissory notes are subject to accounting on account 90701 “Blanks of own securities for distribution” at a valuation of 1 rub. for the form. The bank independently determines the procedure and location for storing the forms submitted for processing, but cash storage is preferable. Analytical accounting on account 90701 is carried out by types of forms indicating their numbers, series and responsible persons. This is not very convenient, because... in the process of issuing bills, the numbers and series of remaining forms no longer correspond to the name of the account. Therefore, it is advisable to record the forms on the personal account as a total amount, and keep the details in a separate register, program, etc.

Damaged and defective forms of bills of exchange, as well as forms that have not been issued for circulation, are recorded in account 90702 “Forms of own securities for destruction” until the moment of destruction. Accounting is carried out in an estimate of 1 rub. for the form. The procedure for analytical accounting is established by the bank, but for control purposes it is advisable to conduct analytics in the context of bills of exchange.

Accounting for bills of exchange that were purchased before maturity and which the bank plans to re-put into circulation (they, for example, may contain valuable endorsements) is kept in account 90703 “Own securities purchased before maturity for resale” at par value. Analytical accounting is carried out in the context of types and issues of securities, that is, one account can be opened for bills of exchange, but for control purposes it is advisable to conduct analytics in the context of bills of exchange.

To account for bank bills accepted for redemption, account 90704 “Own securities presented for redemption” is used. Accounting is carried out at the face value of the bill, analytics is carried out in the context of each bill.

Forms of bills issued for reporting to bank employees are accounted for in account 90705 “Forms, certificates, securities sent and issued for reporting” at a valuation of 1 rub. for the form. Analytical accounting is carried out in the context of forms and accountable persons.

A comment. E.P. Mirkina, Deputy Head of the Banking Audit Department of Listik and Partners LLC

The author touches on the controversial issue associated with writing off as expenses the discount on bills issued with a maturity date of “at sight, but not earlier than a certain date.” According to the requirements of Regulation N 302-P and clarifications of the Bank of Russia, the discount should be written off evenly over the circulation period of the bill. However, as noted in the article, a uniform write-off in fact usually does not work out, since most of such bills are presented for redemption immediately upon the date specified as “not earlier.” Indeed, it is not profitable for the bill holder to hold the bill later than this date, since his income is limited by the size of the discount. In this regard, I would like to remind you that one of the basic principles of accounting policy, in accordance with clause 1.12.4 of Regulation No. 302-P, should be caution. This principle suggests that accounting policies should provide greater willingness to recognize expenses and liabilities in accounting than possible income and assets. In this regard, it can be considered acceptable that, guided by the principle of prudence and relying on its own experience regarding the repayment periods of issued bills of exchange, a credit institution should establish in its accounting policies the procedure for writing off the discount on expenses during the period from the date of issue of the bill of exchange to the date before which the bill of exchange is not may be presented.

The bank's own bills of exchange, transferred by the bill holder under a storage agreement to the bank (including when issuing and pledging), are accounted for in account 90803 “Securities in storage under storage agreements” at their nominal value. The use of account 90803 is justified by the actual meaning of this operation and the similar procedure established by clause 2 of Bank of Russia Directive No. 292-U dated July 15, 1998. However, it must be borne in mind that first-order account 908 is intended for accounting for securities of other issuers, so it is advisable to obtain confirmation from the Bank of Russia about the possibility of using this account for the specified operation. Analytical accounting is carried out for each contract.

Depository accounting of bills of exchange is carried out in accordance with the procedure established by the bank, taking into account the requirements of regulations of the Bank of Russia.

Storage of forms and bills is carried out in a valuables depository (cash depository) in accordance with clause 1.8.13 of section. Part 1. III of Regulation No. 302-P and clause 9 of Bank of Russia Directive No. 292-U dated July 15, 1998.

Issue of bills Bill forms

A bill of exchange can be issued on plain paper, but for security reasons, banks most often draw up bills of exchange on special forms, printed, among other things, by Goznak printing houses (AUVER forms or uniform forms approved by Decree of the Government of the Russian Federation of September 26, 1994 N 1094 can also be used and distributed through the Federal Treasury).

Note. Bills of exchange must be issued in paper form only. The issue of uncertificated bills is not allowed (Article 4 of Law No. 48-FZ).

Accounting for the issue, movement and destruction of forms is reflected in the bank's accounting with the following entries.

Payment of the order cost for bill forms:

• Dt 60312 "Settlements with suppliers, contractors and buyers"
• Kt 30102 “Correspondent accounts of credit institutions with the Bank of Russia” - for the amount of the order.

Receiving forms from the printing house:

• Dt 61008 "Materials"
• Kt 60312 “Settlements with suppliers, contractors and buyers” - for the cost of forms (allocation and accounting of VAT in the manner established by the bank).

Transferring forms to work (transferring to the storage facility or the person responsible for storage):

• Dt 70606 "Expenses", symbol 26305 "Expenses for writing off the cost of inventories"
• Kt 61008 "Materials" - for the cost of forms;
• Kt 99999 “Account for correspondence with active accounts with double entry” - for the amount based on the number of forms in the estimate of 1 rub. for the form.

Bill forms stored in the cash desk (vault) are issued for completion to a bank employee for reporting:

• Dt 90705 "Forms, certificates, securities sent and issued for reporting"
• Kt 90701 “Forms of own securities for distribution” - for the amount of issued forms, valued at 1 rub. for the form.

Unused forms issued for reporting are returned to the storage:

• Dt 90701 "Forms of own securities for distribution"
• Kt 90705 “Forms, certificates, securities sent and issued for reporting” - for the amount of unused forms.

Damaged forms are subject to separate accounting:

• Dt 90702 "Forms of own securities for destruction"
• Kt 90701 “Forms of own securities for distribution”, 90705 “Forms, certificates, securities sent and issued for reporting” - for the amount of damaged forms estimated at 1 rub. for the form.

In order to avoid loss and unauthorized circulation of forms, it is advisable to establish a storage procedure, responsible persons for safety, frequency and procedure for destroying damaged forms.

The primary documents for circulation of forms can be certificates, reports, registers of responsible (including accountable) persons.

Destruction of damaged forms:

• Kt 90702 “Forms of own securities for destruction” - for the amount of destroyed forms.

The destruction commission (or another body or authorized person) draws up an act (certificate) of destruction, which is the primary document for this posting. This document is included in the documents of the day.

Forms of issued bills of exchange are written off from off-balance sheet accounting:

• Dt 99999 "Account for correspondence with active accounts with double entry"
• Kt 90701 “Forms of own securities for distribution”, 90703 “Own securities purchased before maturity for resale”, 90705 “Forms, certificates, securities sent and issued for reporting” - for the amount of bills issued, estimated at 1 rub. for the form.

Issue of a bill of exchange for the purpose of sale

A bill of exchange may be issued as a result of different transactions; accordingly, the accounting for the issue of bills of exchange will be different. Hereinafter, bills mean simple (solo) bills. But the same rules apply to the issue and circulation of bills of exchange as to the issue and circulation of promissory notes, taking into account the features specified in this article.

Note. To issue a bill of exchange, it is necessary to use agreements (separate articles of complex agreements) containing the terms of a loan, installment payment, issue of securities, etc.

The most common method of issuance is the sale of a bill of exchange, that is, the issuance of a bill of exchange with the receipt of funds in return (purchase and sale agreements, issue, cash loan, etc.). In general, the concept of “sale” (as well as the use of purchase and sale agreements) to issue your own promissory note is dubious from a legal point of view and can lead to problems with the tax authorities. (Some employees of the Federal Tax Service of Russia, seeing an agreement for the sale of a security, calculate the financial result and charge additional income tax, fines and penalties. It is possible to fight this, but is it necessary?) The Bank of Russia also disapproves of the use of purchase and sale transactions for issuing its own bills . Therefore, in the future the term “issue of a bill” will be used.

Receipt of funds in payment of the issued bill:

• Dt cash account, cash account, cash register
• Kt 523 "Issued bills and bankers' acceptances" (corresponding maturity: 52301 - 52307) - for the amount of the placement price.

The legislation does not prohibit payment of an issued bill by a third party (not the first bill holder). In this case, it is recommended that on the payment order (receipt order, letter to the bank, etc.) from this person there is a link to the number of the agreement in accordance with which the bill is issued. Otherwise, this payment is subject to accounting in account 47416 as an outstanding amount.

When several bills of exchange are issued, especially those subject to accounting in different personal accounts, it is inconvenient to force the client to make multiple payments to pay them. In this case it is advisable:

• stipulate in the issuance agreements the crediting of funds directly to the bank's correspondent account (301) without specifying a personal account for bill accounting in accordance with the procedure recommended by the Bank of Russia (see Letter of the Bank of Russia dated January 15, 2009 N 18-1-2-5/33 on the website ARB) if payment is made from another bank. After being credited to the correspondent account, funds via memorial orders are credited for their intended purpose (523) or are credited to account 47416 “Amounts received in correspondent accounts, pending clarification” and are already credited from it for their intended purpose (523);
• establish in agreements for the issuance of bills of exchange the right of the bank to write off sums without acceptance from the client’s current account in payment of bills of exchange, if payment of bills of exchange is made from the client’s current account with the bank. When issuing bills of exchange, amounts from the current account are debited by payment requests or bank orders as intended (523).

If the placement price is lower than the par value of the bill, then the difference (discount) is subject to accounting in account 52503 “Discount on issued securities”:

• Dt 52503
• Kt 523 "Issued bills and bankers' acceptances" - for the amount of the discount.

The discount amount is accounted for in the same currency as the amount of the principal obligation. As a rule, a discount occurs only when bills of exchange are issued “on a certain day”, “in such and such a time from issuance” and “on presentation, but not earlier”, since only by them can one determine the real value of funds raised for the period, but There is an issue with a discount of bills "at sight". It is advisable to establish in the accounting policy the procedure for calculating the discount and attributing it to expenses.

If the placement price is higher than the face value of the bill (for example, when re-issuing a bill of exchange that provides for the accrual of interest for the period before the date of re-issuance), then the difference (premium) can be taken into account in various ways:

• the premium is subject to accounting in account 52501 “Obligations for interest and coupons on issued securities” against future interest accruals on the bill (see on the Bank of Russia website for answers and clarifications dated December 29, 2006, question 11, and answers and clarifications dated November 26, 2007 , question 7);
• the premium is subject to accounting on account 61304 “Deferred income from other operations” and is subject to write-off to bank income 70601 (13201) evenly during the circulation period of the bill (see the description of accounts 66 and 67 in Order of the Ministry of Finance of Russia dated October 31, 2000 94n in a similar situation when a bond is issued at a price higher than its face value).

The second option seems more justified, since there is no balancing of assets and liabilities (clause 1.12.6, part I of Regulation No. 302-P).

Note. It is not allowed to use account 47422 as a transit account, i.e. one in which revolutions take place in one day.

Sometimes the bill cannot be received by the bill holder on the date of transfer of funds, then options are possible.

1. The agreement provides for the issuance of a bill after a certain time (usually 1 - 2 days) from the date of receipt of funds.

On the date of receipt of funds:

• Dt cash account, cash account, cash register
• Kt 47422 "Liabilities for other transactions", 427 - 440 "Raised funds" by type of source - in the amount of the bill placement price.

Using accounts 47407 (47408) “Settlements for conversion transactions and forward transactions” in accounting for this operation is inappropriate, because they are intended to account for the purchase and sale of assets, to which own bills do not apply.

On the date of issue (issue) of the bill:

• Dt 47422 "Liabilities for other operations", 427 - 440 "Raised funds" by type of source
• Kt 523 "Issued bills and bankers' acceptances" - for the amount of the bill placement price.

1. The agreement provides for the issuance of a bill on the date of receipt of funds, while the bill remains with the drawer until it is received by the first bill holder. On the date of receipt of funds:

• Dt cash account, cash account, cash register
• Kt 523 "Issued bills and bankers' acceptances" - for the amount of the placement price.

If the issuance agreement does not provide for the situation of non-receipt of the bill on the date of issue:

• Dt 91202 "Miscellaneous valuables and documents"

If the issuance agreement or a separate storage agreement provides for the responsible storage of the bill by the drawer until receipt by the bill holder:

• Kt 99999 "Account for correspondence with active accounts with double entry" - for the amount of the face value.

If the issue agreement (and if there is a depositary in the bank) provides for depository accounting of bills:

• Kt 98040 "Securities of owners" - for the number of bills issued.

The issuance of a bill to the bill holder is recorded in accounting by reverse entry.

Issue of a bill of exchange for the purpose of novation

A bill of exchange can be issued as a novation of an existing bank obligation (for example, a loan or debt to pay for purchased property, etc.):

• Dt 313 “Loans and deposits received by credit institutions from credit institutions”, 60311 “Settlements with suppliers, contractors and customers”, etc.
• Kt 523 “Issued bills and bankers’ acceptances” - for the amount of the new obligation.

The specified accounting procedure corresponds to the condition of novation, in which the par value of the bill is equal to the size of the obligation being novated (clause 6 of Appendix 2 to Bank of Russia Directive No. 1007-U dated July 27, 2001). If the face value of the bill does not correspond to the size of the obligation being novated, then, depending on the terms of the novation, the difference is taken into account in a manner similar to accounting for a discount upon issue (if further calculations are not expected), or is transferred to the bill holder from the account for accounting for the existing obligation or paid by the bill holder to account 523, or is taken into account in accounts 47422 (47423) for subsequent settlements with the bill holder (in a manner similar to clause 7.1.2 of Appendix 11 to Regulation N 302-P).

Issuance of a bill of exchange for the purpose of exchange

A bill of exchange may be issued in transactions to exchange one's own bills of exchange for other financial assets (for example, securities of other issuers). In fact, in this operation, a bill means an installment payment issued by him for purchased assets:

• Dt 513 "Bills of the executive authorities of the constituent entities of the Russian Federation, local self-government and avalized by them"
• Kt 523 “Issued bills and bankers’ acceptances” - for the amount of purchased securities.

The value of the purchased assets must be fixed in the purchase and sale agreement. The difference between the face value of the own bill of exchange and the value of the asset (assumed to be equal to the placement price of the own bill of exchange) is taken into account in the manner established for discount accounting. Sometimes, legally, such a transaction is divided into two stages: first, an asset purchase transaction is concluded with a deferred payment, then (on the next or other agreed day) the deferment is converted into a bank bill. Accounting for such an operation is carried out through accounts for accounting for futures transactions (clause 3.1.2 of Appendix 11 to Regulation N 302-P):

• Dt 47408 (A) "Settlements for conversion transactions and forward transactions"
• Kt 47407 (P) “Settlements for conversion transactions and forward transactions” - for the cost of the acquired asset;
• Dt 513 (in our example)
• Kt 47408 (A) - for the cost of the asset received;
• Dt 47407 (P)
• Kt 523 "Issued bills and bankers' acceptances" - at the placement price equal to the value of the asset received.

Note. The use of bills of exchange in international payments may have its own characteristics, since not all local bill of exchange laws fully comply with the Geneva Convention on Bills of Exchange and Promissory Note.

Issue of promissory note, security bill

Not so long ago, so-called “bill” loans were popular, but since loans can only be issued in cash, they have now changed into bill loans (sometimes contracts for issuing bills with deferred payment are used):

• Dt 460 (A) - 473 (A) “Funds provided” by type of addressee
• Kt 523 “Issued bills and bankers’ acceptances” - for the amount of issued bills.

The discount is taken into account in the above order.

"Bill" loans can take place at the present time, in this case a targeted loan is provided (with funds credited to the borrower's current account) for the purchase of bills of exchange of the creditor bank.

Issue of a "security" ("friendly") bill, i.e. bills for which the parties do not provide for the receipt of funds or property are accounted for in the same way as the issue of a regular bill with a discount equal to the face value:

• Dt 52503 "Discount on issued securities"
• Kt 523 "Issued bills and bankers' acceptances" - for the amount of face value.

If funds are then received in payment of the bill, they are credited to account 52503.

Issue of a bill of exchange

The peculiarity of issuing a bill of exchange is that the drawer of the bill is not the debtor, but the creditor. In this case, until the moment of acceptance of the bill by the payer, the drawer bears sole responsibility for the payment (not counting the endorsers). From the moment of acceptance, the payer becomes obligated in the same way as the drawer under a promissory note.

There are options for accounting for the issue of a bill of exchange.

1. The bill of exchange is first accepted by the payer.

In the balance sheet of the accepting bank, the acceptance of the bill of exchange is formalized in a manner similar to the issue of a promissory note (for example, by nominating the existing obligation of the acceptor to the drawer into a bill of exchange obligation). Accounting is carried out on the date of acceptance.

In the balance sheet of the issuing bank, the bill accepted by the payer is accounted for in accounts 512 (A) - 519 (A) as a bill of exchange of another issuer (see the last paragraph of clause 5.10 of Part II of Regulation N 302-P). On the date of acceptance of the bill of exchange, the existing obligation of the payer (acceptor) is novated into his bill of exchange obligation:

• Dt 512 - 519 "Discounted bills" by type of issuer
• Kt invoice for recording claims to the payer (acceptor) - for the amount of claims (posting is carried out using disposal accounts).

At the same time, the drawer’s obligation for payment is subject to off-balance sheet accounting:

1. The bill of exchange is first resold to a third party and then accepted by the payer.

In the balance sheet of the accepting bank, the acceptance of a bill of exchange is formalized in a manner similar to the issue of a promissory note. Accounting is carried out on the date of acceptance.

On the date of issue of the bill of exchange, this operation is reflected in the balance sheet of the issuing bank in the same way as the issue of a promissory note (for example, Dt r / account Kt 523). On the date of acceptance, the obligation on the bill is written off from account 523 in correspondence with the accounts for recording claims to the payer (acceptor). At the same time, the drawer’s obligation for payment is subject to off-balance sheet accounting:

• Dt 99998 "Account for correspondence with passive accounts with double entry"
• Kt 91315 "Issued guarantees and guarantees" - for the amount of par value.

Commission for issuing a bill

The fee for issuing a bill (if charged) is charged to the income accounts:

• Dt cash account, cash account, cash register
• Kt 70601 "Income", symbol 13201 "Income from transactions with issued securities" - for the amount of the commission
• Kt 60309 “Value added tax received” - for the amount of VAT.

It should be kept in mind that tax authorities traditionally consider charging a fee for issuing a bill of exchange as a transaction subject to VAT (as opposed to issuing the bill itself).

Accounting during the circulation of bills of exchange Calculation of interest

The provision on the bill (Article 5) provides for the possibility of accruing interest on the bill amount if such a condition is contained in the text of the bill.

Interest is accrued from the date of drawing up, inclusive, unless another date is specified, and the date from which the accrual of interest begins is not included in the calculation (Article 73 of the Promissory Note Regulations). On a bill “upon sight, but not earlier”, interest is accrued from the date “not earlier”, unless otherwise established by the text of the bill or other agreement of the parties (clause 19 of Resolution No. 33/14, Resolution of the Presidium of the Supreme Arbitration Court of the Russian Federation dated June 22, 2004 N 14161/ 03). On a bill of exchange “at sight” (including “at sight, but not earlier”), interest is accrued up to and including the date of payment on the bill of exchange, but not later than the maturity date (end of circulation).

Note. Interest can only be accrued on bills “at sight” or “at such and such a time from sight”.

Example 3. The promissory note “at sight” was issued on 07/01/2010 with the condition of accrual of interest from 06/01/2011. The circulation period of the bill ends on 07/01/2011. Interest is accrued for the period from 06/02/2011 to 07/01/2011 inclusive.

On a bill of exchange “at such and such a time from presentation”, interest is accrued on the date of presentation of the bill to the affixing of a dated mark on presentation, but not later than the term of circulation “at sight”. Interest is calculated on the actual number of days, based on a base of 365/366 days. They are accrued and reflected in accounting at least once a month and no later than the last working day of the reporting month (clause 5.12, part II of Regulation N 302-P), as well as on the expiration date for the accrual of interest or their payment (clause 11.1 of the Appendix 3 to Regulation N 302-P):

• Dt 70606 "Expenses", symbol 21804 "By bills of exchange"
• Kt 52501 “Obligations for interest and coupons on issued securities” - for the amount of accrued interest.

Interest is accrued in the currency in which the main obligation on the bill is recorded.

For bills repurchased ahead of schedule and then re-issued, interest for the period from the date established in the bill to the date of re-issue is accrued simultaneously with the re-issue of the bill. Subsequently, interest on re-issued bills is accrued in the usual manner.

Interest is calculated on bills of exchange, the value of which is determined using the NVPI, in the following ways.

1. Interest for the current month is calculated in the par value currency based on the denomination of the bill, the interest rate on it, the number of days in the month (or until the maturity date, if it falls on this month). The calculated amount of interest is recalculated into the currency of the obligation at the established exchange rate and reflected in account 52501.
2. Calculation and recording of interest for the current month is carried out in the currency of the obligation based on the size of the obligation on the bill (523), the interest rate on the bill, the number of days in the month (or until the maturity date, if it falls on this month).

Taking into account the revaluation of the NVPI carried out on the last working day of the month, the amount of the interest obligation (52501) in both options will be the same, the difference will be in the amount of amounts attributed to account 70606 (symbol 21804) and to accounts 70605, 70610 (when interest is calculated after revaluation there will be no main obligation under the NVPI; there will be no specified differences for these methods). The method for calculating interest on bills of exchange with non-refinancing property is established by the bank in its accounting policies.

Note. Interest (discount) on a bill of exchange, which formalized a deferred payment for the purchased property, accrued (written off) before the property is put into operation, is subject to inclusion in the cost of the property (clause 1.6 of Appendix 10 to Regulation N 302-P and clause 7 of PBU 15/2008 ), i.e. should be charged not to expense accounts, but to account 607.

Allocating discount to expenses

The discount on the issued bill of exchange, recorded in account 52503 “Discount on issued securities,” is subject to an even write-off for bank expenses during the circulation period of the bill of exchange. This provision is not entirely logical for bills of exchange “at sight, but not earlier,” since the bank’s real obligation to repay such bills at par does not occur at the end of the circulation period, but from the date “not earlier.” Accordingly, in the event that a bill of exchange is presented for redemption on a date “not earlier than,” instead of being evenly charged to the bank’s expenses, the discount must be written off as expenses in a significant amount at a time. From an economic point of view, it would be logical to consider such a bill as an instrument with variable yield: from the date of issue to the date “not earlier” - at the effective rate recalculated from the discount, and from the date “not earlier” - at the call rate. But in its repeated explanations, the Bank of Russia insists on uniform write-off of the discount during the circulation period of the bill.

The discount on expenses is written off starting from the date of issue (re-issue) on a monthly basis (no later than the last working day of the month) and on the date of repayment (expiration of the circulation period) to the debit of account 70606 “Expenses”, symbol 21804 “For bills of exchange” (clause 5.17 p. II of Regulations N 302-P and clause 11.1 of Appendix 3 to Regulations N 302-P).

Revaluation

Liabilities on bills of exchange recorded in foreign currency are subject to revaluation in accordance with changes in official exchange rates in the prescribed manner.

Obligations on bills of exchange, the value of which is determined using the NVPI, are subject to revaluation on the last working day of the month and upon execution (Chapter 7 of Appendix 3 to Regulation N 302-P). Wherein:

• an increase in liabilities (negative revaluation) is reflected in the debit of account 70610 “Expenses from the use of embedded derivatives that are inseparable from the main contract”, symbol 24202 “From changes in the exchange rate”;
• a decrease in liabilities (positive revaluation) is reflected in the credit of account 70605 “Income from the use of embedded derivatives that are inseparable from the main contract”, symbol 15202 “Income from the use of intangible income from changes in the exchange rate”.

Both of these types of revaluations can exist simultaneously, for example, in the case of a bill of exchange denominated in a currency containing an effective payment clause in another currency, the obligation is revalued daily due to changes in official exchange rates and at the end of the month the size of the obligation itself changes at the cross rate or other rate established terms of the bill.

Accrued interest (52501 "Obligations for interest and coupons on issued securities") in foreign currency, as well as interest on bills, the value of which is determined using the NVPI, are subject to revaluation in the prescribed manner.

Revaluation of the discount (52503 "Discount on issued securities") is carried out only if it is accounted for in foreign currency and only depending on changes in official rates (regular revaluation of the account in foreign currency). Revaluation of the discount depending on changes in the capital investment index is not carried out, since it is provided only for assets (claims) and liabilities (Chapter 7 of Appendix 3 to Regulation N 302-P), to which the discount does not apply, since from an economic point of view it actually represents expenses of future periods (by the way, for the same reason it would be logical not to overestimate the discount at all and take it into account in rubles). There are other points of view on the possibility of revaluation and write-off of the discount depending on changes in capital investment (see "Accounting and Banks", 2010, No. 2). The procedure for revaluing the discount depending on changes in capital investment must be established in the accounting policy.

If the drawer bank is overdue for payment on a bill of exchange with a face value in a currency without an effective payment clause, then the holder of the bill has the right, at its discretion, to demand payment of the bill in rubles at the rate on the date of payment or the date of maturity (Article 41 of the Regulations on the bill), and in Accordingly, the final revaluation is made.

Pledge

The bank can accept its own bill of exchange as collateral for placed funds:

• Dt 99998 "Account for correspondence with passive accounts with double entry"
• Kt 91311 “Securities accepted as collateral for placed funds” - for the amount of collateral accepted in accordance with the collateral agreement.

The amount of security may differ from the face value of the bill (for example, if the bill is urgent and is accepted as collateral at a discount). Also, the amount of collateral can be floating (for example, in the case of accepting a bill of exchange with non-residential property as collateral or in the case of an increase in the value of the collateral over time when interest is accrued or a discount is written off).

Note. The amount of accepted collateral in the form of own bills of exchange may differ for accounting purposes (91311) and for the formation of a reserve for possible losses on loans taking into account collateral (523).

If the pledge agreement provides for the storage of the pledged bill of exchange in a bank (mortgage), then options similar to storing the bill of exchange upon issuance are possible.

If the mortgage agreement (or a separate storage agreement) provides for the responsible storage of the bill by the drawer:

• Dt 90803 "Securities in storage under storage agreements"
• Kt 99999 "Account for correspondence with active accounts with double entry" - for the amount of the face value.

If the mortgage agreement provides for depository accounting of the bill:

• Dt 98000 "Securities in storage at the depository"
• Kt 98070 “Securities encumbered with obligations” - for the number of bills accepted for collateral.

Clause 11.1 of Part II of Regulation No. 302-P also provides for the recording in securities accounts of securities owned by the bank under another proprietary right. In accordance with this, bills received as a mortgage are subject to depository accounting, including in the absence of a specifically specified condition for depository storage in the mortgage agreement and the absence of a condition for safekeeping.

Storage of a bill of exchange in a mortgage is carried out in a manner similar to storage upon issue.

The issuance of a bill of exchange to the pledgor after termination of the pledge is recorded in accounting by a reverse entry.

REPO of own bills

According to Law No. 39-FZ of April 22, 1996 “On the Securities Market,” repo transactions are concluded with issue-grade securities, which do not include bills of exchange (by the way, for the same reason, repo transactions with bills of exchange are not recognized as repos in tax accounting). However, it is not prohibited to enter into transactions for the sale of securities (including bills of exchange) with the obligation to sell them back after some time. Accounting for such transactions with own bills is not directly established by the regulations of the Bank of Russia and, in the author’s opinion, can be carried out as follows.

The Bank considers the transaction as an operation similar to a REPO and uses the accounting procedure established by Letter of the Bank of Russia dated September 7, 2007 N 141-T. In this case, it is advisable to consider this transaction as an operation to obtain securities without initial recognition. Indeed, recognizing one’s financial liability as a financial asset, even if temporary, is illogical (in addition, initial recognition means the same person as the debtor and the creditor, which leads to the termination of the obligation).

Accounting with the purchasing bank for the first part of the repo (bill issuer):

• Dt 460 (A) - 473 (A) “Other placed funds” by type of addressee
• Kt cash account, cash account, cash desk - for the amount of funds provided for the first part of the transaction;
• Dt 99998 "Account for correspondence with passive accounts with double entry"
• Kt 91314 “Securities received under transactions carried out on a repayable basis” - for the value of the bill established by the agreement.

Opinion. G.N. Florova, Head of Internal Control Service, Russian Financial Corporation Bank

The article examines in detail almost all aspects of a bank’s operations with its own bills of exchange, however, it is clear that in one material it is impossible to provide for all the subtleties associated with the use of such a financial instrument as its own bill of exchange.

To complement the author, the first thing I would like to draw attention to is strict adherence to the form of the bill, regulated by Art. 75 Provisions on the bill. Many years have passed since 1937, when it was adopted, and it would be useful to recall some of its requirements. For example, a document that lacks any of the details may be considered to have been drawn up with a defect in form, except for the cases provided for in Art. 76 Regulations. And according to Art. 72 of the Regulations, all actions related to a bill of exchange can be performed on a business day. The author writes that the bill of exchange can be presented for redemption within the next two business days and, therefore, the circulation period and the balance sheet account for accounting for the bill of exchange must be determined taking into account this circumstance, but I would like to remind you that this must be provided for in the bank’s accounting policy.

The bank accrues interest on the funds provided in the generally established manner (monthly on account 47427 “Requirements for receiving interest” or 91603 - 91604 “Unreceived interest...”). At the same time, the issuing bank continues to accrue interest (write off discount) on the bill as a financial liability during the term of the repo transaction.

The funds provided to the bank and the bill of exchange are returned to the bill holder by reverse postings, and the interest received is credited to account 47427 or 70601.

If the counterparty of the bank-bill holder under a repo transaction is also a bank (bill holder), then the bank-bill holder shall account for such a transaction in the manner generally established by it for such transactions (with or without termination of recognition), with the peculiarity that bills transferred under a repo transaction without termination recognition, are subject to debiting from account 514 (A) “Bills of credit institutions and avalized by them” and crediting to account 50218 “Debt obligations transferred without derecognition” until the obligations under the second part of the repo are fulfilled (see the answers and explanations on the Bank of Russia website dated March 31, 2008, question 8).

Changing the terms of the bill

In accordance with Ch. X "Provisions on the bill of exchange" the issuing bank may make changes to the mandatory details of the bill of exchange. Such changes are made, as a rule, with the consent of the bill holder and usually relate to such conditions as place of payment, interest rate, and repayment date. This operation does not entail the termination of accounting for obligations under this bill, but will be the basis for adjusting the accounting procedure (for example, transferring to balance sheet accounts 523 “Issued bills and bankers’ acceptances” depending on the newly established maturity date) or recalculating accrued interest or adjustment the amount of the discount charged to expenses, etc.

V.B. Potekhin

Chief Accountant

OJSC "Russian

Accounting for bills

1. accounting of bills;

2. issuing demand loans under a special loan account secured by bills of exchange;

3. acceptance of bills for collection to receive payments and to pay bills on time.

Primary accounting of bills of exchange is carried out by commercial banks and other specialized credit institutions, which, in turn, select batches of bills of exchange and sell them to the central bank of the country. Enterprises, firms, individuals, corporations and other economic entities do not have the right under existing legislation to discount their bills directly with the central bank.

Bill discounting is one of the banking operations, consisting of the purchase by a bank (as well as other credit institutions or a broker specializing in this type of operations) of bills of exchange before the expiration date for their payment. Its meaning is as follows. The bill has a relatively limited scope of circulation, which mainly covers wholesale trade. Therefore, if the holder of a bill of exchange needs money before the bill is due, he can contact the bank with a request to discount (i.e. buy) this bill. When discounting, the bank pays the holder of the bill ahead of schedule the amount of money for which the bill was issued, minus a certain percentage from this amount in its favor. The interest rate charged by the bank when discounting bills depends on the official discount rate charged by the country's central bank when carrying out the operation of rediscounting bills, and usually exceeds the official rate by 1-2%. As a rule, banks accept for accounting bills containing obligations of those companies whose solvency is beyond doubt and having at least two signatures. Particularly trusted are bills of exchange guaranteed by large banks, i.e. containing bank aval, they are accounted for at lower interest rates. In some countries, there are various financial institutions specializing in bill discounting operations: bill brokers, intermediaries between firms and banks; accounting houses and discount companies, which intermediary between commercial banks and the central bank.

Accounting for bills consists of the fact that the holder of the bill transfers the bills to the bank by endorsement before the maturity date for them and receives for this the bill amount reduced by a certain percentage. This percentage is called discount interest or discount.

Since the bill holder who presented the bills for accounting receives payment on them immediately, without waiting for the expiration of the bill payment period, for him this actually means receiving a loan from the bank. Therefore, discounting of bills by banks is traditionally considered as one of the ways to provide loans. For such an operation, the bank charges a certain percentage - a discount. The interest rate for discounting bills is set by the bank itself, and the discount amount is calculated using the formula:

C discount amount;

The amount of the bill;

T period (in days) before payment of the bill;

P annual interest rate for discounting bills;

360 number of days in a year.

In banking practice, when calculating the discount, the percentages for each bill are first determined, then the calculated percentages for all bills taken into account on that day are added up and the amount is multiplied by the one-day discount rate.

The discount is withheld by the bank from the amount of the bill immediately at the time of its accounting. For bills of exchange with payment not at the place of registration, porto (postage costs) and dumpo (commission to non-resident banks for collection of non-resident bills) are also charged.

Commercial banks, having carried out transactions to discount bills, in turn can resell them to the central bank of the country. This operation is called rediscounting of bills.

When rediscounting bills, the Central Bank charges commercial banks or discounting companies a certain fee, which is calculated based on the existing official discount rate. In some countries' central banks, up to 50% of commercial bills are rediscounted. Rediscounting of bills is an instrument of state investment policy in a market economy system. For example, a selective rediscount of bills of exchange is carried out: if it is necessary to stimulate construction, then bills of construction companies are taken into account first. A ban may be imposed on the rediscounting of some bills altogether. By manipulating the discount rate, which determines the level of interest charged by banks when discounting bills, the central bank influences the development of commercial credit.

A bill of exchange rediscounted by the Bank of Russia must, in addition, meet the following requirements:

1. the supplier enterprise must be a resident;

2. the denomination of the bill must not be less than 100,000 rubles;

3. the bill must be drawn up in Russian, and all inscriptions and the amount must also be indicated in Russian;

4. The due date for the bill of exchange must be specified on a specific day. Bills of exchange with the terms “at sight”, “at such and such a time from presentation”, “at such and such a time from drawing up” are not accepted for rediscounting;

5. the bill of exchange must not contain a condition for calculating interest on the bill amount;

6. the commercial bank that discounted the bill must be indicated as the place of payment;

7. The drawer must make a note on the bill “without protest.” Any restrictive marks are not allowed;

8. The bill must be genuine. Copies are not accepted for re-registration;

9. the bill of exchange must be drawn up in a uniform form established by the Bank of Russia.

In fact, these bills can be issued by supplier enterprises against loans to replenish working capital, i.e. loans that enable a company to operate until money arrives from buyers. Therefore, these bills must be covered by the actual delivery of the goods.

In addition, the enterprises that issued the bill should not have overdue debt on loans from commercial banks, payments to suppliers, or the budget. A commercial bank, together with an application for rediscounting bills of exchange, submits enterprise balance sheets and financial performance reports to the Bank of Russia. The Central Bank of the Russian Federation carries out the rediscounting itself by purchasing bills of exchange from commercial banks with the condition of repurchase. The period for which bills of exchange are redeemed cannot be less than 10 days and more than 90 days before the due date of payment. The purchase is made by crediting to the correspondent account of a commercial bank an amount equal to the face value of the bill, minus the discount established by the Bank of Russia.

The discount rate (interest rate) is charged by the Central Bank when rediscounting bills and accounting for short-term government obligations (primarily treasury bills and treasury certificates) before the maturity of payments on these obligations from commercial banks and other credit institutions. Suppose that a certain commercial bank, which previously carried out an operation to discount bills in the amount of 200 thousand dollars. wants to rediscount these bills at the central bank (i.e. sell them to the latter). The official discount rate is 4% per annum, and rediscounting is carried out 6 months before the due date of payment on the bill. Then the value of the accounting percentage, i.e. the difference between the face value of the bills and the amount of money paid by the central bank to the commercial bank will be 4 thousand dollars.

Operations involving the accounting of bills of exchange occupy a key place among the bank’s operations with this instrument. Legally, discounting a bill of exchange represents the transfer (endorsement) of the bill of exchange to the bank. The bearer becomes the debtor of the discounted bill, and the bank becomes the creditor (bill holder). Taking into account the bill of exchange, the bank client acquires liquid funds. If the bank accepts for accounting only bills of exchange based on commodity transactions, it must be confident in their timely payment and the commodity nature of the transaction. Therefore, it is necessary to check the client’s creditworthiness and the correctness of the bills. The bank is not obliged to give explanations regarding the refusal to accept bills of exchange for accounting.
The accounting operation consists of the bank purchasing monetary debt obligations before the due date of payment, at which time the creditor's rights are transferred to the bank. Discounting, or discounting, of a bill is an operation in which the bank, accepting a bill of exchange from the bearer, issues to the bearer the amount of this bill before the maturity date, withholding in its favor interest on the amount of the bill for the time remaining before the end of this period.
Taking into account the bill of exchange, the bank's client acquires liquid funds, and also gets rid of the need to return to the bank the amounts received for accounting, since the bank receives them directly from the drawers of the bill and only if the financial condition of the latter is unfavorable, turns to the bearer of the bill.
Let's consider the procedure for accepting bills of exchange for accounting.
Bills of exchange are provided to banking institutions accompanied by registers that have a uniform form. Commercial banks can issue register forms to their clients free of charge or at a negotiated price. Bills of exchange are arranged in registers by maturity. Registers must be signed by the bearer or his authorized persons who have the right to dispose of funds on behalf of the client.
The registers are transferred to the bill (accounting) department for checking bills. If the client wishes, the bank issues him a receipt for acceptance of bills, if the latter cannot be accounted for on the day of acceptance.
Bills of exchange submitted for accounting must have blank transfer endorsements on behalf of the bearer. There is enough space left in front of the blank inscription so that the bank can put a stamp on the transfer of the bill in his name, thus turning the client’s blank inscription into a personal one. The conversion of a blank endorsement into a registered one is aimed at preventing the use of the bill of exchange in the event of its loss or theft.
The services provided by banks may include accepting applications from clients regarding the loss of bills of exchange and notification of lost bills of exchange from other banks.
Payment on a bill of exchange is preceded by acceptance - the payer’s agreement to pay on the bill. Only from the moment of acceptance, the payer, to whom the order of the drawer is sent to pay on the bill, becomes obligated under it - an acceptor. Acceptance may be partial, i.e. the payer is limited to paying part of the amount. Receiving acceptance from the payer is carried out by the drawer or the bank. Except | In addition, the bank itself can accept, which is used when discounting bills of exchange, in which case they acquire the status of first-class obligations and have a greater chance of freely circulating on the market.
The purchase and sale of bills allows a commercial bank to derive income from this operation. From the point of view of bank liquidity, these operations allow you to almost immediately resell the purchased bill of exchange to another bank, while the investment will be returned only after the maturity date. Thus, the operation of discounting bills is of great importance for regulating the liquidity of the bank’s balance sheet and for its subsequent refinancing through the rediscounting of bills.
A loan to a bill holder by purchasing (discounting) a bill from him before the due date is a bill (discounting) loan. The owner of the bill receives from the bank the amount specified in the bill, minus discount interest, commission payments and other expenses. Discount interest is the fee charged by the bank for advancing money when discounting a bill; it is the difference between the face value of the bill and the amount paid to the bank when purchasing it. The discount rate on a bill is the interest rate used to calculate the discount rate.
Accounting interest / is calculated using the following formula:
Sti-100A"
where / is the annual interest rate on the bill; S - denomination of the bill; / - the number of days before the due date for payment of the bill; K is the number of days in a year (365, 366, sometimes 360 is conventionally accepted).
A commercial bank discounting various bills of exchange can simultaneously apply several discount rates. The value of the discount rate is influenced by the length of time remaining before payment of the bill, the level of reliability of the payer on the bill, and the level of discount rates applied by other banks.
The parties can extend the payment period, i.e., prolong the bill. There are direct, simple and indirect prolongation of bills. In case of direct prolongation, a corresponding entry is made on the bill of exchange, certified by the signatures of the parties. With a simple prolongation, such an entry is not made. With indirect prolongation, a new bill is drawn up, and the old one is withdrawn from circulation. Closing of an account loan is carried out on the basis of bank notifications about payment of the bill.
If, after making an officially certified demand for payment, acceptance, or dating of acceptance, they have not been received, the right of bill protest arises - a notarized refusal of the bill obligee to fulfill his obligations. The purpose of the protest is to officially confirm this fact. Missing the deadline does not invalidate the bill, but the holder of the bill loses the right of claim against all persons who signed the bill, except the acceptor (or drawer of the promissory note) and their guarantors.
There are the following types of protest:
protest of a bill of exchange for non-acceptance or undated acceptance, the purpose of the protest is to create conditions for early satisfaction of the creditor’s claims; is completed within the period of presentation for acceptance;
protest for non-payment of a bill, the purpose of the protest is to preserve the rights of recourse to those obligated on the bill; the protest must be submitted no later than 12.00 on the day following the payment expiration date;
protest in the failure to issue a copy of an accepted bill of exchange by the person in whose possession it is.
Bills of exchange are submitted for protest to the notary's office at the location of the payer or bank of domicile.
The reliability of the bill can be increased by aval - a guarantee on the bill. The person who made it, the avalist (usually a bank), accepts responsibility for the fulfillment of the obligation under the bill on the part of the drawer, the endorser. Aval can be issued in the form of an inscription on a bill or on an allonge, as well as by issuing a separate document.
A commercial bank is interested in taking into account bills of major shareholders of the bank, as well as clients to whom loans were previously issued. It is quite possible that the bank will take into account bills of exchange from those clients with whom it plans to expand cooperation. Therefore, banks attach special importance to this operation.
Loans secured by bills of exchange are either urgent, when the owner of the bills is obliged to redeem them from the bank within a predetermined period, or call loans, i.e., demand loans, the return of which the bank has the right to demand at any time.
To issue a loan secured by bills of exchange, the bank determines the maximum loan size, the amount of collateral and the ratio between the collateral and the debt on the account, the amount of interest and commission in favor of the bank. The loan agreement stipulates
I the right of the bank to convert into repayment of debt the amounts contributed by the drawers to pay the bills, and in the absence of such - the proceeds from the sale of goods and services received to the client’s current account. Banks have the same legal and economic requirements for bills accepted as collateral as for bills of exchange, only their transfer is formalized by a pledge endorsement. The amount is credited to the borrower's current account.
The main differences between discounting bills and providing a loan secured by bills are as follows:
When lending secured by bills of exchange, there is no assignment of ownership rights to the bills of exchange (the bill of exchange is only security for the loan), i.e. the bank does not become the holder of the bill;
the loan amount is only a certain part of the face value of the bills pledged as collateral (usually up to 90%).

Discounting (or discounting) of a bill of exchange is an operation in which the bank, accepting a bill of exchange from the holder of a bill of exchange, gives him the amount of this bill of exchange before the due date for payment thereof, retaining in its favor a certain amount called accounting interest, or discount. The discount amount is calculated using the formula

where S is the amount of accounting interest (discount); V - amount of the bill; t - period until payment of the bill, days; r is the annual discount rate.

The discount percentage is calculated in the following order:

1. percentage numbers (V x t/100) are determined for each bill;
2. the resulting interest figures for all bills taken into account on that day are added up;
3. the amount thus obtained is multiplied by the discount rate divided by 360 days.

The discount amount is withheld by the bank from the amount of the bill at the time of its accounting.

A commercial bank that buys debts by discounting commercial bills can simultaneously apply several discount rates depending on the period remaining until payment of the bill, the reliability of the payer of the bill, and the level of discount rates of other banks.

From the legal side, bill discounting represents the transfer (endorsement) of a bill of exchange in the name of the bank with all its usual consequences, i.e. the bearer becomes the debtor of the bill, and the bank becomes the creditor-holder of the bill. In economic essence, early receipt of funds under a bill by the bill holder means that he has received a loan, which is subsequently repaid by the payer of the bill. Thus, through accounting, each bill holder, if necessary, has the opportunity to turn the bills he holds into cash and non-cash money. Taking into account the bill, the holder of the bill also gets rid of worries about returning to the bank the amounts received for accounting, since the bank receives them directly from the drawers and only if the latter’s financial condition is unfavorable, turns to the bearer of the bill. Banks, in turn, accepting bills for accounting, make a profit by deducting interest in their favor.

Banks check bills accepted for accounting from the point of view of their legal and economic reliability. Typically, reliable, real, commodity, commercial bills are accepted for accounting and unreliable, “friendly” and “bronze” bills, as well as bills with a defect in form, are rejected. At the same time, the creditworthiness and integrity of the client are checked thoroughly and in a certain form. Bills of exchange are accepted for accounting if the following conditions are met:

1. bills accepted for accounting must meet the requirements of the Law “On Bills of Exchange and Promissory Note”;
2. the bill must have at least two signatures (the drawer and the holder);
3. the bill must be payable in places where there are branches or correspondents of the bank, notarial authorities and people's courts;
4. the bank must prepare in advance for the issue of bills of exchange with different maturities (short-term, long-term) at the location of the payer;
5. bills based on commodity and commercial transactions should be accepted for accounting;
6. the bill of exchange must indicate the exact location of the drawer and all endorsers.

When accepting bills for accounting, the blank endorsement on the bill turns into a registered one (in the name of the bank), which makes it difficult to use the bill in the event of loss or theft.

On the legal side, the correctness of filling out all the details of the bill of exchange, the powers of the persons who signed the bill of exchange, the authenticity of these signatures, and the presence of an endorsement in favor of the bank on the bill of exchange are verified. If there are violations in the execution of a bill, then these bills are deleted from the register. In addition, bills of exchange issued with payment in places where there are no bank institutions, as well as with deadlines that do not allow the bank to receive payment on the bill in a timely manner, are crossed out.

From an economic point of view, the reliability of the bill is checked, i.e. the possibility of receiving payment for it. For this purpose, the bank must study information about the solvency and creditworthiness of all endorsers and the payer; information received from notaries about protests of bills, and bills for which protests were not withdrawn, are deleted from the register.

In the process of accepting bills of exchange for accounting, banks must not accept:

• bills not based on commodity transactions;
• bills issued by the drawer in order to obtain a bank loan against them (counter bills);
• bills of those persons who are engaged in commercial activities by proxy, but signed the bill in person;
• bills of exchange, which are a replacement or correspondence of bills discounted at the bank.

Bills that do not satisfy the bank's requirements are deleted from the register and returned to the bearer.

Similar to the accounting of a promissory note, discounting of a transferable debt obligation is carried out. It is known that in the circulation of a commercial bill of exchange issued by the buyer of goods, in addition to the holder of the bill (supplier) and the drawer (buyer), a third party is involved - the payer of the bill, or the debtor, to whom the drawer-drawer transfers the payment.

Before discounting a bill of exchange at the bank, the client is obliged to accept his copy of the bill, i.e. obtain consent for payment from the drawee. The bank takes into account the accepted bill according to the usual scheme, withholding income from the supplier of the goods in its favor in the form of a discount. When payment becomes due, the bank will receive the bill amount from the debtor.

However, the operation of accounting for bills of exchange issued by the buyer of goods is riskier than bearer lending to customers using promissory notes. At the same time, if the drawee fails to pay, the bank can withhold the bill amount from the account of its client (supplier of the goods), and the client, if the bill amount exceeds the amount in the account, will be insolvent. Legal claims for such debt obligations are complicated and unpredictable.