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A written obligation, a security of a certain form is called a promissory note. According to the document, its owner has the right to demand payment of a monetary debt in fixed time and for the amount specified in the document. This tool is widely used by legal entities for settlements with each other.

What is a bill of exchange

In commodity relations, the first security, which gave rise to all other types of similar financial instruments, is a bill of exchange. This is a document that is issued and controlled by a special branch of legislation - bill law, and taxation is regulated tax code RF. A bill is a security that serves as evidence of the debt of one person (the drawer) to a second person (the holder). The issue, the issuance of oar paper to the first owner is called an issue.

This is one of the oldest financial documents. Prototypes of it have been noted since the ancient Romans and the inhabitants of the Roman Empire. The first form appeared debt obligation, called a promissory note, in Italy in the 18th century. Most of the terms that are associated with paper are of Italian origin. The flexibility and convenience of the document led to its widespread distribution. Today, this financial instrument is widely used in Russia.

The significant difference between a bill and a bond is that the subject of the debt in the first instrument is cash, and in the second - the share of participation in the capital of shareholders. There are also signs by which papers are distinguished from each other:

1. Each bond must be subject to state registration.
2. A bill of exchange can be used to pay instead of cash, but this is not possible with bonds.
3. Bonds are formed according to the legal mechanism of purchase and sale, and a bill of exchange document is formed by transfer at the direction of the current owner.

The following characteristics have been defined financial instrument:

• abstractness;
• indisputability of obligations;
• unconditionality;
• simplicity, absence of unnecessary information, use of only mandatory details;
• formalism;

The characteristic “abstractness” means that the receipt does not indicate the agreement that became the basis of the bill document. Payment is not affected by obligations between entities. The characteristic “unconditional” means the absence of any conditions for payment. No conditions can cancel the payment of funds to the holder of the note as specified in such receipt.

Form and details of the bill

Strictly set form is a mandatory feature debt instrument. The form is understood as a way of recording the rights certified by it. Only when compiled according to certain rules does it acquire legal force and properties. The details of the bill relate to the elements of the form and cannot differ from the established procedures.

Mandatory details of a draft (transferable form), determined by the bill of exchange legislation of Russia, include:

• designation “bill” in the text;
• an offer to pay a specified amount of money, which is not conditional on anything;
• name of the payer (drawee);
• payment term;
• name of the debt recipient;
• information about the place and date of writing of the promissory note;
• signature of the person issuing the bill of exchange.

Types of bills

A promissory note must be in writing, but not all of them look the same. You should know what types of bills there are. These financial instruments are presented in two types:

• simple;
• translated.

There is also a distinction between interest-bearing and non-interest-bearing bills. The meaning becomes clear from the names: in the first case the interest rate is indicated, in the second - not. With interest-free debt processing, only the nominal value is not necessarily paid. Explicitly or implicitly, any commercial instrument involves the payment of interest. The interest-free form is conditional, because interest rate included in the face value that will be paid when the debt is repaid.

Promissory note

One of the subtypes of debt registration is a simple or solo bill. According to this document, the drawer undertakes to return the specified amount to the holder of the bill within the specified period. Often the parties to such an agreement are the buyer and the seller. The buyer of any product can issue a debt paper in the name of the seller, who also acts as a creditor.

Promissory note with endorsement

When an entry is made on the back of a debt obligation or on an additional sheet (allonge) about the granting of all rights of claim to another person, this text is called an endorsement (giro). A bill transferred by endorsement removes the obligations of the previous bill holder and transfers it to the endorsee (new bill holder). The person transferring the debt obligation is in this case called the endorser. The law does not allow the transfer of part of the amount (partial endorsement).

Bill of exchange

When a financial instrument indicates the need for payment of a debt by the drawer to a third party - the holder of the bill, we are talking about a transferable form of debt registration. A bill of exchange draft “transfers” a debt from one person to another. In such documents, the drawer is called the drawer, the debtor is the drawee, and the recipient of the money is the remittor. The draft, the form of which is strictly established, contains an offer (order) from the drawer to pay the specified amount to the drawee to a third party - the remittor.

The difference between a promissory note and a transfer bill

There is often a misconception that a transferable debt can be transferred from one holder to another, but a simple one cannot. It is legal to sell, buy, or use debt of any form as collateral for a loan, but for this purpose an endorsement is issued. A promissory note and a bill of exchange differ from each other in the number of sides. There are three parties to a transfer obligation:

• drawer;
• payer;
• recipient (bill holder).

Simultaneously with the draft, an acceptance is drawn up - a paper that serves as confirmation of the payer’s consent to pay the debt. A simple type of document is a special case of a transferable one, since the drawer and the payer are one person. Acceptance is not required when drawing up a promissory note; the payer confirms his consent to payment by signing the main document.

Types of bills

Differences in the rights of the owner of debt registration determine the classification into the following types:

• nominal;
• order;
• to bearer.

Type 1 documents contain information about the person who is given the right to demand the return of money from the drawer. In the second case, such a right is granted to a person who this moment owns the document. His details are not written down on paper. The order obligation is drawn up in the name of the first owner and can be transferred to another person by making an endorsement. Selling and buying are carried out with each type of this financial instrument. A bank bill may be for collection. Then a transfer inscription in favor of a specific bank is recorded.

Personal bill

If the form of a financial instrument indicates the surname, name, patronymic of the owner, then such an obligation is defined as personal. The specified person has the right to demand payment of the debt in accordance with the concluded document. A registered promissory note is the most common type of debt obligation. The holder can be changed by applying an endorsement to back side paper. The record contains the name of the next owner and the signature of the previous one.

Bill of exchange payable to bearer

The order bill does not contain information about the holder of the bill. The paper states the amount of the debt, the date and place of settlement, and the debtor’s details. The right to receive a debt under an order form has the person who currently owns it. During its validity, the document may change several owners (especially if the amount is large), and the last holder demands payment of the debt.

Acceptance of bill

The inscription on the draft that confirms the drawee's obligation to pay the specified amount is called acceptance. Sometimes this term refers to a procedure in which a third party (the payer) assumes the responsibility to pay a debt. A formalized debt is considered accepted when the payer’s consent or guarantee to pay the debt is formalized. Presentation of a bill of exchange for acceptance can occur at any time from the date of issue until the end of the payment period.

What is a surety on a bill of exchange called?

A guarantee, a guarantee on a bill of exchange, under which a person (avalist) assumes the obligation to pay a certain amount is called aval. In fact, the aval of a bill is a note “consider aval” or an equivalent on the front side of the issued debt next to the name of the drawer. The entry does not apply to mandatory details, but its occurrence affects the value of the paper. When a document is avalized financial institution, the holder of the bill receives a guarantee from this institution about payment. The debt applies equally to the debtor and the avalist.

Bill circulation and bill settlements

Payments between suppliers and payers on deferment, regulated by a special document, are called bill form. Settlements where bills of exchange are used are carried out between individuals and legal entities, when offset mutual demands enterprises. Bill circulation refers to the transfer of rights to receive a fixed amount from one person to another.

Bill accounting

When the holder of a bill of exchange sells a debt obligation to the bank before the maturity date for it, we are talking about bill of exchange accounting. The bank buys the debt from the bill holder by endorsement. The owner receives for this the agreed amount without discount interest (discount), determined by the bank itself depending on the solvency of the drawer. Accounting for bills of exchange is used when the holder needs funds, the endorsement cannot use the paper for payment, and the deadline for the borrower to repay the money has not yet arrived.

There are three types of accounting:

1. Regular accounting – the bearer credit amount is the full amount recorded on the financial instrument.
2. Reverse accounting - the bearer undertakes to redeem the recorded securities at a certain time.
3. Non-negotiable accounting - the bearer sells the security at an agreed upon price rather than at full price.

How to draw up a bill of exchange correctly

For the validity of a debt obligation, it is important that the execution of the bill complies with all standards established by law. The security document is drawn up according to the sample; it must certainly contain:

1. Label “bill” – at least once.
2. The amount of the obligation – in numbers and in words.
3. The date of repayment of the debt or other indication of the due date of payment.
4. The place where the obligation will be returned.
5. Signature of the drawer.
6. If necessary, the endorsement (on the back), the signature of the avalist, and information about the issuer are recorded.

Information and features that should not be in the document are also regulated by law. These include:

1. Terms of debt payment.
2. Shape defects that may occur due to decorative elements (for example, frames).

Repayment period of the bill

According to the law, the following payment deadlines are established:

• for a specific date (urgent);
• agreed upon at the time of presentation;
• correlated with the date of composition;
• involving payment on sight.

A bill with a maturity date different from those specified is invalid. If the document specifies payment at sight, then it must be handed over to the drawer no later than 1 year, otherwise it loses its validity. The debtor may pay earlier or stipulate more long term repayment. The security may also stipulate that the creditor does not have the right to demand the return of funds under the payment obligation upon presentation before a specific date.

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What is a bill of exchange in simple words. Types and calculations, payment and repayment terms of bills

The main purposes of conducting transactions with financial bills are:

· formation and increase of capital;

· attraction borrowed money;

· receiving income from transactions of purchase and sale of securities (so-called speculative income);

· receiving income from financial investments (discounts, interest on securities);

· use of securities as collateral, etc.

Financial bills represent investments by an organization with the aim of generating additional income.

Accounting for transactions with financial bills has its own accounting features:

Financial bills are accepted for accounting in the amount of actual costs for the investor;

Income from a financial bill is generated at the time of its sale or presentation for payment;

The sale or presentation of a financial bill at a price lower than the cost of its acquisition is recognized as a loss from operating activities (loss from the disposal of other property);

The date of turnover under a financial bill is considered to be the day of its transfer to the new owner (endorsement date) or the date of its presentation (acceptance date). Financial bills can be received by enterprises in two ways. The first way is to purchase bills of exchange in order to generate additional income. The second is receipt in the order of payments for shipped products, work performed, services rendered.

All bills of exchange of third parties are accepted by the supplier for accounting as securities and are reflected as part of financial investments in account 58 " Financial investments", sub-account "Debt securities". They are assessed in the amount of the actual costs of purchasing the bill. That is, if an organization receives a third party bill of exchange in payment for shipped goods, then it is credited to the balance sheet based on the cost of the transferred goods (work performed, services rendered) The latter is determined on the basis of the price at which, in comparable circumstances, the organization sells similar goods (work, services).

Accounting for bills purchased as financial investments must be carried out in the manner prescribed by PBU 19/02. Let's look at an example of how financial bills are accounted for.

In practice, the moment of issuance (transfer) of a bill of exchange is formalized by an act of acceptance and transfer of the bill of exchange.

In accounting, transactions with commercial bills of exchange are reflected using separate subaccounts to settlement accounts. In practice, commodity bills, as a rule, are issued for an amount greater than the payables of the drawer. The difference between them compensates the supplier for deferred payment for purchased goods. This difference - the discount - is subject to accounting as part of the expenses of the drawer and the income of the bill holder.

Thus, the transfer of a bill of exchange in the accounting of the drawer is reflected by an internal entry in account 58 for the bill amount and the entry:

DEBIT 91-2 CREDIT 58-2 for the discount amount.

Similarly, in the accounting of the bill holder, internal posting is made to account 62 and posting:

DEBIT 58-2 CREDIT 62.

It should also be noted that both parties need to additionally organize off-balance sheet accounting of bills: in account 009 “Securities for obligations and payments issued” from the drawer and in account 008 “Securities for obligations and payments received” from the holder of the bill.

Accounting for financial bills is carried out similarly to accounting for settlements on loans and credits.

According to clause 3 of PBU 19/02 (as amended on November 27, 2006), an organization’s financial investments include securities of other organizations, including debt securities in which the date and cost of repayment are determined (bonds, bills).

Financial investments are accepted for accounting at their original cost (clause 8 of PBU 19/02). Initial cost financial investments acquired for a fee, the amount of the organization's actual costs for their acquisition is recognized (clause 9 of PBU 19/02). The organization independently determines in its accounting policies the procedure for transferring long-term debt to short-term debt.

The transfer of a financial bill of exchange as payment for products, works or services means that the buyer has repaid his debt to the seller. Therefore, the moment of receipt of the bill of exchange is the moment of “payment” for the product for tax purposes, and tax accounting, as well as accounting, will be the same for any chosen method of recognizing sales - “by shipment” or “by payment”. The fact that if the payer refuses to pay the bill, the seller can exercise its right of recourse and present the protested bill to the buyer does not contradict the statement about payment for the delivered products.

Purchase of a bill of exchange:

DEBIT 76 CREDIT 51

The purchased bill of exchange was accepted for accounting:

DEBIT 58-2 CREDIT 76

Repayment of a bill:

DEBIT 76 CREDIT 91-1

Decommissioned book value bills:

DEBIT 91-2 CREDIT 58-2

Repaid at par.

A set of words that is unclear to the average person. In fact, similar things have appeared before both in Ukraine and in many other countries. This tool works abroad with varying degrees of success. What is it and why is there so much talk around bills?

A bill of exchange is a payment method developed to solve a variety of trading problems. Essentially, this is a receipt that says who should give money to whom, when and how much. IOUs have existed since ancient times in all countries where people exchanged goods. In the 12th century, Italy became the center of trade for Europe and the East. This is where the bill appeared. At that time there were many different different currencies: coins were minted not only by countries, but also by individual cities. Intermediaries appeared - “money changers-bankers” who knew the intricacies of different currencies, had the means to check the quality of coins and had significant own capital. Over time they gained a lot of weight. The papers and books of the “changers” were publicly recognized, and the entries in them were equated to notarial documents. The issue of commerce is always related to trust, so violators of established rules were severely punished. An unlucky or fraudulent businessman went bankrupt, the bench on which money was exchanged was broken (from the Latin bancus - bench and ruptus - broken), and the culprit himself was, at best, expelled.

The "money changers" were also involved in transferring money to other places. Travel was difficult and risky. “Moneychangers” were everywhere, they communicated and knew each other, so there was a way to send a message, stating its essence. The exchange and transfer transaction was reflected on a separate sheet of paper; upon its presentation, another “changer” in another place returned the money given to the first banker.

This is how the early prototype of the bill of exchange arose, which became not only a means of transfer, but also a means of payment, lending and debt collection. Later, the design of the bill served as a model for the creation of the institute bank transfer, which was the impetus for the development modern system non-cash payments. Even to modern plastic card received from a bank, bills of exchange are directly related: you gave money to a financial institution and in return got the opportunity to pay with your national currency anywhere in the world.

Already in the 16th century, in connection with increased turnover, the first bill of exchange charter, an unconditional law for execution, was adopted in Italy (Bologna). It is traditional to divide the history of bill circulation into three periods - Italian, French and German. The Italian period formed the speed and severity - characteristic features of bill collections. Special fair courts appeared at fairs, and special regulations provided for the immediate detention of a faulty debtor and the transfer of his property to the creditor. The French period introduced endorsement into the bill of exchange institution, which determined the function of the bill as a means of payment, which ensured its negotiability; its dependence on bankers was also eliminated. After the adoption of the All-German Bill of Exchange Charter in 1848, the German period began in the history of bill circulation. The German system of bill law was distinguished by increased attention to the formal aspects of the bill of exchange obligation, which became completely abstract and unrelated to the reasons for its occurrence, as well as recognition of the equality of promissory notes and bills of exchange.

Many terms that exist today have a corresponding origin. Endorsement- an inscription about transfer to another person (from the Italian in dosso - back, ridge, reverse side), this inscription was usually made on the reverse side of the bill. Draft(from Italian tratta - is) - bill of exchange. Our bill of exchange appeared at the beginning of the 18th century thanks to the development of trade relations with the German principalities. The Slavic word “bill” comes from the German wechsel - exchange, transfer.

IN modern conditions Many countries have unified their bill of exchange legislation on the basis of the Geneva Convention of 1930, which regulates the procedure for the use of bills of exchange in payment transactions and eliminates the difficulties of their international circulation, which are caused by different legal norms of individual states. The Uniform Bill of Exchange Law, adopted in Geneva, obliged each participating country to adhere to it when developing local laws. Almost all European countries then joined the Geneva Convention, including Soviet Union and Turkey (except for Britain, which always has its own way), as well as Japan, Peru and Ecuador. However, countries such as the USA, Australia. Israel, Canada, Cyprus, the Philippines, South Africa and, naturally, England conduct their activities on the basis of the English law on bills of exchange (1882), which is different from the Geneva Bill of Exchange Law.

There are two types of bills: simple and transferable.

A promissory note (solo bill) is a written document containing a simple, unconditional obligation of the drawer (debtor) to pay a certain amount to the holder of the bill upon maturity. A bill of exchange (draft) is a written order from the drawer (drawer) to pay the amount of money specified in the bill to a third party - the holder of the bill (remitee).

Depending on the purposes and nature of the transactions underlying the issuance of bills, as well as on their security, commercial (commodity), financial and fictitious (friendly, counter and inflated, or bronze) bills are distinguished.

There are many types of financial bills, depending on the country of issue they have different names. A financial bill is never secured by goods and is issued by the owner for accounting purposes. financial institution and receiving capital, it is issued against those received on a repayable basis sums of money. As a rule, this is what is called a bank bill. At its core, it has loan-credit relations, i.e. a loan issued by one organization at the expense of existing free funds another organization, and reflects the relationship of borrowing money from the one who gives the money to the one who receives it, at a certain interest. Thus, the basis of such a bill is financial transaction, not related to the purchase and sale of goods.

We'll consider financial treasury bill, which is now regulated in Ukraine. It is called treasury because it pays on this paper the Treasury (state) must, whereas a bank bill is paid by the bank.

The declared goal of introducing this instrument is to improve the country’s “bending” budget, restructure accumulated VAT debts, and launch a temporary (until the end of this year) VAT refund mechanism. The state plans not to pay off debts immediately, but to stretch out the process and make it more flexible. The practice of repaying state debt with bills or bonds is widespread throughout the world and is not unique to Ukraine. There are many examples where this measure has been successfully used as a way to fill the economy with working capital and reduce short-term public debt.

Formally, Ukrainian businesses had the opportunity to receive VAT refunds using treasury bills instead of real money at the beginning of 2013, but this did not happen then. It was not described in what cases the taxpayer could receive a bill of exchange, and in which - monetary compensation; the procedure for the issuance and circulation of treasury bills, the timing of their circulation, the interest rate, etc. were not provided for. The law adopted on July 4 clarified the possibility of using treasury bills . The procedures for redemption and circulation are also stipulated, changes are made to the state budget, the tax authority is given the right to issue financial bills in 2013 to reimburse VAT. It is stated that the yield on the bills will exceed 5% and that they are issued for a period of five years. In addition, it is specified that The issuance of a financial bill is equivalent to the issuance of cash.

The bill behaves in this interpretation as a security issued without any additional complications based on the decision tax office and the wishes of the recipient. The will of the recipient is mandatory; transactions with bills of exchange are always completely voluntary. The most important thing is that the bill will be issued not only in paper form, but also in in electronic format. This is called the “book-entry form”, and it follows that “papers” can easily be traded on the stock exchange.

In reality, everything will probably look like this: an enterprise to which the state has a debt before January 1, 2013, receives a bill of exchange and either quickly sells it to someone on the stock exchange, or is in no hurry and looks for a better opportunity to receive funds. Understanding the state of the Ukrainian stock market, remembering the experience of bonds (OVGZ-VAT), it is fair to assume that resellers will appear with a discount for these securities. These may be partly random intermediaries, but the main players in the market for new securities will be structures capable of selling everything at par through the treasury. Most likely, several banks will be selected for this particular procedure. By the way, National Bank It is prohibited to redeem bills. This means that intermediaries between business and the treasury are inevitable; there is no longer any need to control regions of the country where there are old and not so much VAT debts. Everything is done in Kyiv.

In an ideal scenario, moves like these could actually revive the market. The hypothetical discount for VAT refund is 30-40% of losses for the recipient (this is before the adoption of the law on bills of exchange). Perhaps the discount will be less than 15-20% when selling financial treasury bills on the stock exchange, and there is an opportunity to play. Theoretically, foreign wealthy companies (non-residents) may become interested in these securities, buy them up and take money abroad using our bills as collateral. True, the guarantor for these securities is not Ukraine, but executive agency The country's authorities are the Cabinet of Ministers. The conversation turned to foreigners, since Ukrainian business does not even have money for current activities. Value added tax arises when a product is produced or shipped abroad. A strict fiscal approach to domestic producers and exporters has led to the fact that Ukrainian enterprises have no available funds at all. In particular, due to the strong recommendation of advance (in advance) payments for operating industries, non-refund of funds to subjects entrepreneurial activity, other various tricks, is also affected by the general crisis situation in the country.

Undoubtedly, the issue of bills can increase working capital business and will not allow currency speculators into the market: you cannot buy any currency with them, unless they are converted into hryvnia. And bills of exchange are not money at all—you can’t pay taxes with them and you can’t offset them. The electronic form of bills allows you to use them as a non-cash hryvnia when paying for goods and services through the NBU Clearing House.

In this regard, there may be a feeling that this is another parallel Ukrainian currency. The question is what the cost of these securities will be; it will also be difficult to estimate how and who buys them. You can sell them immediately settlement transactions using financial bills do not entail new tax obligations and excise taxes. The law equated them to securities. But the difficulty also lies in the fact that only a part of enterprises will receive VAT reimbursement through bills of exchange, as was the case with government bonds. The rest will knock on closed doors until they start looking for the keys to them. Formally, financial bills are still non-cash money, but with a discount; the size of this discount and the possibility of receiving money can be easily controlled. We need a structure capable of cashing money in the treasury at par. And such a structure will undoubtedly appear. Affiliated (with the ability to influence them) banks or other institutions operating in the financial market will be selected.

Similar bills were in circulation until 2001; by the way, they were purchased at a discount of 60-70%. But enterprises were forced to do this in order to get at least some funds. There was a decline in production then, but the country still lived off Soviet savings. After this, the rise began, however, by that time the bills were canceled.

In theory, the invented instrument will not affect the people (individuals) in any way, except that the business owner, having not received the planned profit, may not pay wages to his employees. The innovation will affect only legal entities, which thanks to this will become even easier to control. In addition, this is a natural delay for the state in making payments to business entities.

Let's talk about the essence of the law itself.

Proposed financial bill is in no way an instrument of bill of exchange law. It is not subject to the Geneva Convention, it is not subject to the law on the circulation of bills of exchange in Ukraine, it is not subject to regulation by the State Securities Commission and stock market. A bill of exchange is always a document, and now it exists in documentary and electronic forms. Bills of exchange appeared only after the state needed to fulfill its obligations to business entities; no one had agreed on this method of reimbursement in advance. In the case of a classic bill of exchange, this is simply impossible.

It is important that the bill, besides the first purchaser, is needed by someone else, for example the state. It would be nice to be able to pay off your obligations with a purchased bill, but you can’t pay them off: taxes must be paid only in money. Businesses feel that the matter will not end with just a restructured VAT refund. There are other budget debts that arose before the beginning of 2013. Many projects launched for Euro 2012 have not yet been paid for, and these are not only sports, but also infrastructure facilities (bridges, roads, etc.). There are treasury debts to the regions, there are tenders won that are in the process of implementation, there are simply unpaid supplies and services. It is probably for these reasons that there was no such unanimity when voting for the laws adopted on the president’s birthday.

We can summarize.

The budget is actively collapsing, which has a lesser impact on major players business. They continue to enjoy privileges in in full, they are certainly reimbursed for VAT, they receive real money. There are few large manufacturers and exporters, they are known to everyone. Today they receive VAT refunds from the budget automatically.

There is nothing radically new in the scheme planned for the use of Treasury bills, nor does it pose any far-reaching dangers. The burden of this law will fall on medium business, it is he who will receive the funds cut by the discount. The entire program seems to be designed to minimize budget losses, but we understand who will be at its helm. This will provide an opportunity for specific individuals to quickly earn unaffordably huge amounts of money against the backdrop of the general collapse of the economy. The people who control the VAT refund mechanism today receive carte blanche. They will be the ones who will make decisions about discounts, methods and practices for working with financial treasury bills. It would be better to call this document bonds, and not so intricately, because the properties of a bill of exchange are not inherent in these documents.

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A financial bill certifies the unconditional obligation of the drawer (promissory note) or another payer specified in the bill (bill of exchange) to repay the borrowed amounts upon the maturity date specified in the financial bill. Financial bills are securities that are separate from the settlement transactions for which they were issued. Often financial bills are not associated with any commercial transactions. A finance note can be issued as a long-term or short-term loan. At the same time, compared to a bank loan, a bill of exchange has one significant advantage for the client - it does not accrue interest.

Depending on the number of participants in the transaction, promissory notes and bills of exchange are distinguished. A promissory note requires two parties to the transaction: the seller and the buyer. The debtor under this bill does not have the right to transfer it to another person for payment, since it contains only one signature of the person obligated to make this payment. A bill of exchange (draft) is issued and signed by the creditor. Such a bill includes several participants; it is a negotiable bill.

Financial bills are purchased as securities in order to receive income in the form of discount or interest. In addition, they can be used as collateral, a means of payment and as an object of purchase and sale. The conditions for payment of interest on a bill of exchange have a legal basis only in relation to bills of exchange that are payable for a certain period from the moment of presentation or due upon presentation. The amount of interest on them is calculated based on the annual interest rate and the circulation period of the bill according to the formula:

where ΣВ% is the amount of interest on the bill; NS – nominal value of the bill; GS – annual interest rate (in percent).

Accounting for transactions this species securities from investor organizations is carried out using a separate subaccount to account 58 “Financial investments”, and for organizations that sell bills - subaccounts to account 66 “Settlements for short-term loans and loans”, 67 “Calculations for long-term loans and borrowings”. Analytical accounting of bills of exchange is carried out by type of bill of exchange, payer organizations, amounts received and drafts, and payment due dates. Accounting for bills of exchange according to payment terms is determined by the procedure for determining the economically justified amount of income on them.

If a bill of exchange is received for the supply of inventory, performance of work or provision of services, then in the accounting records entries will be made in the debit of account 58 and the credit of accounts 62 “Settlements with buyers and customers”, 90 “Sales”, 76 “Settlements with various debtors and creditors."

Let's take an example of the situation with financial bills.

An organization lent 1,000,000 rubles to another organization on a promissory note. at 12% per annum. The validity period of the bill is from April 2 to June 1. The bill was paid by the debtor organization on May 27, i.e. on day 56. Interest on the bill will be calculated based on 56 days and will be equal to (12%: 360 * 56) = 1.87% and will total 18,700 rubles. (1,000,000 * 1.87%).

In accounting data business transactions will find the following reflection:

Debit 58 subaccount 2 “Debt securities”

Credit to account 51 “Current account” in the amount of 1,000,000 rubles.

After paying the bill, taking into account interest on the maturity date, the following entries will be made in accounting:

Debit 51 “Current account” - 1,018,700 rubles.

Credit 58 subaccount 2 “Debt securities” 1,000,000 rubles.

Credit 91 “Operating income and expenses” subaccount “Operating income” 18,700 rubles.

If there is an urgent need for free funds, the organization, the holder of the bill can carry out a discounting operation. Discounting means the bank's purchase of bills from the bill holder before their maturity date while simultaneously charging a discount. The concept of “discount” is used to denote the process of discounting bills by a bank and as the amount of discount interest that is charged in this case credit institution. The holder of the bill can transfer the bill as collateral (security) for a bank loan at a discount on the bill. Receipt of funds from the bank is reflected in accounting by the debit of cash accounts in correspondence with the credit of accounts of settlements for short-term and long-term loans and borrowings. The accounting (discount) operation of bills of exchange is closed on the basis of the received bank notice of payment with the reflection of this operation in the debit of the accounts for accounting for settlements of long-term and short-term loans and borrowings and the credit of the corresponding accounts receivable.

If the payer fails to fulfill its obligations under the bill within the established period, the organization-bill holder must independently repay the debt to the bank, while making an entry to the debit of the accounts for accounting for settlements of long-term and short-term loans and borrowings and to the credit of the cash accounts.

The loan issued by the bank against the bill must be equal to the face value of the bill minus the discount charged for granting the loan. When discounting, the bill of exchange is transferred to the bank, but its value continues to be accounted for in account 58 “Financial investments”.

Example. Buyer's bill of exchange for goods received with a nominal value of RUB 1,500,000. and the amount of accrued interest in the amount of 100,000 rubles. discounted at the bank. The loan amount is 1,420,000 rubles. arrived at the organization's bank account. The bank received a promissory note as security for the loan, the face value of which with interest by the payment date will be 1,600,000 rubles. In accounting, these business transactions are reflected as follows:

Debit of account 51 “Current account” 1,420,000 rubles.

Debit account 91 “Operating income and expenses” subaccount “Operating expenses” 80,000 rubles. (payment for bank services and interest on the loan)

Credit to account 66 “Settlements for short-term loans and borrowings” 1,500,000 rubles.

If the bank receives a notification about the receipt of funds to repay the bill in the amount of 1,600,000 rubles. The following entry is made in the accounting records of the bill holder’s organization:

Debit of account 66 “Settlements for short-term credits and loans” 1,500,000 rubles.

Account debit 26 " General running costs» 100,000 rub. (interest on bill)

Credit to account 58 “Financial investments” 1,500,000 rubles.

Credit to account 91 “Operating income and expenses” 100,000 rubles.

Another situation is possible when the bank reports that the money on the bill has not been received and asks to return the loan received. In this case, from the current account, the holder of the bill transfers funds to the bank in the amount of the bill to be redeemed (RUB 1,600,000) and makes the following entries in the accounting records:

Debit of account 66 “settlements for short-term credits and loans” 1,500,000 rubles.

Debit account 26 “General business expenses” 100,000 rubles.

Credit to account 51 “Current account” 1,600,000 rubles.

With this option, the bill of exchange is still listed in the account of the bill holder in account 58 “Financial investments”, but since this is a rejected bill of exchange, it is advisable to take it into account in account 76 “Settlements with various debtors and creditors” subaccount “Settlements on claims”.

Transactions on discounting bills of exchange can be considered and reflected in accounting as a purchase of a bill of exchange by a bank, and not as a receipt of a loan secured by a bill of exchange. IN in this case in accordance with the agreement, the holder of the bill, on the basis of the act of acceptance and transfer of bills of exchange by endorsement, transfers the bill to the bank and removes it from the accounting records.