Income and expenses. Financial results. Tax Basics

What refers to the income and expenses of an enterprise in accounting

Every commercial company is created for the purpose of making a profit. To derive a financial result, it is necessary to competently organize the correct accounting of income and expenses of the organization .

The results of the company’s work are of interest not only to its participants, but also to investors, as well as fiscal authorities. At the same time, tax accounting and accounting of income and expenses are somewhat different.

In accounting, the concept and algorithm for accounting for income and expenses are regulated by PBU 9/99 and PBU 10/99, respectively. At the same time, the lists of other income and expenses are open.

The company’s income is an increase in the economic benefits of the organization as a result of the receipt of cash or other assets, as well as the repayment of obligations, resulting in a capital gain (clause 2 of PBU 9/99). There are two types of income: from ordinary activities and others. What applies to each of them can be seen in the table:

Revenue is shown in accounting if the following conditions are met (clause 12 of PBU 9/99):

1. The company has the right to it under an agreement or on the basis of another document.
2. The amount of revenue can be determined.
3. Ownership of the asset has passed from the seller (performer) to the buyer (customer).
4. There is confidence that the company will benefit.
5. The costs associated with the operation can be determined.

If the above conditions are not met, a creditor is created in accounting.

The company's expenses are a decrease in the economic benefits of the company resulting from the disposal of cash or other assets of the enterprise, as well as the formation of liabilities that led to a decrease in capital (clause 2 of PBU 10/99).

In accounting, a company's costs are also divided into 2 types: other and from ordinary activities.

Clause 16 of PBU 10/99 provides the following factors for accepting costs in accounting:

1. The reasonableness of the costs is confirmed by a certain agreement, legal regulations or business rules.

2. The amount of costs can be identified.

3. The presence of confidence that as a result of this business operation there will be a decrease in the economic benefits of the company.

If at least one of the above conditions is not met, a receivable is recognized in accounting.

There are 2 methods of accounting for income and expenses: cash and accrual methods. The first method is used, as a rule, for simplified taxation.

Find out about the differences in the methods of accounting for income and expenses here.

IMPORTANT! The cash method in accounting can only be used by organizations that use simplified accounting methods and submit simplified accounting reports.

Find out about the nuances of accounting for income and expenses using the cash method in accounting in ConsultantPlus. If you don't have access to the system, get a free trial online.

https://youtu.be/ru_G5xBlHCM

Profit

Profit is the difference between total profitability and total expenses (including taxes). In other words, this is the amount of money that can be put aside or put into a piggy bank in everyday life. When calculating profit, any incoming funds are summed up and all costs are subtracted from the resulting amount. Profit from entrepreneurial activity, even with high profitability, but in an unfavorable situation, can be zero or even have a negative value.

Profit happens:

• accounting used in accounting. In accordance with it, financial statements are prepared and taxes are calculated. To calculate this type of profit, reasonable expenses are subtracted from total revenue;
• economic (excess profit). It is a more objective indicator of profit, since when calculating it, they take into account any economic costs that were incurred in the production process;
• arithmetic. Calculated as the difference between gross income and various costs;
• normal, that is, necessary profit in the activities of the enterprise, the size of which is affected by lost profits;
• economic, consisting of the sum of economic and normal profit. Based on this indicator, it is decided how best to use the profit received by the company. Similar to accounting, but calculations are made differently.

The difference between income and profit is clearly illustrated by an example from retail trade. The store received 60 thousand rubles from the sale of goods within a month. It is a mistake to consider this amount as profit. To calculate profit, basic expenses are subtracted from income. Some of the possible expense items:

• purchase price of the goods;
• rental of premises for trade;
• payment of taxes;
• payment of wages to employees;
• expenses for transport and communications, cash settlements, office supplies;
• payment of interest on a loan for equipment.

Therefore, income is the funds that the entrepreneur has received and can spend at his own discretion. Profit is the balance of funds after deducting all costs. Both indicators can be predicted taking into account the revenue of past periods of operation, as well as variable and fixed costs.

Income and expenses from a tax point of view

Tax accounting of income and expenses is carried out for the purpose of calculating taxable profit (and some other types of taxes paid under special regimes) and is regulated by Chapter 25 of the Tax Code of the Russian Federation. And if in accounting it is necessary to display absolutely all the company’s business operations, then in the tax office there is a list of income and expenses that cannot be taken into account.

Income is an economic benefit expressed in cash or in kind (Clause 1, Article 41 of the Tax Code of the Russian Federation). Tax accounting provides for 2 types of income: from sales and non-sales. There is also a list of tax-free income.

Details are in the materials:

• “How to take into account non-operating income when calculating income tax?”;
• "St. 251 of the Tax Code of the Russian Federation (2019-2020) - questions and answers.”

There are special requirements for tax expenses (clause 1 of Article 252 of the Tax Code of the Russian Federation):

1. Expenses must be confirmed by a correctly completed primary document.
2. It is necessary to justify their economic necessity.

They are divided into costs associated with production and sales and non-sales.

Find out how to correctly account for tax expenses in the section “Income Tax Expenses - List”.

To determine tax profit, it is necessary to make a separate calculation, displaying information on income and expenses taken into account in the tax base in special tax registers. The object of taxation is profit, which is calculated by reducing income by the amount of expenses.

If you have access to ConsultantPlus, check whether you correctly account for income and expenses in tax accounting. If you don't have access, get a free trial of online legal access.

Differences between accounting and tax accounting

The main difference between both types of accounting is the purpose of summarizing information and its users. If in tax accounting information is generated to determine the tax base and is used by regulatory authorities and qualified tax consultants, then accounting is needed to generate the most complete information about the state of affairs of the company, which takes into account all factors and includes all completed transactions. The main users of accounting information are the founders and managers of the enterprise.

The differences come from the different documents on which they are based. For tax accounting, the main document is the Tax Code of the Russian Federation and its regulations. Accounting - regulated by the Federal Law “On Accounting”, accounting regulations (PBU) and other legislative acts. When conducting a comparative analysis, differences can be identified in the following categories: recognition of income and expenses, calculation of depreciation, creation of reserves, assessment of inventories, direct and indirect expenses.

Differences between accounts

Differences in income recognition in accounting and tax accounting

The income of an enterprise in accounting is regulated by PBU 9/99 “Income of the Organization”, in tax accounting - Article 41 of the Tax Code of the Russian Federation “Principles of Determining Income”, Chapters 23 and 25 of the Tax Code of the Russian Federation (part two).

Brief classification of income in both types of accounting:

Also, a rather serious difference in determining income is the date of their recognition. Differences in revenue recognition dates depend on accounting practices. Accounting is mainly carried out using the accrual method (except for organizations that maintain accounting in a simplified way, in which case they are allowed the cash method of income recognition). Tax accounting can be carried out using either the cash or accrual method. Therefore, when comparing them, the date of recognition of the same income may differ from the type of accounting if different accounting methods are used for them.

Revenue recognition

Differences in recognition of expenses in accounting and tax accounting

An organization's expenses for accounting are regulated by PBU 10/99 “Organization's Expenses”, for tax purposes - clause 1 of Article 252 of the Tax Code of the Russian Federation.

The classification of expenses in both types is as follows:

In order for expenses to be accepted for tax accounting, they must meet several requirements:

• validity;
• documentary confirmation;
• formed as a result of activities aimed at generating income.

Differences in the recognition of expenses can be not only in their various types, but also in the following cases:

• Some expenses are standardized in tax accounting. This means that the amount of such expenses is not accepted in full, but in the amount determined by the standards by law. In accounting, if an amount is recognized as an expense, it is accepted in its entirety.
• Also, as with the recognition of income, the moment of accepting expenses for accounting and tax accounting may differ. This depends on the method used for calculating the taxable base - the accrual method or the cash method.

Due to differences in the recognition of income and expenses, accounting profit and tax profit may differ from each other. This difference is called a time difference.

Temporary differences are income and expenses in accounting that form accounting profit in one period and tax profit in another.

Recognition of expenses

Differences in depreciation in accounting and tax accounting

The calculation of depreciation on fixed assets in accounting is regulated by PBU 6/01, and in tax accounting - by Article 259 of the Tax Code of the Russian Federation. For accounting purposes, the following methods of calculating depreciation are recognized:

• linear;
• reducing balance method;
• method of writing off cost by the sum of numbers of years of useful life;
• method of writing off cost in proportion to the volume of products (works).

In tax accounting, it is allowed to use only two methods of depreciation of fixed assets: linear and non-linear. Thus, if the management of an enterprise chooses different methods for calculating depreciation amounts, then a difference arises in these indicators.

Differences are also possible when determining the useful life of a fixed asset. For accounting purposes, the useful life of an object is determined independently based on the characteristics of the fixed asset.

In tax terms, the useful life of an object is established on the basis of the Classification of fixed assets, where such a period is established by law. Also in this accounting, it is possible to apply increasing or decreasing coefficients to the depreciation rate, which either accelerate the disposal of the object (when it operates in conditions of increased shifts) or reduce the expenses of the current period. Such coefficients can also be applied when calculating depreciation on leased property. The depreciation bonus (expenses for capital investments) is applied exclusively in tax accounting conditions and reduces taxable profit.

Differences between accounting and tax accounting when creating reserves

Reserves are resources that are created at the enterprise, from which current expenses are subsequently written off. When planning and creating reserves, it is necessary to take into account that in accounting there are mandatory reserves (taking into account exceptions) and reserves that are not required to be formed.

Reserves

Tax accounting does not provide for the creation of mandatory reserves. All reserves are created voluntarily; this is the right of the organization, which must be enshrined in its accounting policies. Only those enterprises that use the accrual method for tax purposes have the right to create reserves for this type of accounting.

Although 5 reserves can be created in accounting, in tax accounting the organization has no obligation to create the same reserves.

Differences in methods of assessing MPP

The methods for assessing inventories on the balance sheet of an enterprise in both types of accounting are the same since 01/01/2015, when the LIFO price determination method was abolished by law. Today, an organization has the right to choose one of the following methods for determining the cost of inventory:

Important! If you choose a single method for assessing the value of property, there will be no differences between them.

Methods for assessing MPZ

Differences in determining direct and indirect costs

The classification of costs into direct and indirect is carried out in order to determine the cost of goods, as well as to calculate the tax base.

According to Article 318 of the Tax Code of the Russian Federation, when using the accrual method to determine the taxable base, an organization has the right to divide production and sales costs into direct and indirect. The list of direct costs associated with the production of goods must be enshrined in the accounting policy of the enterprise.

In this case, direct expenses for tax accounting purposes are attributed to the current period only after all the products to which they are allocated have been sold. Indirect costs reduce the tax base in the period in which they arose and do not depend on the sale of products.

In accounting, direct costs are directly included in the cost of products (goods, services), and indirect costs are distributed according to types of products conditionally depending on the distribution coefficients defined in the accounting policy of the enterprise. Direct expenses in accounting are taken into account on accounts 20 and 23, and indirect expenses - on accounts 25, 26 and 44, where they accumulate and at the end of the month are written off by postings to the debit of accounts 20 and 23.

To date, all changes in legislation in the field of accounting and tax accounting are aimed at developing the convergence of these two areas. But even if there are sometimes significant differences in some issues, both types of accounting in an enterprise are closely related to each other, since they are invariably based on the economic activities of the enterprise.

Principles of accounting for income and expenses of an organization

In accounting, the following basic principles of accounting for a company’s income and expenses are distinguished:

1. The principle of objectivity - all business transactions must be reflected in accounting using the continuous entry method in the accounts provided for in the chart of accounts in ruble equivalent.
2. The principle of double entry - any movement of the company's assets and liabilities is reflected simultaneously in the debit of one account and in the credit of another based on primary documentation.
3. Accrual principle - information is displayed in accounting as it occurs in the reporting period in which it was made, and not upon payment.
4. The principle of correspondence - the income of an enterprise must be correlated with expenses.

Tax legislation provides for the following principles for accounting for company income and expenses:

1. The principle of continuity - accounting of income and expenses is carried out continuously from the moment of registration of the company until the date of its deregistration.
2. The principle of time certainty - allows you to take into account income and expenses both on a cash basis and on an accrual basis.
3. The principle of consistency indicates that tax accounting rules and regulations are consistently applied from one tax period to another.
4. The principle of validity of recognition of income and expenses implies that the taxpayer makes economically justified and documented expenses and, if necessary, will be able to prove their validity in accordance with legislative norms (or business turnover).
5. The principle of uniform recognition of income and expenses helps to distribute expenses evenly if the contract provides for the receipt of income over more than one reporting period, and there is no stage-by-stage delivery of goods (work, services).

Income recognition procedure

Note 1
Funds received as a result of any operation must be reflected in the accounting records of the enterprise. The recognition procedure depends directly on whether the appearance of these funds is related to the main activity of the company or not.

All organizations, except insurance and credit, which are legal entities, are required to consolidate information on income received in accordance with the rules outlined in PBU 9/99 “Income of the organization.”

PBU9/99 is also applied by non-profit organizations, but exclusively in relation to income received from business activities.

The income of an enterprise, according to the definition set out in paragraph 2 of PBU9/99, is considered to be an increase in the economic benefits of the enterprise from the receipt of assets or the repayment of liabilities, leading to an increase in the capital of this company.

However, not all funds and property received by the organization are income. In accordance with clause 3 of PBU9/99, the following receipts are not recognized as income of the enterprise:

Finished works on a similar topic

• Coursework Recognition of income 420 rub.
• Abstract Recognition of income RUB 270.
• Test work Recognition of income 210 rub.

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• amounts of VAT, excise taxes, export duties and other similar mandatory payments;
• under commission, agency and similar agreements in favor of the principal, principal and the like;
• advance payment for goods, products, works or services;
• advances in payment for products, goods, works, services;
• deposit amount;
• funds as collateral;
• funds to repay a loan.

Algorithm for accounting for company income and expenses

Accounting for income and expenses of an organization is carried out on the basis of the Law “On Accounting” dated December 6, 2011 No. 402-FZ, no.

Accounting for income and expenses is carried out using the double entry method using the corresponding accounts approved by order of the Ministry of Finance dated 31.10.2000 No. 94n. Analytics is carried out for each type of income and expense with the ability to identify the financial result for each operation.

To summarize information about income and expenses received from ordinary activities, the chart of accounts provides for account 90 “Sales”, to which the main sub-accounts are opened:

• 90.1 “Revenue” - for accounting for income recognized as revenue;
• 90.2 “Cost” - for cost accounting;
• 90.3 “VAT” - to account for tax due from buyers;
• 90.4 “Excise taxes” - for accounting for amounts of excise taxes (and also applicable when selling excise goods).

To account for other expenses, organizations can open other subaccounts to account 90.

To determine the financial result, which represents the difference between revenue and self-worth, subaccount 90.9 “Profit/loss from sales” is used. At the end of each month, the results of the company’s work are displayed by comparing debit turnover on subaccounts opened for accounting for expenses and other “negative” items (90.2-90.8ٜ), with credit turnover on subaccount 90 ٜ.1ٜ. The identified amount is written off by posting Dt 90.9 Kt 99 in case of excess of income over expenses or Dt 99 Kt 90.9 - in case of a loss. The sum of the subaccounts accumulates during the year, at the end of which they are closed internally:

Dt 90.1 Kt 90ٜ.9 - written off to the “Revenue” subaccount;

Dt 90.9 Kt 90ٜ.2 (90.3, 90.4...) - written off including subaccounts of costs, VAT and other items that reduce revenue.

To account for other income and expenses, account 91 “Other income and expenses” is used, to which the following subaccounts are opened:

• 91.1 “Other income” - for accounting for income not related to the main type of activity;
• 91.2 “Other expenses” - to account for other costs;
• 91.9 “Balance of other income and expenses” - to identify profit/loss from transactions related to other types of activities.

Similar to accounting for income and expenses from ordinary activities, the accountant at the end of the month compares the balance of accounts 91.1 and 91.2 and writes off the resulting result by posting Dt 91.9 Kt 99 - upon receipt of profit or Dt 99 Kt 91.9 - loss at the end of the month. Subaccounts are closed at the end of the year using internal transactions.

Tax accounting of income and expenses, as mentioned earlier, has some differences from accounting.

Example

entered into a car rental agreement with a company employee, according to which the monthly rent is 7,500 rubles. The car's engine capacity is less than 2,000 cm3.

When calculating taxable profit, you can take into account no more than 1,200 rubles. (Subclause 11, Clause 1, Article 264 of the Tax Code of the Russian Federation). That is, in accounting expenses it will be reflected in 6,300 rubles. (7,500 – 1,200) more costs than in the tax office. Tax accounting analytics can be displayed as follows:

In this case, a permanent tax liability is formed, which is reflected in accounting by posting Dt 99 Kt 68 - 6,300 rubles.

Between tax accounting (TA) and accounting (BU), when recording certain incomes and expenses, not only permanent but also temporary differences can arise. This means that the event is displayed in accounting earlier (later) than in tax accounting.

The rules for accounting for permanent and temporary differences are shown in the table below.

More details about the algorithm for accounting for permanent and temporary differences can be found in the material “Differences between accounting and tax accounting.”

Tax accounting can be kept separately from accounting (most often this method is chosen by large companies) or on the basis of accounting data highlighting tax differences (this method is usually chosen by small taxpayers). In any case, correct tax and accounting management according to “double standards” is only possible using automated systems.

Reflection of revenue (income) from the implementation of design work has its own specific features. Thus, in 2020, the organization should have been guided by various requirements of regulatory legal acts governing the procedure for maintaining accounting and taxation:

– when reflecting the specified revenue (income) in accounting;

– determining the moment of actual sales when calculating the tax base for VAT;

– reflection of income for the purpose of determining the tax base for income tax;

– reflection of income for the purpose of determining the tax base for the tax under the simplified taxation system (STS).

In 2020, this procedure underwent certain changes, which will be discussed below.

Accounting

When maintaining accounting records, the organization must be guided by the requirements of the Law of the Republic of Belarus dated July 12, 2013 No. 57-Z “On Accounting and Reporting” (hereinafter referred to as Law No. 57-Z), according to which a business transaction must be reflected in accounting only on the basis and with availability of a primary accounting document.

The primary accounting document is a document according to which a business transaction is reflected in the accounting accounts (Article 1 of Law No. 57-Z).

Each business transaction is subject to registration with a primary accounting document, which is drawn up when a business transaction is carried out, and if this is not possible, immediately after its completion (clauses 1 and 5 of Article 10 of Law No. 57-Z).

Income tax

The tax base for income tax is determined based on the norms of paragraph 4 of Art. 127 of the Tax Code of the Republic of Belarus (hereinafter - TC), according to which revenue from the sale of goods (work, services), property rights is reflected on the date of recognition in accounting, regardless of the date of settlements for them in compliance with the accrual principle (method) in the manner established by law and (or) enshrined in the accounting policies of the organization (for banks - in the manner established by the National Bank), taking into account the norms of parts two and three of clause 4 of Art. 127 NK.

Based on the above, the date of recognition of income from performing design work in tax accounting for income tax purposes coincides with the date of recognition of income from completed design work in accounting.

Tax under a simplified taxation system

The object of taxation under the simplified tax system is gross revenue |*| (Clause 1 of Article 288 of the Tax Code). The tax base of the tax under the simplified tax system is defined as the monetary expression of gross revenue, which, in turn, recognizes the amount of revenue from the sale of goods (work, services), property rights and non-operating income (clause 2 of Article 288 of the Tax Code).

* Information on the procedure for determining the tax base of the tax under the simplified tax system when performing construction work on the territory of Belarus and Russia is available for subscribers of the electronic “GB”

Revenue from the sale of goods (work, services), property rights is reflected by:

- organizations maintaining accounting and reporting - as of the date of recognition in the accounting records, regardless of the date of settlements for them in compliance with the accrual principle (method) in the manner established by law and (or) enshrined in the accounting policy of the organization (accrual principle);

– organizations that keep records in the book of income and expenses of organizations and individual entrepreneurs using the simplified tax system, in accordance with paragraph 1 of Art. 291 Tax Code - as payment is made for goods shipped, work performed, services rendered, transferred property rights (payment principle).

Based on the foregoing, the date of recognition of income from the performance of design work for tax purposes under the simplified tax system coincides with the date of recognition of income from completed design work in accounting (for organizations that apply the simplified tax system and maintain accounting records).

Value added tax

When calculating VAT, an organization must take into account that from January 1, 2020, the procedure for determining the moment of actual sale for the purposes of calculating and paying this tax has changed.

Until January 1, 2020, the day of performance of construction, research, development and experimental-technological (technological) work, provision of engineering services was recognized as the last day of the month of performance of work, provision of services. If the customer fails to sign certificates of work performed, services rendered for the reporting month before the 10th day (inclusive) of the month following the reporting month, the day of completion of construction, research, development and experimental-technological (technological) work, provision of engineering services were considered the day the customer signs the certificates of work performed and services provided (clause 7 of Article 100 of the Tax Code).

Let us recall that in accordance with paragraph 3 of Art. 33 Tax Code for the purposes of applying Ch. 12 “Value added tax” of the Tax Code uses the terms and their definitions provided for in Art. 33 NK.

So, according to Art. 33 TC engineering services are engineering and consulting services for preparing the process of production and sale of goods (works, services), preparing the construction and operation of industrial, infrastructure, agricultural and other facilities, as well as pre-design and design services (preparation of feasibility studies, design - design development, technical tests and analysis of the results of such tests).

Thus, from January 1, 2020, for design work, the rule establishing specific features of determining the moment of actual implementation for the purposes of calculating VAT has been excluded |*|.

* Information on the procedure for calculating VAT when a non-resident provides design services is available for subscribers of the electronic “GB”

In this regard, from January 1, 2020, for VAT purposes, the moment of actual implementation of design work is determined in the same manner as the moment of actual implementation is determined in relation to other types of work (services). Thus, the moment of actual sale of goods (works, services), property rights is the day of shipment of goods (performance of work, provision of services), transfer of property rights falling within the reporting period, regardless of the date of settlements for them, unless otherwise established by Chapter. 12 of the Tax Code (clause 1 of Article 100 of the Tax Code).

The day of completion of work (rendering of services) is the date of transfer of completed work (rendered services) in accordance with executed documents (acceptance certificates and other similar documents). If the customer fails to sign acceptance certificates and (or) other similar documents for the reporting month (quarter) before the 20th day (inclusive) of the month (quarter) following the reporting day, the day of execution of work (rendering services) is recognized as the day of drawing up the acceptance certificates acts and (or) other similar documents.

The day of performance of work (provision of services), the implementation of which is carried out on a permanent (continuous) basis , is recognized as the last day of the month of performance of such work (provision of such services), if in the documents (acceptance certificates and other similar documents) executed before the 20th the day (inclusive) of the month following the month in which such work was performed (such services were provided) contains an indication of the month in which these works were performed (these services were provided).

Do design work refer to work (services) performed (rendered) on an ongoing basis?

Tax legislation itself does not contain clear criteria that make it possible to unambiguously determine whether certain types of work (services) can be qualified as work (services) performed (rendered) on an ongoing basis, which in practice causes difficulties, disputes and is often the subject of subjective assessment.

Specialists of the Ministry of Taxes (magazine “Taxes of Belarus”, 2013, No. 13, S.V. Eskova, chief state tax inspector of the indirect taxation department of the main department of taxation of organizations of the Ministry of Taxes of the Republic of Belarus) explain the following. In order to classify the performance of work or the provision of services as sold on a permanent (continuous) basis, the following conditions must be met:

1) their implementation (provision) is carried out on the basis of a long-term agreement (contract) concluded for a period of more than 3 months;

2) the type of work performed (services provided) is indicated in the subject of the long-term agreement (contract);

3) the documents (acceptance certificates and other similar documents) contain an indication of the month in which these works were performed (these services were provided);

4) the customer uses the results of these works (services) in his activities in the month in which the work was performed (services were provided).

For example, if the specified requirements are met, the work (services) performed (rendered) on a continuous basis may include some housing and communal services; advertising services; consulting services; auditing services; education (training); legal services; information services; personnel services; medical services; others.

Design work (with extremely rare exceptions) does not meet the above criteria, in particular:

– the period of direct implementation of design work (or even its individual stages) may exceed 1 month (for example, 3, 6, 8 months, etc.);

– the acceptance certificates for design work do not indicate the month for which they were carried out, since the end result of the completed design work is design or estimate documentation, and not the process itself (the period of their provision);

– the customer of design work, as a rule, uses the results of design work not in the month in which they were performed (finished), but over a much longer period after they were completed by the designer (for several months, or even years during construction real estate objects, reconstruction, etc.).

Thus, design work cannot be recognized as work (services) performed (rendered) on a continuous basis. Accordingly, when determining the moment of actual implementation of design work |*| should be guided by the requirements of paragraph. 5 p. 1 art. 100 of the Tax Code, which, on the day of completion of work (rendering services), recognizes the date of transfer of completed work (rendered services) in accordance with executed documents (acceptance certificates and other similar documents). If the customer fails to sign acceptance certificates and (or) other similar documents for the reporting month (quarter) before the 20th day (inclusive) of the month (quarter) following the reporting one, the day of completion of work (rendering services) is considered the day the acceptance certificates acts and (or) other similar documents.

* Information regarding VAT and the place of sale of engineering services is available for subscribers of the electronic “GB”

We also note that when calculating VAT and determining the moment of actual sale, it is the date of preparation , and not the date of signing of the relevant primary accounting documents.

Based on the above legislative requirements, we consider in table. 1, how to determine the date of recognition of revenue in accounting and tax accounting in 2020 for project work ( VAT reporting period is a month).

For reference: according to clause 10 of Art. 103 of the Tax Code, when changing the procedure for calculating VAT (change in the composition of payers, objects of taxation, the tax base, the moment of actual sale, rates, the procedure for applying tax exemption), the new calculation procedure is applied to shipped goods (work performed, services rendered) , property rights transferred from the moment of changing the procedure for calculating VAT.

In a situation where the reporting period for VAT is a quarter , the date of recognition of revenue in accounting and tax accounting in 2020 for project work is determined in the following order (see Table 2):

Also, in the above situation, pay attention to the procedure for reflecting the amount of VAT calculated by the designer in accounting. In particular, on the basis of sub. 3.5 clause 3 of the Instructions for accounting for value added tax, approved by Resolution of the Ministry of Finance of the Republic of Belarus dated June 30, 2012 No. 41, the VAT amounts calculated by the organization are reflected in the debit of account 97 “Deferred expenses” and the credit of account 68 “Calculations for taxes and fees” – for the amount of VAT calculated in cases where revenue from the sale of goods, works, services cannot be recognized in accounting for a certain time. When recognizing in accounting revenue from the sale of goods, works, services, the amount of VAT is written off from the credit of account 97 to the debit of accounts 90 “Income and expenses for current activities”, 91 “Other income and expenses”.

Example. Accounting records from the designer for VAT amounts

The design organization drew up an acceptance certificate for the completed design work on March 25, 2020. The cost of the completed design work amounted to 120 million rubles, incl. VAT at the rate of 20% – 20 million rubles.

The customer signed the acceptance certificate for the work performed on April 30, 2016, i.e. the act is not signed until the 20th day of the next month, and accordingly the date of drawing up the act will be considered the moment of actual sale for VAT purposes.

In the designer’s accounting, these business transactions will be reflected as indicated in table. 3 (formation of the cost of work performed and their write-off are not considered).

Program for accounting income and expenses

Today, the market is replete with a variety of software that allows you to keep track of an organization’s income and expenses. The most popular among them is the 1C-Enterprise program. The latest versions allow you to take into account a large amount of information and work with several users simultaneously. The program has various modules with an intuitive interface. The manufacturer monitors all legislative changes and releases the necessary updates in a timely manner. The disadvantage of this software is its significant cost, as well as the need to pay for the services of service specialists.

As for free programs for recording income and expenses, they can be downloaded on the Internet, but with limited functionality.

Types of passive income

Income can be:

• active and passive;
• primary and secondary;
• main and additional.

Classification is carried out by recipients, sources, and other criteria. Many people are interested in types of passive income. If you receive money without direct participation in this process, you can call this income passive. For example, dividends from shares or interest on a deposit fall into this category. You don't make much effort to increase your capital. Both entrepreneurs and ordinary people should strive to increase passive income. Its size is unlimited. In this way, human well-being is formed.

Results

The purpose of accounting and tax accounting is to generate complete and reliable information about the financial position of an enterprise to provide it to interested internal and external users. Organization of correct accounting of income and expenses is the most important aspect of the activities of enterprises of any scale.

Fiscal authorities pay close attention to the procedure for accounting for income and expenses by taxpayers. At the same time, tax accounting differs significantly from accounting, and therefore accountants have to develop additional accounting registers.

Sources:

• Tax Code of the Russian Federation
• PBU 10/99, approved. by order of the Ministry of Finance of Russia dated May 6, 1999 N 33n
• PBU 9/99, approved. by order of the Ministry of Finance of Russia dated May 6, 1999 N 32n

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