On what account is it reflected?
As a rule, this tax is calculated and reflected in the balance sheet once a quarter, that is, once every 4 months. VAT can be reflected in several invoices. It depends on what the income is related to. If income is received from the main activity of the enterprise, then the tax will be charged and reflected in the Sales account (90), but if proceeds are received from the sale of other property of the company (for example, the sale of fixed assets), then the tax is reflected in account 91.
We talked about which account in the balance sheet the revenue is shown in in a separate article, and you will find more information about how it is accounted for with and without VAT here.
Accountant's Directory
08/09/2018 Contents
The indicator necessary to calculate the standard is the amount of revenue and payment costs.
Revenue is taken into account without VAT and excise taxes, which, being indirect taxes, go to the budget. Legal acts, from which it follows that the revenue reflected in f.
And in general, it’s stupid to compare a VAT return with profit or two different forms. To begin with, we recall the formula by which we calculated the amount with VAT and from it we obtain the formula for calculating the amount without. Value added tax on revenue.
VAT regardless of whether the seller operates with added tax or not. And taxes that are not included in VAT expenses and income tax are not reflected by the expense type code, because they are not expenses.
Value added tax or simply VAT is an indirect tax or form of levying value added. The amount of revenue from the sale of goods excluding VAT.
Sales proceeds excluding VAT.
VAT in accordance with sub. VAT, which contributed to the formation of non-operating income and influenced the discrepancy between revenue indicators form 2 and sales income. When taxed at a zero rate, see
.
The cash method is considered to be revenue received in the accounts or cash register of the enterprise or cash payment. VAT and sales tax. They also undertake to provide a balance sheet statement, balance sheet form 2 and form 1 for clarification. Reflection of sales revenue without VAT in accounting entries.
Article Foreign sales without VAT and income tax.
Thus, the answer follows to the question of whether to show revenue with or without VAT on accounts 90 and 91.
Profits and losses, as well as information on the income statement Form 2. Similarly, VAT is not reflected in Form 2. Please help a non-accountant economist understand VAT in financial statements!
Other income or 2 Other expenses.
What to do if the amounts in the declarations differ?
When checking the documentation, regulatory authorities may see that the revenue in the VAT declaration is greater than in the profit declaration. They believe that these amounts should always be identical, but in practice this is not the case. In theory, VAT revenue should be equal to profit, but this is not always true (you can learn about the differences between revenue and profit and other accounting concepts in a special material). The Federal Tax Service may request an explanation of the declaration, considering the error to be unfounded. Then the accountant needs to attach to the explanation documents that explain all transactions made during the current quarter. The more detailed he explains the current situation, the fewer questions there will be.
Tax revenue may be less in the case when some goods or services are not subject to VAT (detailed list of goods - Article 149 of the Tax Code of the Russian Federation).
But the opposite situation also exists. When might it occur? There are transactions subject to VAT that are not taken into account when calculating income tax. For example, the gratuitous transfer of goods. For clarity, let's look at an example.
A certain woman donated some goods worth 45,000 rubles (excluding VAT) for free use. Revenue amounted to 540,000 rubles for the first quarter. Then, in the VAT return, the accountant wrote the amount 540,000 + 45,000 = 585,000. This amount is less than revenue, but this situation can be explained. When transferred free of charge, VAT is charged on goods, as with a regular sale.
Thus, with different amounts for profit and VAT, it is necessary to show why this situation arose and write an explanation about this to the tax service.
Other publications on the topic of calculating and accounting for revenue may also be useful to you, after reading which you will learn:
- What are sales revenue and gross revenue?
- How does it differ from turnover and cost?
- What formulas are used to calculate it and how to calculate the annual volume?
Indication of VAT in the customer's annual revenue
In accordance with Part 15 of Article 4 of the Federal Law of July 18, 2011 N 223-FZ
“On the procurement of goods, works, services by certain types of legal entities”
-The customer has the right not to place in the unified information system information about the purchase of goods, works, services, the cost of which does not exceed one hundred thousand rubles. If the customer's annual revenue for the reporting financial year is more than five billion rubles, the customer has the right not to place in the unified information system information on the purchase of goods, works, services, the cost of which does not exceed five hundred thousand rubles. Annual revenue of the customer for the reporting financial year Is it taken into account with or without VAT?
We recommend reading: Is it necessary to re-register a car when changing registration in a year?
By virtue of Part 5 of Art. 4 of Law No. 223-FZ, customers are required to publish certain information about ongoing procurement, except in cases provided for in Part.
15 and part 16 art. 4 of Law No. 223-FZ.
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Reflection in the financial results statement:
in form 2 (profit and loss statement - opiu)
In this reporting form, VAT is always indicated as a debit as part of line 2110 Profit. Order of the Ministry of Finance of Russia dated May 6, 1999 No. 32n established that revenue is the turnover on the credit of account 90-1 Revenue, reduced by the debit turnover on subaccounts 90-3 “VAT”, 90-4 Excise taxes.
On the balance sheet
The tax is reflected in the balance sheet as both an asset and a liability. In the asset it is reflected in two lines at once - 1220 and 1230, in the liability - 1520. Let us consider in more detail the formation of each part.
- Line 1220 of VAT on purchased assets is the amount of tax that the company undertakes to deduct in the future, that is, the balance of account 19 is transferred there. For many companies, by the end of the year 19, the account is reset to zero, and then there is a dash in line 1220.
- Line 1230 is accounts receivable. In other words, this line summarizes everything that buyers or customers did not pay extra (or did not pay) at the time of drawing up the balance sheet, including VAT. This also includes advances for raw materials or supplies to suppliers, which include VAT.
- Line 1520 is the company's accounts payable. That is, this is the sum of all the company’s debts, including VAT. In addition, this line also includes advances received minus VAT.
Thus, VAT is reflected: in lines 1220 and 1230 in the assets of the balance sheet and in line 1520 in the liabilities.
Tax accrued - posting
The VAT entries reflect:
- When selling a product or service.
- Input VAT.
- VAT restoration.
Let's consider each case separately and determine in which case and on which account the tax is determined.
When selling goods, this tax is always taken into account as a credit in accounts such as 68 and 76.
Commercial organizations can reduce the amount of tax payable by deducting input VAT. It is reflected as a debit in accounts 19 and 68. There are a number of cases when the tax accepted for deduction must be restored.
Recovered VAT is reflected only on one account 68 for the loan.
In the declaration
The VAT declaration consists of two parts - the title page and the amount of VAT that is subject to payment to the budget or refund from the budget. To compile this document, 25 days are given from the end of the quarter.
The structure of the declaration is as follows:
- The first section is the final section, in which the accountant writes about the amounts to be paid or reimbursed based on the results of accounting/tax accounting and information from section 3 of the declaration.
- The second section must be completed by tax agents.
- The third section contains the final amount of tax to be paid to the budget or returned from it.
- The next three sections (4,5,6) are filled out only if there was a tax rate of zero percent.
- The seventh section reflects transactions on which VAT is not paid.
- Sections 8 and 9 include counterparties who are included in the tax registers for VAT.
- Sections 10 and 11 are completed only by certain types of business entities.
- Section 12 – designation of taxpayers who do not have to pay this tax.
VAT is reflected in a number of documents of each company. However, goods may be taxed at different rates or not subject to this tax. In order to avoid mistakes and desk audits, it is necessary to take into account all the nuances when paying this tax to the state budget. If the tax inspector still has questions, don’t be afraid, you just need to explain everything in detail, since perhaps your mistake is justified.
Filling out Form 2 of the balance sheet (sample)
> > > September 26, 2020 All story materials Form 2 of financial statements is a profit and loss statement known to all accountants. More recently, it changed its name, but the essence remained the same. Where can I find the current form?
How to fill it out correctly? How to check for errors? We will consider the answers to these and other questions using an example in the material below. Documents and forms will help you: Accounting statements are prepared and presented in accordance with the forms approved by Order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n.
ATTENTION! In 2020, reporting forms.
There are also. Also from reporting for 2020 to regulatory authorities.
Accounting statements - forms 1 and 2 - are submitted by all organizations. In addition to forms 1 and 2 of the financial statements, there are appendices to them (clauses 2, 4 of the order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n):
- cash flow statement;
- Explanations to the balance sheet and income statement.
- statement of changes in equity;
For small enterprises, as part of the annual reporting, it is mandatory to submit only Form 1 of the financial statements and Form 2.
Have you encountered difficulties in filling out financial statements?
Ask on our forum! For example, experts advise forum members on how to reflect a major transaction on the balance sheet.
Form 2 of the balance sheet - by this name we traditionally mean a reporting form that contains information about the income, expenses and financial results of the organization. Its current form is contained in the order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n, in which it is called a report on financial results.
In the Law “On Accounting” dated November 21, 1996 No. 129-FZ, which was in force until 2013, this form was called the Profit and Loss Statement, and in the law that replaced it dated December 6, 2011 No. 402-FZ, it was called the Financial Results Report.
At the same time, the form itself began to bear this name quite recently: “Income Statement
