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186ACCOUNTING AND ANALYSIS OF SETTLEMENTS WITH SUPPLIERS AND CONTRACTORS
Fedoryshyna L.
Candidate of Historical Studies, Associate Professor, Department of Analysis and Statistics Vinnitsa National Agrarian
University, Ukraine ORCID: https://orcid.org/0000-0003-3072-4854 Researcher ID L-5746-2018 Popovych - Zubchynska K.
Master's degree, VNAU
Abstract:
The article investigates the order of accounting for settlements with suppliers and contractors and suggests ways to improve the accounting process of settlements in order to optimize management decisions for their implementation. Theoretical bases of internal control of settlements with suppliers and contractors are developed. This study was conducted on the example of Yaltushkivka Research and Breeding Station of the Institute of Bioenergy Crops and Sugar Beets of the National Academy of Agrarian Sciences of Ukraine. calculations with suppliers and contractors are shown on an example of actions of the given enterprise.
Keywords: suppliers and contractors, calculations, accounting, analytical accounting, internal control, information sources
Actuality of theme. In the course of economic activity, enterprises enter into relationships with other business entities for the acquisition of inventory, works or services in order to ensure their continuous operation. The main consequences of business transactions are the emergence of liabilities, which leads to the emergence of accounts payable, including to suppliers and contractors. Negative phenomena in the domestic economy (in particular, its shadowing) significantly worsen the settlement discipline of business entities and create payment problems. Economists believe that the shadowing of Ukraine's economy has become total and is estimated by some experts and researchers at 60% of GDP. Most experts believe that 25-50% of the turnover of private enterprises is not reflected in the accounting documents (shadow turnover). According to them, the level of shadowing depends on what kind of enterprise it is, "who is behind it". In most small enterprises, the shade reaches 80-90% [3].
In such business conditions, companies bring to the forefront the satisfaction of their own needs and violate the fulfillment of financial obligations to partners. Such phenomena have a negative impact on the development of Ukraine's economy and require finding ways to eliminate them.
Analysis of research and publications on the topic of work. Problems of organization, analysis, control and optimization of accounting settlements with suppliers and contractors, as well as their true reflection in the financial statements are highlighted in the works of many scholars not only from an accounting but also from a legal point of view. Among domestic scientists, the problematic aspects of accounting for settlements with suppliers and contractors were studied by F.F. Bu-tynets, Yu.A. Chain, G.W. Vlasyuk.
The study of accounting for payments to suppliers and contractors is reflected in the works of foreign scholars such as L.A. Bernstein, M.F. Van Brad, E.S. Hendriksen and others. They consider scientific approaches to regulation, maintaining the optimal share of current liabilities for goods, works, services in the financial statements, substantiate their impact on the financial stability and solvency of the enterprise. The works of many domestic and foreign scientists are devoted to the problems of analysis of calculations.
However, there are still issues that need further research: determining the economic nature of liabilities to suppliers and contractors, the order of their reflection in accounting and reporting, which, in turn, should ensure the unquestionable quality and transparency of this information, and so on. Many theoretical provisions concerning the interpretation of settlements, debts and liabilities are debatable, and their organization, valuation and accounting methodology need to be improved.
The purpose and objectives of the study. The purpose of the work is scientific and theoretical substantiation and development of recommendations for improving the accounting and analysis of the acquisition of property by the company, the formation of accounting information on non-performance of contracts, identifying discrepancies in supporting documents to obtain quality property, preventing property losses during transportation, timely payments to suppliers and contractors.
Presentation of the main research material. Settlements with suppliers and contractors arise as a result of contractual relations that mediate the acquisition process, respectively, a detailed analysis requires this process. The concept - acquisition is much broader than the concepts of "procurement", "supply", because to create stocks of values the company must purchase them.
The company carries out supply operations that provide working capital, necessary to achieve the main goal of the enterprise - to make a profit. Quite often the supply process is understood as the supply and procurement of valuables [2].
Accordingly, supply means the transfer of one subject of economic relations to another under certain conditions of inventory. Supply is seen as the process of transferring goods by one entity to another [4].
The terms —supply and —supply are used mainly as synonyms. The concept of —supply process should be used when referring to the supplier company, which organizes this process and meets the needs of the consumer. Supply should be understood as a dynamic process of movement of values from one side to another, delivery reflects the statics and refers to the time at which the transfer of values [2]. Because the procurement process involves the formation of reserves for the future, it involves the accumulation of assets. However,
Magyar Tudomanyos Journal # 41, 2020 in the case of non-current assets, the use of such a term is impractical, as the manufacturing enterprise does not keep, for example, fixed assets in warehouses for the purpose of their operation in a few years. Accordingly, the concept of procurement refers to current assets -stocks, the presence of which should ensure the continuity of the production process [6].
An entity obtains the necessary funds as a result of their acquisition or exchange, which creates a process of resource movement. Hence, acquisition can be defined as the process of movement of values from the seller to the buyer, that the fulfillment of contractual terms and meet the needs of the parties to economic relations [3].
Supply decisions are made in conditions when both external economic factors (economic, political, social, cultural, technical, legislative, legal, market, market conditions, supply) and internal (supply plan and tasks, enterprise relations) change. , departments, change of assortment) that creates existence of a problem and restriction. The main tools of interaction between suppliers and enterprises include:
> supply program policy: distribution of supply objects by types, properties and qualities;
> creating a strategy for finding sources: using the following variables indicators such as: supplier (un-competitive, or monopolistic, single, two suppliers, several suppliers);
> term of deliveries (from a warehouse according to demand, —exactly in timell); the supply entity (one, several) and the scale of supply (local, global), the supply department develops its own strategy for finding sources.
Liabilities are one of the components of the Balance Sheet and are considered as sources of financial resources for financing the operating, investment and financial activities of enterprises [5].
The category "liabilities" is closely related to the categories "settlements" and "debts".
Souk L.K. notes that liabilities are a slightly broader economic category than accounts payable [4]. In the discussion of the definition of the term "calculations" there are three main positions.
According to the first of them, calculations are a system of relationships. Proponents of the second position consider these calculations directly relationships (without the use of the word "system"). The third group of scientists only explains the economic essence of the calculations, without explaining their definition [4]. Accounts payable are the most important part of the company's liabilities, which include long-term and current liabilities.
Accounts payable - temporarily attracted by the entity for its own use funds that are subject to return to legal or to an individual.
Accounts payable expresses the value of financial liabilities of the enterprise to various subjects of economic relations.
Liabilities reflected in accounting have legal and economic meaning. As a legal category, an economic obligation is an economic relationship governed by law. Due to these relations, one party is authorized to require the other to carry out business transactions: transfer of property, performance of works, provision of services, etc., and the other is obliged to comply with the subject of the obligation and has the right to demand appropriate remuneration - payment of money, counter services, etc. [7].
The methods of payment are determined by the procedure and conditions of fulfillment of their monetary obligations to each other. Different forms of payment can be used for each form of payment, which allows companies to fulfill their monetary obligations on more favorable terms [2].
Settlements with suppliers and contractors are made after shipment of inventory, performance of works or provision of services or simultaneously with them with the consent of the organization or on its behalf, or on prepayment. According to the economic content, the calculations are divided into two main groups (systems):
- for commodity transactions, all payments between enterprises and business organizations for sold products, work performed, services and purchased tangible assets and services;
- for non-commodity transactions, which include relevant payments to the budget; obtaining and repaying bank loans, paying insurance premiums, settlements for claims, shortages and thefts and various other settlements [2].
An important condition for the successful operation of enterprises in market conditions is an objective assessment of liabilities.
Evaluation is the process of realizing the positive or negative significance of any economic phenomena, labor results, forms of production and labor activities, material actions, economic achievements to meet human needs, interests, goals of the subject [2].
One of the important issues that needs to be considered in depth and multilaterally is the issue of valuation of liabilities. The choice of valuation option depends on the type of commitment. In accounting, liabilities are classified into current, long-term liabilities, collateral, contingent liabilities and deferred income [2].
Table. 1
Analysis of indicators of financial stability and solvency of the enterprise Yaltushkivska DSS IBK
№ Indicators 2016 2017 2018 Deviation (+; -)
1 Coefficient of financial independence 0,85 0,86 0,87 0,02
2 Coefficient of financial dependence 1,18 1,17 1,15 -0,03
3 Ratio of borrowed and own funds 0,15 0,14 0,13 -0,02
4 Funding ratio 5,47 6,02 6,82 1,35
5 Long-term borrowing ratio 0,00 0,00 0,00 0,00
6 Availability of own working capital, thousand UAH 3404,0 4693,0 2579 -825
7 Equity maneuverability ratio 0,30 0,35 0,23 -0,07
8 Monetary solvency ratio 0,16 0,11 0,04 -0,12
9 Estimated solvency ratio 2,62 3,11 2,57 -0,05
10 Liquidity solvency ratio 2,62 3,11 2,57 -0,05
In accounting, assets and liabilities are reflected on the day of their implementation, ie on the day of their occurrence, regardless of the date of movement of funds on them [4].
A significant part of the company's liabilities is regularly (monthly) accrued with the reflection in the debit of accounts of assets or expenses, and on credit -accrued liabilities. In such cases, the recognition of liabilities (accounts payable) directly depends on the recognition of the relevant assets or expenses [4]. The second condition for recognizing a liability in the balance sheet is the possibility of its reliable assessment. As a rule, the amount of the obligation is determined unambiguously and is directly indicated in the relevant documents. However, there are situations where the amount of payment depends on subsequent events. A liability is recognized in such cases if it can be measured with some confidence [4].
Of course, the amount payable to repay the debt is determined by the agreement (contract) or calculated on the basis of established rules (rates, norms, tariffs, etc.).
Liabilities arising from the advance payment by the buyer of goods or services at certain prices, range, quantity and quality may change their monetary value over time, but the agreed quantity and quality of goods will remain unchanged [5].
In some cases, at the time the liability arises, its amount is determined using preliminary analytical or expert estimates.
The following types of estimates are used to determine the carrying amount of liabilities [2]: historical cost: current cost: cost of calculation (payment); present value.
According to UAS 11 "Liabilities" in the Balance Sheet all current liabilities are reflected in the amount of repayment, ie in the financial statements in the section of current liabilities reflects the amount that will be actually paid when repaying such a liability [4].
Repayment value is the undiscounted amount of cash or cash equivalents that is expected to be paid to settle the obligation in the ordinary course of business [1].
The application of present value is somewhat more complicated. Its use is associated with changes in the
value of money over time, which may be due to inflation (or deflationary) processes in the economy (risk of changes in the purchasing power of money), commercial unreliability of business partners (risk of default) or giving entrepreneurs an advantage over cash. money (tendency to maintain liquidity) [3].
Present value is the discounted amount of future payments (less any expected reimbursement) that is expected to be required to settle the obligation in the ordinary course of business. Determining the present value depends on the terms and type of the liability. At present value, long-term liabilities are accrued on which interest is accrued, namely [3]: • amounts of long-term loans^ bond loans; • long-term interest bills; • long-term lease payments; • loans from non-bank financial institutions. The use of such an assessment requires the investor to make decisions and to ensure comparison of information in the financial statements. This approach allows you to bring all future percentages of resources in the form of repayment of long-term liabilities to one temporary denominator and show the investor the real value of long-term liabilities at the time when he will decide to provide funds as an investment [8].
In modern conditions, the effective relationship of the company with partners depends on the state of the organization of its paperwork settlements with suppliers and contractors. Rational documentation of accounting for payments to suppliers is an integral part of the process of operational and quality management of the enterprise. If the company does not establish paperwork for payments to suppliers and contractors, then management is generally ineffective, as the likelihood of penalties due to late payment of bills to suppliers or posting of valuables, not controlling the actions of financially responsible persons, which reduces the company's profits [7].
Many executors take part in operations, creation and transfer of primary and reporting documents of settlements with suppliers and contractors, therefore losses, incorrect or untimely drawing up of documents, etc. are possible. This leads to the creation of a rational system of documentation of settlements with suppliers and contractors, ahead of a well-thought-out system of
actions of officials and the movement of documents, orderly integrated accounting information in the document flow of the enterprise [7]. Documentation is an important element of the method of accounting, as it serves for the primary monitoring of business transactions and is a prerequisite for their reflection in accounting. That is why the basis for accounting settlements with suppliers in Yaltushkivska DSS IBK and the Central Bank are the primary documents that record the facts implementation of these operations.
Document circulation is a rationally organized system of creation, verification, processing and submission to the archive of primary accounting documents, the quality of which is characterized by the use of the company operates and schedules. Document flow (document flow) begins with the issuance of an invoice by the supplier for payment. In general, the receipt of goods from suppliers is made out by the consignment note (TTN), the tax invoice, or the invoice, the cargo customs declaration, etc. Acceptance of inventory, such as inventories received in the warehouse, is made out by a profit order (f. № M-4). If, during the acceptance of inventory, quantitative or qualitative differences with the data of the accompanying documents of the
supplier, it is necessary to draw up an act of acceptance of materials (f. №2 M-7) [7]. The supplier writes out commodity and payment documents for the shipped products, transfers them to the bank and sends them to the buyer, the company. Payables to suppliers can be repaid by non-cash or cash payments.
Most often in Yaltushkivska DSS IBK and the Central Bank use the non-cash form of settlements with creditors. Non-cash payments are made by payment order, payment order, letter of credit, collection, promissory note, or presented by other forms of payment, for example, using checks, both on documentary media and in electronic form.
The rules, forms and standards of non-cash payments in Ukraine, carried out with the participation of banks, are set out in the Instruction on non-cash payments in Ukraine in national currency, approved by the NBU Board Resolution of 21.01.2004, 22. involve the transfer of a certain amount funds from the accounts of Yaltushkivska DSS IBK and the Central Bank to the accounts of suppliers. Documents provided to suppliers after receipt of goods and materials are presented in table 2.
Tabl. 2
Primary documents for accounting settlements with suppliers
Settlements with foreign suppliers Settlements with domestic suppliers
Occurrence of debt
Income invoice Accepted account
Tax bill Railway consignment note
Consignment note Income invoice
Tax bill
Debt repayment
Expenditure cash order Bank statement
Bank statement
A liability is recognized if it can be measured reliably and it is probable that future economic benefits associated with the liability will flow to the Group. If the previously recognized liability is not repayable at the balance sheet date, its amount is included in income for the reporting period. Current liabilities are reflected in the balance sheet by the amount of repayment [1]. Rational organization of the movement of documents involves the establishment of the shortest possible time for their transmission and processing; determination of specific terms of document transfer from executor to
executor, from one accounting sector to another; from accounting to the computer center, etc. [2].
An operagram or documentogram is compiled for each document.
So, for example, at shipment of the goods the supplier provides the consignment note or the expense invoice and the tax invoice. Invoices are registered in the register of invoices, and tax invoices - in the register of received and issued tax invoices. The operogram of the consignment note is given in table. 3.
Table 3.
Operating invoice for settlements with suppliers and contractors
The content of the operation Accountant Head Manager Forwarder
Drawing up a consignment note ■
Approval the correctness of the invoice
Shipment material values ■ —
Getting material values ■
To receive the goods from the supplier's warehouse, a power of attorney is issued, which is registered in the power of attorney registration register. Payment to the supplier is made by payment order. If the released material values from the supplier are transported by Table 4
Payment order program for settlements^ with suppliers and contractors
motor transport, the accounting department of the supplier on the basis of the concluded contract and the data specified in the power of attorney, writes out the commodity transport consignment note [1]. The operogram of the consignment note is given in table. 4, 5
The content of the operation Head of the enterprise Chief accountant Cashier of the enterprise Cashier of the bank Supplier contractor
Drawing up a document ■
The first signature of the document ■
The second signature of the document ■
Sending a document ■
Receiving a document for transfer ■
Final receipt ■
Table 5
The program of the consignment note __
Contents of the operation Бухгалтер KepiBHm Зав.складом постачальника Водш-вантажник Експедитор Зав. складом покупця
Compilation of TTN
Approval 1 О О -1
correctness of TTN data
Loading values О о
Receiving cargo О*
Cargo delivery Оа: С
Thus, the primary documents are the basis for accounting. According to the study, quite often in prac-reflecting the business operations of the enterprise in tice there are questions about the documentary evidence of business transactions for the purchase, supply,
return, payment, offsets for goods and services [7]. In resolving such issues, one of the problems is improper documentation or lack of primary documents. This is especially true in the field of settlements with suppliers, where often the only document certifying the transfer of goods, products delivered by the seller's own transport, is a consignment note of any form with unauthorized stamps of the seller and buyer, which does not contain all the necessary details. Law of Ukraine "On Accounting and Financial Reporting in Ukraine" [6].
Correctness and timeliness of creation of each primary document, its receipt for registration in the accounting register on Yaltushkovskaya DSS IBK and the Central Bank carry out according to the approved schedule of document circulation.
In general, the amount of primary documentation related to the organization of accounting settlements with suppliers and contractors is presented in Fig. 1
Accounting documentation settlements with suppliers and contractors
Acts of work performance, claims, bank statements,
accounting certificates, sales contracts, invoice, acts of acceptance
of works, services, tax invoices, consignment notes, cargo
customs declarations, railway invoices; air waybills, bills of
lading, packing lists, acceptance ccrtificatcs.ct
Fig.1. The amount of primary documentation for accounting settlements with suppliers and contractors
In addition, of great importance in the proper organization of accounting settlements with suppliers and contractors are information systems and technologies in accounting and analytical work [71].
Summarizing the above, it should be noted that the organization of primary accounting in all enterprises plays a decisive role, because in the future will help provide transparent and reliable information about payments to suppliers and contractors, the status of debt repayment to them, which, in turn, will be reflected in the financial statements for internal and external users, used to analyze financial and economic activities, control payments, etc. [8].
Thus, the organization of primary accounting at the enterprise Yaltushkivska DSS IBK and the Central Bank provides timely, detailed and reliable information about settlements with suppliers and contractors, the status of repayment of debts to them at the enterprise. Primary documents at the enterprise under study are drawn up on standard forms, in a timely manner, filled in in accordance with the established requirements in accordance with the approved schedule of documents.
Usually, all enterprises engaged in economic activity comply with the requirements of current legislation on the organization of accounting for payments to suppliers and contractors. As a rule, the organization of synthetic accounting meets the requirements of regulatory documents. But as for the organization and methods of analytical accounting of settlements with suppliers and contractors, it can be argued that enterprises have virtually no important elements of the accounting process, as well as reasonable accounting nomenclature of primary and current accounting of settlements with suppliers and contractors, analytical accounting journal, work chart of accounts etc. [7].
The consequence of this is the use of a simplified and inefficient system of control of settlements with
suppliers and contractors, the complete lack of operational and long-term analysis of their feasibility, risk and efficiency [4].
Accounting for payments to suppliers and contractors is maintained in Yaltushkivska DSS IBK on account 63 "Settlements with suppliers and contractors".
The account is passive. On the loan - debt for goods and supplies received from suppliers and contractors, works, services. Debit - repayment or write-off of debt.
The specified account reflects settlements with enterprises, organizations and individuals for the received inventory, accepted (performed) works and provided services, including the provision of electricity, gas, steam, water, etc., as well as services for delivery or processing of material values, settlement documents which did not arrive, ie there were uninvoiced deliveries [7].
Analytical accounting of settlements with suppliers is conducted for each legal entity or individual that is a supplier. Analytical accounts are combined into sub-accounts [9]:
631 "Settlements with domestic suppliers"; 632 "Settlements with foreign suppliers".
Sub-account 631 "Settlements with domestic suppliers" records settlements for received inventory, work performed, services provided with domestic suppliers and contractors.
Sub-account 632 "Settlements with foreign suppliers" records settlements with foreign suppliers and contractors for the received inventory, work performed, services provided.
Analytical accounting is conducted separately for each supplier and contractor in terms of each document (invoice) for payment [3].
A liability is recognized if it can be measured reliably and it is probable that future economic benefits associated with the item will flow to the Group. If the previously recognized liability is not repayable at the balance sheet date, its amount is included in income for the reporting period. Current liabilities are reflected in the balance sheet for repayment amount [8].
Liabilities are one of the components of the Balance Sheet and are considered as sources of financial resources for financing the operating, investment and financial activities of enterprises.
Accounts payable are the most important part of the company's liabilities, which include long-term and current liabilities [4].
Accounts payable - temporarily attracted by the subject for its own use funds that are subject to return to a legal entity or individual [4].
Accounts payable expresses the value of financial liabilities of the enterprise to various subjects of economic relations.
If we consider the concept of "Obligations" from the point of view of jurisprudence, then as a legal cate-
Tangible assets that are paid for but not received by the end of the month (or are in safekeeping with the supplier) are classified as tangible assets on the road. Such tangible assets are accounted for conditionally by the accounting department in order to reflect them in the balance sheet of the enterprise as part of production inventories DT 20.22 KT 63. In the next month, tangible assets are restored to account 63 by a reversal record
Magyar Tudomanyos Journal # 41, 2020 gory of economic obligations - is an economic relationship governed by law. Due to these relations, one party is authorized to require the other to carry out business transactions: transfer of property, performance of works, provision of services, etc., and the other is obliged to comply with the subject of the obligation and has the right to demand appropriate remuneration - payment of money, counter services, etc. [3].
Accounting transactions for settlements with suppliers and contractors at the enterprise under study are given in table. 6.
Therefore, all transactions at the investigated enterprise are reflected in account 63, regardless of when the acceptance of the invoice. In case of discrepancy of contractual conditions or arithmetic errors, a claim is made to the supplier. Thus in accounting make record: DT 374 KT 63 [3].
The delivery of tangible assets from the supplier before the presentation of settlement documents on the basis of which payment is made is called uninvoiced delivery.With such a supply, tangible assets are posted at purchase or accounting prices: DT 20,22 KT 63 [3].
Table 6
with the same correspondence. As the inventories that are considered in transit arrive, they are posted to the amount actually received. When repaying the debt of suppliers is posted: DT 63 CT 31.30. Upon expiration of the statute of limitations, accounts payable will be attributed to income by changing the obligations [7].
Correspondence of accounts with suppliers using prepayment is given in table. 7.
Accounting for settlements with suppliers at the Yaltushkivska DSS ^ IBK and the Central Bank
№ 3/n The content of the operation Correspondence of accounts
debit credit
1 Raw materials and supplies came from the supplier 201 631
2 Purchased semi-finished products came from the supplier 202 631
3 Received from fuel suppliers 203 631
4 Received from packaging suppliers 2041 631
5 Building materials were received 205 631
6 Spare parts have arrived 207 631
7 Other materials were received 209 631
8 Received from IBE suppliers 221 631
9 An unconfirmed value added tax credit is shown 6442 631
10 Paid to suppliers for goods and materials from the current account 631 311
11 Paid to suppliers in cash 631 301
12 Issuance of a check or letter of credit to the supplier 631 313
13 Payment to the supplier through a bank loan 631 601
14 Issuance of a promissory note to the supplier 631 621
15 Received works (services) from the supplier for production purposes 23 631
16 Received from the supplier of work (services) for general production purposes 91 631
17 Works (services) were received from the general purpose supplier 92 631
18 Received works (services) from the supplier to organize the sales process 93 631
19 The claim to the supplier is reflected 374 631
20 Reinforcement for construction was received from suppliers 1511 631
21 Reinforcement for overhaul was received from suppliers 1512 631
22 Acquired fixed assets 1521 631
Table 7
Accounting for settlements with suppliers and contractors with prepayment_
№ 3/n The content of the operation Correspondence of accounts
debit credit
1 Transferred from the current account prepayment to suppliers 3711 311
2 Debit offset with a foreign supplier 3712 632
3 Prepayment for non-current assets is transferred from the current account 3713 311
4 The offset of debt for non-current assets is reflected 631 3713
5 Debt offsetting with contractors is displayed 634 3713
6 The tax credit from the value added tax is reflected 641 644
7 Posted in the warehouse of goods and materials at the purchase price 20 631
8 The amount of the tax credit from the value added tax is reflected 644 631
9 Offset of debt with the supplier for materials 631 3711
Construction of analytical accounting of settlements with suppliers should provide an opportunity to receive necessary data on: accepted and other settlement documents which term of payment has not come; unpaid on time settlement documents, suppliers for un-invoiced deliveries; issued promissory notes, the term of payment of which has not come; overdue bills, received commercial loans [7].
Analytical accounting is conducted in the Yal-tushkivska DSS IBK and the Central Bank for each supplier and contractor in terms of each document for payment. Analytical accounting of calculations on import operations in the context of countries, and in the middle of them in terms of suppliers, or contract numbers.
In the course of economic activity, the Yaltush-kivska DSS IBK and the Central Bank constantly make payments to contractors, including suppliers for the purchase of raw materials, materials and other inventory and services, which are confirmed by contracts. The main legal framework governing the organization of accounting for settlements with creditors in the economy is the Law of Ukraine "On Accounting and Financial Reporting in Ukraine" and National Accounting Provisions (Standards). Our study of accounting practice at the enterprise proved that Yaltushkivska DSS IBK and the Central Bank carefully adheres to the requirements of the legislation in conducting synthetic and analytical accounting of settlements with suppliers and contractors. The company provides the conditions established by contracts and agreements with suppliers and contractors. Accounting makes timely payment of accounts of suppliers and contractors, controls the amount of accounts payable, reconciles settlements with contractors and accurately reflects transactions with suppliers and contractors on the accounts.
In modern conditions, companies independently implement economic, organizational and managerial policies of their activities, so the organization of the accounting system requires special attention. Changes in the system of public relations and the conditions of operation of economic entities have identified the need for a serious transformation of accounting and accounting tools, in which the fundamental role belongs to the accounting policy of the enterprise as the most important element of ensuring reliable, timely, reliable information [6].
Accounting policy affects the final performance of the organization and the industry as a whole, allows you to generate reliable accounting (financial) and management reporting, is an important tool for optimizing the tax burden of the organization [6].
In the current system of regulatory regulation of accounting and reporting there is already a certain technique of formation, disclosure of accounting policies for the purposes of accounting and taxation. However, there is almost no methodological and methodological basis for its formation. In these circumstances, there is an objective need to study accounting policies, criteria for its development, the principles of formation in accordance with the specifics of the industry and its impact on the financial performance of the enterprise [6].
The experience of countries with developed market economies, which gave organizations greater independence in choosing accounting policies, shows that its influence on the efficiency of the accounting process, ensuring the completeness and reliability of the property and financial position of the enterprise.
Given the above, each company, based on the specifics of its activities, has the right to choose those accounting options that will ensure the fullest implementation of management functions. In this case, the accounting policy is a specific element of regulatory regulation of accounting at the enterprise level, which combines an alternative to state regulation and independence of enterprises [6].
Each entity engaged in a certain economic activity today looks like an autonomous microeconomic economic unit with specific, unique economic characteristics and legal forms. One of these forms is the model of organization of accounting, which is formed at the enterprise and approved by the owner or authorized person [6].
The specifics of economic relations in our country, instability external environment, rising inflation necessitate special management actions for effective management of the enterprise. In such circumstances, the provision of management functions depends on the level of information provided by the accounting system. The main purpose of accounting policy is to establish the most appropriate for specific enterprises methods of accounting for the submission of quality information in the form of reporting [6].
Accounting at each enterprise is based on the relevant regulations: laws and regulations (regulations, instructions, guidelines, recommendations, orders, etc.), which directly regulate the organization of accounting and reporting, as well as the requirements of financial and commercial law. Therefore, the degree of freedom of a particular enterprise in the formation of accounting policy, as noted by scientists, is legally limited by state regulations on accounting in the form of a list of methods and accounting procedures. [6].The main tasks of the organization of accounting of accounts payable for goods, works, services are [6]:
S providing timely and complete registration of data in documents and accounting registers, clear documentation of calculations;
S Reliable presentation of information on liabilities in the forms of financial statements;
S creation of an effective system of internal control of liabilities;
S providing the process of accounting for liabilities by qualified accountants and means of accounting automation;
S establishment by the order of the enterprise of the list of officials who will be responsible for correctness of calculations, timeliness of their documentation;
S determination of the order of synthetic and analytical accounting;
S timely check of calculations and prevention of overdue accounts payable;
S development of payment schedules;
S development of files of details, systematization of information about creditors;
S selection, implementation of methods, methods, techniques of collection and processing of information on transactions to fulfill obligations that are necessary for operational management, current and subsequent planning, control and analysis [3].
Particular attention in the organization and accounting of accounts payable for goods, works, services should be paid to the classification of suppliers and contractors for management purposes. Accounts payable for goods, works, services are kept on account 63 "Settlements with suppliers and contractors". This account has three sub-accounts of the second order: 631 - "Settlements with domestic suppliers"; 632 - "Settlements with foreign suppliers", 633 - "Settlements with PFG participants".
Based on standard sub-accounts, management classification of sub-accounts should be based on the currency of settlements, economic (geographical) segments, groups of suppliers depending on the basic conditions of supply or by type of supply to improve logistics and inventory management. Consider in more detail the formation of the accounting policy of the enterprise for accounts payable for goods, works, services in accordance with this classification [7].
Accounts payable for goods, works, services are a monetary item, so the requirements of UAS 21 "Impact of changes in exchange rates" must be taken into account. Accounting should be structured in such a way that payments made in different currencies are separated from each other. The standard chart of accounts
Magyar Tudományos Journal # 41, 2020 provides separate sub-accounts to reflect accounts payable for goods, works, services in the national currency (account 631 - "Settlements with domestic suppliers ") and accounts payable for goods, works, services in foreign currency. Therefore, depending on the type of currency, third-order sub-accounts should be opened for account 632. For example, 6321 "Settlements with foreign suppliers in US dollars", 6322 "Settlements with foreign suppliers in euros" [3].
Accounting policy for the formation of reporting by economic (geographical) segments is part of the accounting policy of the enterprise, which covers a set of principles, methods and procedures that ensure the formation of reporting indicators, and is to determine a single methodological approach to identifying, registering and grouping information about reporting segments in order to reflect it in the financial statements of the business entity.
Accounting and submission of financial statements taking into account business segments should be in accordance with the requirements of UAS 29 "Financial reporting by segments" [3]. Liabilities of the reporting segment are debts of the economic or geographical segment of the enterprise, which arose as a result of its normal activities and is directly related to this segment. Liabilities that arise at the enterprise level and relate to several of its reporting segments are allocated if the debt service costs are also allocated to such reporting segments [7].
Information for reporting on indicators of economic (geographical) segments is formed on the basis of internal management reporting, therefore, accounting for accounts payable for goods, works, services, works should be constructed to take into account the economic structure of the enterprise by economic segments, distribution of indicators between individual areas of activity, by type of supply, etc. [5].
Elements of the accounting policy of the enterprise for accounts payable for goods, works, services should include methods of valuation of liabilities in the transactions of related parties. This is important based on two accounting tasks:
S substantiation of the amount of tax credit from value added tax, which arises as a result of the purchase of goods, works, services;
S substantiation of the amount of costs that are taken into account when calculating the object of taxation.
The problem with the dual attitude to accounts payable in this case lies, in our opinion, in the consequences that entail the unfair fulfillment of obligations. Therefore, to further study the problem and outline areas for its solution, it is necessary to investigate the order of reflection of information about creditors at all stages of the accounting process [5].
The first stage of accounting settlements with suppliers and contractors is the primary accounting. Its content is the initial observation and perception of the economic fact (phenomenon or process), measurement in kind and value, recording in the media of accounting information - documents.
Given their large number and variety, documents need to be systematized. Perception, measurement and
Magyar Tudományos Journal # 41, 2020 recording of economic facts of settlements with suppliers are carried out by executors in different periods. Therefore, organizing the primary accounting, determine in advance the movement of primary documents, forming a schedule of documents. Note that it is at the initial stage of information processing that it is "sorted" and identified for further movement [8].
Primary documents are the main source of evidence for the occurrence of a particular event - the emergence or repayment of debt. Their improper or untimely registration makes it impossible to display information in the account. At the same time, agreements and contracts concluded to formalize the intention to cooperate, as the legal basis for the obligations, are often violated and do not allow the application of sanctions for breach of contract, because the original document is not executed, and therefore the event is not completed. Quite often an example of such violations is not the signing of the Act of work performed by the customer, but the explanation may be different options, most often - it is impossible to gather a commission to accept work in connection with the commission members, their illness, etc. This, in turn, entails unjustified arrears [4].
The organization of the final stage of accounting settlements with contractors depends on the quality of the organization of primary and current accounting.
This stage is characterized by the fact that in addition to accounting data, indicators of primary and current accounting, planning, rationing, operational and statistical accounting data, as well as previous reporting periods are required. The presence of these data and indicators allows not only to assess the results of the business entity, but also to identify trends [6].
The current stage of development of the domestic economy indicates that in Ukraine there is a change in the role of accounting in the enterprise. This is due to the transformation of corporate taxation under the rules of the current Tax Code of Ukraine (hereinafter - TCU) [4], which created the legal conditions for the priority of accounting.
The company's accounting reflects both receivables and payables, which indicates its economic activity. In the course of economic activity, this debt may acquire the status of bad.
Regarding the composition of income from the write-off of bad debts in accounting, it should be noted that - in contrast to UAS 16 "Costs", which establishes a detailed structure of costs [50], in UAS 15 "Income" is not detailed income structure [49]. For this purpose and in order to identify bad debts as part of other operating income of the enterprise, the chart of accounts provides for sub-account 717 xiglncome from the write-off of accounts payable.Analyzing the state of bad debts in "Tax" accounting, first of all, it should be noted that the current tax legislation mentions it twice. Yes, according to Art. 14 of the TCU, the amount of debt of one taxpayer to another taxpayer, not collected after the expiration of the statute of limitations, is a nonrefundable financial assistance. And in Art. 135 it is established that other income includes both the amount of such non-repayable financial assistance and the amount of bad debts. [4]
Some authors provide bad debts in "Tax" accounting status of non-repayable financial assistance [6], and others - consider as part of other income directly bad debts [7].
However, one way or another, bad debts will be included in income and will be taxable. Since the basic concept for tax accounting is the accounting concept, in our opinion, it is not advisable to apply the term "nonrepayable financial assistance" to bad debts.
It should be noted that during the period of the Law of Ukraine poOn the taxation of profits of the enterprise bad debts were also equated to non-repayable financial assistance. In addition, certain bylaws required companies to reduce the company's gross costs associated with the purchase of goods that remained unpaid when the accounts payable were declared bad.
Today, the simultaneous adjustment of costs (their increase) is illogical, because along with the attribution of bad debts to other tax costs is not the sale of goods, and, consequently, the cost of goods sold is absent.
As noted earlier, the most common case of recognition of accounts payable as bad is the expiration of the statute of limitations. Thus, according to the definition of the Civil Code of Ukraine, the statute of limitations
- is the period within which a person may apply to the court to protect his civil rights or interests [8]. The general statute of limitations is set at three years. Under this and other legal grounds established by civil law, the company is obliged to include bad debts to other operating income in accounting and to other tax income in tax accounting [7].
However, as practice shows, this information about the creditor or creditors of the enterprise may be received by the responsible accounting staff with a delay, namely - after the end of the reporting period. Due to this, there are distortions in the accounting of the enterprise; the problem may be doubled in connection with the documentary inspection by the state tax service of the reporting period, which accounts for such situations. In this case, based on the results of the inspection of the enterprise, the amounts of bad debts that are not included in the enterprise's income will be taxed, additional income tax deductions and accrued penalties [6].
In addition, in practice, there are cases when after the company pays the accrued amount of income tax and penalties based on the results of the inspection, the status of accounts payable may change from bad to current. For example, an enterprise that has a debt will pay the creditor part of the amount owed. It should be noted that such business transactions are possible if the company complies with civil law on the interruption of the statute of limitations. Thus, according to the CCU, the statute of limitations is interrupted by the commission of an action by the enterprise, which indicates the recognition of its debt, such recognition in this case is the transfer of funds to the supplier. Therefore, to comply with all legal requirements, we propose to draw up an Act of reconciliation of settlements between the company and the creditor [8].The main form of compensation for damage caused to the company is compensation for damages, while the payment of penalties is applied in cases provided by contract or law. When
the usual changes to the contract are insufficient or simply impossible, then the contract is completely changed, canceling the previous one. A change in contract actually means a change in obligations. When the obligation changes, the parties to the contractual relationship may use such a legal form as a novation (Article 604 of the CCU). Thus, innovation is the basis for termination of existing obligations and the emergence of new ones. This requires appropriate adjustments in accounting [4].
As a result of breach of contract, the company may pay: a penalty, a fine, a penalty. According to the Commercial Code, the following types of economic sanctions are distinguished: compensation for losses; penalties; operational and economic sanctions. The reflection in the accounting of penalties, which are recognized by the debtor or in respect of which a court decision has been received, for breach of economic agreements, is regulated by UAS 10 "Accounts receivable". According to this, their accounting is built [6].
One of the stages of working with unreliable contractors who violate the terms of contracts is claims work, which is not permanently reflected in accounting, because the increase in tax liabilities (tax credit) for VAT occurs only at the time of arrears under the "rule of the first event" . In accounting, the maturity of the debt is also not a basis for recognizing income (expenses) [6].
Today, the activities of any enterprise, regardless of ownership, is not possible without interaction with third-party organizations that provide the company with the necessary resources for its activities, as well as perform work and provide services. Due to the time difference between the moments of delivery and payment on the accounts of the enterprise there is a current accounts payable for goods, works and services. The amount of this type of liability must be carefully controlled, as on the one hand they represent temporarily free working capital, and on the other hand - affect the financial stability and solvency of the entity. Imperfect settlements with suppliers and contractors often lead to significant accounts payable, which leads to a violation of financial and settlement disciplines. The reason for violation of settlement and financial disciplines can be both imperfection of accounting for settlement operations, negligence of employees, and fraud, abuse of office. Therefore, it is important to properly, efficiently and timely settle accounts with suppliers and contractors and their reliable reflection in the financial statements enterprises [4].
Analyzing the Statement of financial position, you can track the impact of the share of liabilities for goods, works, services in the liabilities of the enterprise on the liquidity of the entity by calculating such financial ratios as: total liquidity ratio (total coverage ratio); quick liquidity ratio; absolute liquidity ratio.The total coverage ratio characterizes the ratio of current assets and current liabilities of the enterprise and shows the adequacy of the enterprise's resources that can be used to repay its current liabilities. It shows how many units of working capital per each currency of short-term liabilities. The quick liquidity ratio is similar to the coverage ratio, but is calculated by a narrower range of current
Magyar Tudományos Journal # 41, 2020 assets - excluding the least liquid part of them - inventories. Inventories are the least liquid because the funds that can be obtained in the event of their forced sale may be significantly less than the cost of their acquisition. Therefore, the quick liquidity ratio is calculated as the ratio of the most liquid working capital (cash and cash equivalents, current financial investments and receivables) to current liabilities of the enterprise [2]. It reflects the company's ability to pay current liabilities, subject to timely settlements with debtors. The absolute liquidity ratio is the most stringent measure of a company's liquidity and shows how much of its current liabilities can be repaid immediately if necessary. It is calculated as the ratio of cash and cash equivalents and current financial investments to current liabilities [2].
Thus, in our opinion, the amount of debt of the company to suppliers and contractors directly affects liquidity ratios. There is an inverse relationship between liquidity and this type of debt: the higher the level of current accounts payable, the lower the level of liquidity [3].
Documentary evidence of the relationship between suppliers, contractors and the company is a contract. The conclusion of the contract contributes to the emergence of a legal obligation, which is not reflected in the accounts and balance sheet. This liability will be accounted for only after the entities have commenced their obligations and, in accordance with the Accounting Regulation (Standard), the liability will be measured reliably and it is probable that the liability will decrease. economic benefits in the future due to its repayment. Such inconsistency of legal and accounting legislation leads to distortion of reporting information on the financial condition of the enterprise. In our opinion, this problem can be solved by reflecting the legal obligations on the off-balance sheet account 042 "Contingent liabilities" and in the notes to the financial statements. Once the legal obligations of all the criteria for compliance with accounting, they must be excluded from the off-balance sheet account and reflected in the balance sheets and balance sheet of the enterprise. This procedure for reflecting the obligations of the enterprise will provide users of financial statements with reliable and sound information about the debts of the enterprise and its solvency [6].
For rational and timely control and management of current accounts payable for goods, works and services, it is advisable to keep its analytical accounting for certain groups. We propose to take into account such features as: maturity and fulfillment of repayment terms. According to the maturity, the debt should be divided into three groups: up to three months; from three to six months; from six to twelve months. As for such a classification feature as the fulfillment of repayment terms, the debt is divided into the following three groups: debt, the maturity of which has not yet come; deferred debt; overdue debt [6].
To account for payments for resources received, work performed and services provided, the Chart of Accounts provides for an active account 63 "Settlements with suppliers and contractors". And the instruction on application of the Chart of Accounts provides three
sub-accounts to this account: 631 "Settlements with domestic suppliers", 632 "Settlements with foreign suppliers", 633 "Settlements with PFG participants". Such detailing is undeniably relevant and convenient, but in our opinion it is not detailed enough. We propose to open the following analytical accounts for each of the above subaccounts: 631/1 "Debts to domestic suppliers, the maturity of which has not yet come", 631/2 "Deferred indebtedness to domestic suppliers", 631/3 "Overdue debts to domestic suppliers", 632/1 "Debts to foreign suppliers, the term of payment of which has not yet come", 632/2 "Deferred debts to foreign suppliers", 632/3 "Overdue debts to foreign suppliers". But the debt for the services provided, we believe, it is advisable to accumulate on sub-account 685 "Settlements with other creditors" [4].
Table. 8
The proposed form of Section III of the liabilities of the balance sheet (statement of financial position)
III. Current liabilities and collateral Short-term bank loans 1600
Current accounts payable for: long-term liabilities 1610
goods, works, services 1615
including overdue accounts payable for goods, works, services » 1616
calculations with the budget 1620
including income tax 1621
insurance calculations 1625
payroll calculations 1630
Current supplies 1660
future revenues 1665
Other current commitments 1690
Total for section III 1695
In our opinion, the management of the enterprise should pay special attention to the balances of accounts that record overdue debts in order to take the necessary strict measures in a timely manner. We also believe that it is unfair and incorrect that the balances of these accounts are in no way emphasized in the financial statements. Therefore, we propose to add line 1616 to the Statement of financial position under line 1615 "Current accounts payable for goods, works, services" with the title "including overdue accounts payable for goods, works, services". This will greatly enhance the in-formativeness of enterprise reporting and help suppliers better understand the quality of future economic relations with by this business entity (Table 8).
Accounting for payments to suppliers and contractors, as well as accounts payable is carried out in order to prevent delays in payment and bring the debt to the imposition of penalties to the company. A properly organized settlement system must sufficiently reflect and characterize the economic activity with the necessary specification. Under the conditions of automation, it is necessary to implement a number of measures that will ensure the economic stability and competitiveness of the enterprise.
In an unstable market economy, the risk of nonpayment or late payment of bills increases, which leads to accounts payable. Part of this debt in the process of financial and economic activities is inevitable and must be within acceptable values.
Accounts payable analysis and management are very important for companies operating in market conditions. Skillful and efficient management of this part of current assets is an essential condition for maintaining the required level of liquidity and solvency.
Accounts payable - the amount of debt of the enterprise to creditors on a certain date [79].
The purpose of debt analysis is: assessment of payment discipline of buyers and customers; analysis of accounts payable risks; identification of liabilities that are unlikely to be recovered as part of accounts payable; development of the optimal policy aimed at accelerating settlements and reducing the risk of default [8].
The analysis of accounts payable begins with a study of
the composition and structure of accounts payable according to form № 1 "Balance Sheet (Statement of Financial Position)". According to NP (c) BU 1 "General requirements for financial reporting" approved by Order № 73 of 07.02.2013, the balance sheet (statement of financial position) is a report on the financial condition of the enterprise, which reflects at a certain date its assets, liabilities and equity [3].
To do this, calculate the share of each type of accounts payable in total. Such indicators are calculated according to the report and the plan, and comparing them, determine deviations in the structure of accounts payable, establish the reasons for changes in its individual components and develop measures to regulate debt, especially those components that adversely affect the enterprise.
As a rule, the main reason for changes in the structure of accounts payable are mutual defaults. This can be confirmed by a comparative analysis of accounts payable and receivable. For comparative analysis, a balance sheet is prepared, which compares the types and in general the amount of receivables (placement of assets) and accounts payable (sources of capital formation).
The result of the analysis of the comparison of accounts payable and receivable may be to identify [30]:
1)increase or decrease in receivables;
2)increase or decrease in accounts payable.
Both an increase and a decrease in receivables and
payables can lead to negative consequences for the financial condition of the enterprise.
Thus, the reduction of receivables against accounts payable may occur due to the deterioration of relations with customers, ie due to a decrease in the number of buyers of products.
The increase in receivables against accounts payable may be a consequence of the insolvency of buyers [3].
For effective management of accounts payable it is necessary:
S monitor the ratio of receivables and payables;
S control the status of settlements on overdue debts, timely identify unacceptable amounts of accounts payable and make effective management decisions to eliminate it.
Business leaders have the opportunity to research the amount of their accounts payable, but in most cases they ignore it. Therefore, we recommend a comprehensive financial analysis of accounts payable, because its management requires a balanced scientific approach.
The variety and large number of potential suppliers of material flows increases the urgency of the problem of choosing those that could most effectively ensure the reliability of logistics processes. The importance of choosing a supplier is explained not only by the functioning of a large number of suppliers of the same material resources in today's market, but also by the fact that he must be, above all, a reliable partner of the manufacturer in implementing its production strategy [6].
One of the main problems in the management of procurement of material resources is the choice of supplier. Increased competition and rising prices are forcing companies to think seriously about cutting costs. According to research, about 50% of reserves are in the field of procurement. The other 50 % can be found in management, production organization, logistics and other areas of activity. That is, the main reserve is in the optimization of procurement.
The largest companies pay more attention to this
area.
Search, processing and analysis of information on procurement markets, suppliers - a rather time-consuming and long process. If an organization is looking for a supplier for strategically important products, it is important to remember that a "bad" supplier can cause far more problems than "bad" materials. The final choice of supplier is made by the decision maker and cannot be fully formalized [2].
Conclusions and suggestions. The study on "Accounting and analysis of payments to suppliers and contractors: allows us to draw the following conclusions:
The study of theoretical aspects of the organization of accounting and analysis of settlements with suppliers and contractors allows us to conclude that they arise as a result of contractual relations that mediate the acquisition process. Quite often the supply process is understood as the supply and procurement of valuables. They are carried out in both cash and non-cash forms; relate to current liabilities of the enterprise and are measured at the amount of repayment, in the amount of the undiscounted amount of cash or cash equivalents to be paid.
The order and forms of settlements between suppliers and contractors are defined in business contracts (non-cash, cash, barter, purchase on credit or prepaid). Settlements are an important basis for fulfilling obligations, the main form of realization of commodity-money relations.
It is investigated that the assessment of liabilities plays a significant role in shaping the accounting policy of the enterprise. At present, the issue of the method of calculating the present value for various types of liabilities remains unresolved. It needs further research and discussion. We have concluded that it is necessary to further develop a methodology for calculating the present value separately for different types of liabilities and the need to reflect them in accounting.
It is established that the reflection of contractual rights and obligations in off-balance sheet accounts has its own characteristics and is that they are usually not reflected in the financial statements. At the same time, in real life, there are almost no companies that do not have obligations that must be fulfilled in the future. Such responsibilities include significant potential requirements for the enterprise as a result will affect his property status. Therefore, the financial managers of the company must also have complete information about off-balance sheet risks in order to further hedge them.
The organization of accounting for settlements with suppliers and contractors must ensure: timely documentation of settlement operations and their registration; identification of all costs associated with the procurement of tools and objects of labor; determination of the actual cost of purchased means and objects of labor; conducting analytical and synthetic accounting of settlements with suppliers; timely inventory of debts (receivables or payables) for settlements with suppliers and contractors; timely mutual reconciliation of debts with suppliers and contractors.
It is determined that the organization of primary accounting in all enterprises plays a key role, as in the future will provide transparent and reliable information about settlements with suppliers and contractors, the status of debt repayment to them, and this, in turn, will be reflected in financial statements for domestic and external users, used for analysis of financial and economic activities, control of calculations, etc. The organization of primary accounting at the enterprise Yaltushkivska DSS IBK and the Central Bank provides timely, detailed and reliable information about settlements with suppliers and contractors, the status of repayment of debts to them at the enterprise. Primary documents at the enterprise under study are drawn up on standard forms, in a timely manner, filled in in accordance with the established requirements in accordance with the approved schedule of documents.
In the course of economic activity, the Yaltush-kivska DSS IBK and the Central Bank constantly make payments to contractors, including suppliers for the purchase of raw materials, materials and other inventory and services, which are confirmed by contracts. Our research of the practice of accounting at the enterprise proved that Yaltushkivska DSS IBK and the Central Bank carefully complies with the requirements of
Magyar Tudományos Journal # 41, 2020 the legislation in conducting synthetic and analytical accounting of settlements with suppliers and contractors. The company provides the conditions established by contracts and agreements with suppliers and contractors. Accounting makes timely payment of accounts of suppliers and contractors, controls the amount of accounts payable, reconciles settlements with contractors and accurately reflects transactions with suppliers and contractors on the accounts.
It is established that the administrative document on the organization and maintenance of accounting (accounting policy) should include the following provisions that directly relate to the accounting of payments to suppliers and contractors and accounts payable for goods, works, services: work plan accounts detailing management sub-accounts 63 ( by types of settlement currency, business segments, groups of suppliers); job descriptions of the accountant on conducting settlement operations on accounts payable for goods, works, services; registers of analytical accounting of accounts payable for goods, works, services.
Accounting for payments to suppliers and contractors, as well as accounts payable is carried out in order to prevent delays in payment and bring the debt to the imposition of penalties to the company. A properly organized settlement system must sufficiently reflect and characterize the economic activity with the necessary specification. Under the conditions of automation, it is necessary to implement a number of measures that will ensure the economic stability and competitiveness of the enterprise.
Choosing a supplier is one of the most important tasks of procurement logistics. In modern conditions, choosing a supplier is not easy. The work of any enterprise depends on the availability of raw materials, supplies and services provided to it by other organizations. No organization, enterprise, institution is self-sufficient. Therefore, we propose to use the optimal method of choosing a supplier.
After analyzing the debt in the Yaltushkivska DSS IBK and the Central Bank, we can conclude that the company has a tendency to increase accounts payable, which is a negative factor. In particular, the debt for the goods of work, the debt for the issued advances increases. The company has increased the efficiency of the use of accounts payable. Evidence of this is the increase in the turnover of accounts payable (+ 3.7 years) and a decrease in the duration of one turnover (- 20.7 days). Hence the proposal - to improve the settlement
discipline at the enterprise, to take measures to repay accounts payable.
According to the results of the study, the following measures are proposed to improve the status of settlements with suppliers:
- it is necessary to monitor the ratio of receivables and payables: a significant advantage of receivables poses a threat to the financial stability of the enterprise and makes it necessary to attract additional funds; the excess of accounts payable over receivables can lead to insolvency of the enterprise;
- it is advisable to constantly monitor the status of payments on overdue debt;
- when making payments on accounts there are problems of control over accounts payable on accounts, for the purpose of their elimination it is offered to enter the document - the Register for payment;
- enter in the Chart of Accounts off-balance sheet account 10 "Accounts payable";
- in order to assess accounts payable, which should help determine the state of the enterprise, it is recommended to monitor accounts payable in terms of the amount of debt of individual creditors in terms of repayment of debts on schedule and in fact by creating a table and schedule of actual and planned payments to suppliers.
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3. Aleskerova Yu., Fedoryshyna L. (2018) Analysis of investment activities of enterprises of Ukraine. Economic system development trends: the experience of countries of Eastern Europe and prospects of Ukraine, pp.1-17.
4. Aleskerova Yu., Fedoryshyna L., Koval N. (2018) Features of loan security for the reproduction of fixed assets for agricultural purposes. Baltic Journal of Economic Studies, vol.4, nn 4, pp. 1-5.
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