Account 62 in accounting: postings, examples, subaccounts

Account 62 in accounting

Settlements are reflected in correspondence with the account. 90 “Sales” and 91 “Other income and expenses”, for which settlement documents were provided:

Account 62 has two sub-accounts - account 62.01 and 62.02:

account 62.01 shows the amount of income. Debit turnover reflects the amount of shipped products, goods, and services. Loan turnover is the amount received from customers.
account 62.02 shows information about advances received from customers. Debit turnover reflects the shipment made against advances. Loan turnover is the amount of advances received from customers.

Non-monetary payment of obligations

The contract may stipulate that the buyer will repay his debt with non-monetary means.

When repaying a debt with a bill of exchange, you need to open a separate sub-account for it in account 62. And when repaying the debt, the following entries are made:

Debit 62 Credit 62 – a bill of exchange was received to repay the debt

The organization shipped goods worth RUB 223,742 to the buyer. (VAT 34130) their cost is 112,120 rubles. The buyer issued a promissory note to repay the debt. He paid it off after 2 months.

Account Dt	Kt account	Wiring Description	Transaction amount	A document base
62	90.1	Revenue from the sale of goods is reflected	223 742	Packing list
90.3	68	VAT on sales reflected	34 130	Invoice ref.
90.2	41	Products written off	112 120	Packing list
62.3	62.1	Bill received	223 742	Accounting information
62.3	The bill has been repaid	223 742	Bank statement

Postings to account 62 Settlements with buyers and customers using an example

Let's study an example when a product is sold remotely through an online store. Payment for goods purchased through the online store can be made in one of the following ways:

Bank card (transfer of funds is regulated by law dated June 27, 2011 No. 161-FZ);
Cash to the courier upon delivery of goods (when selling goods through an online store, OKVED code 52.61.2);
Through electronic payment systems (regulated by law dated June 27, 2011 No. 161-FZ).

Example

The VESNA organization sells goods through an online store. The organization entered into an Internet acquiring agreement with the bank, on the basis of which the remuneration is 1.5% of the receipt amount. Consequently, the amount of revenue minus remuneration is transferred to the current account.

Buyer Ivanov I.I. in January 2020, I paid for the goods with a bank card in the amount of RUB 50,000.00, incl. VAT 18% - RUB 7,627.12. After receiving the bank statement, the organization ships the paid goods to the buyer.

To carry out the operation, the accountant creates the following entries:

Debit Account	Credit Account	Transaction amount, rub.	Wiring Description	A document base
57.03	62.02	50 000,00	The buyer made an advance payment by bank card	Payment register
76.AB	68.02	7 627,12	We charge VAT on the advance received	Invoice issued
51	57.03	49 250,00	Receipt of proceeds to the current account	Bank statement
91.02	57.03	750,00	Bank remuneration under the agreement	Bank statement
62.R	90.01.1	50 000,00	Accounting for sales revenue	Sale of goods and services (act, invoice), Invoice issued
90.03	68.02	7 627,12	VAT accrual on shipment
90.02.1	41.11	50 000,00	Write-off of shipped goods
62.02	62.R	50 000,00	Settlement of advance received
68.02	76.AB	7 627,12	VAT deduction on advance received	Book of purchases

Buyer Petrov P.P. I ordered goods worth RUB 12,000.00 through an online store, incl. VAT 18% - RUB 1,830.51. The buyer paid the goods in cash to the courier upon delivery of the goods. The delivery cost is 20% of the cost of the goods and is included in the price of the goods. According to the accounting policy, goods are accounted for at sales prices using 42 accounts, the trade margin in the organization is 15%.

To reflect the operation, the following transactions are generated:

Debit Account	Credit Account	Transaction amount, rub.	Wiring Description	A document base
50.01	90.01.1	12 000,00	We take into account retail revenue	Help - report of the cashier-operator (KM-6)
90.03	68.02	1 830,51	We charge VAT on retail sales
90.02.1	41.11	12 000,00	We write off sold goods at sales prices
50.01	90.01.1	12 000,00	Delivery of proceeds to the cashier by courier	Receipt cash order (KO-1)
90.02.1	42.01	— 1 105,38	Calculation of trade margins on goods sold	Help for calculating the write-off of trade margins on goods sold

Buyer Sidorov A.P. through electronic payment systems paid for goods in the amount of 95,000.00 rubles, incl. VAT 18% - RUB 14,491.53. The money was first credited to the seller’s “electronic wallet” and then transferred to a bank account minus a commission. The commission is 3.5% of the transfer amount – RUB 3,325.00. The next day the goods were shipped to the buyer.

Postings for the operation:

Debit Account	Credit Account	Transaction amount, rub.	Wiring Description	A document base
55.04	62.02	95 000,00	Advance received from buyer using electronic money	Register of payments.
76.AB	68.02	14 491,53	We charge VAT on the advance payment	Invoice issued
51	55.04	91 675,00	Funds were transferred to the current account	Bank statement.
76.09	55.04	3 325,00	Bank commission withheld	Bank statement.
44.01	76.09	2 817,80	The commission amount is included in expenses	Packing list
19.04	76.09	507,20	Input VAT included
76.09	76.09	3 325,00	Advance credited
68.02	19.04	507,20	VAT is accepted for deduction	Invoice received
62.R	90.01.1	95 000,00	Accounting for sales revenue	Sale of goods and services (act, invoice), Invoice issued
90.03	68.02	14 491,53	VAT accrual on shipment
90.02.1	41.11	95 000,00	Write-off of shipped goods
62.02	62.R	95 000,00	Settlement of advance received
68.02	76.AB	14 491,53	VAT deduction on advance received	Book of purchases

Receivables from buyers for goods, works or services

Both individuals and legal entities can act as buyers. For each of them it is necessary to maintain analytical records.

The buyer's debt arises after the posting is made Debit 62 Credit 90.1 (91.1, ).

Recognition of debt depends on the recognition of the moment of sale established in the accounting policies of the company, as well as in the terms of the supply agreement. In accounting, the buyer's obligations are always reflected at the time they arise. There are two possible options for debt to arise:

At the moment of transfer of ownership upon shipment of goods to the buyer. The organization reflects sales (Debit 62 Credit 90.1 (91.1))
Ownership of goods passes only after payment. In this case, the organization does not reflect the fact of debt in any way

Repayment of debt is reflected by posting Debit (50) Credit 62

The company sold goods in the amount of 124,500 rubles. (VAT RUB 18,992). Their cost amounted to 75,250 rubles. Under the terms of the contract, the buyer became the owner of the goods at the time of shipment.

Account Dt	Kt account	Wiring Description	Transaction amount	A document base
62	90.1	Sales of goods	124 500	Packing list
90.3	68	VAT on sales reflected	18 992	Invoice ref.
90.2	41	Products written off	75 250	Packing list
62	Money transferred for goods	124 500	Bank statement

Account 62 which is reflected in debit and credit

Account 62 in question is active-passive in accounting. Therefore, it can reflect both the organization’s debt to customers (credit balance) and the buyer’s debt to the organization (debit balance). Thus, the debit balance on account 62 indicates that products, goods, services have been shipped and there is a debt from buyers for goods shipped or services provided.

The credit of accounting account 62 displays funds from the sale of products (goods) and for services rendered, as well as prepayments and advances received. But payments and advances are accounted for in different subaccounts:

Subaccount 62.01 – takes into account payments received in the general manner;
Subaccount 62.02 – takes into account advances received from customers.

Thus, the credit balance on account 62 means that the enterprise has a debt to customers for advances received.

How is account 62 used in accounting?

Since the account is active-passive, the balance on it can be either positive or negative. A debit balance indicates that companies or private clients have debts to the organization, and a credit balance indicates that the company has not made payments to third-party companies.

The remaining amount of the account is determined taking into account the initial balance. The debit turnover is added to the positive balance, and then the credit turnover is subtracted. If a negative balance is obtained, then it is transferred to the account credit, but without the minus sign. The situation is similar with the credit balance.

Balance sheet for account 62

It is important before closing the month and drawing up a report on the financial condition of the enterprise to check that the accounting registers are filled out correctly. One of the verification options is the formation of a balance sheet (hereinafter referred to as TSA) for the period under audit:

What the balance sheet shows for account 62 and how to read SALT is shown in the following table:

Accounting section name	Initial balance		Turnover for the period		Final balance
Debit	Credit	Debit	Credit	Debit	Credit
Score 62	Buyer's debt balance	Remaining debt to the buyer	Amount of shipped products (goods, services)	Payment from buyers for the period	Buyer's debt balance	Remaining debt to the buyer

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Characteristics of account 62

Accounting account 62 is an analytical account that summarizes information on all customers of an organization, including legal entities and individuals. Using the account 62 the accountant of an enterprise at any time and on the required reporting date can, on the one hand, formulate the amount of debt for sold products and services, and on the other hand, determine the amount of planned shipments.

Thus, we can say that account 62 “Settlements with buyers and customers” is a mirror copy of the account. 60. And the turnover and balance generated by the seller duplicate the buyer’s data. The information obtained is clearly used by the parties to the transaction when conducting reconciliations by drawing up reports. For the convenience of direct users (executives, managers, accountants), account 62 in the accounting department has analytics on counterparties, documents (invoices, acts), contracts. Additionally, if necessary, you can classify mutual settlements:

By payment method - upon shipment, prepayment, mutual settlement, etc.
According to the timing of settlements - whether the debt is overdue or not.
According to the presence of the bill - discounted (discounted) at the bank, overdue or the maturity date has not yet arrived.

The accounting service of the organization has the right to decide independently how to use account 62 “Settlements with buyers and customers”, taking into account the legislative norms of Order No. 94n dated October 31, 2000. The main thing is to provide external and internal users with reliable and timely information. If the activity is carried out by a group of interconnected enterprises account 62, the postings are given below and are carried out separately in relation to such operations.

Typical accounting entries for account 60

There are several standard entries for account 60 that allow you to record transactions in the company’s accounting. The most common ones include:

Debit accounts	Credit accounts	the name of the operation
, ,	60	Receipt of valuables
60	50.01, 51, 52	Payment of debt for previous deliveries
94, 76	60	Write-off of shortage
19	60	VAT on purchased goods
50, 51, 52	60	Payment by supplier invoice
10, 15, 41	60 Non-faculty supplies	Receipt of materials without documents
60 Non-faculty supplies	60	Payment for uninvoiced goods
60, 91.02	91.01, 60	Write off exchange rate differences
91.02, 63	60 Advances issued	Write-off of previously paid advance

When drawing up a balance sheet, account balances 60 are indicated in different sections. Accounts receivable are recorded as assets, and credit balances are recorded as liabilities.

Transfer

Loan turnover from the second section at the end of the period is transferred to the first section of the new journal, and then to the general ledger. Account balances 60 are displayed in the Analytical Data table. Turnover according to KT60 (first section) is recorded in the column of the same name in the general ledger. DT turnover is displayed in the “From credit account” section. 60". Entries are created on the last page of the journal.

Let's look at how auditing (accounting) is carried out at enterprises in different industries.

Count 60:

Catering: DT07, 10 - with data 46-APK.
Manufacturing enterprises: account. 20-1 - with data from report No. 18A, account. 20-2 - with data from report No. 18B.

Score 11 of enterprises from all industries is compared with: