A commercial bank discounts a bill of exchange. Bank accounting of a bill

The drawer is the bank. bill of exchange- a written unconditional obligation to pay the holder of a certain amount at a certain time in a specific place.

The advantage of a bill in comparison with deposit and savings certificates is that the owner of the bill can use it as a means of payment.

Benefits for the bank in issuing bills of exchange: simplicity, because the issue of bills does not need to be registered, i.e. The bank may at any time issue any number of bills of exchange and for any amount.

Accounting for bills (discount ) - such an operation in which the bank, accepting a bill, issues to its bearer the amount of the bill before the due date, withholding in its favor interest on the amount of the bill for the time remaining until the due date.

Legally, accounting for a bill means endorsement- transfer of the bill to the name of the bank. Discount- the difference between the amount of the bill and the amount paid by the bank when discounting the bill. As a result of this operation, the bank receives a profit due to the interest paid. If payment on the bill is not received within the specified period, the bank transfers the bill to the notary, who makes a mark on it about non-payment. This procedure is called the protest of the bill, and the bill itself protesters . The owner of the protested bill may apply to a bailiff, who may declare the defaulter bankrupt. The debtor's property is described by the liquidation commission and sold through an auction. Proceeds from the sale are used to pay off overdue obligations, pay the costs of the liquidation commission.

Usually, commercial banks, when discounting bills, can set different discount rates depending on the period remaining until payment, on the level of reliability of the payer, and on the level of rates of other banks.

The purchase of bills gives the bank not only income. The liquidity of the bank's investments in accounting for bills of exchange is always higher than the liquidity of credit operations for the same amount. A promissory note bought by a bank for the same amount as a loan, if necessary, can be sold to another commercial bank or the Central Bank, and the loan can only be repaid within the prescribed period.

P - the amount that is issued to the bank's bill holder before maturity

S - the amount of the bill (face value)

D - discount rate; T - time to maturity

When the Central Bank wants to reduce the amount of money in circulation, it increases the discount rate and offers bills with higher yields. (i.e. withdraws money from the CB, makes it profitable for banks to buy bills from him.).

If the Central Bank wants to increase the money supply, it offers the CB a loan against bills on more favorable terms (reducing the discount rate).

30. Interbank lending.

Free credit resources are traded either by stable or young banks that have not acquired a clientele. In addition to benefits, an interbank loan has +:

1. Getting not only%, but partnerships are also established.

2. The loan repayment guarantee is higher than that of legal entities and individuals, because the bank has more money than others and the status in the banking community, reputation.

Interbank credit - a loan provided to a bank by a bank, as well as deposits.

The subjects of credit relations are the CB and the Central Bank.

The interbank loan market is called interbank lending; it is a useful market for banks because IBC is the most efficient method of liquidity management.

MBC is an expensive resource. It is cheaper for banks to use deposits of individuals and current accounts of legal entities, but IBC has 2 +: instant receipt and funds are not subject to mandatory reservation (NOR), i.e. the entire amount of the loan received on the IBC can be put into action by the bank at the same time as other reserves.

The price of credit resources is formed under the influence of supply and demand.

The state of the interbank market:

MIBOR is the average rate per guess to sell.

MIBID is the average bid for a buy offer.

MIACR is the weighted average % rate on actually made and received loans.

All this level of interest rates is differentiated depending on the terms of lending.

When choosing a counterparty for interbank loans, banks take into account legal regulation, account status, etc. - these indicators are determined on the basis of economic standards, as well as on the basis of regulations. KB uses information about ratings. CB calculates the credit limit - this is the maximum amount that a bank can issue to another bank. The essence of limit calculation is reduced to the formation of an integral indicator. The mechanism for concluding transactions on the interbank market: contacts on the interbank market are of a long-term nature, and therefore, before the conclusion of an agreement, a general agreement is concluded on the general conditions for conducting transactions in the domestic currency and money markets.

In order to formalize and carry out their activities, the parties provide notarized documents. In addition, every month they provide each other with financial reports and the size of the calculated standards. Therefore, if the bank has a desire to issue any loan, then it sends a deal offer to another bank:

1) currency and amount of the transaction;

2) % rate and terms of payment of %;

3) dates of crediting money to the relevant organizational accounts;

Interest for the use of the loan is accrued for each calendar day and is paid at the end of the term at the refinancing rate.

Usually, % rates on interbank loans are floating and are tied to the offer rate (they grow). Z, who violated something, pays a penalty in the amount of a double refinancing rate. The general contract provides for force majeure circumstances, under which the parties are not liable. During the 1st year of activity, the CB is only learning to live in this world and cannot take a loan. It may be further.

The CB can take on security state securities included in the Lombard list from the Central Bank. The Central Bank is developing a pawn list, i.e. a list of government securities accepted by the bank as collateral. It changes but is published. Under the security of a pawnshop loan, loans can be issued that can use the CB according to the following requirements:

Sufficient collateral for the loan;

The Bank must fully comply with the mandatory requirements;

The bank should not have a bad credit history.

Types of loans secured by government securities:

1.Intraday credit

2. One-day overdraft

3. Lombard loan (from 3 days to 3 months)

Repayments by borrowing banks are made within the established time limits. The Central Bank can set different% rates for different loans, taking into account the term, amount, and frequency of repayment. Procedure: The CB selects the types of credit from the CB that it would like to use. At the same time, an additional agreement is drawn up under the contract, which establishes the right of the Central Bank to write off cash from the correspondent account of the bank, i.е. without permission, in violation of obligations. Banks should have these price booms. With all this, Central Bank loans are issued subject to prior blocking of the state price boom. KB, i.e. these papers are set aside, but the repayment period is not earlier than 10 days after the loan is repaid. These papers should not be burdened with other obligations, i.e. cannot be used twice. The maximum possible loan amount, taking into account the accrual of%, is the market value of the state price boom. belonging to him, adjusted by a correction factor, i.e. the total amount of collateral is higher than the amount of the loan. Reduces the losses of the Central Bank associated with a special change in prices.boom. The collateral is considered sufficient if the market value of the securities is higher by a factor than the loan amount.

% on a pawnshop loan and on an overnight loan is charged at the % rate at the current level.

Interest on the intraday loan is not charged, and the bank simply deposits a certain amount of money.

Implementation procedure: The Central Bank gives deposited and pledged price booms. at the RCB. Revenue is used by priority:

1) Implementation costs;

2) Debts on % and on the principal amount of the debt;

3) The amounts of forfeit, penalty interest, etc. are paid off.

If the Central Bank does not sell these securities within 4 days, then it buys them itself at the weighted average price prevailing over these 4 days.

Types of intraday credit, which is provided by the Central Bank of the CB during the trading day by transferring the write-off of the operation of funds from the correspondent account of the bank, even if there are not enough funds on the account. Banks can perform operations regardless of the availability of funds in the correspondent account. The basis for granting a loan is the presence of unused payment orders of this bank. Moreover, the bank does not specifically write applications, but the CB pays a subscription fee every month, regardless of whether they use this loan or not. The grounds for an overnight loan is the outstanding loans of the Central Bank. It is repaid at the expense of funds lowered the next day. The Central Bank takes a certain percentage for this loan. Lombard loans are carried out in 2 ways:

Or at the request of banks;

Or according to the results of the auction.

Conditions are revealed as a result of the auction. Implementation options:

1. Dutch - all banks that have submitted applications are given a certain percentage cut-off rate.

2. American - the cut-off rate is provided to all banks, the one they wrote in the application.

Lombard credit is provided on the basis of documents: general agreement; an application either at a fixed rate, or in the participation in the auction.

The Central Bank and the CB can store their deposits in each other. Types of deposit operations:

Deposit auctions;

Deposit operations at a fixed rate.

Consequently, the conclusion of a general agreement for the conduct of operations. Accrual is in the form of simple%: no additional, no extension, no early withdrawal of funds. Money auctions are held in exact analogy with credit auctioneers. If one of the parties commits a violation, then they pay penalties.

Accounting operations for bills take a key place among the bank's operations with this instrument. Legally, accounting for a bill is a transfer (endorsement) of a bill to a bank. The bearer becomes the debtor of the discounted bill, and the bank becomes the creditor (bill holder). Given the promissory note, the bank's client acquires liquid funds. If the bank accepts for accounting only bills based on commodity transactions, it must be sure of their timely payment and the commodity nature of the transaction. Therefore, it is necessary to check the creditworthiness of the client and the correctness of the execution of bills of exchange. The bank is not obliged to give explanations regarding the refusal to accept bills of exchange for accounting.
The accounting operation consists in the purchase by the bank of monetary debt obligations before the due date of payment, at which the rights of the creditor are transferred to the bank. Accounting, or discount, of a bill is an operation in which the bank, accepting a bill from the bearer, gives the bearer the amount of this bill before the due date, withholding in its favor interest on the bill for the time remaining until the end of this period.
Considering the bill, the bank's client acquires liquid funds, and also gets rid of the need to return to the bank the amounts received from the account, since the bank receives them directly from the drawers and only if the latter is in an unfavorable financial condition turns to the bearer of the bill.
Consider the procedure for accepting bills of exchange for accounting.
Bills of exchange are provided to banking institutions, accompanied by registers that have a single form. Commercial banks may issue register forms to their clients free of charge or at a negotiated price. Bills are placed in registers by maturity. Registers must be signed by the bearer or persons authorized by him who have the right to dispose of monetary amounts on behalf of the client.
The registers are transferred to the bill (accounting) department for checking bills. At the request of the client, the bank issues him a receipt for the acceptance of bills of exchange, if the accounting of the latter cannot be made on the day of acceptance.
Bills of exchange presented for accounting must have blank transfer endorsements on behalf of the bearer. A space is left before the blank inscription, sufficient for the bank to put a stamp on the transfer of the bill in his name, thus turning the client's blank inscription into a nominal one. The conversion of a blank endorsement into a nominal endorsement is aimed at preventing the use of a bill in case of its loss or theft.
Services provided by banks may include accepting lost bills of exchange applications from customers and reporting lost bills to other banks.
Payment on a bill of exchange is preceded by an acceptance - the consent of the payer to pay the bill. Only from the moment the acceptance is made, the payer, to whom the drawer's instruction is sent to pay the bill, becomes liable for it - the acceptor. Acceptance may be partial, i.e. the payer is limited to paying a part of the amount. The receipt of acceptance from the payer is carried out by the drawer or the bank. Besides | In addition, the bank itself can make an acceptance, which is used when discounting bills, in which case they acquire the status of first-class obligations and get more chances to freely circulate on the market.
The purchase and sale of bills enables a commercial bank to derive income from this operation. From the point of view of the liquidity of banks, these operations make it possible to resell the purchased bill to another bank almost immediately, while investments will be returned only after the due date. Thus, the bill accounting operation has great importance to regulate the liquidity of the bank's balance sheet, for its subsequent refinancing through the rediscount of bills.
A loan to a bill holder by purchasing (accounting for) a bill of exchange from him before the maturity date is a bill of exchange (accounting) loan. The owner of the bill receives from the bank the amount indicated in the bill, minus the discount rate, commission payments and other expenses. Discount interest is a fee charged by a bank for advancing money when discounting a bill, this is the difference between the face value of the bill and the amount paid to the bank when it was purchased. The discount rate on a bill is the interest rate used to calculate the discount rate.
Accounting interest /is calculated according to the following formula:
Sti-100A"
where / - the annual interest rate on the bill; S - face value of the bill; / - the number of days before the due date for payment of the bill; K is the number of days in a year (365, 366, sometimes 360 is conventionally accepted).
A commercial bank that discounts different bills of exchange may simultaneously apply several discount rates. The value of the discount rate is affected by the length of the period that remains before the payment of the bill, the level of reliability of the payer on the bill, the level of discount rates applied by other banks.
The parties may extend the payment term, i.e., prolong the bill. Distinguish direct, simple and indirect prolongation of the bill. In case of direct prolongation, a corresponding entry is made on the bill, certified by the signatures of the parties. With a simple prolongation, such an entry is not made. With indirect prolongation, a new bill is drawn up, and the old one is withdrawn from circulation. Closing of the accounting credit is made on the basis of the bank's notifications about the payment of the bill.
If, after making an officially certified demand for payment, acceptance, dated acceptance, they were not received, the right of a bill of exchange protest appears - a notarized refusal of the obligated person under the bill to fulfill his obligations. The purpose of the protest is to officially confirm this fact. Missing deadlines do not invalidate the bill of exchange, however, the holder of the bill loses the right to claim against all persons who signed the bill, except for the acceptor (or drawer of a promissory note) and their guarantors.
There are the following types of protest:
protest of a bill of exchange in non-acceptance or non-dating of acceptance, the purpose of the protest is to create conditions for early satisfaction of the creditor's claims; is made during the period of presentation for acceptance;
protest in non-payment on a bill, the purpose of the protest is to preserve the rights of reverse claims to those liable on a bill; the protest must be filed no later than 12.00 on the day following the day of expiration of the payment term;
protest against the non-issuance of a copy of an accepted bill of exchange by the person in whose possession it is.
Bills of exchange are submitted for protest to the notary's office at the location of the payer or the domicile bank.
The reliability of a bill can be increased by an aval - a surety for a bill. The person who committed it - the availer (as a rule, a bank) assumes responsibility for the fulfillment of the obligations under the bill on the part of the drawer, the endorser. Aval can be issued in the form of an inscription on a bill of exchange or on an allonge, as well as by issuing a separate document.
A commercial bank is interested in accounting for promissory notes of major shareholders of the bank, as well as customers who previously received loans. It is quite possible that the bank will take into account the bills of those clients with whom it plans to expand cooperation. Therefore, banks attach special importance to this operation.
Loans secured by bills of exchange are either urgent, when the owner of the bills is obliged to redeem them from the bank within a predetermined period, or on-call, that is, demand loans, the return of which the bank has the right to demand at any time.
To issue a loan secured by bills, the bank determines the maximum loan amount, the amount of collateral and the ratio between security and debt on the account, the amount of interest and commission in favor of the bank. The loan agreement stipulates
I the right of the bank to use in repayment of the debt the sums contributed by promissory notes to pay bills of exchange, and in the absence of such - the proceeds from the sale of goods and services received on the client's settlement account. Banks impose the same legal and economic requirements on bills of exchange accepted as collateral as they do on accountable bills, only their transfer is formalized by pledge endorsement. The amount is credited to the borrower's bank account.
The main differences between accounting for bills of exchange and providing a loan secured by bills of exchange are as follows:
when lending secured by promissory notes, there is no assignment of property rights to promissory notes (a promissory note is only collateral for a loan), i.e. the bank does not become the holder of the bill;
the loan amount is only a certain part of the nominal value of the bills pledged (usually up to 90%).

"Taxation, accounting and reporting in a commercial bank", 2010, N 7

<1>In preparing the article, materials were used from the website of the Bank of Russia (www.cbr.ru), the website of the Association of Russian Banks (www.arb.ru), the website of the Association of Bill Market Participants (www.auver.ru), the Bankir.ru portal (www.bankir.ru). ru) and the Parfenov.ru website (www.parfenov.ru).

Operations related to the issuance and circulation of their own bills of exchange occupy a significant place in the activities of banks. The time of stormy and not always justified interest in these securities has passed, and now it is possible to systematize the accumulated experience. The article summarizes the practice of accounting and partly the document flow of transactions with the bank's own bills of exchange, leaving out of the scope of the topic questions about their economic efficiency, taxation, as well as legal issues.

Regulatory regulation

The circulation and accounting of bills of exchange on the territory of the Russian Federation is regulated by:

• ch. 42 of the Civil Code of the Russian Federation, which contains general provisions on a loan that apply to the extent that it does not contradict the Federal Law of March 11, 1997 N 48-FZ "On a transferable and promissory note" (hereinafter - Law N 48-FZ);
• Federal Law No. 48-FZ of March 11, 1997 "On promissory notes and bills of exchange";
• Decree of the Central Executive Committee and Council of People's Commissars of the USSR dated 07.08.1937 N 104/1341 "On the Enactment of the Regulation on a Transferable and Promissory Note" (hereinafter referred to as the Regulation on a Bill), which is the main document regulating the circulation of bills on the territory of the Russian Federation;
• Decree of the Plenums of the Supreme Court and the Supreme Arbitration Court of 04.12.2000 N 33/14 (hereinafter referred to as Resolution N 33/14), containing explanations to the courts on certain issues related to the circulation of bills;
• Bank of Russia Regulation No. 302-P dated March 26, 2007 "On the Rules for Maintaining Accounting in Credit Institutions..." (hereinafter referred to as Regulation No. 302-P) on general rules bookkeeping of operations with own bills.

Accounts for recording transactions with own bills

During the circulation period, the bank's own bills of exchange are subject to accounting on balance accounts 52301 - 52307 "Issued bills of exchange and bank acceptances" depending on the maturity date (paragraphs 5.10 and 5.13 of part II of Regulation N 302-P):

• bills of exchange for a period "on a certain day" and "at such and such time from drawing up" (term bills) are recorded in accounts according to the terms actually remaining until the bills are paid off at the time of their issue (for new ones - from the date of drawing up, for those in circulation - from date of re-issue, for transferable in the balance of the payer - from the date of acceptance). In this case, the following should be taken into account: 1) in the case when the payment period falls on a non-working day, the maturity date is postponed to the next business day (Article 72 of the Promissory Note Regulations), 2) in addition to the maturity date indicated in the bill, the bill can be presented for redemption within the next two working days (Article 38 of the Promissory Note Regulations);

Example 1. The payment date of the promissory note issued on 01.01.2009 is 01.01.2010. However, 01/01/2010 is a non-working day, and the first following business day is 01/11/2010. We add the next two business days and get the final repayment date - 01/13/2010. Hence the term of circulation is 377 days and the account for accounting is 52306.

• bills of exchange "at sight" are accounted for on account 52301 "On demand". Unless otherwise indicated on the bill, the term of circulation of the bill "at sight" is one year.

Example 2. The term of circulation of a bill of exchange "at sight" issued on 01.12.2009 will end on 01.12.2010, and the term of circulation of a bill of exchange "at sight" issued on 01.01.2009 will end on 11.01.2009 (extended until the first business day).

(The bill may contain a condition that extends or limits this period, but it is still subject to accounting on account 52301.);

• bills "at such and such time from presentation" are recorded on account 52301 (according to the period of stay on account 52301 - similar to bills "at presentation"), and after presentation - in accordance with the procedure established for urgent bills;
• bills "at sight, but not earlier than a certain period" are accounted for before the date indicated in the bill (until the date "not earlier") in accordance with the procedure established for urgent bills of exchange, and after the specified period is transferred to accounts "on demand" (52301 ) at the end of the working day preceding the date determined by the drawer as the period before which the bill cannot be presented for payment. Further, the bill is accounted for in accordance with the procedure for bills of exchange "on presentation".

When determining the terms, the exact number of calendar days is taken into account, while the date of drawing up the bill for calculating the terms of circulation is not included (Article 73 of the Regulations on the bill).

Own bills are subject to accounting on accounts 53201 - 52307 at face value (clause 5.13 of Part II of Regulation N 302-P).

Accounting for bills of exchange issued in foreign currency

Promissory notes denominated in foreign currencies (with and without the condition of effective payment in foreign currency) have the following accounting features (see answers and clarifications on the application of Regulation N 302-P dated March 31, 2008, answer to question 7 on the Bank of Russia website) :

• if the bill of exchange is issued in a foreign currency, but in accordance with the currency legislation Russian Federation is payable in rubles (a bill of exchange without a currency clause), then it is subject to accounting in rubles (the currency of the obligation does not match the currency of the face value), that is, it will actually be an obligation containing NVPI;
• if a bill of exchange is issued in a foreign currency and, in accordance with the currency legislation of the Russian Federation, is subject to payment in this foreign currency (a bill with a clause on the currency of payment coinciding with the currency of the face value), then it is subject to accounting in the foreign currency in which it was issued (the currency of the obligation is the same with the nominal currency);
• if the promissory note contains an effective payment clause in a currency other than the par value currency, then it is subject to accounting in the effective clause currency (obligation currency), unless this contradicts the currency legislation of the Russian Federation (the liability currency does not coincide with the par value currency). That is, it will also be an obligation containing NDPI.

When issuing own bills in a currency for which the place of payment is not the Russian Federation (sometimes used in international trade transactions), the obligation is subject to accounting in the amount of face value or another currency, depending on the conditions of the currency legislation of the country in which the place of payment is determined.

Note. Banks that do not have a currency license can also issue bills of exchange in a currency without a currency clause with a place of payment in the Russian Federation.

Peculiarities of promissory notes accounting Early repayment and its delay

Bills for which the term of circulation has expired or which were accepted for early repayment and not repaid on the same day are recorded on account 52406 "Promissory notes for execution".

Regulation N 302-P does not prohibit reflecting on account 52406 bills of exchange accepted for early repayment and paid on the same day (essentially - transit turnover, see the last paragraph of paragraph 5.14 of Part II of Regulation N 302-P). On the same account, together with the amount of the principal obligation under the bill (nominal value), the interest accrued on account 52501 by the time of transfer to account 52406 is taken into account.

Analytical accounting and accounting forms

Analytical accounting for accounts 523, 52406, 525 is kept in the context of each bill. It is allowed to conduct analytical accounting in the context of bills in separate programs with reflection on the corresponding accounts with total amounts (clause 2.1, section 2, part III of Regulation N 302-P).

Forms of bills are subject to accounting on account 90701 "Forms of own securities for distribution" in the assessment of 1 rub. for the form. The bank independently determines the order and place of storage of the forms submitted for work, but the cash deposit is preferable. Analytical accounting on account 90701 is carried out by types of forms, indicating their numbers, series and responsible persons. This is not very convenient, because. in the process of issuing bills of exchange, the numbers and series of the remaining forms no longer correspond to the name of the account. Therefore, it is advisable to record the forms on the personal account with the total amount, and keep the details in a separate register, program, etc.

Spoiled and defective forms of bills of exchange, as well as forms not put into circulation, are accounted for on account 90702 "Forms of own securities for destruction" until the moment of destruction. Accounting is carried out in the assessment of 1 rub. for the form. The procedure for analytical accounting is established by the bank, but for control purposes it is advisable to conduct analytics in the context of bills.

Accounting for bills that are redeemed before maturity and which the bank plans to put into circulation again (for example, they may contain valuable endorsements) is kept on account 90703 "Own securities redeemed before maturity for resale" at par value. Analytical accounting is carried out in the context of types and issues of securities, that is, one account can be opened for bills of exchange, but for control purposes it is advisable to keep analytics in the context of bills.

To account for bank bills accepted for redemption, use account 90704 "Own securities presented for redemption". Accounting is carried out at face value of the bill, analytics is conducted in the context of each bill.

Forms of bills issued against a report to bank employees are accounted for on account 90705 "Forms, certificates, securities sent and issued against a report" at an estimate of 1 rub. for the form. Analytical accounting is conducted in the context of forms and accountable persons.

Comment. E.P. Mirkina, Deputy Head of the Banking Audit Department, Listik and Partners LLC

The author raises an ambiguous issue related to the write-off of the discount on issued promissory notes with a maturity date "upon presentation, but not earlier than a certain date." According to the requirements of Regulation N 302-P and clarifications of the Bank of Russia, the discount should be written off evenly over the term of the bill of exchange. However, as noted in the article, even write-off after the fact usually does not work, since most of these bills are presented for redemption immediately upon the occurrence of the date indicated as "not earlier". Indeed, it is unprofitable for the holder of a bill to hold a bill later than this date, since his income is limited by the size of the discount. In this regard, I would like to recall that one of the main principles of accounting policy, in accordance with clause 1.12.4 of Regulation N 302-P, should be caution. This principle suggests that accounting policies should be more willing to recognize expenses and liabilities in accounting than possible income and assets. In this regard, it can be considered acceptable that, guided by the principle of caution and based on its own experience with the maturities of issued promissory notes, a credit institution fixes in its accounting policy the procedure for writing off a discount on expenses during the period from the date of issuance of a promissory note to the date before which the promissory note is not may be presented.

The bank's own bills of exchange transferred by the bill holder under a storage agreement to the bank (including when issuing and pledging) are recorded on account 90803 "Securities in storage under storage agreements" at their nominal value. The use of account 90803 is justified by the actual meaning of this operation and by a similar procedure established by paragraph 2 of Instructions of the Bank of Russia dated July 15, 1998 N 292-U. However, it should be borne in mind that the account of the first order 908 is intended for accounting for securities of other issuers, therefore it is advisable to obtain confirmation from the Bank of Russia about the possibility of using this account for this operation. Analytical accounting is kept in the context of each contract.

Depository accounting of promissory notes is carried out in accordance with the procedure established by the bank, taking into account the requirements of Bank of Russia regulations.

The storage of forms and bills of exchange is carried out in the storage of valuables (cash storage) in accordance with clause 1.8.13 of Sec. 1 part III of Regulations N 302-P and clause 9 of Instructions of the Bank of Russia dated 15.07.1998 N 292-U.

Issuance of promissory notes Forms of promissory notes

A bill of exchange can be issued on plain paper, but for security reasons, banks most often draw up bills of exchange on special forms printed, including in the printing houses of Goznak (AUVER forms or forms of a single sample approved by Decree of the Government of the Russian Federation of 09.26.1994 N 1094 can also be used and distributed through the Federal Treasury).

Note. Bills of exchange must be issued in paper form only. The issue of non-documentary bills of exchange is not allowed (Article 4 of Law N 48-FZ).

Accounting for the issue, movement and destruction of forms is reflected in the bank's accounting by the following entries.

Payment of the cost of the order for blank bills of exchange:

• Dt 60312 "Settlements with suppliers, contractors and buyers"
• Kt 30102 "Correspondent accounts of credit institutions with the Bank of Russia" - for the amount of the order.

Receiving forms from the printing house:

• Dt 61008 "Materials"
• Kt 60312 "Settlements with suppliers, contractors and buyers" - for the cost of forms (allocation and accounting of VAT in the manner prescribed by the bank).

Transfer of forms to work (transfer to the repository or to the person responsible for storage):

• Dt 70606 "Expenses", symbol 26305 "Expenses for writing off the value of inventories"
• Kt 61008 "Materials" - for the cost of forms;
• Kt 99999 "Account for correspondence with active accounts with double entry" - for an amount based on the number of forms in the assessment of 1 rub. for the form.

Forms of bills stored at the cash desk (storage) are issued to the bank employee for filling out against the report:

• Dt 90705 "Forms, certificates, securities sent and issued under the report"
• Kt 90701 "Forms of own securities for distribution" - for the amount of issued forms in the assessment of 1 rub. for the form.

Unused forms issued for the report are returned to the repository:

• Dt 90701 "Forms of own securities for distribution"
• Kt 90705 "Forms, certificates, securities sent and issued against the report" - for the amount of unused forms.

Damaged forms are subject to separate accounting:

• Dt 90702 "Forms of own securities for destruction"
• Kt 90701 "Forms of own securities for distribution", 90705 "Forms, certificates, securities sent and issued under the report" - for the amount of damaged forms in the assessment of 1 rub. for the form.

In order to avoid loss and unauthorized circulation of forms, it is advisable to establish a storage procedure, responsible persons for the safety, frequency and procedure for the destruction of damaged forms.

References, reports, registers of responsible (including accountable) persons can be primary documents for the circulation of forms.

Destruction of damaged forms:

• Kt 90702 "Forms of own securities for destruction" - for the amount of the destroyed forms.

The destruction commission (or other body or authorized person) draws up an act (certificate) on destruction, which is the primary document for this posting. This document placed in the documents of the day.

Forms of issued promissory notes are debited from off-balance sheet accounting:

• Dt 99999 "Account for correspondence with active accounts with double entry"
• Kt 90701 "Forms of own securities for distribution", 90703 "Own securities repurchased before the maturity date for resale", 90705 "Forms, certificates, securities sent and issued under the report" - for the amount of promissory notes issued in the assessment of 1 rub. for the form.

Issue of a bill for the purpose of sale

A promissory note can be put into circulation as a result of different transactions, and accordingly, accounting for the issuance of promissory notes will also be different. Hereinafter, promissory notes are understood as simple (solo) promissory notes. But the same rules apply to the issuance and circulation of bills of exchange as to the issuance and circulation of promissory notes, subject to the specifics specified in this article.

Note. To issue a bill, it is necessary to use agreements (separate articles of complex agreements) containing the terms of a loan, payment by installments, issue of securities, etc.

The most common method of issuance is the sale of a bill, that is, the issuance of a bill with the receipt of money in return (contracts for the sale, issue, loan, etc.). In general, the concept of "sale" (as well as the use of sales contracts) for issuing one's own bill of exchange is doubtful from a legal point of view and can lead to problems with the tax authorities. (Some employees of the Federal Tax Service of Russia, seeing the contract for the sale of a security, calculate the financial result and charge additional income tax, fines and penalties. It is possible to deal with this, but is it necessary?) The Bank of Russia also disapproves of the use of purchase and sale transactions to issue its own bills . Therefore, in the future, the term "promissory note issue" will be used.

Receipt of funds in payment of the issued bill:

• Dt c / c, r / c, cash desk
• Kt 523 "Issued bills of exchange and banker's acceptances" (corresponding maturity: 52301 - 52307) - in the amount of the placement price.

The legislation does not prohibit the payment of the issued bill by a third party (not the first bill holder). At the same time, it is recommended that payment order (credit note, a letter to the bank, etc.) from this person there was a reference to the contract number, in accordance with which the bill is issued. Otherwise, this payment is subject to accounting on account 47416 as an outstanding amount.

When several bills of exchange are issued, especially those subject to accounting on different personal accounts, it is inconvenient to force the client to make many payments to pay for them. In this case, it is advisable:

• stipulate in the issuance agreements the transfer of funds directly to the correspondent account of the bank (301) without specifying the personal account for recording the bill in accordance with the procedure recommended by the Bank of Russia (see Letter of the Bank of Russia dated 15.01.2009 N 18-1-2-5/33 on ARB) if the payment is made from another bank. After being credited to a correspondent account, funds are credited by memorial warrants to their destination (523) or are credited to account 47416 "Amounts received on correspondent accounts pending clarification" and are already credited from it to their destination (523);
• establish in bills issuance agreements the bank's right to directly debit amounts from the client's settlement account in payment for bills, if the bills are paid from the client's settlement account in the bank. When issuing bills of exchange, amounts are debited from the settlement account by payment requests or bank orders for the intended purpose (523).

If the placement price is lower than the face value of the bill, then the difference (discount) is subject to accounting on account 52503 "Discount on issued securities":

• Dt 52503
• Kt 523 "Issued bills of exchange and bank acceptances" - for the amount of the discount.

The discount amount is recorded in the same currency as the principal liability amount. As a rule, a discount occurs only when issuing bills of exchange "on a certain day", "at a certain time from drafting" and "at presentation, but not earlier", since only by them can one determine the real value of funds attracted for a period, but there is an issue with a discount of promissory notes "on presentation". It is advisable to establish in the accounting policy the procedure for calculating the discount and attributing it to expenses.

If the placement price is higher than the face value of the bill (for example, when re-issuing a bill that provides for the accrual of interest for the period before the date of re-issue), then the difference (premium) can be accounted for in various ways:

• the premium is subject to accounting on account 52501 "Interest and coupon liabilities on issued securities" against future accruals of interest on the promissory note (see on the website of the Bank of Russia answers and clarifications dated 12/29/2006, question 11, and answers and clarifications dated 11/26/2007 , question 7);
• the premium is subject to accounting on account 61304 "Deferred income from other operations" and is subject to write-off to the bank's income 70601 (13201) evenly over the period of circulation of the bill (see the description of accounts 66 and 67 in the Order of the Ministry of Finance of Russia dated October 31, 2000 94n in a similar situation when a bond is issued at a price above par).

The second option seems to be more justified, since there is no netting of assets and liabilities (clause 1.12.6 of Part I of Regulation N 302-P).

Note. It is not allowed to use account 47422 as a transit account, i.e. one on which the revolutions pass in one day.

Sometimes the bill cannot be received by the bill holder on the date of transfer of funds, then options are possible.

1. The agreement provides for the issue of a bill after a certain time (usually 1 - 2 days) from the date of receipt of funds.

On the date of receipt of funds:

• Dt c / c, r / c, cash desk
• Kt 47422 "Obligations on other transactions", 427 - 440 "Attracted funds" by types of sources - in the amount of the bill placement price.

The use of accounts 47407 (47408) "Settlements on conversion transactions and futures transactions" in accounting for this operation is inappropriate, because they are designed to account for the sale and purchase of assets to which own bills do not apply.

On the date of issue (issuance) of the bill:

• Dt 47422 "Obligations on other transactions", 427 - 440 "Raised funds" by type of source
• Kt 523 "Issued bills of exchange and banker's acceptances" - in the amount of the placement price of the bill.

1. The agreement provides for the issue of a bill on the date of receipt of funds, while the bill remains with the drawer until it is received by the first bill holder. On the date of receipt of funds:

• Dt c / c, r / c, cash desk
• Kt 523 "Issued bills of exchange and banker's acceptances" - in the amount of the placement price.

If the issue agreement does not provide for the situation with non-receipt of a bill on the issue date:

• Dt 91202 "Various values ​​and documents"

If the issuance agreement or a separate storage agreement provides for the responsible storage of a bill by the drawer until the bill holder receives:

• Kt 99999 "Account for correspondence with active accounts in case of double entry" - for the amount of face value.

If the issuance agreement (and if there is a depositary in the bank) provides for depository accounting of bills:

• Kt 98040 "Securities of owners" - for the number of promissory notes issued.

The issuance of a bill to the holder of a bill of exchange is recorded in accounting by a reverse entry.

Issue of a bill for the purpose of innovation

A bill of exchange can be issued as a novation of an existing bank obligation (for example, a loan or debt to pay for acquired property, etc.):

• Dt 313 "Loans and deposits received by credit institutions from credit institutions", 60311 "Settlements with suppliers, contractors and buyers", etc.
• Kt 523 "Issued bills of exchange and banker's acceptances" - for the amount of the obligation being novated.

The specified accounting procedure corresponds to the novation condition, under which the face value of the bill is equal to the amount of the obligation to be novated (clause 6 of Appendix 2 to the Instruction of the Bank of Russia dated 27.07.2001 N 1007-U). If the face value of the bill does not correspond to the amount of the obligation to be novated, then, depending on the terms of the novation, the difference is taken into account in the same manner as the discount at issue (if no further settlements are expected), or transferred to the bill holder from the account for recording the existing obligation, or paid by the bill holder to account 523, or is taken into account on accounts 47422 (47423) for subsequent settlements with the bill holder (in the manner similar to clause 7.1.2 of Appendix 11 to Regulation N 302-P).

Issue of a bill for the purpose of exchange

A promissory note may be issued in exchange of own promissory notes for other financial assets (for example, securities of other issuers). In fact, in this operation, the bill means the installment payment for the purchased assets issued by him:

• Dt 513 "Promissory notes of the executive authorities of the constituent entities of the Russian Federation, local self-government and avalized by them"
• Kt 523 "Issued bills of exchange and banker's acceptances" - for the amount of purchased securities.

The value of the purchased assets must be fixed in the contract of sale. The difference between the par value of own bill and the value of the asset (taken equal to the placement price of own bill) is accounted for in the manner established for discount accounting. Sometimes, legally, such a transaction is divided into two stages: first, a transaction for the purchase of an asset with a deferred payment is concluded, then (on the next or other agreed day) the deferred is novated into a bank bill. Accounting for such a transaction is carried out through accounts for accounting for futures transactions (clause 3.1.2 of Appendix 11 to Regulation N 302-P):

• Dt 47408 (A) "Settlements for conversion transactions and futures transactions"
• Kt 47407 (P) "Settlements for conversion transactions and futures transactions" - for the cost of the acquired asset;
• Dt 513 (in our example)
• Kt 47408 (A) - for the cost of the received asset;
• Dt 47407 (P)
• Kt 523 "Issued bills of exchange and banker's acceptances" - at the placement price equal to the value of the received asset.

Note. The use of bills of exchange in international settlements may have its own characteristics, since not all local bill laws fully comply with the Geneva Convention on a bill of exchange and a promissory note.

Issuance of a bill of exchange, security bill

Not so long ago, the so-called "promissory note" loans were popular, but since loans are to be issued only in cash, now they have changed into bill loans (sometimes bill issuance agreements with deferred payment are used):

• Dt 460 (A) - 473 (A) "Funds provided" by type of addressee
• Kt 523 "Issued bills of exchange and banker's acceptances" - for the amount of bills of exchange issued.

The discount is taken into account in the above order.

"Promissory note" loans may take place at the present time, while providing a target loan (with crediting funds to the borrower's current account) for the purchase of promissory notes of the creditor bank.

Issuance of a "security" ("friendly") bill, i.e. promissory notes, the receipt of funds or property for which the parties do not provide, are accounted for in the same way as the issue of an ordinary bill with a discount equal to the face value:

• Dt 52503 "Discount on issued securities"
• Kt 523 "Issued bills of exchange and bank acceptances" - for the amount of face value.

If later funds are received as payment for the bill, they are credited to account 52503.

Issuance of a bill of exchange

The peculiarity of issuing a bill of exchange is that the drawer is not the debtor, but the creditor. In this case, until the moment of acceptance of the bill by the payer, the drawer bears sole responsibility for the payment (not counting the endorsers). From the moment of acceptance, the payer becomes obliged in the same way as the drawer for a promissory note.

There are options for accounting for the issuance of a bill of exchange.

1. A bill of exchange is first accepted by the payer.

In the balance sheet of the accepting bank, the acceptance of a bill of exchange is executed in the same manner as for the issuance of a promissory note (for example, by novating the existing obligation of the acceptor to the drawer into a bill of exchange obligation). Accounting is made on the date of acceptance.

In the balance sheet of the issuing bank, the bill accepted by the payer is accounted for on accounts 512 (A) - 519 (A) as a bill of another issuer (see the last paragraph of paragraph 5.10 of Part II of Regulation N 302-P). On the date of acceptance of the bill, the existing obligation of the payer (acceptor) is novated into his bill of exchange obligation:

• Dt 512 - 519 "Discounted bills" by type of issuer
• Kt of the account for recording claims to the payer (acceptor) - for the amount of claims (posting is carried out using disposal accounts).

At the same time, the obligation of the drawer for payment is subject to off-balance accounting:

1. The bill of exchange is first resold to a third party and then accepted by the payer.

In the balance sheet of the accepting bank, the acceptance of a bill of exchange is drawn up in the same manner as for the issuance of a promissory note. Accounting is made on the date of acceptance.

On the date of issuance of a bill of exchange, this operation is reflected in the balance sheet of the drawer bank in the same way as the issuance of a promissory note (for example, Dt r/c Kt 523). On the date of acceptance, the obligation under the bill is debited from account 523 in correspondence with accounts for recording claims against the payer (acceptor). At the same time, the obligation of the drawer for payment is subject to off-balance accounting:

• Dt 99998 "Account for correspondence with passive accounts with double entry"
• Kt 91315 "Issued guarantees and guarantees" - for the amount of face value.

Commission for issuing a bill

The commission for issuing a bill (if any) is charged to income accounts:

• Dt c / c, r / c, cash desk
• Kt 70601 "Income", symbol 13201 "Income from operations with issued securities" - for the amount of commission
• Kt 60309 "Value added tax received" - for the amount of VAT.

It should be borne in mind that the tax authorities traditionally consider the collection of fees for the issuance of a bill as a transaction subject to VAT (as opposed to the issuance of the bill itself).

Accounting during the circulation period of bills Interest accrual

The regulation on the bill (Article 5) provides for the possibility of accruing interest on the bill amount, if such a condition is contained in the text of the bill.

Interest is accrued from the date of drawing up, inclusive, unless another date is indicated, while the date from which the calculation of interest begins is not included in the calculation (Article 73 of the Promissory Note Regulations). On a bill "at sight, but not earlier" interest is accrued from the date "not earlier", unless otherwise provided by the text of the bill or other agreement of the parties (clause 19 of Resolution N 33/14, Resolution of the Presidium of the Supreme Arbitration Court of the Russian Federation dated 06.22.2004 N 14161 / 03). For a promissory note "at sight" (including "at sight, but not earlier"), interest is accrued up to and including the date of payment of the bill, but not late redemption (end of circulation).

Note. Interest can be charged only on bills of exchange "at sight" or "at so much time from presentation".

Example 3. The promissory note "at sight" was issued on 07/01/2010 with the condition of interest accrual from 06/01/2011. The term of circulation of the bill ends on 01.07.2011. Interest is accrued for the period from 02.06.2011 to 01.07.2011 inclusive.

For a bill "at such and such time from presentation" interest is accrued on the date of presentation of the bill to the dated mark on presentation, but no later than the term of circulation "at presentation". Interest is calculated on the actual number of days, based on a base of 365/366 days. They are accrued and reflected in the accounting at least once a month and no later than the last business day of the reporting month (clause 5.12 of Part II of Regulation N 302-P), as well as on the expiration date for interest accrual or payment (clause 11.1 of the Appendix 3 to Regulation N 302-P):

• Dt 70606 "Expenses", symbol 21804 "By bills"
• Kt 52501 "Obligations for interest and coupons on issued securities" - for the amount of accrued interest.

Interest is calculated in the currency in which the main obligation under the bill is taken into account.

For early repurchased and then re-issued promissory notes, interest for the period from the date specified in the promissory note to the date of re-issue is accrued simultaneously with the re-issuance of the promissory note. In the future, interest on reissued promissory notes is accrued in the usual manner.

The accrual of interest on bills, the value of which is determined using the NVPI, is carried out in such ways.

1. The calculation of interest for the current month is made in the currency of the nominal value based on the nominal value of the bill, the interest rate on it, the number of days in the month (or until the maturity date, if it falls on this month). The calculated amount of interest is recalculated into the liability currency at the established rate and reflected in account 52501.
2. Interest for the current month is calculated and reflected in the accounting in the currency of the obligation based on the amount of the obligation under the bill (523), the interest rate on the bill, the number of days in the month (or until the maturity date, if it falls on this month).

Taking into account the revaluation of the NVPI performed on the last working day of the month, the amount of the interest obligation (52501) in both options will be the same, the difference will be in the amounts charged to account 70606 (symbol 21804) and to accounts 70605, 70610 (when interest is accrued after revaluation there will be no main obligation for ROI of the indicated differences for these methods). The method of calculating interest on bills with NVPI is established by the bank in the accounting policy.

Note. Interest (discount) on a promissory note, which issued a deferral of payment for the acquired property, accrued (written off) before the property is put into operation, is subject to inclusion in the value of the property (clause 1.6 of Appendix 10 to Regulation N 302-P and clause 7 PBU 15/2008 ), i.e. are not charged to expense accounts, but to account 607.

Attribution of the discount to expenses

The discount on the issued bill recorded on account 52503 "Discount on issued securities" is subject to equal write-off to the bank's expenses during the term of the bill circulation. This provision is not entirely logical for bills of exchange "at sight, but not earlier", since the real obligation of the bank to repay such bills at face value does not occur at the end of the circulation period, but from the date "not earlier". Accordingly, in the case of a promissory note being presented for redemption on the date "not earlier", instead of evenly allocating to the bank's expenses, the discount should be written off to expenses in a significant amount at a time. From an economic point of view, it would be logical to consider such a bill as an instrument with a variable yield: from the date of issue to the date "not earlier" - at the effective rate recalculated from the discount, and from the date "not earlier" - at the demand rate. But in its repeated clarifications, the Bank of Russia insists on a uniform write-off of the discount during the term of the promissory note.

The discount is written off for expenses starting from the date of issue (re-issue) on a monthly basis (no later than the last business day of the month) and on the date of repayment (expiration of the circulation period) to the debit of account 70606 "Expenses", symbol 21804 "By bills" (clause 5.17 of h II of Regulations N 302-P and clause 11.1 of Appendix 3 to Regulation N 302-P).

Revaluation

Liabilities on promissory notes discounted in foreign currency are subject to revaluation in accordance with changes in the official exchange rates in accordance with the established procedure.

Obligations on promissory notes, the value of which is determined using the NVPI, are subject to revaluation on the last business day of the month and upon execution (Chapter 7 of Appendix 3 to Regulation N 302-P). Wherein:

• an increase in liabilities (negative revaluation) is reflected in the debit of account 70610 "Expenses from the use of embedded derivatives that are inseparable from the main contract", symbol 24202 "From changes in the exchange rate";
• reduction of liabilities (positive revaluation) is reflected in the credit of account 70605 "Income from the use of embedded derivatives, inseparable from the host contract", symbol 15202 "Income from the use of NVPI from changes in the exchange rate".

Both of these types of revaluation may exist simultaneously, for example, in the case of a bill denominated in a currency containing an effective payment clause in another currency, the obligation is revalued daily due to changes in official exchange rates and at the end of the month the amount of the obligation itself is changed at a cross rate or other rate established the terms of the bill.

Accrued interest (52501 "Liabilities on interest and coupons on issued securities") in foreign currency, as well as interest on promissory notes, the value of which is determined using the NVPI, are subject to revaluation in the prescribed manner.

The revaluation of the discount (52503 "Discount on issued securities") is made only if it is taken into account in foreign currency and only depending on changes in official rates (normal account revaluation in foreign currency). The revaluation of the discount depending on the change in the NVPI is not carried out, since it is provided only for assets (claims) and liabilities (Chapter 7 of Appendix 3 to Regulation N 302-P), to which the discount does not apply, since from an economic point of view it is actually deferred expenses (by the way, for the same reason, it would be logical not to overestimate the discount at all and take it into account in rubles). There are other points of view on the possibility of revaluation and write-off of the discount depending on the change in the NVPI (see "Accounting and banks", 2010, N 2). The procedure for reassessing the discount depending on the change in the NVPI should be established in the accounting policy.

If the issuing bank has delayed payment on a bill of exchange denominated in a currency without an effective payment clause, then the holder of a bill has the right, at its discretion, to demand payment of the bill in rubles at the exchange rate on the date of payment or the date of maturity (Article 41 of the Promissory Note Regulations), and in according to this, the last revaluation is performed.

Pledge

A bank may accept its own promissory note as collateral for placed funds:

• Dt 99998 "Account for correspondence with passive accounts with double entry"
• Kt 91311 "Securities accepted as collateral for placed funds" - for the amount of collateral accepted in accordance with the pledge agreement.

The amount of collateral may differ from the face value of the bill (for example, if the bill is urgent and is accepted as collateral at a discount). Also, the amount of collateral can be floating (for example, in the case of accepting a bill with NVPI as collateral or in the case of an increase in the value of collateral over time when accruing interest or writing off a discount).

Note. The amount of accepted collateral in the form of own bills may differ for accounting purposes (91311) and for the formation of a provision for possible losses on loans, taking into account collateral (523).

If the pledge agreement provides for the storage of a pledged bill in a bank (mortgage), then options similar to the storage of a bill when it is issued are possible.

If the pledge agreement (or a separate storage agreement) provides for the custody of the bill of exchange by the drawer:

• Dt 90803 "Securities in storage under storage agreements"
• Kt 99999 "Account for correspondence with active accounts in case of double entry" - for the amount of face value.

If the pledge agreement provides for depositary accounting of the bill:

• Dt 98000 "Securities in custody at the depository"
• Kt 98070 "Securities burdened with obligations" - for the number of bills of exchange accepted as a pledge.

Clause 11.1 of part II of Regulation N 302-P also provides for the accounting on depo accounts of securities owned by the bank on a different property right. In accordance with this, bills of exchange received as a pledge are subject to depository accounting, including in the absence of a specially stipulated condition for depository storage in the pledge agreement and the absence of a condition for safekeeping.

A bill of exchange shall be kept as a pledge in the manner similar to the storage upon issuance.

The issuance of a bill to the pledgor after the termination of the pledge is recorded in the accounting by reverse entry.

REPO own bills

According to Law No. 39-FZ of April 22, 1996 "On the Securities Market", REPO transactions are concluded with equity securities, to which bills of exchange do not apply (by the way, for the same reason, REPO transactions with bills of exchange are not recognized as REPO transactions in tax accounting). However, it is not prohibited to enter into transactions for the sale of securities (including promissory notes) with the obligation to resell them after some time. Accounting for such transactions with own bills is not directly established by the regulations of the Bank of Russia and, in the author's opinion, can be carried out as follows.

The Bank treats the transaction as a transaction similar to REPO and uses the accounting procedure established by Letter No. 141-T of the Bank of Russia dated 07.09.2007. At the same time, it is reasonable to consider this transaction as an operation to receive securities without initial recognition. Indeed, it is illogical to recognize one's financial liability as a financial asset, albeit a temporary one (besides, initial recognition means that the debtor and the creditor coincide in one person, which leads to the termination of the obligation).

Accounting in the bank-buyer for the first part of REPO (drawer):

• Dt 460 (A) - 473 (A) "Other placed funds" by type of addressee
• Kt c / c, r / c, cash - for the amount of funds provided for the first part of the transaction;
• Dt 99998 "Account for correspondence with passive accounts with double entry"
• Kt 91314 "Securities received under transactions made on a repayable basis" - for the value of the bill established by the agreement.

Opinion. G.N. Florova, Head of Internal Control Service, Bank "Russian Financial Corporation"

The article discusses in detail almost all aspects of the bank's operations with its own bills, but it is clear that it is impossible to foresee all the subtleties associated with the use of such a financial instrument as a own bill in one material.

Complementing the author, the first thing I would like to draw attention to is the strict observance of the form of a bill regulated by Art. 75 Regulations on the bill. Many years have passed since 1937, when it was adopted, and it would be useful to recall some of its requirements. For example, a document in which any of the details is missing may be recognized as drawn up with a defect in form, with the exception of cases provided for in Art. 76 Regulations. And according to Art. 72 of the Regulation, all acts relating to a bill of exchange may be performed on a business day. The author writes that the bill can be presented for redemption within the next two working days and, therefore, the maturity and balance sheet for accounting for the bill should be determined taking into account this circumstance, but I want to remind you that this should be provided for in the bank's accounting policy.

The accrual of interest on the funds provided is carried out by the bank in the generally established manner (on a monthly basis on account 47427 "Requirements for receiving interest" or 91603 - 91604 "Unreceived interest ..."). At the same time, the promissory bank continues to accrue interest (write off the discount) on the promissory note as a financial liability during the term of the REPO operation.

The funds provided to the bank and the bill to the holder are returned by reverse entries, and the interest received is credited to accounts 47427 or 70601.

If the counterparty of the bank-issuer in the REPO transaction is also the bank (the holder of the bill), then the accounting of such a transaction is carried out in the manner generally established by it for such transactions (with or without derecognition), with the peculiarity that the bills transferred under the REPO transaction without termination recognition are subject to debiting from account 514 (A) "Promissory notes of credit institutions and avalized by them" and credited to account 50218 "Debt obligations transferred without derecognition" until the moment of fulfillment of obligations under the second part of the REPO (see answers and clarifications on the website of the Bank of Russia dated 31.03.2008, question 8).

Changing the terms of a bill

In accordance with Ch. X "Regulations on the bill" the bank-issuer may make changes to the mandatory details of the bill. Such changes are made, as a rule, with the consent of the holder of the bill and usually relate to such conditions as the place of payment, the interest rate, the date of redemption. This operation does not entail the termination of accounting for obligations under this bill, but will be the basis for adjusting the accounting procedure (for example, transferring balance accounts 523 "Issued bills of exchange and bank acceptances" depending on the newly established maturity date) or recalculating accrued interest or adjusting the amount of the discount charged to expenses, etc.

V.B. Potekhin

Chief Accountant

JSC "Russian

INTERDISCIPLINARY COURSEWORK

by disciplines: Banking operations, Accounting in banks

on the topic: Organization and registration of bills of exchange operations in credit institutions. Reflection of operations in accounting

Introduction

The topic I have chosen is relevant, since the key problem of the current economic situation is the problem of non-payments, due to the aggravation of the shortage of money in the economy.

This term paper is to prove the significance and relevance of the problem, to reveal the advantages and disadvantages, to study and analyze the circulation of bills.

The current economic situation in the country gives impetus to the development of the circulation of debt obligations of banks, industrial enterprises, trade and service enterprises. The shortage of the money supply in circulation and large volumes of mutual non-payments caused an increase in the use of securities (bills) in economic circulation. The bill becomes a security actively used on the Russian stock market. The distribution of the bill is due to the relative simplicity, the development of forms and the long-term world practice of using this debt obligation.

A bill of exchange is a type of credit money that has been used in world trade practice for several centuries, and is now being mastered by Russian enterprises and banks in the domestic market.

The first chapter of the work covers the theoretical part of the problem - Types of operations performed by credit institutions with bills, namely: economic importance accounting operation, conditions and procedure for accepting bills of exchange for accounting, processing and forwarding bills of exchange accepted for accounting. Factors affecting the calculated interest rate, discount calculation, rediscounting of bills, lending against bills, the main difference between accounting and lending against bills, Creation of a database of protested bills, commission transactions with bills.

The second chapter is the practical part of the work, which reflects the accounting of operations performed with bills of exchange

In the third - final chapter, a specific task is considered, which reflects the accounting entries for accounting for transactions carried out with bills of exchange.

The basis for the theoretical and practical parts of the work are materials collected from various sources, such as the Monograph, Normative legal acts and others.

When solving the tasks set, the following methods were used: Research, analysis and comparison.

Theoretical part

1. Types of operations performed by credit institutions with bills of exchange

1.1. Bills, types, conditions and procedure for accepting bills for accounting

Bills of exchange are a means of formalizing credit and settlement relations between partners trading with each other, i.e. they are based on the relationship of purchase and sale of goods; in this case, the seller of goods is the creditor (trading on credit), and the buyer is the debtor. Deferred payment is provided mainly for up to 3 months (and sometimes for more time), and no visible interest is taken for this, since the price of the goods is calculated in such a way that the cost of deferred payment is already included in it. And if the payment is made earlier, then a discount is provided from the purchase price.

There are such options for the payment term as at sight; in so much time from the presentation; at so much time from compilation and on a certain day.

There are the following types of bills:

A bill of exchange can only be in blank form (Article 4 of the Law of the Russian Federation “On a bill of exchange and a promissory note”), therefore, strict requirements are imposed on the execution of a bill.

The bill of exchange must be drawn up in writing, either on a special bill of exchange form, or on a plain sheet of paper with the obligatory observance of all details.

A bill of exchange can be drawn up in any language, but it should be borne in mind that the Bank of Russia accepts for accounting bills of resident enterprises written only in Russian. The law defines a list of mandatory details placed on the bill of exchange

Payment on a bill can be fully or partially secured by means of an aval given by a third party, which increases its credibility. An aval is usually issued by a bank, for which it represents one of the types of loans issued. Aval credit (or bank aval) is the bank's liability for a bill of exchange obligation of a client. At the same time, the real payment of money by the bank occurs only if the recipient of such a loan is not able to pay off his debt. Otherwise, the transaction is limited to the bank's consent to avalize the bill with the collection of commission payments, the amount of which depends on the term of the aval, the conditions for its provision, and the solvency of the client.

Accounting of bills consists in the fact that the holder of the bill transfers (sells) the bill to the bank by endorsement before the maturity date and receives for this the bill amount minus (for early receipt) a certain percentage of this amount, i.e., discount interest. Thus, from the standpoint of the bank, this is the purchase of any non-own bill.

The purpose of the operation:

1. Attracting clientele by increasing the solvency of the client, replenishing his working capital.

2. Receipt of discount interest or discount at a rate not lower than similar short-term lending, but with a greater guarantee, since the promissory note obligation is unconditional.

3. Decoupling of non-payments, improvement of the financial condition of the bank's customers.

A commercial bank may be interested in accounting for promissory notes of the bank's major shareholders, as well as clients who have previously received loans, for the return of which the bank needs to improve the financial condition of the client. It is quite possible that the bank will take into account the bills of those clients with whom it plans to expand cooperation. Therefore, banks attach special importance to this operation. As a rule, the conditions for its implementation are determined by the managers and directors of banks on the basis of the information contained in the promissory note submitted for accounting to the bank. It reflects the existing relations between the participants in the bill transaction, as well as between the endorsers, financial position and whose creditworthiness is analyzed before the bill is accepted for accounting. The issues of solvency of the main debtors under a bill of exchange (the drawer - under a promissory note and the acceptor or drawer - under a transferable one) are considered especially carefully.

Endorsement as a form of assignment of a claim.

Assignment of a claim- this is a transaction in accordance with which the transfer of rights (claims) from a creditor to another person (another creditor) is carried out. A security is one or another form of existence of a debt relationship between a creditor (investor) and a debtor (issuer of a security), and therefore the assignment of the creditor's rights on it is, by definition, an assignment of a claim. The assignment of a claim may be carried out in the form of a unilateral or bilateral transaction. The first in relation to a bill is called an endorsement, and a bilateral transaction in relation to securities is called cession. As a rule, the assignment of a claim on a bill is carried out by means of an endorsement, but since a bill of exchange is a security, this assignment can also be carried out by means of an assignment. However, unlike an endorsement, the transfer of rights under a bill by way of an assignment leads to a very important consequence. The fact is that in the event of transfer of ownership of a bill of exchange by cession, the seller of the bill is responsible only for the invalidity

property rights, but will not be responsible for their feasibility, i.e. if the payer fails to fulfill its payment obligation, the claims of the buyer of the bill cannot be brought against the seller of the bill.

In the event of assignment of a claim by endorsement, the person transferring the bill of exchange is liable both for the invalidity of property rights, for example, it is responsible for the fact that the bill turns out to be counterfeit, and for their feasibility, i.e. if the payer does not pay the bill, it will have to be paid by the endorser as the previous holder of the bill (more precisely, each of the previous holders, including the drawer).

From a formal point of view, one can also point out the following differences between these two forms of assignment of a claim:

An endorsement is an order, that is, a unilateral action, of the holder of a bill, while an assignment is a bilateral contract;

An endorsement can be both nominal and bearer, and an assignment is always only a nominal transfer;

An endorsement is issued only by an inscription on a bill or on an additional sheet to it, called an allonge; The cession can be formalized as a contractual inscription on the security itself, or in the form of an independent (ordinary) contract for the sale of the security.

Bill posting- is the purchase of a bill of exchange before it becomes due. Since funds are usually concentrated at the bank, banks are most often the buyers of bills. An investor can exchange his bill of exchange for money ahead of schedule, usually at a bank, but for a smaller amount of money than that which the issuer (i.e., the debtor of the bill) must return to him. Since a bill of exchange is a form of money, it cannot be bought or sold, like a check. The early exchange of a bill for money outwardly appears as its purchase and sale, since the latter is

form of exchange of a bill for money. In fact, this exchange is always only a credit relation, because whoever "buys" a bill of exchange for money will receive it again after a certain period of time when the bill is paid off. The buyer of a bill is always a lender who gives a loan and then receives it back with interest from the payer of the bill. The seller of a bill who receives money for a bill, for example from a bank, does not actually sell it, but only returns (partially) the loan he gave to the issuer. Thus, both the buyer of the bill and its seller in the transaction of purchase and sale of the bill are parties to the credit relationship, but not the same, but two different ones, but closing on the issuer of the bill. Accounting for a bill consists in the fact that the holder of the bill, in need of money, transfers (sells) the bill to the bank by endorsement before the maturity date on it and receives for this the bill amount minus, outwardly, as if for the early receipt of money, a certain percentage of this amount, called discount interest, or bank discount. The size of the discount rate is set by the bank itself, depending on the solvency of the bill holder who submitted the bill for accounting, and is calculated according to the formula (3.14)

D-discount

N-value of the bill

t-time remaining until the bill is paid off (days)

r is the discount rate of the bank

T-annual period-360 days

The need to account for a bill arises if its holder needs money and cannot use the bill he has as a means of payment (payments) instead of them, and the deadline for receiving money under the bill has not yet come. Early presentation of a bill for payment, although possible, does not give him any chance if the payer does not wish to pay off the bill ahead of schedule (no money or for other reasons). The only place in the market where money can generally be borrowed is the bank, whose function is to trade in money, not in commodities. Receiving a bill of exchange by endorsement, the bank can in return transfer only the money that the bill holder needs.

For a bank, discounting a bill is an ordinary credit transaction. Outwardly, it seems that the bank gives a loan to the holder of a bill of exchange at a discount rate, accepting from him as a pledge the bill he provides. In fact, the holder of the bill, by endorsement, only assigns his rights under the bill to the bank, and therefore the payer of the bill is the debtor on the bank loan. This is the economic reason why the discount interest is deducted from the amount of the bill, and not charged on it, as is the case with conventional lending. The amount of the loan to be repaid to the bank is already fixed by the size of the bill of exchange, and therefore the bank can receive its payment for the loan not in excess of its value, but only by deduction from the bill of exchange. When the due date for the bill of exchange comes, the payer, returning the bill amount to the bank, returns both the amount of money for which the bank “bought” the bill from its holder, and the discount (bank) interest at which the bank lends money to its customers.