Accounting subjects of commercial bills
Commercial bills are included in accounts payable. When the enterprise recovers the due payment for goods or transfers by endorsement, it shall be credited to this account; When an accepted commercial bill is obtained, it is debited; Represents the balance of notes receivable of the enterprise, and the ending account balance is the debit.
Relevant accounting treatment of commercial acceptance bills
1. Accounting entries for payment of commercial acceptance bills at the time of purchase:
Borrow: raw materials
Taxes payable-VAT payable (input tax)
Loan: notes payable-commercial acceptance bills.
2. Accounting entries of commercial acceptance bills received at the time of sale:
Debit: bills receivable-commercial acceptance bills.
Loan: income from main business
Taxes payable-VAT payable (output tax)
3, commercial acceptance bill discount accounting entries:
Debit: bank deposit
financial expenses
Credit: notes receivable
4, commercial acceptance bill due to receive the other party's payment accounting entries:
Debit: bank deposit
Credit: notes receivable
What is a bill receivable?
Notes receivable refer to commercial bills received by enterprises in providing services and selling goods. Belonging to the asset category, it is generally accounted for in the special "notes receivable" account. A bill receivable is a written document accepted by the payer, issued by the payer or the payee, and paid unconditionally at maturity. "
According to different acceptors, commercial bills are divided into commercial acceptance bills and bank acceptance bills. As a relatively liquid asset, notes receivable can also be discounted according to the change of cash demand of enterprises. Commercial bills are bills receivable for creditors and bills payable for debtors.
The difference between notes receivable and accounts receivable
Accounts receivable: the funds occupied by the purchasing unit due to the sales of products by the enterprise shall be recovered from the customer within one year. For example, in order to promote the sale of goods on credit, if the enterprise does not collect the payment immediately after the sale, it will form accounts receivable.
Notes receivable: Notes issued due to debts of other enterprises that cannot be paid immediately. Mainly includes cashier's checks, checks and commercial drafts. In China, bills receivable are securities with a certain payment place, date, payer and payment amount, and are also creditor's rights certificates that holders can freely transfer to others. Refers to the unfulfilled or unexpired commercial paper held by an enterprise.
Accounts receivable have no specific form, only one right, and notes receivable have paper coupons as carriers.