Trade credit– this is a form of loan in which an agreement is drawn up stipulating the provision of certain products to the buyer in installments for long-term use. The agreement specifies the period and terms of the deferred payment.

The main advantage of this form of loan is that the customer has the right to use goods or services for which he is temporarily unable to pay. However, when purchasing products in installments, the consumer, as a rule, always overpays.

Distinctive features of trade credit from other types of lending

Commodity lending has some priorities.

First of all, this applies to the following client groups:

• enterprises whose activities are aimed at retail trade(this also includes transit);
• production associations, which are export-oriented.

The main purpose of a trade loan is to speed up the process of selling products and make a profit from it. Trade credit has a lower interest rate than bank credit.

But the size of this form of loan is limited by the amount of available funds that the entrepreneur has. Such limitations are compensated by bank loans.

Trade credit has some differences from other types of installments.

An agreement of this form of loan is concluded by legal entities and individuals, in contrast to a credit agreement, where the parties are a bank or a credit company that has a certain license to conduct banking operations.

Types of trade credit

There are several main types of this form of loan:

• With deferred payment- the most common form. In this case, the goods are delivered in accordance with the terms of the agreement. In this case, no other documents are required.
• On an open account– a form of credit that is used for long-term and repeated supply of a product in small quantities, that is, with constant cooperation between the company and the supplier. Debt repayment occurs according to the terms established by the contract. The cost of the product is transferred by the supplier to the debit of the account of the organization to which the product is supplied.
• In the form of consignment– a foreign economic commission transaction in which the seller orders the sale of goods shipped to the warehouse. All payments are made after the goods are sold. Financially, this type of lending is the safest.
• With debt registration by promissory note– This is a fairly promising form of credit. This type is especially relevant in countries where there is a high level of development of a market economy.

Bills of exchange may be issued after agreement of both parties with different execution periods:

• at the appointed time after presentation;
• upon presentation;
• at the appointed time after compilation;
• on the specified date.

When making certain types of deferred payment, the creditors are obliged to avoid non-financial forms of influence on the buyer: imposing a low-quality product, demands to terminate cooperation with the seller’s competitors, etc.

Commodity and commercial credit

Today, it is widespread to purchase products and services both on commodity terms and in accordance with requirements. commercial form of lending.

For the supplier, such operations are very effective, as they can significantly expand the product market, as well as enter into a long-term partnership with the consumer.

Commercial form of lending can be provided by both the supplier side and the buyer side of the product.

Suppliers– by installments and deferred payments, and buyers– by prepayment and advance payment. Thus, commercial lending is carried out by concluding a purchase and sale agreement by both parties.

Deferment of payments after drawing up an agreement on commercial and commodity lending may be carried out under the following circumstances:

• after purchasing the goods according to the sales contract with the possibility of deferment or installment plan;
• after purchasing goods on positions commodity credit.

The main difference between a commodity agreement and a commercial loan agreement is is significance of provisions, where the cost of the product and the period for its return must be specified.

The commercial loan agreement will be required to indicate the price of the product and the payment period. If such provisions are missing, the agreement will be void.

For the commodity form of lending, such conditions do not play a significant role.

The commodity form of loan agreement must indicate the name of the supplied product and its quantity.

Providing trade credit

Current legislation does not contain specific provisions for the issuance of deferred payment. Therefore, the parties to the loan agreement undertake to stipulate them independently when concluding the agreement.

Regarding the provisions of this agreement, each party performs two functions: the supplier is at the same time a creditor, and the buyer of the goods plays the role of a borrower.

During the provision of this form of loan A number of features should be taken into account:

• Regarding the terms of the purchase and sale agreement ownership of the product passes from the supplier to the buyer during its actual transfer.
• For the service of installments or deferred payment, the buyer pays a certain percentage specified in advance in the agreement. This percentage is not included in the total cost of production.
• There is a deferred payment for products. This will allow you to make payments in installments after receiving a profit for the goods sold.

Trade loan agreement form

A trade loan agreement has virtually no differences from a standard loan agreement. The only difference will be the subject of the agreement.

Thus, a trade credit agreement must contain:

• Name products;
• quantity purchased on credit for goods;
• birth characteristics products.

If necessary, information about assortment and quality may be included here.

Internal organizational and administrative documents

In an unstable economy, there may always be a risk of non-payment, which may be associated either with the bankruptcy of the company or with the dishonesty of the buyer.

To protect yourself from such an outcome, creditors should develop the following internal organizational and administrative documents:

• application for issuance commodity credit;
• instructions on how to submit this form a loan indicating a number of documents provided by the borrower for the issuance of a loan;
• deferred payment agreement wholesale companies;
• provision for providing such a form loans to retail customers;
• list of organizations, who have a dubious lending reputation.

Terms of trade credit

There are some mandatory conditions in the process of commodity lending:

• period definition, for which payment will be deferred;
• indication of moment, during which the transfer of property occurs (the date of conclusion of the agreement or the moment of transfer of products);
• determining the amount of payments for using this form of loan - interest, as well as indicating the conditions for their payment.

Trade credit amount

The contract price includes any amounts of money, the total cost of tangible and intangible assets, the transfer of which to the taxpayer is carried out by the buyer of the goods himself, or through a third party, taking into account compensation for the cost of the product.

Trade credit term

Determining the terms of the commodity form lending can be fundamentally different:

• Deferred payment period may be dictated by market conditions.
• The company may have “historical developments” terms of provision of this form of loan.
• If the company does not have strict requirements When issuing a loan, several approaches must be taken into account:

1. based on comparison with actual maturity period of the loan debt;
2. based on comparison of contribution margin with the amount of borrowed funds.

Calculation of trade credit

Precisely determining the term of this form of loan will help protect the company from possible risk.

• actual receivables turnover period

Of = V / DZ, Where:

1. Of- actual turnover of the organization’s receivables;
2. IN- gross income for a certain period;
3. DZ- indicator of the average size of accounts receivable;

• receivables payment period:

Pdz = T/Of, Where:

1. Pdz- repayment period for receivables;
2. T- duration of the term;

• turnover period, which is necessary for the planned increase in income:

Op = V / Pdz, Where:

1. Op– turnover for the required increase;

• turnover period, which is necessary to obtain the required revenue:

Sp = T / Op, Where:

1. Sp- turnover period of income growth;
2. T- duration of the term;

• optimal turnover period, which is considered important for achieving the required income:

Sdz = Pdz – Sp.

The optimal period for concluding a deferred payment can be calculate using the formula: the average turnover ratio of accounts receivable should not exceed the average period of turnover of accounts payable.

Otherwise, the company will face the problem of a shortage of working capital.

History of trade credit

The commodity form of a loan is the historical predecessor of the monetary form of lending.

Return of trade credit

Return of trade credit and is carried out on the same principle as the return of a cash loan.

When returning a trade credit transfer of ownership of the product takes place.

In case of receiving a trade loan, and then returning it, the buyer undertakes to pay VAT on the cost of the transferred products.

Product credit VAT

In the event that the parties enter into a purchase and sale agreement based on the provisions of commodity lending, which involves deferring payments for a specified period and interest, then the tax base for similar products VAT for the supplier of these goods or services is calculated based on the contract price of these products, increased by such percentage as determined by the contract.

Often different organizations are faced with such a concept as trade credit, but they do not always understand what it is intended for, as well as what features it has. It is a specific form of loan, for the implementation of which a special agreement is created. It specifies the basic conditions under which the buyer receives a certain amount of products for long-term use. Payment is made in installments. The document must indicate for what period the goods are provided, as well as what are the conditions for deferred payment.

The advantage of using a commodity loan is that the customer can use the goods, and pays money for them only after they have been sold or received income for their use. This is especially true for companies that do not have a lot of available funds, but it is important for them to continue to carry out their activities.

A loan called a trade loan has some nuances and priorities compared to other types. The purpose of such lending is to accelerate the sale of finished products and goods, as a result of which a profit is guaranteed in the near future.

Features of a trade loan include:

• no interest rate, which is very favorable compared to the rates set for loans by conventional banks or other lending institutions;
• its size is limited by the available funds available to the entrepreneur;
• An agreement can be concluded not only by legal entities, but also by individuals, and when issuing a standard loan, a banking organization acts as one party.

Thus, obtaining a trade loan is accompanied by certain features that every organization or individual acting as one of the parties should be aware of.

Main types of trade credit

There are several types of lending, which include the following:

• With deferred payment. This type is considered the most popular. When it is sold, the goods are delivered by the supplier to the buyer on the basis of the conditions specified in the contract. No additional documents are prepared for this process.
• With an open account. This form of commodity loan is used if supplies of goods are sold several times to the same buyer, and small lots are used for this. The repayment of the debt on these goods is ensured within the terms specified in the contract. As a rule, the parties to such an agreement are companies that are reliable partners and have been working with each other for a long time. The cost of the goods supplied is transferred by the seller to the debit of the account of the company purchasing them.
• Consignment. This loan is a commission transaction carried out in the external economy. Here the seller instructs to sell the goods shipped to the warehouse. Settlements between the two parties are made only after the final sale of the goods. It is believed that this type of trade loan has the highest security indicator.
• Using a bill of exchange. It is with its help that debt is processed; this form of loan is considered the most promising for modern companies. The issuance of bills is made after the two parties involved in the transaction have agreed on all the nuances. The execution period may vary.

Trade credit can come in several forms, but the important rule is that both parties involved in the transaction must be honest and offer open terms. Offering low-quality goods or questionable conditions is not allowed.

Combination of commodity and commercial loans

The correct scheme for the work of different organizations is to simultaneously use both commodity and commercial loans. It is important to know not only what trade loans are, but also that they are combined with. This is considered especially relevant and in demand for suppliers, since they have the opportunity to increase the market for their goods, as well as establish long-term relationships with customers and partners.

Commercial loans can be provided not only by the supplier, but also by buyers:

• suppliers offer deferment or installment plans for gradual payment of money for goods;
• Buyers give suppliers an advance or advance payment.

An indispensable condition for the implementation of this transaction is the drawing up of a purchase and sale agreement. Additionally, a trade credit agreement is drawn up, indicating the cost of the goods, as well as the period during which it must be returned. The commercial transaction agreement specifies the price of the goods and the period during which it must be paid. If the most important terms of cooperation are missed, then previously drawn up documents are considered invalid.

How is trade credit provided?

There are no clear definitions or information in the legislation about what trade credit is and exactly how it is provided. Therefore, all the features of such an agreement are discussed by both parties in the process of discussing the terms. In this case, both the supplier and the buyer must know their functions, namely:

• the supplier acts as a creditor;
• the buyer not only receives the goods, but is also a borrower.

The main features of providing a commodity loan include the following:

• ownership of the goods passes to the buyer from the supplier in the process of actual transfer, this is due to the purchase and sale agreement drawn up simultaneously with the commodity loan document;
• if a deferred payment or installment plan is provided, the buyer can pay the supplier a certain percentage for this offer, and its amount must be specified in the document;
• When applying for a deferment, it is allowed to pay for the goods in installments, usually this is done after the buyer sells batches of products.

Features of a trade loan agreement

This agreement is not particularly different from the standard document drawn up for conventional lending. However, the subject of the contract, which is the goods, will be specific here. It is important that the agreement contains the following information regarding the goods:

• their name;
• the number of goods purchased using a trade loan;
• their generic characteristics;
• range;
• product quality.

The risk of non-payment may arise even when drawing up a commodity loan, and this is due to the difficult economic situation in the country, so the buyer may not be able to repay his debt to the supplier. Often this is due not only to the difficult financial condition of the buyer, but also to his dishonesty. In this case, the supplier develops special administrative documents designed to minimize risks.

These documents include:

• an application through which a trade loan is issued;
• instructions;
• an agreement specifying the provision of a deferment to the buyer, usually wholesale trading organizations;
• provision for granting deferment or installment plans to retail customers;
• a list of companies with a dubious reputation for repaying loans.

What are the terms of trade credit?

In the process of carrying out commodity lending, certain conditions must be met, which include the following:

• the period for which payment for goods sent to the buyer is deferred is determined;
• the moment during which ownership rights are transferred is specified, and this moment can be the date of signing the contract or the direct transfer of goods;
• the amount of payments that must be paid for using this lending method is calculated, and interest is calculated for this;
• the terms of interest payment are indicated.

Trade credit is characterized by a certain amount. The price negotiated by both parties includes the price of the assets transferred to the buyer, as well as the interest paid for this type of loan.

An important point is the period for which this type of loan is provided. The terms of the commercial type of lending may vary, since the time for which a deferred payment is granted usually depends entirely on the conditions and features prevailing in the market.

Other features of providing trade credit

This type of lending appeared relatively recently, but it can initially be considered the predecessor of a standard commercial loan, for which exclusively cash is used. This is due to the fact that before the advent of money, state and finance, there were barter relations, and often payment for certain goods was made with other goods on a deferred basis.

If we move away from the business sphere, then in the layman’s understanding, a trade loan is a loan issued by a bank for the purchase of goods. As a rule, bank employees or financial agents of several lenders are located at the point of sale of household appliances and electronics, furniture, outerwear and work with customers directly in the stores. If a person cannot purchase the desired product for cash, he is asked to register for it. In this case, cash is not issued to the client. If approved, the bank transfers funds to the account of the outlet, and the client receives the desired product. The debt is then returned to the bank in monthly payments according to the standard scheme.

Thus, trade credit can be presented in several types. It is considered beneficial and convenient for use by both buyers and suppliers. Thanks to it, uninterrupted supplies, production processes and trade turnover are ensured. For the provision of such a loan, the buyer is required to pay certain interest. Each party involved in the transaction must carefully understand the correctness of the drafting of the agreement regarding trade credit.

Although the subject here is not cash, but goods, there is still a possibility of non-repayment of the debt, so each supplier must carefully select the buyers to whom such a loan will be offered. Also, all supplied goods must be of high quality. If we are talking about a commodity loan between an individual and a bank, you should not expect any surprises here: the conditions will not differ much from a standard consumer loan.

Commercial lending is one of the ways to provide buyers and customers with more favorable conditions for the purchase of goods (works, services). At the same time, sellers have the opportunity to speed up the process of selling goods (works, services) and expand sales markets. You can also enter into an agreement providing for the obligation of one party to provide on credit to the other party things defined by generic characteristics - a trade credit agreement. Accounting and taxation under such agreements differ significantly. In this issue we will talk about the features of accounting and taxation of transactions under a trade credit agreement.

Trade credit: general principles

An agreement providing for the obligation of one party to provide on credit to the other party things defined by generic characteristics is called a commodity loan agreement (Article 822 of the Civil Code of the Russian Federation). Such an agreement is subject to the same requirements as the credit agreement and the loan agreement (unless otherwise provided for in the trade loan agreement and does not follow from the essence of the obligation).

We list the main characteristics of a trade credit agreement:

Concluded in writing;

The lender has an obligation to transfer the goods at the time of signing the contract;

When goods are shipped to the borrower, ownership is transferred;

Goods defined by generic characteristics are shipped on credit (they can be replaced, measured);

It can be compensated, that is, the creditor is expected to receive interest. If the agreement does not contain a condition on the payment of interest, the agreement is considered gratuitous (clause 3 of Article 809 of the Civil Code of the Russian Federation).

An essential feature of a commodity lending agreement is that the rules and regulations applied to a contract for the purchase and sale of goods in accordance with Art. 465-485 of the Civil Code of the Russian Federation (unless otherwise provided by the trade loan agreement). This refers to the conditions on quantity, assortment, completeness, quality, packaging and (or) packaging of the items provided, etc.

A commodity loan agreement should not be confused with a commodity loan agreement (non-monetary loan).

Accounting

The accounting procedure for transactions under a trade credit agreement for a lender (creditor) is established by PBU 19/02 “Accounting for financial investments.”

Thus, the provision of goods on credit is recognized as a financial investment if the conditions established in clause 2 of PBU 19/02 are met.

Financial investments are accepted for accounting at their original cost (clause 9 of PBU 19/02). The initial cost of financial investments acquired under agreements providing for the fulfillment of obligations (payment) in non-monetary means is recognized as the value of assets transferred or to be transferred by the organization. This refers to the cost, which is established based on the price at which, in comparable circumstances, the organization usually determines the value of similar assets (clause 14 of PBU 19/02).

The price at which, in comparable circumstances, an organization usually determines the value of similar assets is, in fact, the market price and, therefore, differs from the book value of goods transferred under a trade credit agreement. In this situation, a difference arises between the book value of the transferred goods and their assessment as financial investments. This difference is reflected in other income and expenses. Such a difference is not recognized in tax accounting. As a result, a permanent difference should be reflected in accounting in accordance with PBU 18/02 “Accounting for calculations of corporate income tax.”

When repaying a trade loan, the lender does not receive income. This follows from clause 3 of PBU 9/99 “Income of the organization”. Income arises only in the form of interest if its payment is provided for in the contract. Let us remind you that, according to clause 16 of PBU 9/99, interest is accrued for each expired reporting period in accordance with the terms of the agreement and is taken into account as part of other income.

To account for financial investments in loans provided, account 58 “Financial investments” is intended, to which a special subaccount 3 “Provided loans” is opened. Interest receivable from the debtor is reflected on account 76 “Settlements with various debtors and creditors” (in a separate sub-account) in correspondence with account 91 “Other income and expenses”.

The borrower, when recording the purchase of goods (work, services) on the terms of a commodity loan, must take into account the norms and rules of PBU 15/2008 “Accounting for expenses on loans and credits”.

Penalties for violation of the terms of the agreement, including the terms of trade credit, are reflected as part of other income from the seller (clause 7 of PBU 9/99) and other expenses from the buyer (clause 11 of PBU 10/99 “Organization’s expenses”) in amounts awarded by the court or recognized by the organization (clause 10.2 of PBU 9/99, clause 14.2 of PBU 10/99).

Income tax

Let us remind you that for the lender, in accordance with clause 12 of Art. 270 of the Tax Code of the Russian Federation, expenses in the form of funds or other property that are transferred under commodity credit or loan agreements are not recognized for profit tax purposes. Receipt of funds or other property to pay off debt under credit or loan agreements is not recognized as income for profit tax purposes in accordance with subsection. 10 p. 1 art. 251 Tax Code of the Russian Federation.

Tax legislation specifically establishes the rules for tax accounting of income from sales, in particular, in the conditions of a commodity loan (paragraphs 6, 7 of Article 316 of the Tax Code of the Russian Federation). These rules regulate the procedure for tax accounting in a situation where the supplier retains ownership of the goods shipped to the buyer until payment is due. Under these conditions, the amount of revenue is also determined as of the date of sale and includes the amount of interest accrued for the period from the moment of shipment to the moment of transfer of ownership of the goods. Interest accrued for the use of a trade loan from the moment of transfer of ownership of goods until the moment of full settlement of obligations is included in non-operating income.

Price differences arising as a result of the fact that the prices of goods transferred under the contract and those received to repay the share are different are not taken into account when taxing profits. This is the position of the Russian Ministry of Finance, expressed in letter dated February 13, 2007 No. 03-03-06/1/82.

For the borrower, property received under a commodity loan agreement is not recognized as income when taxing profits (subclause 10, clause 1, article 251 of the Tax Code of the Russian Federation).

Interest accrued by the seller and buyer on a trade loan is reflected in tax accounting as part of, respectively, non-operating income and expenses in the same way as in the case of a commercial loan.

VAT

Let's first consider the seller's position. Currently, the issue of taxation of VAT on the transfer of goods on the terms of a trade credit (as opposed to interest received) is not regulated in tax legislation. A fair question arises: should VAT be charged or not when transferring goods to the borrower?

Let us recall that under the loan agreement in accordance with Art. 807 of the Civil Code of the Russian Federation, the lender transfers money or other things into ownership to the borrower. Thus, when providing a trade loan, the ownership of goods transfers from the lender to the borrower.

At one time, the Ministry of Taxes and Taxes of Russia, in a letter dated July 22, 2003 No. VG-6-03/807, based on the above norm, came to the unequivocal conclusion that VAT would be charged on the amount of a trade credit. In particular, the regulatory authorities rightly note the following: “One of the distinctive characteristics of a trade credit agreement is that the essential terms of the loan agreement are added to the essential terms of the purchase and sale agreement.

Thus, a trade loan agreement is a mixed agreement, since it simultaneously contains signs of two types of legal relations: for the purchase and sale of goods and credit relations. In this case, the rules on contracts, the elements of which are contained in a mixed contract, are applied in the relevant parts, unless otherwise follows from the agreement of the parties or the essence of the mixed contract (Article 421 of the Civil Code of the Russian Federation).

Both in the case of a loan (credit) agreement and in the case of a purchase and sale agreement, we are talking about the alienation of things into the ownership of the borrower (buyer).”

Further, officials conclude that the seller of the goods (lender), based on the cost of the transferred goods, determined by the terms of the loan agreement, must calculate and contribute VAT to the budget. When returning goods, the seller (creditor) deducts the amounts of tax previously paid to the budget.

This conclusion can be reached based on an analysis of the norms of Chapter 21 of the Tax Code of the Russian Federation. The transfer of goods on the terms of trade credit is not listed in clause 1 of Art. 146 of the Tax Code of the Russian Federation, but is not listed as transactions not recognized as objects of taxation in paragraph 2 of this article.

Next, let us analyze the provisions of Art. 149, which presents a closed list of transactions that are not subject to taxation (exempt from taxation). The operation of transferring goods on the terms of trade credit is not included in this article. There is only a norm sub. 15 clause 3 art. 149 of the Tax Code of the Russian Federation, according to which only the provision of a loan in cash is exempt from VAT. From this we can already conclude that the transfer of goods on the terms of a trade credit is subject to VAT.

In addition, according to sub. 3 p. 1 art. 162 of the Tax Code of the Russian Federation, the VAT tax base is increased by amounts received in the form of interest on a trade loan, to the extent that it exceeds the amount of interest calculated in accordance with the refinancing rates of the Central Bank of the Russian Federation in force in the periods for which interest is calculated. This, although indirectly, still confirms the conclusion already made above.

So, since the specifics of taxation of commodity credit are not separately established in the chapter of the Tax Code of the Russian Federation, the tax base in this situation will be determined in accordance with the provisions of Art. 154 of the Tax Code of the Russian Federation (as in the case of a non-cash loan). The tax rate is 10 or 18%, depending on what exactly is the subject of the loan agreement.

Let us remind you that according to paragraph 1 of Art. 154 of the Tax Code of the Russian Federation, the tax base for the sale of goods (work, services) is calculated as the cost of these goods (work, services), calculated on the basis of prices determined in accordance with Art. 105.3 of the Tax Code of the Russian Federation, taking into account excise taxes (for excisable goods) and without including tax (that is, the market price of the transferred property).

Having calculated the amount of tax, you need to prepare invoices and register them in the sales book:

For the loan amount - in two copies. In this case, the tax amount is presented to the borrower and he has the right to a tax deduction, of course, subject to all the conditions established by clause 4 of Art. 168 and art. 171 Tax Code of the Russian Federation;

For interest - in one copy (exactly the same as in the case of a commercial loan).

Thus, the buyer-borrower is not invoiced for interest. Consequently, the borrower does not have the right to a tax deduction of the amount of VAT accrued on interest under a trade loan agreement.

Since the effect of paragraph 1 of Art. 162 of the Tax Code of the Russian Federation does not apply to transactions for the sale of goods (work, services) not subject to VAT (exempt from taxation) (clause 2 of Article 162 of the Tax Code of the Russian Federation), providing on credit goods not subject to VAT (exempt from taxation), VAT and interest on trade credit should not be imposed.

When repaying a debt on a trade loan (as in the case of a trade loan), the borrower has the obligation to charge the amount of tax to the budget.

Practical situation

Initial data

LLC "X" - the lender and CJSC "U" - the borrower entered into a trade loan agreement in the amount of 590,000 rubles, including VAT 18% - 90,000 rubles. (RUB 590,000 x 18). The cost of finished products provided as a trade loan amounted to 310,000 rubles.

The contract expires on December 31, 2014. Interest is accrued on the entire amount of debt, including VAT, at the rate of 18% per annum and is paid in cash at a time along with the entire amount of debt.

The borrower fulfilled all obligations under the agreement in a timely manner. To repay the debt, CJSC “U” on December 31, 2014 purchased a batch of similar goods with a market value of 600,000 rubles, including 18% VAT - 91,525.42 rubles.

The parties fulfilled all their obligations within the terms established by the contract and in full.

Reference data

According to the agreement, the transfer of ownership occurs at the moment of transfer of finished products to the buyer from the warehouse.

LLC "X" uses the accrual method for income tax purposes. Reporting periods for income tax are 1st quarter, half a year, nine months.

The refinancing rate during the contract period is 8.25% per annum.

The borrower reflects the property received under a trade loan agreement as a commodity.

Solution for LLC "x" - creditor

Debit 76, subaccount “Settlements with the borrower” Credit 43

310,000 rub. - reflects the shipment of finished products under a trade credit agreement;

Debit 58.3 Credit 76, subaccount “Settlements with the borrower”

590,000 rub. - the transfer of finished products under a trade credit agreement is reflected as part of financial investments;

Debit 76, subaccount “Settlements with the borrower” Credit 68, subaccount “Settlements with the budget for VAT”

90,000 rub. - VAT is charged on the market price of the transferred finished product.

When shipping finished products to the borrower, the accountant draws up an invoice in duplicate for the total amount of the shipment. One copy is registered in the sales book, the other is given to the borrower within five days.

Debit 76, subaccount “Settlements with the borrower” Credit 91.1

190,000 rub. - reflects the difference between the initial cost of financial investments accepted for accounting and the cost of transferred finished products.

PNA = 190,000 rub. x 20% = 38,000 rub.

38,000 rub. - PNA accrued.

We reflect the accrual of interest for using a trade loan and repaying the debt:

Debit 76, subaccount “Settlements with the borrower for interest” Credit 91.1

9019.73 rub. (RUB 590,000 x 18%: 365 days x 31 days) - interest was accrued on the trade loan and included in other income;

Debit 51 Credit 76, subaccount “Settlements with the borrower for interest”

9019.73 rub. - interest received on trade credit.

After the actual receipt of interest, the accountant determines the tax base for VAT and calculates the amount of tax in accordance with the norm of sub. 3 p. 1 art. 162 of the Tax Code of the Russian Federation.

Tax base = 590,000 rub. x (18% - 8.25%) : 365 days. x 31 days = = 4885.69 rub.

VAT = 4885.69 rub. x 18: 118 = 745.28 rub.

Debit 91.2 Credit 68, subaccount “Calculations with the budget for VAT”

RUB 745.28 - VAT is charged on interest on trade credit.

When receiving interest, the accountant draws up an invoice in one copy and registers it in the sales book. In this case, the borrower is not issued an invoice and the VAT amount is not presented.

Debit 41 Credit 58.3

RUB 508,474.58 - the receipt of goods to repay the debt on a trade loan is reflected.

Having received an invoice from the borrower, the accountant reflects the amount of “input” VAT:

Debit 19.3 Credit 58.3

RUB 91,525.42 - the VAT presented by the borrower is reflected;

Debit 68, subaccount “Calculations with the budget for VAT” Credit 19.3

- 91525.42 rub. - reflects the deduction from the budget of “input” VAT on receipts from borrower goods;

Debit 58.3 Credit 91.1

10,000 rub. [(RUB 508,474.58 + RUB 91,525.42) – RUB 590,000] - other income is reflected upon termination of the trade credit agreement.

This income is not recognized for profit tax purposes. The result is a permanent difference that will lead to the formation of LAD.

PNA = 10,000 rub. x 20% = 2000 rub.

Debit 68, subaccount “Calculations with the budget for income tax” Credit 99, subaccount “PNA”

2000 rub. - PNA accrued.

The tax accounting of the reporting period should reflect:

The amount of accrued interest on a trade loan is 8274.45 rubles (9019.73 rubles - 745.28 rubles) in the tax register “Statement of non-operating income in the form of interest on trade and commercial loans”;

The amount of VAT on interest on a trade loan is RUB 745.28. as part of non-operating expenses or as part of other expenses associated with production and sales (as indirect expenses).

Solution for JSC "u" - the borrower

We reflect the receipt of goods on the terms of trade credit:

Debit 41 Credit 66, subaccount “Settlements for short-term trade credit with LLC “X””

500,000 rub. - the goods have been registered (without VAT);

Debit 19.3 Credit 66, subaccount “Settlements for short-term trade credit with LLC “X””

90,000 rub. - reflects the “input” VAT on the received goods.

Debit 68, subaccount “Calculations for VAT” Credit 19.3

90,000 rub. - “input” VAT is deducted from the budget.

Debit 91.2 Credit 66, subaccount “Interest on trade credit”

9019.73 rub. (RUB 590,000 x 18%: 365 days x 31 days) - interest was accrued on the trade loan and included in other expenses;

Debit 66, subaccount “Interest on trade credit” Credit 51

9019.73 rub. - interest on trade credit is listed.

In tax accounting, the amount of interest recognized when taxing profits is regulated by Art. 269 ​​of the Tax Code of the Russian Federation (clause 1). Let's calculate the maximum interest rate based on the refinancing rate increased by 1.8 times - 7441.27 rubles. (RUB 590,000 x 8.25% x 1.8: 365 days x 31 days). A permanent difference is formed between accounting and tax accounting in the amount of 1,578.46 rubles. (9019.73 rubles - 7441.27 rubles), which will lead to the formation of PNO.

PNO interest = 1578.46 rubles. x 20% = 315.69 rub.

The following entries are made in accounting:

Debit 99, subaccount “PNO” Credit 68, subaccount “Calculations for income tax”

RUB 315.69 - PNO accrued on interest basis.

We reflect the purchase of goods to return the credit:

Debit 41 Credit 60

RUB 508,474.58 - goods were capitalized for the amount excluding VAT;

Debit 19-3 Credit 60

RUB 91,525.42 - reflects the “input” VAT on the received goods.

The invoice presented by the seller is recorded in the purchase book. The accounting reflects the tax deduction of “input” VAT:

Debit 68, subaccount “VAT calculations” Credit 19-3

RUB 91,525.42 - “input” VAT is deducted from the budget.

We reflect the return of trade credit:

Debit 76, subaccount “Settlements with LLC “X” for trade credit” Credit 41

RUB 508,474.58 - goods written off to repay the principal amount of the debt;

Debit 76, subaccount “Settlements with LLC “X” for trade credit” Credit 68, subaccount “Settlements for VAT”

RUB 91,525.42 - VAT is charged to the budget;

Having shipped the goods, the accountant draws up an invoice in duplicate for the total amount of the shipment. One copy is registered in the sales book, the other is transferred to the lender within five days.

Debit 66, subaccount “Settlements for a short-term trade loan with LLC “X”” Credit 76, subaccount “Settlements with LLC “X” for a trade loan”

590,000 rub. - debt on trade credit is written off;

The difference between the valuation of goods when received as a loan (590,000 rubles) and the valuation of goods purchased to pay off a debt (600,000 rubles) must be included in other expenses:

Debit 91-2 Credit 76, subaccount “Settlements with LLC “X” for trade credit”

10,000 rub. (600,000 rubles – 590,000 rubles) - we reflect the difference in product prices that arose when returning the trade credit.

Let us remind you that the resulting price difference is not recognized as an expense when taxing profits. 1 The result is a permanent difference that will lead to the formation of PNO.

PNO = 10,000 rub. x 20% = 2000 rub.

Debit 99, subaccount “PNO” Credit 68, subaccount “Calculations with the budget for income tax”

2000 rub. - PNO accrued.

1 This is also true if the goods purchased to pay off the debt would have a lower value. The price difference in this case would not be recognized as income when taxing profits.

In economic activity, sometimes there is a need for temporary borrowing not of money, but of raw materials, materials, seeds and similar things in kind. At the same time, the recipient is often interested in the stability of such relationships, which cannot be ensured by a real loan agreement. In such cases, a trade credit agreement is used. It provides for the obligation of the creditor to provide the other party not with money, but with things determined by generic characteristics. This is its main difference from a regular loan agreement.

A trade credit agreement provides for the obligation of one party to provide the other party with things defined by generic characteristics. A commodity loan is intended to satisfy a person’s needs for production and consumption products that this person does not have at the time of entering into the contract.

Items transferred under a trade loan become the property of the borrower. A commodity loan has the characteristic of repayment, which is characteristic of other borrowed obligations.

Since a trade credit agreement is concluded, as a rule, for production purposes, not only the rules on a loan (credit) are applied to it, but also additional conditions: on quantity, on assortment, on quality, on packaging and other rules of the chapter on the sale and purchase of goods , unless otherwise provided by the loan agreement. Parties to the contract are any subjects of civil law.

A characteristic feature of a commodity loan is that its maximum size is determined not only taking into account the solvency of the potential borrower, but also based on the period for which it is planned to provide him with credit funds. At the same time, the maximum period for granting a commodity loan usually does not exceed 5-7 years.

A commodity loan is provided to almost any capable citizen without collateral or with collateral for the borrower’s obligations to repay the loan. Credit funds are issued non-cash in any currency by crediting to the borrower's current account or credit card. goods commercial banking credit

Repayment of a loan for the purchase of consumer goods with deferred payment is made according to an annuity scheme, which provides for the monthly repayment of part of the loan along with the payment of interest for its use.

Early lump sum (or partial) repayment of the loan is allowed, but in this case the bank charges an additional commission from the borrower. In addition, at the request of the borrower, if there are valid reasons, the bank can provide an installment plan to repay part of the loan for a period of 3 to 6 months, which, however, does not exempt the borrower from paying monthly interest.

If a major transaction is made and the buyer is given the opportunity to pay off it gradually, then it makes sense to draw up a trade credit agreement instead of a purchase and sale agreement. This will help reduce the amount of VAT that must be paid to the budget on sales.

A trade loan agreement provides that one company (lender) transfers goods to another company (borrower) for a certain period. In this case, you will act as a lender, and your buyer will act as a borrower.

When this period expires, the borrower must return the same goods to the lender and pay interest on the loan. However, the buyer will not return the items to you. Therefore, when the payment deadline approaches, enter into an agreement with him that the loan will be repaid in money.

Otherwise, this agreement is subject to the general rules on loan agreements. This determines its consensual, compensatory and bilateral nature, as well as the requirement that it be in writing. 3. Features of commercial and commodity loans

Features of trade credit

In economic activity, there is a need for temporary borrowing of raw materials, materials, seeds and other mass-produced goods under the condition of their return within the time limits established by the contract.

Currently, operations for the acquisition of property on the terms of trade credit have become widespread. A creditor under a commodity contract can be any legal or physical person, and not just a bank or credit organization that has the appropriate license.

The lender, transferring goods under a commodity loan agreement to the borrower, also transfers ownership of it. But in this case, the transfer of goods to the borrower is repayable, which is a characteristic feature of a commodity loan.

Trade credit, like any loan, implies interest on the use of someone else's funds.

A trade loan agreement is a bilateral agreement: after its conclusion, both parties have both rights and obligations - one party acquires the right to demand that the other issue goods on credit, that is, the lender is obligated to provide a loan in the form of goods. The borrower is obligated to accept the loan within the stipulated contractual period.

Legal regulation of a trade credit agreement within the framework of §2 Ch. 42 of the Civil Code comes down to two reference norms. According to the first of them, under a commodity loan agreement, the rules on the loan agreement are applied, unless otherwise provided by the commodity loan agreement itself and does not follow from the essence of the obligation. The essence of the second reference norm aimed at regulating a trade credit agreement is that the terms of the said agreement on the quantity, assortment, completeness, quality, container (packaging) of things provided on credit must be fulfilled by the parties in accordance with the rules on the agreement purchase and sale of goods, unless otherwise provided by the trade loan agreement.

Thus, essentially the only distinctive feature of a trade credit agreement, which makes it possible to distinguish it as a separate type of loan agreement, is the consensual nature of the commodity loan agreement.

At the same time, the consensual nature of the commodity loan agreement, which is a species-forming feature of this agreement, allowing it to be distinguished as a separate type of loan agreement, does not exclude the fact that the commodity loan agreement must have all the other general features of the loan agreement. On the contrary, the absence of at least one of these signs does not allow the relevant legal relationship to be qualified as a trade credit agreement.

A trade credit agreement differs from a credit agreement in a number of ways. A commodity loan provides for the issuance to the borrower of things with certain generic characteristics, a loan agreement - money, that is, the object of a commodity loan is things other than money, and a loan agreement generates exclusively a monetary obligation.

The scope of the loan agreement is limited to the area of ​​activity of professional lenders - banks and other credit organizations. In a loan agreement, only a bank or other credit organization that has a license to carry out banking operations can act as a creditor, and in a trade loan agreement there can be any legal entities or individuals.

These features are the main differences between a trade loan agreement; otherwise, it is subject to the general rules of a loan agreement, in particular, conclusion in writing, the procedure for refusing to provide or receive a loan.

Features of a commercial loan

The obligation of commercial lending does not have the form of a separate contractual legal relationship, but arises in those civil contracts, the execution of which is associated with the transfer into the ownership of the other party of money or other things determined by generic characteristics, provided that one of the parties to such an agreement provides its performance to the counterparty as if on credit, with a delay in receiving the counter-performance provided for in the contract by this counterparty. The latter, due to the above circumstances, for some time (before the fulfillment of his obligation) essentially uses funds transferred to him by the other party or to be transferred to the specified party in payment for goods received from it, work performed, services rendered. The legal relationship that develops in such situations regarding the use of other people's funds (things determined by generic characteristics) has the features of a loan-type obligation and is called a commercial loan in the Civil Code.

E.A. Sukhanov emphasizes that the commercial loan obligation does not form a separate agreement, but is included in other civil law agreements. “A commercial loan is not an independent transaction of a borrowed type, but a condition contained in a reimbursable agreement,” he believes. “Any such agreement, for example, a purchase and sale agreement, lease, contract, transportation, etc., may include a condition on full preliminary payment or advance payment for the provided property, results of work or provision of services, or, on the contrary, about deferment or installment payment of such payment. Economically, in all cases, we are still talking about a loan, essentially provided by one party to the contract, for example, in the purchase and sale of goods with installment payment. ".

As can be seen from the legal structure of a commercial loan, its legal significance is determined by the possibility of advance payment, prepayment, deferment or installment payment for goods, works and services. Commercial lending can be considered any discrepancy in the timing of reciprocal obligations under a concluded contract, when goods are delivered (work is performed, services are provided) before payment is made, or payment is made before the goods are transferred (work is performed, services are provided).

In most cases, commercial lending is carried out without special legal registration due to one of the terms of the concluded agreement (advance payment, installment plan). For these purposes, the rule of paragraph 2 of Article 823 of the Civil Code of the Russian Federation is formulated stating that the rules of the chapter on the loan are applied to a commercial loan, unless otherwise provided by the rules on the agreement from which the corresponding obligation arose, and does not contradict the essence of such an obligation.

The rules applicable to a commercial loan are set out in Article 823 of the Civil Code of the Russian Federation. Based on the text of this article, two important legal provisions emerge. Paragraph 1 emphasizes the legality of selling goods on credit, making advances to contractors and other types of commercial credit. The second paragraph defines the range of rules applicable to a commercial loan. According to this paragraph, the rules contained in Chapter 42 of the Civil Code of the Russian Federation are applied to a commercial loan, unless otherwise provided by the rules on the agreement from which the corresponding obligation arose, and if such application does not contradict the essence of this obligation.

The definition of a commercial loan given in Article 823 of the Civil Code of the Russian Federation states that a commercial loan is a civil obligation that provides for deferment or installment payment for goods, work or services, as well as the provision of funds in the form of an advance or prepayment. That is, a commercial loan is a loan provided not under an independent borrowing obligation (loan agreement, credit agreement, trade loan agreement), but in pursuance of contracts for the sale of goods, performance of work or provision of services.

Consequently, commercial lending is legally inextricably linked with the agreement of which it is a condition. That is, a commercial loan is a payment condition contained in a reimbursable agreement.

Article 823 of the Civil Code of the Russian Federation names typical cases of a commercial loan in its legal meaning: advance payment, advance payment, deferment or installment payment for goods, work or services. Any contract (for example, a contract of purchase and sale, delivery, performance of work, provision of services, etc.) may include a condition for full advance payment or advance payment (partial payment) of the provided property, results of work or services (established in the interests of the alienator or service provider) or a condition for deferment or installment payment of such payment (serving the interests of the purchaser or service recipient). That is, a commercial loan can be divided into two types:

• 1) deferment or installment plan of payment provided by the seller of property to the buyer, for which it is possible to receive remuneration as a percentage of the amount of the deferment provided or in an established amount.
• 2) advance payment (advance payment) to the seller, for which it is also possible to receive a reward.

Thus, the provision of a commercial loan assumes that, under the terms of this agreement, each party plays a dual role: the seller of the goods is simultaneously a lender, and the buyer is a borrower, or vice versa.

It should be noted that the agreement for the “purchase and sale of goods on credit” or another agreement that provides for the provision of a commercial loan, and the agreement for the “commodity loan” are different in their legal nature. Replacing one concept with another in a purchase and sale agreement may lead to negative legal consequences.

Let us note that the main difference between a commodity loan agreement and a commercial loan agreement is the importance of the conditions stipulating the price of the goods and the timing of its return; in the absence of them, such an agreement will be considered not concluded. For a trade credit agreement, these conditions are not essential. Indicating the price of goods in a trade credit agreement is advisory in nature, since the amount of interest payable to the lender is calculated based on the contract value of the goods.

Literally 10-15 years ago, the vast majority of the Russian population had no idea about this type of lending as commodity credit. Some similarity existed, of course, before - even in Soviet times, a buyer could purchase goods in a store in installments. But the system of commodity lending through banks came to Russia only in the early 2000s.

It is worth noting that it was commodity loans (and the credit cards that appeared after them) that became the “first sign” of the credit boom of 2005-2008.

Russians then purchased cars and mobile phones, apartments and refrigerators, washing machines and vacation trips at the expense of banks.

Of course, the 2008 crisis cooled Russians’ love for thoughtless lending, but the volumes of funds that individuals borrow from banks are still very large. Today we will talk about commodity lending, its essence and features.

Commodity lending scheme

We often hear how commodity loans are called express lending. This formulation is not entirely accurate: the concept of express lending can include both cash loans and cards - any bank loans that are issued in a short time and according to a simplified application consideration procedure.

1. Trade credit is a special type of consumer express lending. When applying for such loans, three parties are involved - the creditor bank, the individual borrower and the store - the seller of the goods. The general scheme for obtaining a loan for goods involves all three parties and looks like this:
2. Concluding a cooperation agreement between a bank and a store for processing trade loans at retail outlets;
3. Training store employees to apply for loans or equipping work stations for bank employees (usually in large stores and shopping centers);
4. The buyer’s visit to the store, selection of the product for which the loan will be issued;
5. Consultation with a loan specialist, selection of a loan program;
6. Review of the application by the bank (performed by sending a completed application form via the Internet, the decision in most cases is made automatically);
7. If the decision is positive, sign an agreement with the bank, make a down payment to the store’s cash register;
8. Issue of goods from the warehouse;
9. Payment by the bank of the cost of goods to the store (non-cash, after providing and verifying documents);
10. Repayment by the borrower of debt to the bank.

Features of loans for the purchase of goods

As can be concluded from the above, commodity loans are significantly different in nature from other types of lending. Let's highlight the main features of loans for goods in stores:

1. In case of commodity lending, the borrower is not given money “in hand” - neither in cash nor by bank transfer. Having issued a loan in the amount of “the cost of the goods minus the down payment”, the client immediately receives the purchased goods. The cost of the purchase is compensated to the store by the bank - non-cash after checking the credit documents;
2. The loan agreement is drawn up directly in the store; a visit to the creditor bank is not required. The client’s application form and photograph are transmitted via the Internet, and after centralized automatic verification of the entered data, the credit specialist receives a decision and draws up an agreement;
3. Not only full-time bank employees can apply for loans for goods; in small stores, this role is assigned to cashiers and salespeople who undergo training at the lending bank (1-2 weeks). In this regard, the competence of such specialists is often questioned;
4. Trade credit is secured. The collateral for the loan is the goods that are purchased in the store using bank funds. Thus, theoretically, in case of non-payment of the loan, the bank can claim the purchased vacuum cleaner or TV and sell it;
5. The client is verified and a decision is made on the application according to a greatly simplified scheme, since commodity loans are designed for “conveyor” issuance. The bank minimizes its risks due to the huge number of issued trade loans for small amounts, as well as by setting high interest rates on loans. To apply for a trade loan, it is enough to provide a passport and any other document; confirmation of income level or place of work is not required. Consideration of the application occurs automatically - according to the so-called scoring system;
6. When deciding to issue a loan, the bank takes into account not only the borrower’s data, but also the characteristics of the purchased product. Thus, there are groups of goods that banks classify as high-risk - LCD TVs, laptops, mobile phones, expensive household appliances. They are the object of close attention of scammers. Banks consider the least risky issuing loans for the purchase of large household appliances (refrigerators, washing machines and dishwashers), inexpensive equipment, furniture, repair materials (doors, windows, etc.).

An example of calculating an overpayment on a trade loan

To assess how profitable trade loans are, let’s try to calculate the overpayment for the most popular shares, the analogues of which are available in almost all banks. In order not to complicate the calculations, we assume that the future borrower refused to take out insurance. A refrigerator will be purchased at a cost of 20 thousand rubles (the average loan amount today).

1. Standard loan- one of the most expensive promotions (it is precisely its conditions that credit specialists offer to borrowers in the first place). In many cases, this is the only promotion where you can borrow, for example, a mobile phone.
   The interest rate for this type of lending will be 40-70% per annum, and you can change the loan amount based on the size of the down payment (from 10 to 50% of the cost of the goods). Let the down payment be 10%, the interest rate be 55% per annum (average value), and the loan term be 10 months. Then:
   • an initial fee: 2000 rub.
   • monthly payment: 2290 rub.
   Thus, the overpayment in this case is 2000+2290*10-20000=4900 rubles. (24.5% of the cost of the goods);
2. Loan scheme “three tens” or “10/10/10” is the easiest for a bank client to understand. You deposit 10% of the cost of the goods (2000 rubles) into the store’s cash register as a down payment, and then pay 10% (exactly the same amount) for another 10 months. It is easy to calculate that the overpayment in this case will be 10% of the cost of the goods (2000 rubles in our example with a refrigerator).
   Provocative question: what do you think the loan rate is? No, not 10% at all, no matter how such an answer might suggest itself. The interest rate will be 23.5% per annum. Of course, this is much lower than for a standard loan, and “three tens” is considered one of the most attractive promotions.
3. Loan "three percent per month"- one of the most famous “cheat” promotions. The essence of the loan is that every month in excess of the loan amount you pay only 3%. The apparent simplicity and cheapness of this loan actually turns into a huge interest rate and the largest overpayment - even more than for a standard loan. After all, the mentioned 3% is calculated based on the initial loan amount, and repayments are not taken into account. For example, when lending for 10 months, the rate will be about 61% per annum!
   If we take out a loan on the same terms - a term of 10 months and an initial payment of 10% - then the payment scheme looks like this:
   • cash deposit: 20000*10%=2000 rubles;
   • amount of credit: 20000-2000=18000 rubles;
   • payment: 1800+18000*3%=2340 rubles;
   • overpayment: 2000+2340*10-20000=5400 rubles.

Thus, depending on the selected promotion, trade credits can be either quite acceptable or too expensive. The final decision on the choice must be made by carefully studying the tariffs of banks and not stopping at the first promotion offered.

Is it worth taking out trade loans?

Of course, everyone answers this question independently, weighing their capabilities and desires. Let us only note that thoughtless purchases of goods on credit can significantly undermine the financial condition of your family - after all, you will have to make payments on the loan on average for 1-1.5 years every month.

In addition, commodity loans, although simple to obtain, are the most “expensive” offer from banks: high interest rates, huge commissions, imposed insurance make the overpayment on the loan enormous - up to 100-200% of the original cost! Therefore, we recommend applying for trade loans only in extreme cases, relying more on the opportunity to save money on your own or take out a regular cash loan.

In the following articles, we will talk about the advantages and disadvantages of commodity loans, and also provide a diagram of how to apply for a loan for goods without unnecessary problems and delays - after all, in interaction with banks, many difficulties often arise, which are not always possible to deal with “on the spot”.