Bill payments in 2018 - 2019

Payments by bill of exchange - 2018 - 2019 represent one of the forms of non-monetary payments used in the economic market.

These types of transactions are regulated by special norms of bill of exchange legislation, however, in the absence of such special norms, the general norms of the Civil Code of the Russian Federation (hereinafter referred to as the Civil Code of the Russian Federation) should be applied to them, taking into account their features (clause 1 of the resolution of December 4, 2000 of the Plenum of the Armed Forces of the Russian Federation No. 33, Plenum Supreme Arbitration Court of the Russian Federation No. 14, hereinafter referred to as Resolution No. 33/14).

Thus, the main regulatory legal acts of bill of exchange legislation are:

• Law “On promissory notes and bills of exchange” dated March 11, 1997 No. 48-FZ (hereinafter referred to as Law No. 48-FZ);
• Resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR “On the implementation of the Regulations...” dated 08/07/1937 No. 104/1341 (hereinafter referred to as Regulation No. 104/1341).

The general rules in relation to transactions with bills include Art. 143, 153-181, 307-419 of the Civil Code of the Russian Federation (from 06/01/2018, Articles 815-816 of the Civil Code of the Russian Federation lost force).

Features of settlements using bills of exchange

These features include the following:

• the drawer and holder of the bill can be either a citizen or a legal entity (Article 2 of Law No. 48-FZ), including in cases established by law - an administrative-territorial unit;
• only a monetary obligation can be transferred under a bill of exchange;
• the bill of exchange can be executed exclusively on paper (Article 4 of Law No. 48-FZ, Clause 2 of Resolution No. 33/14);
• a bill of exchange can be simple (under which the drawer undertakes to pay the corresponding amount to the holder of the bill) or transferable (under which the drawer issues the bill to the holder of the bill, and payment for it is made by a third party who has assumed such an obligation by acceptance);
• the list of mandatory details of a promissory note is enshrined in clause 75 of regulation No. 104/1341, the details of a bill of exchange - in clause 1 of the said regulation.

General scheme of bill payments

The scheme for settlements with bills in the general case is as follows:

1. When paying with simple bills:
   • the buyer of goods/recipient of services (drawer) issues a bill of exchange to the seller/service provider (bill holder) as confirmation of his obligation to pay for the goods/services in the future;
   • the holder of the bill fulfills his obligation to the drawer, for example, through the sale of goods or the provision of services;
   • the holder of the bill presents the bill for payment;
   • repayment of a promissory note directly by the drawer, i.e. fulfillment of the obligation to pay for a good or service.
2. When paying with bills of exchange:
   • the buyer of goods / recipient of services (drawer, drawer) sends to the debtor (drawee) a bill of exchange (draft) issued in the name of the recipient of funds (remitee), for example, the seller;
   • the drawee sends the accepted bill to the drawer (if the drawee does not accept the bill, the bill of exchange is subject to notarization);
   • the drawer transfers such a bill to the remitter by means of an endorsement - an endorsement (Chapter II of Regulation No. 104/1341);
   • the remitter presents the bill of exchange to the drawee for payment;
   • the drawee carries out the cancellation of the bill, i.e. payment.

     IMPORTANT! When resolving disputes related to bill settlements, the following conclusions of the law enforcement officer may be useful (see the decision of the Supreme Court of the Russian Federation dated February 15, 2018 No. 305-ES17-17027 in case No. A40-90813/2016):

   • if a promissory note is not presented, the holder loses his rights in relation to persons obligated under the bill, except the drawer;
   • the drawer of a promissory note is obliged in the same way as the acceptor of a transferable bill;
   • the claims of the holder of the bill against the drawer arising from the promissory note are extinguished upon the expiration of three years from the date of payment.

Check in international payments

A check is a type of security containing an unconditional order from the drawer to the bank to pay the amount indicated in it to the check holder (clause 1 of Article 877 of the Civil Code of the Russian Federation). The payer of a check is a bank where the drawer has his own funds, which the drawer is authorized to dispose of by issuing checks.

This method of mutual settlements is currently not so widespread in international practice and is used when it is necessary to quickly pay for goods received or services provided using cash.

The legal regulation of the use of checks in international payments is based on the special Geneva conventions of 1930-1931, including:

• "Uniform Check Law";
• "Convention on Stamp Duty in Respect of Cheques";
• "A Convention for the Purpose of Resolving Certain Conflicts of Laws Relating to Bills of Exchange and Promissory Notes."

So, one of the common forms of non-monetary settlements between parties for obligations is settlement by bills. Depending on who the drawer of the bill entrusts with the obligation to cancel the bill, such securities are divided into simple and transferable.

A bill of exchange is an unconditional written promissory note of a form strictly established by law, giving its owner (the holder of the bill) the indisputable right, upon maturity, to demand from the debtor payment of the amount indicated in the bill of exchange.

Both citizens of the Russian Federation and legal entities of the Russian Federation can participate in bill circulation. Bills of exchange in book-entry form are prohibited.

Types of bills

1. Promissory note (solo bill) is a written document containing a simple and unconditional obligation of the drawer (debtor) to pay a certain amount of money at a certain time and in a certain place to the recipient of funds or his order. A promissory note is issued by the payer himself and is essentially his promissory note.

2. Bill of exchange (draft)- this is a written document containing an unconditional order from the drawer (creditor) to the payer to pay the amount of money specified in the bill to a third party or to his order. Unlike a simple bill of exchange, not two, but at least three persons are involved in a bill of exchange:

The drawer (drawer), issuing the bill;

The payer (drawee), to whom the order is made to make payment on the bill;

The holder of the bill (remitter) is the recipient of payment under the bill.

Bill of exchange must be accepted by the payer (drawee); only after this does it acquire the force of an executive document. The acceptor of a bill of exchange, like the drawer of a promissory note, is the main debtor of the bill, he is responsible for paying the bill on time.

Mandatory bill details include:

Bill mark, i.e. inclusion of the word “bill” not only in the title, but also in the text of the document itself;

Place and time of drawing up the bill of exchange (day, month and year of drawing up);

A promise to pay a specified sum of money;

Indication of the monetary amount in figures and words (corrections are not allowed);

Payment term; - place of payment;

The name of the person to whom or on whose order the payment is to be made;

Signature of the drawer (affixed by him personally in handwritten form).

The current bill of exchange legislation provides for the possibility of transferring a bill of exchange from hand to hand as a payment instrument using an endorsement - endorsement A. Transfer of a bill of exchange by endorsement means transfer, together with the bill of exchange, to another person and the right to receive payment under this bill. According to a bill of exchange executed by endorsements, all persons participating in it are jointly and severally liable for payment.

The bill of exchange form of payment requires the mandatory participation of banking institutions in its organization. In particular, bill legislation provides for the collection of bills of exchange by banks, i.e., their fulfillment of orders from bill holders to receive payments on bills on time. Bills of exchange transferred to the bank for collection are provided by the holder of the bill with a guarantee inscription in the name of this bank with the words: “to receive payment” or “for collection.” By collecting a bill of exchange, the bank assumes responsibility for presenting the bill of exchange to the payer on time and receiving the payment due on it. Having accepted a bill for collection, the bank is obliged to promptly send it to the bank institution at the place of payment and notify the payer with a summons about the receipt of the document for collection. Upon receipt of the payment, the bank credits it to the client's account and informs him about the execution of the order. Operations for collection of bills by banks are beneficial both for clients and for the bank itself. Thus, the client is freed from the need to monitor the deadlines for presenting bills for payment, and the process of receiving payment becomes faster, cheaper, and more reliable for him. For a bank, carrying out such operations is one of the sources of profit. In addition, in the process of carrying out collection operations, significant funds are concentrated in the correspondent account of a commercial bank, which it can put into circulation.

Protesting a bill of exchange is a public act of a notary's office, which officially records the refusal to pay on a bill of exchange. In the bill form of settlement, in addition to the bank of the bill holder, which collects the bill, the payer’s bank can also participate as a domicile, i.e., carry out the order of its client-payer to make timely payment on the bill.

Advantages:

1. The debt obligation is indisputable and does not require any confirmation in court.

2. The presence of a bill of exchange can enforce the debt obligation in court.

3. At any time, the bill of exchange can be resold to a third party.

1. The opportunity to make minimum payments to the tax service is provided.

2. A bill of exchange can act as a means of payment instead of money.

3. There is a possibility of payment delay.

4. No fines or penalties are charged on contracts, starting from the moment the bill enters into circulation.

Flaws:

1. A bill is a security that is not secured or confirmed by anything.

2. Issuers do not provide any guarantees to persons holding company bills.

3. It is possible to collect a debt through the court, but it takes an indefinite period of time.

1. A bill of exchange is not always accepted by counterparties as payment for goods or services.

The bill theoretically has a number of advantages for the issuing company. The use of bill schemes in settlements allows for the restructuring of loan debt.

The company will be able to attract a bank loan against promissory notes. Having sold a security of a financial organization, the company accepts the necessary working capital until the bill is repaid.

Banks buy securities at a discount based on the loan interest rate. With an interest-bearing bill, a financial institution will be able to buy the paper at par. With the help of bills of exchange, banks carry out repo transactions, that is, the company sells a debt promise to a financial structure, but undertakes to buy it back within the specified time frame.

Advantages of a bill for its holder:

*** repayment of a debt on a bill of exchange is considered undisputed and does not require proof of the debt in court;

*** allows you to collect debt through court;

*** repayment of the debt on the bill can be demanded from any company that holds the securities;

*** the bill is resold to a third party.

*** probability of minimizing taxation;

*** use of company payments instead of cash;

***possibility of deferred payments;

*** After the bill is issued, penalties and fines under the contract are not charged.

Disadvantages of a bill for its holder:

*** the bill is an unsecured security;

*** there is no guarantee of receiving money from the issuer of the security;

*** Debt collection by the Public Service can take several months or even years.

Advantages of a bill for the issuer:

*** the bill of exchange may not be accepted as payment for goods by counterparties.

M.A. Borovskaya
Banking services for enterprises
Tutorial. Taganrog: TRTU Publishing House, 1999. 169 p.

TOPIC 10. CURRENT FORMS OF NON-CASH PAYMENTS

10.5. Bill of exchange form of payment

The bill of exchange form of payment is a settlement between the supplier and the payer for goods and services with deferred payment (commercial loan) on the basis of a special document - a bill of exchange.

A bill of exchange is an unconditional written promissory note of a form strictly established by law, giving its owner (the drawer of the bill) the indisputable right, upon maturity, to demand from the debtor payment of the amount indicated in the bill of exchange. The law distinguishes between two main types of bills: simple and transferable (federal law dated February 21, 1997 No. 48-FZ)

Rice. 10.5. Schemes of document flow of a bill of exchange

There are four ways to set the due date for a bill of exchange:
1) a period for a certain day. Expressed as the entry “I undertake to pay (number)”;
2) deadline upon presentation - payable on the day of presentation for payment. The maximum period established for presenting a bill of exchange for payment is one year from the date of issue;
3) in so much time from drawing up the bill. There are several options here:
a) after a certain number of days. The payment due date is considered to have occurred on the last of these days. The day the bill is issued is not taken into account;
b) after a certain number of months. In this case, the payment deadline falls on the day of the last month that corresponds to the date the bill was written, and if there is no such date in this last month, then on the last day of this month;
c) at the beginning of the month, the middle of the month, the end of the month;
4) at such and such a time upon presentation of the bill. Setting payment deadlines is the same as in the previous method. At the same time, this payment method is more convenient for the payer, as it gives him the opportunity to prepare for payment.

The countdown of the payment period begins from the day the bill is presented for payment.

The bill of exchange form of payment presupposes mandatory participation in the organization of banking institutions. In particular, bill legislation provides for the collection of bills by banks, that is, their execution of orders by bill holders after receiving payments on bills on time. Bills of exchange transferred to the bank for collection are provided by the holder with a guarantee inscription in the name of this bank with the words: “to receive payment” or “for collection.” By collecting a bill of exchange, the bank assumes responsibility for presenting the bill of exchange to the payer on time and for receiving the payment due on it. Having accepted a bill for collection, the bank is obliged to promptly send it to the bank institution at the place of payment and notify the payer with a summons about the receipt of the document for collection. Upon receipt of the payment, the bank credits it to the client's account and informs him about the execution of the order.

For executing the order to collect bills of exchange, the bank receives from the client a commission in the form of a percentage of the received payment amount. In addition, the bank charges the client all costs associated with sending and receiving documents, as well as costs associated with contesting a bill of exchange in the event of the payer’s refusal to pay on this bill or in the event of his insolvency.

Commission and other remuneration of the bank for servicing bill turnover is reflected in bank accounting in the credit of the “Operating and miscellaneous income” account.

Operations for collection of bills by banks are beneficial both for clients and for the bank itself. This way, the client is freed from the need to monitor the deadlines for presenting bills for payment, and the process of receiving payment becomes faster, cheaper, and more reliable for him.

For the bank, this is one of the sources of profit. In addition, in the process of carrying out collection operations, significant funds are concentrated in the correspondent account of a commercial bank, which it can put into circulation.

Bill of exchange form of payment represents settlements between the supplier and the payer for goods or services with a deferred payment (commercial loan) based on a special document-bill.

Bill of exchange- this is an unconditional written debt obligation of a form strictly established by law, giving its owner (the drawer) the indisputable right, upon the maturity of the bill, to demand from the debtor payment of the amount of money indicated in the bill. The law distinguishes between two main types of bills: simple and transferable.

Promissory note (solo bill)- a written document containing a simple and unconditional obligation of the drawer to pay a certain amount of money at a certain time and at a certain place to the recipient of the funds. A promissory note is issued by the payer himself, and in essence it is his promissory note.

Bill of exchange (draft)- this is a written document containing an unconditional order from the drawer to the payer to pay the amount of money specified in the bill to a third party or to his order.

A bill of exchange is a strictly formal document. It contains a list of required details. The absence of at least one of them deprives the bill of legal force.

Mandatory bill details include:

• bill mark, i.e. designation of a document with the word “bill”, expressed in the same language in which the document is written;
• place and time of drawing up the bill (day, month and year of drawing up);
• a promise to pay a certain amount of money;
• indication of the monetary amount in figures and words (corrections are not allowed); payment term; place of payment;
• the name of the person to whom or on whose order the payment is to be made;
• the drawer's signature is affixed by him in his own handwriting.

Unlike a promissory note, where the payer is the drawer, in a bill of exchange the payer is a special person - the drawee.

The name of the latter is an additional mandatory requisite of the bill of exchange. Typically, the designation of the payer (drawee) is made by putting the named person in the lower left corner on the face of the bill. Instead of the words “I undertake to pay”, as is the case in a promissory note, an order to pay is written in a transferable one: “pay”, “pay”.

The provision on a promissory note and a bill of exchange provides that payment on a bill accepted by the payer can be additionally guaranteed by issuing a guarantee (aval), which is given by a third party (usually a bank) both for the original payer and for each other person obligated on the bill.

Aval is drawn up with a special avalist inscription, which is placed on the front side of the bill or on an additional sheet to the bill (allonge). The aval indicates for whom the guarantee was issued by the bank, the place and date of issue, the signatures of the two first officials of the bank and its seal are affixed. Bills authorized by the bank are accounted for in its off-balance sheet account “Guarantees, sureties issued by the bank.”

The avalist and the person for whom he has guaranteed are jointly and severally liable for payment of the bill. If the bill of exchange is paid by the avalist, all rights arising from the bill of exchange are transferred to him.

Valuation of bills increases their reliability and contributes to the development of bill circulation.

The current bill of exchange legislation provides for the possibility of transferring a bill of exchange from hand to hand as an instrument of payment using an endorsement (endorsement). Transfer of a bill of exchange by endorsement means transfer, together with the bill of exchange, to another person and the right to receive payment under this bill. The holder of the bill writes on the reverse side of the bill or on the additional sheet (allonge) the words: “pay to the order” or “pay instead of me (us)” indicating who the payment goes to.

The person who transfers the bill by endorsement is called the endorser. The person receiving the bill of exchange by endorsement is the endorser. All rights and obligations under the bill are transferred to the endorser. The law provides that all endorsements crossed out are considered unwritten and have no legal effect. Under a bill of exchange executed by endorsements, all parties involved in it are jointly and severally liable for payments. The possibility of endorsing bills of exchange should expand the boundaries of their use, turning a bill of exchange from a simple instrument for obtaining a commercial loan into a credit instrument of circulation serving the sale of goods and services.

All endorsements on the bill, its acceptance or aval are executed within the established payment period. The due date for a bill of exchange is a mandatory requirement, and its absence renders the bill of exchange invalid.

The bill of exchange form of payment presupposes its mandatory participation in the organization of banking institutions.

Protest of a bill of exchange is a public act of a notary’s office, which officially records the refusal to pay on a bill of exchange. Current legislation provides for the presentation of a bill of exchange to a notary's office to protest non-payment on the next day after the expiration of the payment date on the bill of exchange no later than 12 noon.

A bank that does not fulfill the client’s instructions to collect bills of exchange is liable for their untimely protest.

A bill not paid on time is presented to the notary's office with an inventory that contains the following data: detailed name and address of the drawer, whose bill is subject to protest; due date for the bill of exchange; amount of payment; detailed names of all endorsers of the bill and their addresses; reason for the protest; the name of the bank on whose behalf the protest is being made.

On the day the bill is accepted for protest, the notary's office presents it to the payer with a demand for payment. If the payer makes payment on the bill within the prescribed period, then this bill is returned to the payer with an inscription indicating receipt of payment.

If the payer refuses the notary’s office’s request to make payment on the bill, the notary draws up an act of protest against the bill of non-payment. At the same time, he enters into a special register, which is maintained in the office, all the data on the protested bill, and on the front side of the bill itself he puts a note about the protest (the word “protested”, date, signature, seal).

Banks and enterprises are responsible for violating the rules for performing settlement transactions in accordance with current legislation. Property liability between the bank and its client is determined by regulations and agreements between the bank and its client. Regulatory acts include legislative acts, as well as rules issued by the Central Bank of the Russian Federation. Penalties can only be applied if there is a contractual relationship between the bank that committed the violation and the client company. In accordance with clause 30 of the Law “On Banks and Banking Activities,” relations between the Bank of Russia, credit institutions and their clients are carried out on the basis of agreements, unless otherwise provided by federal law.

The agreement must indicate interest rates on loans and deposits, the cost of banking services and the timing of their implementation, including the processing time of payment documents, the property liability of the parties for violations of the agreement, including liability for violation of obligations regarding the timing of payments, as well as the procedure for its termination and other essential terms of the contract.

The procedure for opening, maintaining and closing client accounts in rubles and foreign currency by the bank is established by the Bank of Russia in accordance with federal laws.

Participants in a credit organization do not have any advantages when considering the issue of obtaining a loan or providing them with other banking services, unless otherwise provided by federal law.

The enterprise bears direct responsibility for non-compliance with loan agreements and settlement discipline. An enterprise that systematically fails to fulfill its payment obligations may be declared insolvent. This is reported to the main suppliers of inventory items and to a higher authority.

In contact with

The legal relationship between suppliers and buyers involves payment for work performed or goods delivered in cash. In some cases, this is not possible, and then settlements with bills of exchange are used as an alternative to a commercial loan, since this document approves the amount of debt that the buyer must pay to the seller. The use of bills of exchange for settlements in modern Russia began in 1991, and since then they have been used in the activities of enterprises in 2018.

Basic Concepts

Before paying with bills, you should consider what it is, and similar data is in Article 815 of the Civil Code of the Russian Federation. According to it, the object is a security, the function of which is to fix the obligation of the issuing person to pay the monetary debt to the specified person or bearer, which is what accompanies the loan provided. Typically, a bill of exchange sets clear deadlines, and it may contain an order to a third party to pay money, but it cannot be demanded to be repaid ahead of schedule.

Types of bills

This type of securities is divided into two main types: simple and transferable; the first does not indicate who the recipient is, so such paper can be used by the bearer to reflect how much funds are to be issued. Its advantage is that you cannot limit the circle of recipients of money. To trade any bills, you can connect a specialized program, where all the necessary information will be available and a wide range of functions will be available; you can download it on the Internet.

In settlements with bills of exchange, which are called drafts, the drawer, the drawee and the remitee are involved, the first being the person who must pay for something, for example, the buyer of the goods, including the municipal unitary enterprise. The remittor is the recipient of the funds, who is indicated in the text and it is he who has the right to withdraw money under the bill.

The drawer can be a bank or a company, that is, it is an intermediary who is assigned to transfer funds to the remitter; in Russia, the task is performed by Sberbank and many other companies. In some cases, commission transactions are carried out, in particular, avalization - execution of a bill of exchange guarantee from one of the banks to the company issuing the debt document. There is also a bill of exchange program under which such securities are formed to attract investment; all this is regulated by the Central Bank of Russia.

Bills of exchange can be either simple or transferable

Payment methods using bills of exchange

If there is a need to transfer or sell a bill of exchange, the law allows this to be done through endorsement; in most cases, an expert assessment of the paper is required. The warrant type, the holder of which is legitimized by the fact of presentation and the indication of the person in the text, can also be purchased. This is a transfer inscription that is placed on a security and indicates that the document now belongs to another person who will demand payment of funds under it.

One of the types of endorsement, forfaiting, provides for the acquisition of financial obligations of the debtor to the creditor, which is especially common in the international trading community, and the deferred export transaction turns into cash debt.

Also, an endorsement may look like an allonge - an attachment to a bill of exchange, which specifies the transfer of the latter. In order for the paper to enter into legal force and acquire authenticity, it is necessary to obtain acceptance, that is, written consent to fulfill obligations from one of the parties, which is actually legalization. It is indicated on the front of the paper, and if there is such an inscription, then it is possible to operate with it.

The accounting process of an accountant regarding a security and, in fact, the accounting of a bill of exchange are different concepts; the first provides for the correct reflection of the receipt and its value in the internal documentation and financial reports of the enterprise. Accounting involves the provision of funds to the creditor, that is, their return and final repayment of the bill in cash through the cash register or by bank transfer. The issuance consists of the fact that it is handed over to the first bill holder, who can further store the paper and operate with it in every possible way: receive payments of the specified amount of funds and transfer the rights of claim; the deferment can also be granted exclusively to them.

Features of the procedure

The nuances of how settlements will be carried out with a promissory note or its transferable type completely depend on the characteristics of this document. First of all, it is abstract - the text does not include the grounds for issuing money or the paper itself. Even if the reason for the issue was a trade transaction, exchange or other events during which it is necessary to pay off, the purpose is not indicated in any way on the bill, so it does not lose relevance when transactions are canceled and remains effective. The only information will be the obligation to pay a certain amount of funds within a clearly defined period.

Settlements can be made by transferring a bill of exchange

It is also important that the bill has a contractual nature, but it is not the declaration that resulted in the security being issued that is being considered. Its subject is the agreement of both parties that there are debts that one of them is obliged to accept at a specified time, and the other is obliged to repay. The bill is also distinguished by its indisputability, since although the text does not indicate the reason or reason for making the transfer, it is enough for the holder to have a guarantee of the return of funds, and for the payer to receive the obligation to pay off the paper, for the latter this is rather a disadvantage.

Important! The justification or unjustification of taking on an obligation does not matter, since the document only indicates the need to fulfill it, but the holder can ensure an extension of the obligation if there is such a need.

Bills of exchange are also one-sided documents that only record the obligation of one person to make payment. In this case, the holder of the bill can present paper to receive funds, send a protest appeal in case of non-compliance with the rules, but these are only conditions that can lead to the exercise of existing rights. One-sidedness is manifested in the absence of additional conditions, but in the translation type it becomes more complicated.

Responsibilities of participants

The drawer, who will issue the transfer document, assumes that he is the one who must pay if the payer does not do so. In order for the intermediary to undertake an obligation, he needs to confirm the bill by accepting it; this step cannot be skipped, since then there will be no official evidence of cooperation. Each obligation specified in the bill of exchange is formal and for its viability it is necessary to put the agreement in writing, which also requires taxation for the correct calculation of personal income tax.

If there is none, then the obligation does not exist, and in this case it is necessary not only to issue a debt document in writing, but also to draw up an endorsement and acceptance. In addition, the formal component is also introduced by the need to draw up a bill according to a specific structure; if this is not followed, then the document loses official force and no penalty is expected for its violation.

All obligations of the parties must be documented

Transfer rules

One of the main features is also the transferability of the document, when the first acquirer can give it ownership to another person; in the future, the right does not end and it can be used as many times as desired. The process of transferring a bill of exchange is carried out with an endorsement, that is, a signature certifying the transfer of the right of disposal. In this case, there are the following situations in which a bill of exchange can be used:

• transfer into full ownership of another person;
• issuing an order to cancel a bill of exchange to another person, but in the interests of the original holder;
• provide a bill of exchange for a pledge of a different order, for example, as a guarantee if you want to issue a loan product at a bank.

Despite the three categories of transferability, the phenomenon is based on the first point, that is, the fact that it is possible to change the owner of a security; the Central Bank allows this to be done to other financial institutions. The endorsement is simple and unconditional, just like the original document, and even if it contains a specific condition, it will not have any consequences from a legal point of view. It is also impossible to transfer the right to part of the bill amount, since such an endorsement will not be valid. If the transfer is correct, the endorser is deprived of the right to demand collection (payment) from the issuer of the bills, and the holder at the same time receives the right to demand collection.

Another feature of a bill of exchange is its monetary value, since the obligation consists in the need to pay a certain amount, but not to transfer a physical object, that is, property; this can be done either by bank transfer or in cash; in any case, a check is issued. And finally, a nuance of this paper is the right to protest for non-payment, refusal to accept and some other problems that should be checked by specialists who make their own conclusion.

When carrying out operations, the main rules should be followed

The consideration of disputes in this area is handled by a notary office, which requires acceptance or payment, and in case of refusal, creates an entry in the register and a note about the current situation. If a person has not paid a promissory note, you should know what to do; if a claim arises, you must pay the paper under the control of a notary, then the dispute will be settled and the bill must be returned to the issuer, even if settlement occurred late.

You should know! If there is no payment, then a claim process will begin, which will lead to forced repayment of the bill.

Calculation scheme

The form of payment by bills of exchange has its own procedure, according to which you can find out the specifics of working with these documents. First of all, there are two participants: the giver and the holder, the buyer and the supplier, respectively. At the first stage, an agreement is formed between them, which stipulates the obligation to repay on time. The second part is the exchange of the document for goods or previously defined services, that is, items specified in the main agreement.

When the specified time arrives, banks' transactions with bills occur. Their holder transfers the paper to his bank, and this intermediary, in turn, sends it to the institution servicing the person who issued the paper. Next, the funds are transferred to the holder’s account and the procedure is completed. There is a modified scheme that includes mediation between the banks of the domicile - a third party who must repay the paper at the place of residence (domicile) of the payer; this procedure is called domiciliation of existing bills. But any other place can be chosen, documented and in writing, the latter is required to eliminate the risk.

Accounting

Usually, with the help of bills of exchange, mutual settlements are made between LLCs or PJSCs, the subject of which can be both their own securities and those issued (issued) by banking organizations. Regardless of the nature of the origin, it is necessary to maintain internal accounting of bills of exchange and create entries that reflect the entire document flow in the accounting department of the enterprise. Thanks to them, it is possible to take into account debt securities on the balance sheet of enterprises and calculate them as resources available for operations, as well as carry out re-discounting much faster.

Transactions with bills of exchange must be reflected in accounting

In many ways, accounting of bill documents is necessary for the reason that they have a nominal value included in the turnover of capital, but the method of receipt determines which category the price will be classified into. If a bill of exchange was purchased at a price that is lower than its face value, or its essence involves receiving interest at a previously determined rate, then such a document is included in financial investments, since it provides the maximum level of benefit. When a security was received at the price indicated on it, it does not need to be classified in this category, and other accounts are used to account for such a liability.

Accounting entries

To correctly reflect the receipt of a bill on the balance sheet (plus) or its debit, it is necessary to use postings. The company's accountants must correctly use the system of accounts and subaccounts, using them to form debt receipts, possible movements of income on bills, as well as write-offs in case of repayment. A sample of each posting is presented in the table.

If we mean someone else’s bill of exchange as an received asset that is capable of generating income (discount type of paper), then postings are used (Dt 58-2/Kt **):

• purchase - 76;
• payment by third party paper - 62;
• acceptance as a contribution to the management company - 75;
• exchange of property occurred - 91;
• admission on a free basis - 91.

When removed from the balance sheet, the certificate should also be reflected in postings, taking into account exactly how the minus occurred. The sale or payment of a paper requires the use of Dt 76 Kt 91, but if the delivery was paid for at its expense, then it is necessary to use the posting Dt 60 Kt 91. The contribution of the bill to the capital company, at which it is removed from the balance sheet, is indicated by the combination Dt 58-1 Kt 91 If a loan was issued, then posting Dt 58-3 Kt 91 is required. A property exchange transaction in which the bill of exchange has changed the owner is reflected by the previous owner with posting Dt 10 Kt 91. Income tax (VAT) is not paid when selling a debt paper. there is no need to indicate this.

The document must be correctly formatted

Document structure

If the execution of any bill, even your own, does not follow the correct structure, it will be invalid, so you should analyze its components and how to write out the paper correctly. The form of a debt document according to the legal rule includes:

The bill of exchange form of payment is a settlement between the supplier and the payer for goods or services with a deferred payment (commercial loan) on the basis of a special document - a bill of exchange. A bill of exchange is one of the most multifunctional securities that certifies the rights arising from the relationship between supplier and buyer, exporter and importer, lender and borrower. Having taken the form of debt formation (as a result of deferred payment), after a certain period it turns into a means of payment.

The development of bill circulation in Russia is very promising, as it can contribute to the establishment of economic ties that were disrupted during the transition to market relations.

Currently, bill circulation in Russia is regulated by Federal Law of March 11, 1997 No. 48-FZ “On bills of exchange and promissory notes”.

A bill of exchange is an unconditional written promissory note of a form strictly established by law, giving its owner (the holder of the bill) the indisputable right, upon maturity, to demand from the debtor payment of the amount indicated in the bill of exchange. The law distinguishes between two main types of bills: simple and transferable. Moreover, the law provides that both citizens of the country and legal entities of Russia have the right to be obligated on a bill of exchange and a promissory note. Bills of exchange in book-entry form are prohibited.

Promissory note (solo bill) is a written document containing a simple and unconditional obligation of the drawer (debtor) to pay a certain amount of money at a certain time and in a certain place to the recipient of funds or his order. A promissory note is issued by the payer himself, and in essence it is his promissory note.

Bill of exchange (draft)- this is a written document containing an unconditional order from the drawer (creditor - drawee) to the payer (borrower - drawee) to pay the amount of money specified in the bill within the established period to a third party named in the bill (remittor) or, by his order, to the bearer.

Unlike a simple bill of exchange, not two, but at least three persons are involved in a bill of exchange:

• 1) the drawer (drawer), issuing the bill;
• 2) the payer (drawee), to whom the order is addressed to make payment on the bill;
• 3) bill holder (remitee) - recipient of payment under the bill.

A bill of exchange must be accepted by the payer (drawee), and only after that it acquires the force of an executive document. The acceptor of a bill of exchange, like the drawer of a promissory note, is the principal debtor of the bill and is responsible for paying the bill on time. Acceptance is noted on the left side of the front side of the bill and is expressed by the words “accepted”, “accepted”, “I will pay” and other words with the obligatory signature of the payer.

A bill of exchange is a strictly formal document. It contains a list of required details. The absence of at least one of them deprives the bill of legal force.

Mandatory bill details include:

• bill mark, i.e. inclusion of the word “bill” not only in the title, but also in the text of the document itself;
• place and time (day, month and year) of drawing up the bill;
• a promise to pay a certain amount of money;
• indication of the monetary amount in figures and words (corrections are not allowed);
• payment term;
• place of payment;
• the name of the person to whom or on whose order the payment is to be made;
• signature of the drawer (affixed by him in his own handwriting).

Unlike a promissory note, where the payer is drawer, in a bill of exchange the payer is a special person - drawee. The name of the drawee is an additional mandatory detail of the bill of exchange. Typically, the designation of the payer (drawee) is made by marking the named person in the lower left corner on the face of the bill. Instead of the words “I undertake to pay,” as is found in a promissory note, an order to pay is written in a bill of exchange: “pay,” “pay.”

The scheme of settlements using a bill of exchange is shown in Fig. 9.6.

Rice. 9.6.

The provision on bills of exchange and promissory notes provides that payment under a promissory note or a bill of exchange accepted by the payer can be additionally guaranteed by issuing an aval. Currently, the bank acts as a guarantor for payment of bills. In this case, the bank can guarantee payment both for the original payer and for each other person obligated under the bill.

Aval is drawn up with a special inscription of the avalist, which is placed on the front side of the bill or on an additional sheet to the bill (allonge). The aval indicates for whom the guarantee was issued by the bank, the place and date of its issuance, the signatures of the two first officials of the bank and its seal are affixed. A bank guarantee (aval) can be issued and used both in the full amount of the bill and in part of the bill amount.

If the bill of exchange is paid by the avalist, all rights arising from the bill of exchange are transferred to him. Valuation of bills increases their reliability and contributes to the development of bill circulation.

The current bill of exchange legislation provides for the possibility of transferring a bill of exchange from hand to hand as an instrument of payment using an endorsement - endorsement. Transfer of a bill of exchange by endorsement means transfer, together with the bill of exchange, to another person and the right to receive payment under this bill. The holder of the bill writes on the reverse side of the bill or on the additional sheet (allonge) the words: “pay to the order” or “pay instead of me (us)” indicating who the payment goes to. These inscriptions are certified by the seal of the bill holder.

The person who transfers a bill of exchange by endorsement is called endorser. The person receiving the bill of exchange by endorsement - endorser. All rights and obligations under the bill are transferred to the endorser. All endorsements crossed out are considered unwritten and have no legal force. Under a bill of exchange executed by endorsements, all parties involved in it are jointly and severally liable for payments. The possibility of endorsing bills of exchange expands the boundaries of their use, transforms a bill of exchange from a simple instrument for obtaining a commercial loan into a credit instrument of circulation that serves the sale of goods and services.