What is the difference between accounts payable and borrowed funds. Bank accounts payable. Long term type of debt

Absolutely any association in the process of economic activity can play the role of a supplier (executor) or customer. When making settlements on his accounts, as a rule, both accounts payable and receivable are formed. In this article, it would be appropriate to consider the concept and types of accounts payable and receivable. In addition, it is important to study the current aspects regarding the first category.

Features of debts

For a full understanding of such a category as accounts payable, it is advisable to consider the relevant system as a whole (namely, the concept, features, types of receivables and payables of the enterprise).

Today, accounts receivable is defined as the debt of other associations, employees and citizens of this structure. In other words, this is the debt of buyers for the purchased product, services rendered or work performed; debts of persons of accountable value for the amounts of funds issued to them. It is important to know that individuals and organizations that owe a certain amount of money to this organization are called debtors.

Accounts receivable: classification

It should be emphasized that receivables are endowed with a fairly branched classification. So, in accordance with the content of obligations, it is customary to distinguish the following types of categories:

• Debt that is directly related to the sale of marketable products, works or services.
• Debt that is in no way related to the sale of marketable products, works or services.

When considering the types of receivables and payables, it should be noted that the duration criterion involves the division of receivables into long-term and short-term, which is often called current in modern literature. In accordance with such a factor as the timeliness of payment, the following types of debt are distinguished:

• Normal.
• Overdue (sometimes hopeless and doubtful).

The concept and types of accounts payable

Accounts payable as an independent category of legal significance is a special part of the general property complex of the structure, which is the subject of binding relations between the association and its creditors. It is important to note that the economic aspect, one way or another, consists of a part of the organization's property (we are talking mainly about cash) and inventory items. It must be remembered that the structure uses and owns all types of accounts payable that are relevant today, however, one way or another, it undertakes to pay or return the corresponding part of the property complex to creditors. The latter are vested with the right to demand the performance of the obligation presented.

Dual nature of accounts payable

From the materials of the previous chapter, we can conclude that the nature and types of accounts payable are determined by a dual legal nature. In other words, as part of the general property complex, the category belongs to the organization in accordance with the right of ownership in relation to things or funds received by a loan method. On the other hand, as an object of legal relations of an obligatory nature, the considered economic category is nothing but the organization's debts to creditors. It is important to note that the latter are the persons endowed with all the rights to collect or demand from this association the specified part of the common property complex.

In accordance with the simplified aspect, accounts payable - a type of obligation to creditors; what the organization owes to other individuals or legal entities. A full definition of the category under consideration implies the obligatory consideration of the features noted above. Thus, accounts payable is part of the general property complex of the organization, which is the subject of debt obligations of the debtor's association, which have arisen in accordance with various legal grounds, to direct creditors (authorized persons).

Accounting for accounts payable - a mandatory aspect

It is important to know that all currently existing types of accounts payable, one way or another, are subject to accounting and, of course, reflected in the balance sheet. They are reflected as debts of the association-balance holder.

When the creditor structure does not intend to take any actions related to the voluntary repayment of debts, the debtor has the opportunity to collect them by force. It is important to add that, depending on the type of accounts payable, both judicial and extrajudicial procedures take place today.

Debt obligations of various origins

It is interesting to know that the definition of accounts payable currently covers those debt obligations of the creditor association that are of various origins. Since the currently known types of accounts payable are bright sources of cash or other material resources at the disposal of the organization, they are present in the liabilities side of the balance sheet. It should be added that the accounting of the category analyzed in the article is carried out in accordance with each creditor separately. The indicators of a generalizing nature reflect the total amount of accounts payable. By the way, it is given only on condition of division into certain groups.

Temporary financial improvement

The concept and types of accounts payable, its features at the present stage of economic development suggest that the attraction of borrowed money or other material resources into the turnover of the structure is a phenomenon that in any case implies a temporary improvement in the overall financial condition of the organization. The main condition here is that the borrowed funds are not frozen for a long period in circulation - they are returned at the time determined in accordance with the official agreement.

You need to know that otherwise there is a threat of an overdue type of accounts payable of the enterprise. This alignment, as a rule, involves the payment of a certain amount of a fine, as well as a significant deterioration in the financial life of the structure. That is why, when managing, it is imperative to study the prescription, the composition of the occurrence of accounts payable, as well as the presence, causes and frequency of its formation.

free credit

All types of accounts payable of the organization, in accordance with their essence, act as a free loan and belong to the category of cash and other material resources attracted by the structure into economic circulation. It should be noted that, unlike liabilities of a sustainable nature, accounts payable are not a planned source of the formation of working capital. One way or another, it serves as a short-term liability of the enterprise.

It is interesting to note that part of the structure under consideration is determined by the regular nature, because it appears, as a rule, due to certain features of the calculations. However, most accounts payable arise as a result of a violation of the discipline of the settlement and payment type. So, it acts as a consequence of non-observance by the structure of the actual terms of payment for a commercial product and the submission of settlement documentation.

Short-term type of borrowings

The considered category characterizes the most short-term variety of borrowed funds used by the structure. It is necessary to know that these funds are formed at the expense of sources of internal significance. Their accrual in accordance with various types of accounts is carried out by the organization on a daily basis. The repayment of obligations under these accounts payable is made within a specific time frame, where the range, as a rule, does not exceed a monthly period. Since, after accrual, the funds included in accounts payable no longer belong to the organization’s property, but are only applied until the due date determined for the repayment of current obligations, in accordance with their economic content, they are one of the varieties of borrowed capital.

Classification of accounts payable

In this and subsequent chapters, it would be appropriate to consider the main types of accounts payable. Today it is customary to allocate debt for:

• Contractors and suppliers.
• Transfers of premiums in accordance with the structure's property insurance.
• Transfer of contributions in accordance with the personal insurance of employees.
• Bills payable.
• Founders in accordance with the payment of income and so on.

So, depending on the legal nature and legal regime, the category under consideration is reduced to three groups:

• Before social funds and the budget.
• To employees (for example, wage arrears).
• To contractors and partners.

According to the criterion associated with the fact of the payment, the debt is:

• Non-overdue (debts, the maturity of which did not come at the time of the formation of the balance sheet).
• Overdue (maturity dates have come).

What else?

You need to know that in the structure of accounts payable it is customary to single out the debt of the association:

• To contractors and suppliers.
• To employees and organizations.
• Before off-budget funds of the state character.
• Before the budget.
• According to received loans and credits.
• to other creditors.

Features of accounts payable

• It is a free source of applied borrowed funds. Being a free source of capital formation, accounts payable provides some reduction not only in its borrowed share, but also in the full cost of capital.
• The size, one way or another, affects the duration of the financial cycle of the structure. It has an impact to some extent on the required amount of cash in order to finance current assets. The larger the relative value of the category under consideration, the smaller the amount of funds the structure needs to attract for the current financing of its own economic activity.
• The total amount of debt directly depends on the volume of economic activity of the structure (primarily on the volume of output and sales of the product). It is important to note that with an increase in the volume of production and sale of marketable products, the expenses of the organization increase, which are accrued as part of the debt. Thus, the total amount of accounts payable increases, and vice versa.

It is important to emphasize that the value of the category under consideration is affected by the volume of all purchases, as well as the corresponding percentage of purchases under the terms of the subsequent payment. In addition, factors related to the execution of contracts with counterparties have a considerable influence; terms of settlements with contractors and suppliers; the level of saturation of the market with this product; policy related to the repayment of accounts payable; consistency in the application of the results of the analysis of the category under consideration, as well as its quality; settlement system adopted in the structure.

It is important to note that in the case of an increase in non-cash settlements, the quality and turnover of accounts payable increase proportionally. Its size is reduced, so the stability and solvency of the structure is significantly increased. In addition, accounts payable may be terminated by the executor of obligations, as well as written off as unclaimed.

Liabilities = Equity +Commitments

Commitments= Borrowed funds+ Accounts payable

An organization for the purposes of its development can use not only the funds of the founders (participants) and the profits received. The source of the formation of the organization's property can be the funds of creditors: loans, loans, bonded loans, etc.

The entity's circumstances arise from contracts between the entity acting as a debtor and other individuals and legal entities acting as creditors. By virtue of these agreements, the debtor organization undertakes to perform a certain action in favor of creditors, such as: transfer property, perform work, pay money. Obligations to legal entities and individuals may also arise as a result of a court decision. Liabilities valued in monetary terms are an integral part of the organization's liabilities. The creditor has the right to demand from the debtor the performance of his obligation.

Grounds for the emergence and types of obligations.

The obligations of the organization arise for various reasons. The creditors of the organization can be various individuals and legal entities that have provided loans and loans to the organization. Obligations incurred by the debtor in the performance of the loan agreement are called borrowed funds.

The creditors of the organization are the state and various off-budget funds, to which the organization bears tax obligations. The creditors of the organization are its employees who have concluded collective and individual labor contracts with the organization. On the basis of contracts with employees, the organization bears obligations for remuneration. These obligations are characterized by the fact that they arise every reporting period and must also be regularly repaid. These obligations are part of the so-called accounts payable organizations.

Obligations may arise from contracts for the supply of inventory, performance of work, provision of services, which provide for:

- receipt by the organization acting as a supplier of an advance or prepayment from buyers and customers;

- receipt by an organization acting as a buyer (customer) of a deferral or installment payment (commercial loan).

Liabilities of the organization for advances received and for the repayment of a commercial loan are also included in accounts payable. Thus, depending on their origin, liabilities are divided into borrowed funds and accounts payable.

Short-term and long-term liabilities

One of the tasks of accounting for liabilities is to control the timeliness of settlements with creditors to avoid delinquency. For this reason, liabilities, depending on the maturity, are divided into short-term and long-term.

Current liabilities (liabilities)- these are obligations with a maturity date under the concluded agreement of up to one year (starting from the date of acceptance of obligations for accounting). Short-term liabilities are also called current liabilities.

Long-term liabilities (liabilities)- these are credits and loans received with a maturity of more than one year according to the concluded agreement, starting from the date the obligation was accepted for accounting.

The division of the organization's liabilities into short-term and long-term is also necessary for the purposes of financial analysis.

At the same time, the economic content and origin of obligations does not depend on the urgency of their repayment, therefore, short-term and long-term obligations (liabilities) do not require separate consideration. In this book, the obligations of the organization are characterized in the division into borrowed funds and accounts payable. Such a classification reveals the economic nature of various types of liabilities and corresponds to the structure of the balance sheet.

Borrowed funds

Borrowed funds - obligations arising from the performance of the loan agreement.

By loan agreement one party (lender) transfers money or other things of a certain kind and quality to the other party (borrower), and the borrower undertakes to return to the lender the same amount of money (loan amount) or an equal amount of other things received by him of the same kind and quality. The loan agreement is considered concluded from the moment of transfer of money or other things. Unless otherwise provided by law or the loan agreement, the lender has the right to receive from the borrower percent for the amount of the loan in the amount and in the order determined by the agreement. Unless otherwise agreed, interest is paid monthly until the date of repayment of the loan amount.

Borrowings include liabilities for:

- received bank loans (bank loans);

– sold debt securities (bonds, etc.);

– financial bills issued;

- received loans and advances.

The value of borrowed funds.

As the enterprise operates (growth of the production program, depreciation of fixed assets, etc.), the need for funds increases, which requires appropriate financing of capital gains. therefore, with a lack of own funds, an enterprise can attract funds from other organizations, which are called borrowed capital.

Borrowed capital is a part of the capital used by an economic entity that does not belong to him, but is attracted on the basis of a bank, commercial loan or issuance loan on a repayment basis. The need to attract borrowed capital should be justified by a preliminary calculation of the need for working capital. The composition of borrowed funds includes a financial loan received from banking and non-banking financial and credit institutions, a commercial loan from suppliers, accounts payable of an enterprise, debt on the issue of debt securities, etc. In accounting, borrowed funds and accounts payable are reflected separately. Therefore, in a broad sense, it is possible to allocate borrowed funds and, in a narrow sense, the actual financial loan. The difference between borrowed funds in a broad and narrow sense is borrowed funds. On the one hand, raising borrowed funds is a factor in the successful functioning of an enterprise, which helps to quickly overcome the shortage of financial resources, indicates the confidence of creditors and ensures an increase in the profitability of own funds. On the other hand, the enterprise is burdened with financial obligations. One of the main evaluation characteristics of the effectiveness of managerial financial decisions is the amount and efficiency of the use of borrowed funds.

Borrowed capital can be used both for the formation of long-term financial resources in the form of fixed assets (capital), and for the formation of short-term (current) financial resources for each production cycle.

Bank loan

If an organization is planning to implement a certain project, then the organization can borrow funds to finance it. One type of borrowed funds are bank loans.

Bank loan issued by banks (credit institutions) in the form of cash loans on terms of repayment, urgency, payment, security. Depending on the terms of return, there are:

- short-term loans issued for a period not exceeding one year;

- medium-term and long-term loans issued for a period of more than a year.

Short-term loans serve as a source of formation of material current assets of the organization. The transformation of current assets into monetary assets serves as a source of repayment of short-term loans. The repayment period of such loans is determined by the time of turnover of funds in the credited business processes. Long-term loans are a source of investment financing and serve to cover the costs of capital construction, reconstruction, etc. The source of repayment of a long-term loan is the future profit from the commissioning of the credited facilities.

When making a decision on raising borrowed funds, the organization prepares feasibility study project. Based on the needs of the project and taking into account the availability of its own sources and the current financial situation, the organization determines the amount of the required loan, its urgency (expected repayment period), sources of repayment of principal and interest, as well as guarantees for securing the loan. In order to obtain a bank loan, the organization must submit to the bank a loan application drawn up in the prescribed form. A feasibility study of the project is attached to the loan application, as well as documents characterizing the borrowing organization:

– notarized copies of constituent documents;

– accounting (financial) reports for the last three years;

– internal financial reports and data of internal operational accounting;

– other supporting documents.

The bank considers the loan application for compliance with its own credit policy, analyzes the creditworthiness of the organization (the ability to repay the loan and pay interest in a timely manner) and its solvency (the ability to repay all types of existing obligations in a timely manner). If the loan application is approved, the borrowing organization and the bank (credit organization) draw up loan agreement.

The loan agreement together with the rules of the bank regulate the procedure for lending to the organization. According to the loan agreement, the creditor bank undertakes to provide funds (loan) in the amount and on the terms stipulated by the agreement, and the borrowing organization undertakes to return the received amount of money and pay interest on it at a fixed time. The loan agreement specifies:

– objects of crediting and term of the credit;

- conditions and procedure for issuing a loan and its repayment;

– forms of securing obligations;

– interest rates and the procedure for their payment;

– obligations, rights and responsibilities of the parties;

- the list and frequency of submission of the organization's reporting documents to the bank and other conditions.

Securing a loan or a loan with an issued financial bill

The borrower may issue a promissory note to the lender as security for the loan received, such a promissory note is called financial. In the case of issuing a promissory note, the borrower is the drawer, and the lender is the holder of the bill. When a borrower transfers a bill of exchange to a lender under endorsement, the borrower is the endorser, and the lender is the remitter. The lender may also be listed as the payer of a bill of exchange issued by the drawer (borrower) to the holder of the bill. Financial bills of exchange may also be issued by an organization to secure a bank loan to reduce the risk of late payment or non-payment.

Example. Issuance of a financial bill

Organization "A" expected to receive a short-term loan from organization "B" in the amount of 50,000 rubles, but organization "B" required guarantees for repayment of obligations. Organization "A", being a subsidiary of organization "C", with the consent of the latter, issued a bill of exchange to secure the loan to organization "B". Organization "B" was the holder of the bill, the parent organization "C" was named the payer on the bill. Under the security of the received bill, organization "B" transferred 50,000 rubles. to Organization A. In this case, the issuance of a financial bill repaid the obligations of the organization "A" on the loan to the organization "B", and at the same time obligations on the bill to the organization "C" arose.

Bank loan secured by accounting (discount) of a promissory note

The organization holding the bill before the due date of payment on the bill can receive funds from the bank for discounting the bill.

Discounting a bill- accounting of the bill in the bank and issuance of a bank loan to the holder of the bill secured by the bill on the terms of the established interest rate ( discount) and for a period equal to the maturity of the bill. The discounted promissory note is kept in the bank, but is on the balance sheet of the organization holding the bill.

Promissory notes submitted for accounting are checked by the bank for their legal reliability. It also assesses the probability of repayment of the bill, the economic situation of persons liable under the bill. The loan issued by the bank is equal to the face value of the bill minus the discount interest (discount).

For promissory notes, in excess of the nominal value of which interest is indicated, these interests are included in the amount of the bank loan. The bank, upon maturity, presents the bills to the payer and receives the payments due on them. Closing of the bill discount operation is carried out on the basis of the bank's notification of payment of this bill by the drawer (or other person liable under the bill). If the drawer has not paid the bill on time, the bank returns the bill to the organization holding the bill with a protest in non-payment. The holder of the bill independently repays the bank loan and submits a claim to the drawer.

Bank loan on loan account

The holder of a bill of exchange may open special loan accounts and receive a loan on them, transferring bills of exchange as collateral. The bank checks accepted bills for their legal reliability. A loan account secured by bills of exchange is a demand account opened before the maturity date of bills of exchange accepted as security. Typically, the loan amount is 60-90% of the face value of bills. The client, with the permission of the bank, may replace one bill of exchange with another before the maturity date.

Payment by the client of interest on a special loan account is made in the manner established for the use of bank loans.

The amount of interest paid depends on the creditworthiness of the client and the reliability of the promissory notes provided by him. The repayment of the loan on a special loan account is made by the client-promissory note holder, after which the bills corresponding to the amount of the repaid debt are returned to him from the security.

Bond loan

In cases stipulated by legislative and other legal acts, a loan agreement may be concluded by issuing and selling bonds. Bond certifies the right of its holder to receive from the organization that issued the bonds the par value of the bond or other property equivalent within the period specified in the bond. The bond also gives its holder the right to receive a fixed percentage of the nominal value of the bond or other property rights. The bondholder is the creditor of the organization that issued the bonds.

Corporate bonds must have the following requisites: name of the organization and its location, nominal value of the bond, name of the holder (for registered bonds), maturity date, level and terms of interest paid (for interest-bearing bonds), signature of the head of the organization or other authorized person.

The organization has the right to issue bonds secured by a pledge of certain own property, or bonds secured by third parties for the purpose of issuing bonds, as well as bonds without collateral. The issue of bonds by the organization is allowed after full payment of the authorized capital. A joint stock company may issue bonds in an amount not exceeding 25% of the authorized capital. When issuing registered bonds, the organization maintains a register of their owners.

Raising funds by issuing bonds has advantages for the organization compared to issuing shares and other securities:

1) the sale of bonds can be more successful: financial investments in bonds are attractive to creditors due to guarantees of bond redemption and receipt of a fixed income;

2) loans in the form of bonds entail lower costs for the organization to pay interest on borrowed funds;

3) bonds of the organization do not entitle their holders to participate in the management of this organization.

Payment of interest on bonds. Interest on bonds is calculated in relation to the face value of bonds, regardless of their market value. Interest on bonds is paid quarterly, half-yearly or at the end of the year. Interest on bonds in the first year of their circulation is paid in proportion to the time the bonds are actually in circulation, unless otherwise stipulated by the terms of the issue. Interest on bonds may be paid in securities, commodities or other property rights, if it is provided for by the terms of the issue.

Interest on bonds is paid directly by the organization that issued the loan, by an agent bank or financial intermediary acting on behalf of the client by check, money order, postal or telegraphic transfer. A legal entity that independently pays interest on bonds, or an agent authorized to do so, is obliged to make a note on the payment of interest to a bondholder by redeeming or cutting off a coupon on bonds.

Legal entities that independently pay interest on bonds, pay their agent banks or other financial intermediaries act as agents of the state in collecting taxes and pay interest to bondholders minus the relevant taxes.

In case of non-fulfillment or untimely fulfillment by the organization of the obligation to pay interest and repay the amount indicated in the bond, the collection of these amounts is made on the basis of a notarial inscription made in the manner prescribed by law.

Sources of payment of income and interest on borrowed funds

The cost of paying income and interest on borrowed funds is charged to the sources listed below.

The cost of products (works, services) includes interest amounts:

– on bank loans (excluding loans for the acquisition of fixed assets, intangible and other non-current assets);

- for commercial loans;

- for borrowed funds, including bank loans, used by leasing entities to carry out financial leasing operations;

on budget loans, except for loans issued for investments and conversion activities.

For capital investment include amounts of interest on loans and borrowings received for investments in fixed assets, intangible and other non-current assets before the completion of these investments.

To reduce profit, remaining at the disposal of the organization after taxation, include the amount of interest:

- on bonded loans;

– for borrowed funds received for investments after the objects of completed investments are accepted for accounting;

- on bank loans to fill the lack of working capital.

• Vaulina Alina Alekseevna, student
• Stavropol State Agrarian University
• Tomilina Elena Petrovna, Candidate of Sciences, Associate Professor, Associate Professor
• Stavropol State Agrarian University

• CREDIT
• BORROWED FUNDS
• FINANCIAL STABILITY
• ACCOUNTS PAYABLE
• COMPETITIVENESS
• BANKRUPTCY

The article discusses the concept of accounts payable, its characteristics, the system of accounts payable management and methods of attracting borrowed funds.

• The main problems of compulsory medical insurance of citizens
• Financial aspects of ensuring the competitiveness of the corporation
• Tax accounting under the simplified taxation system

Almost all organizations in the modern world can not do without accounts payable in their business activities. In Russia, in recent years, there has been a deterioration in the economic situation and an increase in accounts payable of economic entities. The debt of enterprises is a factor of their insufficient financial stability and investment unattractiveness.

Accounts payable is an unpaid obligation of a company to creditors. The creditors of the enterprise are suppliers of goods, works, services, landlords, buyers, employees, the budget and extra-budgetary funds. Accounts payable is characterized by the following main features:

1. Free source of used borrowed funds. Accounts payable reduces not only the cost of the borrowed part of the capital, but also the cost of the entire capital of the enterprise.
2. The size affects the duration of the financial cycle of the enterprise. The larger the amount of accounts payable, the less funds the company needs to raise to finance its business activities.
3. The amount of accounts payable is directly dependent on the volume of production and sales of products. With the growth of production volume, the expenses of the enterprise also increase, and this entails the attraction of more funds and an increase in accounts payable.

Accounts payable management is an important aspect of financial management. The success of the organization and its existence in the future depends on how effectively this management will be carried out. With proper management, such debt can become an additional, and most importantly, a cheap source of borrowing. Therefore, from how relations with counterparties are built, the terms of the contracts being concluded are agreed, the terms of their payment are monitored, i.e. what is the mechanism for managing accounts payable, largely depends on the effectiveness of the use of funds received. It is important to note that any debt primarily affects the solvency of the organization. Therefore, in order to effectively manage the debts of an organization, it is necessary:

1. Determine the optimal structure of accounts payable for the enterprise
2. Create an accounts payable budget
3. Develop a system of indicators characterizing relations with creditors and take certain values ​​as planned
4. Analyze the compliance of actual indicators with regulatory
5. Make an analysis of the reasons for the deviations that have arisen
6. Develop a set of practical measures to bring the debt structure in line with planned targets.

An important role in the management of accounts payable is played by the manager. He must develop and apply a clear strategy in relations with creditors so that they are most consistent with the goals of ensuring the financial stability of the company and increasing its profitability and competitiveness. In the course of developing a strategy, managers should pay great attention to solving such problems as: maximizing profits and minimizing company costs, achieving dynamic development and increasing the creditworthiness of the organization. When all these tasks are completed, the maximum financial stability of the organization will be determined. Funding for these tasks should also be provided in full. The organization should first use all its own sources of financing, and then attract borrowed funds from creditors. At the same time, it is important to take into account the cost of borrowed capital, which should allow maintaining the profitability of the organization at an optimal level.

An important step in the management of accounts payable is to determine the most appropriate tactical approaches. There are several approaches to attracting borrowed funds:

1. Funds of investors (expansion of authorized capital)
2. Bank loan
3. Commodity credit (deferred payment to suppliers)
4. Using your own "economic superiority"

The method of raising funds at the expense of investors has its own characteristics. Firstly, this method is distinguished by its cheapness. As a rule, investors, exchanging their money for a share in the organization, count on certain dividends prescribed in the constituent documents in the form of interest. At the same time, in the absence of profit at the enterprise, the capital invested in the business may be "free". Secondly, investors get the opportunity to influence the processes taking place in the organization. Therefore, great care must be taken to maintain a controlling stake, otherwise your own capital may turn into capital loaned to a new investor. Thus, when attracting funds from investors, a certain limitation must be observed, they should not be more than their own initial investments.

A bank loan is usually issued by banks. This type of raising funds is the most expensive, as it involves a high percentage and the need for reliable security. Despite the "high cost" and "problematic" attraction, the possibilities of a bank loan, unlike an investment loan, should be used by the company at 100%. A significant drawback of financial borrowings is the presence of strictly defined terms for their return.

Attracting borrowed funds with the help of a commodity loan is the simplest way, since it does not require collateral and is not associated with significant costs and duration of registration.

The essence of using the advantages associated with one's own economic superiority lies in the ability to dictate and impose on the supplier (creditor) their own "rules" of the game in the market and the nature of contractual relations. The economic superiority of the borrower over the lender may arise in the event of:

• monopoly position of the borrower in the market
• the buyer's assets greatly outnumber the supplier's assets
• marketing benefits
• organizational shortcomings in the management of receivables from the creditor.

Thus, the manager, in an effort to use all sources of borrowed funds to the maximum, should pay attention to the possibility of paying these funds in the future, as well as compare the organization's capabilities with approaches to attracting borrowed funds.

Also one of the most important stages of accounts payable management is tracking payment terms. In case of delay in payment, an increased percentage of payments under the contract is often applied, in the event of a subsequent delay, the delivery may be canceled.

Thus, the accounts payable management system must necessarily include the following elements: accounts payable planning, its regulation, control, analysis and regulation of these processes. Efficient accounts payable management provides the organization with working capital for continuing operations. Only an integrated approach will ensure effective management of accounts payable, as well as reduce the risk of insolvency and bankruptcy of the enterprise.

Bibliography

1. Bogomolov, A. M. Management of receivables and payables as an element of the internal control system in an organization // Modern accounting. - 2012. - N 5. - S. 46–51.
2. Emelin, V. N., Pivkina E. I. Management of accounts payable of an organization // Young scientist. - 2014. - No. 8. - S. 465-467.
3. Zakharov, V. Ya. Anti-crisis management. Theory and practice [Electronic resource]: textbook. allowance / V. Ya. Zakharov and others; ed. V. Ya. Zakharova. - 3rd ed., revised. and additional - M. : UNITI-DANA, 2012. - 319 p.
4. Kokin, A.S. Corporate Finance: Textbook / Kokin A.S., Yashin N.I., Yashin S.N. and others - M.: ITs RIOR, NITs INFRA-M, 2016. - 369 p.
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In the process of economic activity, the role of a contractor or customer can be played by any association. Accounts receivable and accounts payable are formed on his accounts during settlements. The article deals with the concept and types of accounts payable, as well as aspects of each of the categories.

Features of accounts receivable

Today, the definition of accounts receivable means the total debt of associations, citizens and employees of a particular structure. Simply put, these are the debts of buyers for the purchased product, services or work, the debt of accountable persons for the funds issued to them. Debtors are individuals and enterprises that owe a certain amount of money to a particular organization.

Classification of receivables

It should be noted that there are quite a lot of concepts and types of receivables and payables. There are several types of categories according to the content of obligations:

• Debts related to the sale of goods, services, work or products.
• Debts not related to the sale of goods, services, products or work.

According to the criterion of duration, receivables are divided into short-term and long-term. According to the factor of timeliness of payment, the following categories of debt are distinguished: normal and overdue (doubtful and hopeless).

The concept and types of accounts payable

Accounts payable, as one of the categories of legal significance, is understood as a relationship of a binding nature between an enterprise and its creditors. The economic aspect is represented by the organization's cash (most often) and inventory items. Despite the fact that the structure uses all currently known types of accounts payable, it is obliged to return or pay creditors the due part of the property complex. Creditors, in turn, have the full right to demand the performance of an obligation.

Duality of definition

The essence and types of receivables and payables are largely determined by the duality of the legal nature. The category is the property of the organization as one of the parts of the common property according to the right of ownership in relation to money or things received on loan. The considered economic category, being the object of legal obligations, is the company's debts to creditors. Creditors are persons who have the right to claim or recover a part of the property complex from the specified association.

Features of accounts payable

According to a simplified view, accounts payable is a type of obligation to creditors, something that an organization must pay to a legal entity or individual. A complete definition implies a combination of all the listed features. For example, accounts payable is a part of the common property of an organization, acting in the form of debt obligations arising from various legal grounds, to creditors, that is, eligible persons.

Mandatory aspects of accounts payable

It is worth remembering that all types of accounts payable of the enterprise are subject to accounting and should be reflected in the balance sheet.

The debtor can collect debts by force when the creditor does not take any actions aimed at voluntary recovery of debts. The recovery procedure, depending on the type of accounts payable, can be both judicial and extrajudicial.

Different types of debt

Accounts payable currently means the creditor's debts of various origins. Since all types of accounts payable known from textbooks are vivid examples of sources of material resources at the disposal of the organization and displayed in the liabilities side of the balance sheet. Accounting for the categories described in the article is kept separately for each loan. The summary indicators indicate the total accounts payable. It is issued only when the amount is divided into several groups.

Short-term financial improvement

The essence and types of accounts payable suggest that attracting borrowed funds into the organization's cash flow allows you to temporarily improve the overall financial condition of the structure. The main feature is that borrowed funds do not stay in circulation for a long time, returning according to the terms specified in the official contract.

Otherwise, an overdue type of receivables and payables of the enterprise arises. This implies the payment of a fine and the deterioration of the financial life of the company. For this reason, the composition and prescription, the causes and frequency of its occurrence of debt must be studied.

free credit

According to its definition, all types of accounts payable are a free loan and are included in the category of cash and material resources involved in the turnover of the structure. Accounts payable, unlike stable liabilities, is not a planned source of working capital formation and is a short-term liability for an enterprise.

The considered part of the organization is determined by regularities, since it arises due to the peculiarities of the calculations. Despite this, the violation of settlement and payment discipline leads to the emergence of accounts payable. In fact, it is a consequence of non-compliance with the deadlines for filing documents and paying for goods and services.

Short term loan

The type of accounts payable and receivable with the calculation of the short-term type used by the organization. To form such funds, internal sources are used. The organization accrues them daily according to various types of accounts. The maturity of obligations under these accounts payable does not exceed one month. The funds included in accounts payable, after being credited to the account, cease to be the property of the organization, since they are used only for the period specified for repayment of current obligations. According to the economic content, they are a kind of borrowed capital.

Classification of accounts payable by types

According to the current classification, accounts payable are divided into several types according to certain criteria:

• Suppliers and contractors.
• Transfer of premiums on the insurance property of the company.
• Transfer of contributions for personal insurance of employees.
• Bills payable.
• The founders agree with the payment of income and other things.

Depending on the legal regime and legal basis, debts are divided into three groups:

• Before the employees of the organization - for example, debts for the payment of wages.
• Before the budget and social funds.
• Before partners and contractors.

Debts are classified into two categories upon the fact of payment:

• Overdue - maturity dates have come.
• Non-overdue - debts that have not yet matured.

The structure of accounts payable includes the debt of the organization:

• to suppliers and contractors.
• Before the state budget.
• To organizations and employees.
• Before the state off-budget funds.
• to third party creditors.
• According to issued loans and credits.

Distinctive features

Accounts payable, considered in the article, as a form of borrowed capital is determined by key characteristics:

• Acts as a free source of borrowed funds. Accounts payable as a source of capital formation allows to reduce its borrowing share and total cost.
• The duration of the financial cycle directly depends on the amount of debt. It affects the amount of cash needed to finance current assets. The larger the amount of debt, the less money the structure must attract to finance its own economic activity.
• The volume of economic activity of the organization, including the volume of manufactured and sold products, affects the total amount of debt. The company's expenses increase as the volume of output increases, respectively, this leads to an increase in the amount of accounts payable.

The volume of all purchases made by the structure affects the amount of accounts payable. The factors specified in the contract with counterparties, the terms of settlement with suppliers and contractors, the policy adopted by the organization regarding the repayment of accounts payable, the saturation of the market with a specific product, the settlement system adopted in the structure, the quality and consistency of using the results of the analysis.

The quality and turnover of accounts payable increases in proportion to the increase in non-cash payments. The solvency and stability of the organization increases with a decrease in debt. Termination of the debt is carried out by the contractor.

Short term debt

Classical short-term debt can arise both to individuals and to legal entities. The maturity of such debts does not exceed 12 calendar months.

There are several situations in which short-term debt arises:

• In case of non-payment for goods sold, work performed or services rendered to contractors and sellers.
• To buyers according to advances received on account of deliveries in the future.
• To suppliers for deliveries not accompanied by invoices.
• To employees associated with the payment of wages.
• Bank loans and short-term loans.
• Before budgetary and extrabudgetary funds for various penalties, contributions, fines, taxes and fees.

Long term type of debt

Permissible accounts payable is considered when its maturity has not yet come. Debts with a maturity of more than one year are considered long-term.

This type of debt includes:

• Long-term liabilities on loans issued by banking organizations and loans taken from other structures.
• Promissory notes and bonds with a maturity of more than one year.
• Deferred tax liabilities.
• Long-term lease obligations.

Collection of overdue long-term debt is carried out in court after filing a claim filed by the creditor. Such debts are classified as problematic and collected by court order.