Sometimes, in the course of the organization's economic activities, situations occur when it is simply necessary to attract borrowed funds. The sources from which it is possible to take a certain amount are quite large, but it is very profitable to borrow money from the founder of the organization. Thus, the organization has the right not to reflect the borrowed amount as income and not to impose income tax on it.
Instructions
Step 1
The first thing you need to do is determine the amount of the loan, as well as its status - whether it will be interest-bearing or not. Please note that if you do not specify the terms of an interest-free loan in the agreement, it will be interest-bearing by default.
Step 2
Like any other document, the loan agreement must be in writing, even if the lender and the borrower are the same person. Although in this case it is advisable to present the deputy head in the person of the borrower.
Step 3
Also indicate in the agreement in what way the borrowed funds will be deposited: by depositing to the organization's cash desk or through the current account. It is also very important to specify the procedure and method of payment in the contract. Some organizations use a special schedule for the payment of monthly payments, it is drawn up on a separate sheet and numbered as an appendix. In the contract itself, you must make a reference to it.
Step 4
If you draw up a loan agreement with interest, then draw up a schedule for the return of interest, number and refer to it in the text of this agreement.
Step 5
Please note that the contract does not come into force from the moment of its signing, but from the date of depositing funds. Therefore, if in the agreement you specify the term using a time frame, for example, "the loan maturity within 5 years", then the date of reference will be exactly the date of the movement of funds.
Step 6
How to reflect this transaction in accounting? First, determine the term of the loan, that is, it is short-term (no more than 12 months), or long-term (more than one year). In the first case, reflect this using account 66 "Settlements for short-term loans and borrowings", and in the second case, the credit will be account 67 "Settlements for long-term loans and borrowings." Reflect interest by correspondence of accounts: D91 "Other income and expenses" K66 "Settlements on short-term loans and borrowings" or 67 "Settlements on long-term loans and borrowings".
