WAYS TO IMPROVE THE ACCOUNTING OF SETTLEMENT TRANSACTIONS

Abstract

The purpose of the article is to consider the method of accounting for settlements with debtors and creditors and to determine directions for its improvement. Methodology. The theoretical and methodological basis of the study is a systematic approach to the study of practical accounting tools for settlement transactions. In the process of research and systematization of the obtained results, general scientific and special methods were used: abstract-theoretical, historical, dialectical, induction and deduction, analysis and synthesis, formalization and comparison. Results. It has been proven that the quality of accounting organization is important today, as it contributes to the organization of information, transparency and reliability of data on transactions with debtors and creditors, and also provides minimum guarantees of reality, completeness and legality of the given information on calculations for users of financial statements. Timeliness of payments is important for both the debtor and the creditor, and its provision depends to a large extent on the correct organization of accounting and day-to-day control. The availability of information on the amount of bad and overdue debts in the financial statements of economic entities would allow both internal and external users to make effective management decisions, which is extremely important in the context of European integration of the domestic economy. Practical implications. It is proposed to make an improvement that will unite all information about receivables and payables, make it integral and allow users, in particular the head of the enterprise, to receive complete information about the state of indebtedness to debtors and creditors for received goods and services, provided works. The analytical accounting statement of the extended balance to account 63 "Settlements with suppliers and contractors" will help in practical activities to prevent errors in the presentation of information in financial statements, and management personnel to make operational management decisions. It is possible to solve the problems of the company's accounts payable accounting by improving the procedure of applying individual elements of the accounting method on the basis of identifying systemic connections between them. The information from the above analytical accounts to account 66 "Settlements for Employee Benefits" will allow management to track salary trends not only by employee groups but also by type of benefit. For the rational organization of accounting of accounts payable at enterprises, it is suggested to use a special analytical table, which will highlight the debt in the section of each supplier according to contracts, the terms of debt repayment according to the schedule and actually. This document must reflect all transactions the company has made with a particular supplier during the year (receipt of goods and services for a particular delivery; receipt of a subscription for a particular delivery; payment of arrears for a previously received delivery). Value/originality. The above-mentioned possibilities will contribute to the improvement of the organization and accounting of the accounts, to the reduction of receivables and payables, and to the strengthening of the financial position of the company.