The return of goods today is one of the most common operations in the field of trade, which requires careful study, because when returning it is not enough to simply return the goods, it is also necessary to correctly reflect these actions in accounting.
Instructions
Step 1
First of all, I would like to note that there can be many reasons for returning the goods, and this is not necessarily a discrepancy in quality. So, for example, food products that have expired, etc. are subject to return. It is important to initially study the supply agreement and all its nuances, and already by fasting proceed with the actions to return and reflect these actions in the documentation.
Step 2
If the reasons for the return of the goods were found, and it is being prepared for return shipment, the accountant of the enterprise, which returns the goods to the supplier for any reason, must perform the following steps.
Step 3
Make the following entries in your organization's accounting records.
Open Debit 60 - Credit 51.
Indicate that you have made an advance payment under contract No. (contract number) for the supply of goods
Step 4
Go to line Debit 41/1 - Credit 60.
Indicate that the goods received from the supplier are capitalized.
Go to Debit 19 - Credit 60.
Step 5
Indicate that VAT related to goods received is reflected.
Go to Debit 68 / VAT - Credit 19
Indicate that the value added tax on the purchased product is deductible.
Step 6
Please include the following items when returning an item.
Debit 62 - Credit 90/1 - proceeds from the sale of returned goods are reflected;
Debit 90/2 - Credit 41/1 - the purchase price of the returned product has been written off;
Debit 90/3 - Credit 68 / VAT - value added tax on returned goods charged;
Debit 51 - Credit 62 - money received from the supplier.
Step 7
With all this, such reflections in accounting are made after the goods are returned to the supplier, and the funds that were paid for the returned goods were received on the company's account.
