Account 511 has no ending balance.
+ There are 6 level 2 accounts:
Account 5111 "Revenue from sales of goods" 
Account 5112 "Revenue from sales of finished products"
Account 5113 "Revenue from providing services" 
Account 5114 "Revenue from subsidies and price subsidies"
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Account 5117 "Revenue from investment real estate business" 
Account 5118 "Other revenue"
511 111,112,131 521
DT BH & DV Provision Amount paid to buyer
Subject to export tax, special consumption tax, environmental protection tax and returned goods, discounts, and surcharges.
911
K/C DT
Pure
333
Export tax, special consumption tax, environmental protection tax, VAT
Must pay.
333
Export tax, special consumption tax, environmental protection tax,
VAT on returned goods, discounts.
Sales revenue from returned goods, discounts, and trade discounts
Diagram 2.1 : Accounting diagram of main transactions account 511
2.1.2 Accounting for revenue deductions
(Excerpt from Article 81- Account 521_Deductions for revenue, Circular 200/2014/TT-BTC)
2.1.2.1 Concept, content and principles of calculating revenue deductions
Concept:
Trade discount is the amount of money a business reduces the listed price for customers who buy in large quantities.
Sales discount is a deduction specially approved by the enterprise (seller) on the agreed price in the contract due to the reason that the goods sold are of poor quality, do not meet the specifications or are not delivered on time as stated in the contract.
Returned goods are the number of products and goods that the enterprise has determined to sell but are returned by customers due to violations of the conditions committed in the economic contract such as: poor quality goods, incorrect specifications, types, etc.
Content:
Revenue deductions reflect the amounts adjusted to reduce revenue from sales and service provision arising in the period, including: trade discounts, sales discounts, and sales returns. This account does not reflect taxes deducted from revenue such as output VAT payable under the direct method.
Accounting principles:
The adjustment to reduce DT is made as follows:
Sales discounts, sales returns, and sales allowances arising in the same period of product, goods, and service consumption are adjusted to reduce revenue of the period;
In case products, goods and services have been consumed in previous periods, and only in the next period do they incur trade discounts, sales discounts or returned goods, the enterprise is allowed to reduce revenue according to the following principles:
+ If products, goods, and services have been consumed in previous periods, and must be discounted or returned in the next period but occur before the issuance of the financial statements, the accountant must consider this an event that requires adjustment occurring after the date of the Balance Sheet and record a reduction in revenue on the financial statements of the reporting period (previous period).
+ In case products, goods, and services must be discounted or returned after the financial statements are issued, the enterprise will record a decrease in revenue of the period in which they arise (the following period).
For sales discounts:
In case the VAT invoice shows the sales discount for the buyer as a deduction from the amount the buyer must pay (the selling price reflected on the invoice is the discounted price), the enterprise (seller) does not use this account, the sales revenue is reflected at the discounted price (net revenue).
Only reflect in this content the deductions due to the approval of discounts after sales (revenue has been recorded) and the issuance of invoices (discounts outside the invoice) due to poor quality or degraded goods...
Accountants must track in detail sales discounts and sales returns for each customer and each type of goods sold, such as: sales (products, goods), service provision. At the end of the period, transfer all to account 511 - "Sales and service provision revenue" to determine the net revenue of the actual volume of products, goods and services performed in the reporting period.
2.1.2.2 Documents used
- VAT invoice (01 VAT invoice)
2.1.2.3 User account
Account 521 - Revenue deductions
Debtor:
- Number of CKTM accepted for payment to customers.
- The number of sales discounts approved for the buyer.
- Revenue from returned goods, refunded to buyers or deducted from customer receivables for products and goods sold.
The party with:At the end of the accounting period, transfer all trade receivables, sales discounts, and sales returns to account 511 "Sales and service revenue" to determine net revenue of the reporting period.
Account 521 "revenue deductions" has no ending balance.
Account 521 has 3 sub-accounts:
- Account 5211 - Trade discounts.
- Account 5212 - Returned goods
- Account 5213 - Sales discount
111,112,131 521 511
Total discount amount, CKTM,
Returned goods.
Discount on sales,
CKTM, returned goods.
3331
Corresponding output VAT
Diagram 2.2: Accounting diagram of main transactions of account 521
2.1.3 Accounting for financial activities
(Excerpt from Article 80- TK 515_Financial activities, Circular 200/2014/TT-BTC)
2.1.3.1 Contents and principles of accounting for financial activities
Content:
Financial operating revenue is used to reflect interest revenue, royalties, dividends, distributed profits, and financial operating revenue of the enterprise including:
- Interest: loan interest, bank deposit interest, deferred payment interest, installment sales interest, investment interest on bonds, treasury bills, payment discounts received from purchasing goods and services...
- Dividends and profits are distributed for the period after the investment date.
- Income from investment activities of buying and selling short-term and long-term securities.
- Interest on exchange rates, foreign currency trading and other financial investment activities.
KT Principle:
For revenue from foreign currency buying and selling activities, revenue is recorded as the profit difference between the foreign currency selling price and the foreign currency buying price.
For deposit interest: Revenue does not include deposit interest arising from temporary investment activities of loans used for the purpose of constructing unfinished assets according to the provisions of the Accounting Standard on borrowing costs.
For interest receivable from loans, deferred payment sales, installment sales: Revenue is only recorded when it is certain to be collected and the loan principal and receivable principal are not classified as overdue requiring provisions....
2.1.3.2 Documents used
- Bank statement.
- Bank sub-ledger (SPNH).
2.1.3.3 User account
Account 515 - Financial activities revenue
Debtor:
- VAT payable calculated by direct method (if any);
- Transfer net financial activity revenue to account 911 - "Determination of business results".
Creditor:Financial revenue arising during the period.
Account 515 has no ending balance.
Receive notification of dividend and interest rights
profits, dividends
331
Purchase discount enjoyed
911
1111,1121
End of period
DT HĐTC
1112,1122
Book rate
Foreign exchange profit
Sell foreign currency
1111, 1121
Interest on bank deposits received
515 138
Diagram 2.3: Accounting diagram of main transactions of account 515
2.1.4 Other income accounting
(Quoted from Article 93- TK 711_Other TN, Circular 200/2014/TT-BTC)
2.1.4.1 Contents and principles of other income accounting
Content:
Other income is income that the enterprise does not anticipate or anticipates but is unlikely to realize, or is irregular income. Such as the sale of fixed assets, scrap and other irregular income, and income outside the production and business activities of the enterprise.
KT Principle:
When there is a certain possibility of collecting contract violation fines, accountants must consider the nature of the fines to account for each specific case according to the following principles:
For the seller: All contract breach penalties collected from the buyer outside the contract value are recorded as other income.
For buyers:
Fines are essentially a reduction in the purchase price, reducing the payment to the seller and are accounted for as a reduction in the value of the asset or payment (not accounted for in other income) unless the related asset has been liquidated or sold.
Other fines are recognized as other income in the period incurred.
2.1.4.2 Documents used
- Sales contract; Liquidation minutes.
- VAT invoice.
2.1.4.3 User account
Account 711: other income .
Debit side:
- The amount of VAT payable (if any) calculated by the direct method for other income items at enterprises paying VAT calculated by the direct method.
- At the end of the accounting period, transfer other income arising during the period to account 911 "Determining business results".
Creditor:Other income arising during the period.
Account 711 - "Other income" has no ending balance
Liquidation and sale of fixed assets
711
111, 112
911
Fine customers for violating economic contracts,
money insurance organizations compensate.
152,156,211
Receive sponsorship, donations of goods, materials, and fixed assets.
Other income
111, 112
Recover bad debts written off;
Import-export taxes and special consumption taxes refunded by the state budget.
3331 111, 112, 138
Diagram 2.4: Accounting diagram of main transactions of account 711
2.2 Accounting for incurred expenses
2.2.1 Accounting for cost of goods sold
(Excerpt from Article 89- Account 632_Cost of goods sold, Circular 200/2014/TT-BTC)
2.2.1.1 Concepts, contents, accounting principles and methods of calculating GVHB
Concept: Cost of goods sold is the actual price of goods sold (or including the cost of goods purchased allocated to goods sold during the period) or the actual cost of labor and completed services determined as consumed and other amounts included in the cost of goods sold to determine the business results during the period.
Content:
Cost of goods sold is used to reflect the capital value of products, goods, services, investment real estate; production cost of construction products (for construction enterprises) sold during the period. In addition, it is used to reflect costs related to investment real estate business activities such as: Depreciation costs; repair costs; operating lease costs of investment real estate (in case of small occurrence); transfer and liquidation costs of investment real estate, etc.
KT Principle
When selling products or goods with equipment or spare parts, the value of the equipment or spare parts is recorded in the cost of goods sold.
For the value of inventory loss or damage, accountants must immediately calculate it into the cost of goods sold (after deducting compensation, if any).
For direct material costs consumed in excess of normal levels, labor costs, and fixed general production costs not allocated to the value of products in stock, KT must immediately calculate them into the cost of goods sold (after deducting compensation, if any), even when the products and goods have not been determined to be consumed.
Import tax, special consumption tax, environmental protection tax have been included in the value of purchased goods. If these taxes are refunded when selling goods, they will be recorded as a reduction in the cost of goods sold.
Methods of calculating cost of goods sold:
First in, first out method;
Actual identification method: According to this method, the imported unit price of the products, materials, and goods exported from the warehouse belongs to which batch of goods.
Weighted average method: According to this method, the value of each type of inventory is calculated based on the average value of each type of inventory at the beginning of the period and the value of each type of inventory purchased or produced during the period. The average method can be calculated periodically or when a shipment is imported, depending on the situation of the enterprise .
2.2.1.2 Documents used
- Warehouse delivery note (02-VT)