Content and structure of account 711
Account 711
- The amount of VAT payable (if any) calculated by the direct method for other income (if any) at enterprises paying VAT calculated by the direct method.
- Carry forward other income during the period
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to account 911 to determine business results
- Other income generated
born in period
1.2.3.3 Accounting method
The method of accounting for other revenue is shown in the following diagram 1.2.3 :
Diagram 1.2.3: Accounting for other revenue
Account 711
Account 331, 338
Liabilities with unidentified creditors, decision
delete from other income
Account 338,334
Account 111, 112
When collecting bad debts that have been written off; collecting insurance money that the insurance company compensates; collecting customer fines
goods due to breach of contract; customer bonuses related to
sales, service
Account 152, 156, 211,...
Sponsored, donated, given away materials, goods and fixed assets
Account 111, 112
sale of fixed assets
333(33311 )
( if any)
Liquidation income,
Account 111,112,131,...
Account 333 (3331)
Amount of VAT payable according to method
direct of other income
service.
Penalty deducted from the deposit of the depositor
Refunds of import, export tax and special consumption tax are included in other income.
Account 911
At the end of the period, the revenue is recorded.
Other income arising during the period
1.3 Accounting for revenue deductions
1.3.1 Documents used
- Based on the delivery receipt, compare it with the contract to see if they have violated any terms. This is the basis for asking the seller to reduce the selling price.
- VAT invoice, economic contract.
1.3.2. User account
Account 521 “Trade discount”
* Level 2 accounts:
- Account 5211: Goods discount
- Account 5212: Finished product discount
- Account 5213: Service discount
Content and structure of Account 521, Account 531, Account 532:
Account 521
The amount of trade discounts accepted for payment to customers.
Transfer to account 511 to determine net revenue of the accounting period
Note: Account 521 has no balance.
Account 531 “Returned goods”
Account 531
Aggregate revenue of
number of returned goods
Revenue transfer
of returned goods.
again .
Note: Account 531 has no balance.
Account 532 “Discount on sales”
Account 532
Set of sales discounts accepted by buyers .
Carry forward all reductions
Price of goods sold to account 511 for confirmation
net revenue determination
Note: Account 532 has no balance.
Account 333 "Taxes and amounts payable to the state"
* Level 2 accounts:
- Account 3331 – VAT payable
- Account 3332 – Special consumption tax
- Account 3333 – Import and export tax
- Account 3334 – Corporate income tax
- Account 3337 – Real estate tax, land rent
- Account 3338 – Other taxes
- Account 3339 – Fees, charges and other payables Content and structure of account 333
Account 333
+ Taxes, fees, charges and amounts payable and paid to the State budget.
+VAT amount deducted in the period, VAT amount of goods sold
returned, discounted
+ Input VAT and import VAT payable.
+ Taxes, fees, charges and other amounts payable to the State budget.
Note: Account 333 has a credit balance.
1.3.3 Principles of accounting for revenue deductions
- Only account for trade discounts if the trade discount is deducted from the invoice.
- Only accounted for in trade discounts if the enterprise has regulations on trade discounts.
- Only record returned goods into the sales account when there is a written request from the buyer stating the reason for returning the goods, quantity, value of returned goods, attaching the invoice (if returning all goods) or a copy of the contract (if returning part of the goods) and attaching the enterprise's warehouse re-entry documents for the above goods.
- Only reflected in the sales discount account due to the approval of off-invoice discounts, that is, after the sales invoice has been issued and has been deducted from the total value recorded on the invoice.
1.3.4 Accounting method
The method of accounting for revenue deductions is shown in diagram 1.3 as follows:
Diagram 1.3a: Accounting for trade discounts, sales discounts, and sales returns
Account 111, 112, 131 Account 521, 531, 532 Account 511, 512
Revenue deduction includes
VAT (direct method)
Carry forward deductions
arising during the period
Tax-free revenue
VAT (according to deduction method)
Account 333
VAT
Account 641
Costs incurred in connection with
returned goods
Diagram 1.3b: Tax accounting is deductible from revenue
Account 111, 112 Account 333 (3331, 3332, 3333,...) Account 511
Tax paid
Taxes payable to the state budget
1.4 Accounting for expenses incurred during the sales process
1.4.1 Accounting for cost of goods sold
1.4.1.1 Documents used
- VAT invoice (form number 01A-GTKT)
- Warehouse delivery note (form number 01-VT)
- Receipt, payment voucher
- Economic contracts, other relevant documents
1.4.1.2 User account
Account 632 “Cost of goods sold”
Note: Account 632 has no balance.
Content and structure of account 632
Account 632
- Cost of products, goods and services consumed during the period
- Raw material costs, labor costs exceeding the normal level and fixed unallocated general production costs are not included in inventory value but must be included in cost of goods sold of the accounting period.
- Construction costs and self-made fixed assets exceeding the normal level are not included in the original price of completed self-built or self-made tangible fixed assets.
- The difference between the inventory price reduction reserve
The inventory that must be established this year is greater than the provision established last year.
- Reversal of year-end inventory price reduction provisions.
- Cost of returned goods sold
- Transfer the cost of products, goods and services consumed during the period and all investment real estate business expenses incurred during the period to the account.
911 to determine business results.
1.4.1.3 Accounting method
The method of accounting for cost of goods sold for enterprises that account for inventories according to the method of regular declaration and periodic inventory is shown in the following diagram 1.4.1 :
Diagram 1.4.1: Accounting for cost of goods sold - Provision for inventory price reduction Diagram 1.4.1.a. According to the regular declaration method
Account 154 Account 632
Account 155, 156
Finished products are produced and consumed immediately.
Finished products, goods
sold returned imported
TK 157
Finished products are sent for sale without going through
import
When the consignment is confirmed
defined as consumption
Account 911
Account 155, 156
Finished products, goods sent for sale
Carry over cost of goods sold of finished products, goods,
services consumed
Export finished products and goods for sale
TK 159
Account 154
Provision reversal
inventory discount
Transfer of cost of goods and services
Completed consumption during the period
Provision for inventory price reduction
Diagram 1.4.1.b. According to the periodic inventory method
Account 155 Account 632 Account 155
Beginning of period: carryover of capital value
Beginning inventory
End of period: carryover of capital value
of finished goods inventory at the end of the period
TK 157
Carry forward the cost of finished products
TK 157
Account 611
Determine and transfer the cost of goods sold that are determined to be consumed (commercial enterprises )
Account 631
Carry forward the cost of finished products sent for sale but not yet determined
consumption during the period
Account 911
Determine and transfer the cost of Transfer the cost of finished goods entered into the warehouse, selling price of finished products,
completed goods and services (production and service businesses)
1.4.2 Cost of sales accounting
1.4.2.1 Documents used
- Material allocation table - tools, equipment (Form No. 07-VT).
- Other related original documents: Payment vouchers, Accounting vouchers...
1.4.2.2 User account
Account 641 “Cost of sales”
* Secondary accounts of account 641:
- Account 6411 – Employee costs
- Account 6412 - Material and packaging costs
- Account 6413 - Cost of tools and equipment
- Account 6414 - Fixed asset depreciation expense
- Account 6415 - Warranty costs
- Account 6417 - Cost of outsourced services
- Account 6418 - Other expenses in cash.
Note: Account 641 has no balance.
Content and structure of account 641
Account 641
Cost of sales aggregation
actual goods incurred
- Sales expense reductions (if any)
- Transfer sales expenses during the period to the Debit side of Account 911 to determine business results.
1.4.2.3 Accounting method
The method of accounting for sales costs is shown in diagram 1.4.2 as follows:
Diagram 1.4.2: Accounting for sales costs
TK 111, 112,
152, 153,... Account 133
Cost of materials and tools
Account 334, 338
Account 641
Account 111, 112
Revenue reduction expenses
Account 214
Salary costs and salary deductions
Cost of sales
Account 911
Fixed asset depreciation costs
Account 142, 242, 335
Amortized costs, accrued costs
Account 512
Internal consumption goods and services
Account 3521
Reversal of provision for product warranty costs
products, goods
Account 333 (33311)
TK 111, 112,
141, 331,...
Cost of purchased services, other cash costs
TK 133
Input VAT not included
deductible if included in cost of sales
1.4.3 Business management cost accounting
1.4.3.1 Documents used
- Salary and social insurance allocation table (Form No. 11-LĐTL).
- Fixed asset depreciation calculation and allocation table (Form No. 06-TSCD).
- Related original documents: Payment vouchers, Accounting vouchers...
1.4.3.2 User account
Account 642 “Business management expenses”
Note: Account 642 has no balance.
Content and structure of account 642
Account 642
- Collect actual business management costs incurred during the period.
- Unemployment benefit provision.
Allowed deductions for management expenses (if any)
Transfer business management expenses during the period to the Debit side of Account 911 to determine business results.