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How to prepare accounting entries for time deposits?

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Fixed deposit refers to the deposit that the bank and the depositor agree on the term and interest rate in advance when depositing, and withdraw the principal and interest after maturity. When an enterprise has fixed deposit business, it generally sets up bank deposit and financial expense accounts for accounting. How to write specific accounting entries?

Accounting entries for time deposits

1. Fixed deposit time

Debit: bank deposit - fixed account

Credit: bank deposit - transfer out account

2. When due for recovery

Debit: bank deposit deposit account

Credit: financial expenses (interest)

Bank deposit - fixed account

What is bank deposit?

Bank deposit is the money deposited in the bank and is a component of monetary capital.

There are four types of bank deposit accounts. They are general deposit account, special deposit account, basic deposit account and temporary deposit account.

The enterprise's bank loan redeposit beyond the basic deposit account refers to the general deposit account. For an account opened by a subsidiary non independent accounting entity in a different location from the enterprise of the general deposit account and the basic deposit account, cash cannot be withdrawn from this account, but transfer settlement and cash deposit can be handled. The account opened by an enterprise for a specific purpose is a special deposit account. An enterprise can only open a general deposit account in several branches of a bank. The enterprise's account for daily transfer settlement and cash collection and payment is a basic deposit account. Temporary deposit account refers to an account opened by an enterprise for temporary production and business activities. This account can not only handle transfer settlement, but also deposit and withdraw cash according to cash management regulations.

Bank deposits belong to asset accounts, and the ending balance is in the debit. In accounting entries, the debit represents an increase, and the credit represents a decrease.

What are the financial expenses?

Financial expenses refer to the expenses incurred by an enterprise to raise funds for production and operation.

How to make entries for time deposits

The financial expenses incurred by the enterprise, although incurred for the purpose of obtaining operating income, have no obvious causal relationship with the realization of operating income, and should not be included in the production and operation costs. They can only be recognized as period expenses, recognized according to the actual amount incurred, and included in the current profits and losses.

The financial expenses incurred by an enterprise are generally accounted in the "financial expenses" account, and sub ledgers are set up according to the types of expenses. When financial expenses occur, they are debited to the account. When the balance is carried forward to the "Profit of the Year" account at the end of the period, they are credited to the account. They belong to the profit and loss account in the accounting.

The deposit interest income of the enterprise is included in the financial expenses - interest income, and the financial treatment is as follows:

Debit: bank deposit

Credit: financial expenses - interest income

Extended data:

Notes receivable

A、 Received bank acceptance bill Debit: bills receivable

Credit: accounts receivable

B、 Interest bearing commercial bills Debit: bills receivable

Credit: financial expenses (interest is generally calculated at the end of the middle term and the end of the year)

C、 Apply for discount debit: bank deposit

Financial expenses (=discount interest - accrued bill interest in the current period)

Credit: notes receivable (book amount)

D、 The acceptor refuses to pay the discounted bill at maturity

(1) Bank transfer of funds to discounter's bank account Debit: accounts receivable Company X

Credit: bank deposit

(2) Insufficient funds in the company's bank account Debit: accounts receivable - Company X

Credit: bank deposit

Short term borrowings (insufficient funds in the account)

E、 Due entrusted income account debit: bank deposit

Credit: notes receivable

F、 The acceptor refuses to pay the debit when due: accounts receivable? (Bad debt reserves can be withdrawn)

Credit: notes receivable

G、 Transfer and endorsement of bills (purchase of raw materials) Debit: raw materials (materials in transit)

Tax payable - VAT payable (input tax)

Credit: notes receivable

How to make accounting entries from current deposit account to fixed deposit account

The accounting entry for transferring from current deposit account to fixed deposit account is:

Debit: other monetary funds - fixed deposit account

Credit: bank deposit current deposit account

Accounting of other monetary funds:

Other monetary funds refer to monetary funds other than cash on hand and bank deposits, including deposits in other cities, bank draft deposits, bank promissory note deposits, letter of credit deposits, credit card deposits, and investment deposits.

Account setting: other monetary funds - deposits in other cities, other monetary funds - bank drafts, other monetary funds - bank promissory notes, other monetary funds - letters of credit, other monetary funds - credit cards, other monetary funds - investment deposits, etc.

Extended data:

1、 This account accounts for other monetary funds of enterprises, such as bank draft deposits, bank promissory note deposits, credit card deposits, L/C margin deposits, investment deposits, and deposits in other cities.

2、 When an enterprise increases other monetary funds, it debits this account and credits the "bank deposit" account; Reduce other monetary funds, debit relevant accounts and credit this account.

3、 In this project, detailed accounting can be carried out according to the payee of bank bills or promissory notes and letters of credit, and the opening bank of foreign deposits, respectively "bank bills", "bank promissory notes", "credit cards", "letter of credit deposits", "investment funds deposited", "foreign deposits", etc.

4、 The ending debit balance of this account reflects other monetary funds held by the enterprise.

The past is over 2024-06-20 14:48:17

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