Inventory of settlements with different debtors and creditors and reflection of data on payments in the annual accounting report
Accounts payable or accounts receivable arise when an organization performs financial and economic operations that are associated with the movement of material resources, cash or the assumption of certain obligations. Accounting for settlements with different debtors and creditors, except for those for which the chart of accounts provides separate accounts 60-75, is made on account 76 "Settlements with different debtors and creditors". Feature of carrying out inventory of settlement operations in modern conditions is use of highly qualified personnel of the organization. Inventory of settlements with other debtors and creditors is the most difficult and problematic issue in modern conditions. In the General order the inventory of calculations shall be carried out before drawing up annual financial statements, except for the property which inventory was carried out, since October 1 of accounting year. Work on inventory of other receivables and payables is the primary and very necessary measure of pre-trial settlement of disputes on mutual claims.