Account 331 – Payables to sellers According to Circular 200/2014/TT-BTC (Effective from 1/1/2015). Replace the accounting regime according to Decision 15: Used to reflect the payment situation of the enterprise’s payable debts to sellers of materials, goods, service providers, sellers of fixed assets, investment real estate, amounts financial investment under signed economic contracts.
1. Accounting principles
a) This account is used to record the payment of payables of the enterprise to sellers of supplies, goods, service providers, sellers of fixed assets, investment real estate, and financial investments according to regulations. signed economic contract. This account is also used to record the payment of debts payable to main and subcontractors for construction and installation. Do not reflect to this account the transactions of buying and paying immediately.
b) Liabilities to sellers, suppliers, construction and installation contractors need to be accounted in detail for each payer. In the details of each payable object, this account reflects the amount advanced to the seller, supplier, contractor for construction and installation but has not yet received products, goods, services, construction volume. complete handover.
c) Enterprises must keep detailed records of payables to sellers in each type of original currency. For payables in foreign currencies, the following principles shall be followed:
– When arising debts payable to the seller (the party with account 331) in foreign currencies, the accountants must convert them into Vietnam Dong at the actual exchange rate at the time of arising (which is the selling rate of the seller). commercial banks where regular transactions are conducted). Particularly in the case of an advance to a contractor or a seller, when the conditions for recognition of assets or expenses are met, the creditor of account 331 shall apply the actual actual book-keeping exchange rate for the amount advanced.
– When paying payables to the seller (Debiter of Account 331) in foreign currencies, the accountant must convert them into Vietnam Dong at the actual book exchange rate specifically for each creditor (In case the creditor If there are many transactions, the actual nominal exchange rate is determined on the basis of a moving average of transactions of that creditor). Particularly in case there is a transaction to advance money to a contractor or seller, the Debiter of Account 331 will apply the actual exchange rate (which is the selling rate of the bank where the transaction is frequent) at the time of advance payment. ;
– Enterprises must re-evaluate payables to sellers in foreign currencies at all times of preparing financial statements in accordance with the law. The actual exchange rate when re-evaluating the payables to the seller is the foreign currency selling rate of the commercial bank where the enterprise regularly conducts transactions at the time of preparing the financial statements. Units in the group are entitled to a common exchange rate set by the Parent Company (must be close to the actual exchange rate) to re-evaluate payables to sellers in foreign currencies arising from foreign currencies. transactions within the group.
d) The entrusting importer shall record in this account the amount payable to the seller for the imported goods through the entrusting importer as a normal payable to the seller.
dd) For supplies, goods and services that have been received or stored but there is still no invoice at the end of the month, the provisional price shall be used to record the book and must be adjusted to the actual price upon receipt of the invoice or notice. Official seller’s price.
e) When making detailed accounting of these amounts, accountants must clearly and unambiguously record payment discounts, trade discounts, sales discounts of sellers and suppliers, if not already reflected in reciept.
2. Structure and contents of account 331 – Payables to sellers
Debtor:
– Amounts paid to sellers of materials and goods, service providers, construction contractors;
– Amount of advance to the seller, supplier or contractor for construction and installation but have not yet received materials, goods, services, volume of finished construction products and handed over;
– The amount the seller agrees to reduce the price of the goods or services delivered under the contract;
– Payment discount and trade discount approved by the seller for the business to reduce from the debt payable to the seller;
– The value of materials and goods are lacking or of poor quality when verifying and returning to the seller.
– Re-evaluate the payables to the seller in foreign currency (in case the foreign currency rate decreases against Vietnam Dong).
Yes Party:
– Amounts payable to sellers of materials and goods, service providers and construction contractors;
– Adjust the difference between the temporarily calculated price which is smaller than the actual price of the received supplies, goods and services upon receipt of an official invoice or price notice;
– Re-evaluate the payables to the seller in foreign currency (in case the foreign currency rate increases against Vietnam Dong).
Credit balance: Amount to be paid to the seller, supplier, contractor for construction and installation.
This account may have a Debit balance. The debit balance (if any) reflects the amount advanced to the seller or the amount paid pay more than the amount payable to the seller according to the details of each specific object. When preparing the Balance Sheet, the detailed balance of each object reflected in this account is required to record two items on the side “Assets” and the side “Capital resources”.
3. Accounting method for some major economic transactions
3.1.
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Purchase of supplies and goods that have not yet been paid to the seller for storage in the case of accounting for inventories using the regular declaration method or when purchasing fixed assets:
a) In case of domestic purchase, the following accounts shall be recorded:
– If input VAT is deductible, the following accounts shall be recorded:
Dr. 152, 153, 156, 157, 211, 213 (prices excluding VAT)
Dr 133 – Deductible VAT (1331)
Cr 331 – Payable to the seller (total payment price).
– In case input VAT is not deductible, the value of supplies, goods and fixed assets includes VAT (total payment).
b) In case of import, record:
– Reflecting the value of imported goods, including excise tax, export tax, and environmental protection tax (if any), the following accounts shall be recorded:
Dr. 152, 153, 156, 157, 211, 213
Cr 331 – Payable to the seller
Account 3332 – SCT (if any)
Cr 3333 – Import and export tax (details of import tax, if any)
Cr 33381 – Environmental protection tax.
– If input VAT is deductible, the following accounts shall be recorded:
Dr 133 – Deductible VAT (1331)
Cr 3331 – VAT payable (33312).
3.2. Purchase of supplies and goods that have not yet been paid to the seller for storage in the case of accounting for inventories by the periodic inventory method:
a. In case of domestic purchase:
– If input VAT is deductible, the following accounts shall be recorded:
Dr 611 – Purchases (prices excluding VAT)
Dr 133 – Deductible VAT
Cr 331 – Payable to the seller (total payment price).
– In case input VAT is not deductible, the value of supplies and goods includes VAT (total payment price).
b. In case of import, record:
– Reflecting the value of imported goods, including excise tax, export tax, and environmental protection tax (if any), the following accounts shall be recorded:
Dr 611 – Purchase of goods.
Cr 331 – Payable to the seller
Account 3332 – SCT (if any)
Cr 3333 – Import and export tax (details of import tax, if any)
Account 33381 – Environmental protection tax.
– If input VAT is deductible, the following accounts shall be recorded:
Dr 133 – Deductible VAT (1331)
Cr 3331 – VAT payable (33312).
3.3. In case the unit has made capital construction investment by the method of contract assignment, when receiving the completed construction and installation volume and handing over from the construction contractor, based on the contract of contract and the minutes on handing over the construction and installation volume, the Completed construction and installation volume:
– If input VAT is deductible, the following accounts shall be recorded:
Dr 241 – Construction in progress (price excluding VAT)
Dr 133 – Deductible VAT
Cr 331 – Payable to the seller (total payment price).
– In case input VAT is not deductible, the value of capital construction investment includes VAT (total payment price).
3.4. When making advances or paying payables to sellers of materials and goods, service providers, construction contractors, the following accounts shall be recorded:
Dr 331 – Payables to sellers
There are accounts 111, 112, 341,…
– In case payment must be made to the contractor in a foreign currency, the accountant must convert it to Vietnam Dong at the actual exchange rate at the time of arising (which is the selling rate of the commercial bank where the transaction is regularly performed). ).
– In case money has been advanced to the contractor in a foreign currency, the accountant shall record the capital construction investment value corresponding to the advance amount at the actual exchange rate at the time of advance. The value of capital construction investment still to be paid (after deducting the advance amount) is recorded at the actual exchange rate at the time of arising.
Dr 331 – Payables to sellers (actual exchange rate)
Dr 635 – Financial expenses (if the actual exchange rate is lower than the recorded rate of the cash account)
There are accounts 111, 112,… (accounting exchange rate)
Account 515 – Revenue from financial activities (if the actual exchange rate is higher than the recorded rate of the cash account).
3.5.
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When receiving money back because the seller refunded the advance amount because of the failure to provide goods or services, the following accounts shall be recorded:
Debts of accounts 111, 112,…
Cr 331 – Payable to the seller.
3.6. Receive services provided (freight, electricity, water, telephone, audit, consulting, advertising, other services) from the seller:
– If input VAT is deductible, the following accounts shall be recorded:
Dr 156 – Goods (1562)
Dr 241 – Construction in progress
Dr 242 – Prepaid expenses
Dr. 623, 627, 641, 642, 635, 811
Dr 133 – Deductible VAT (1331) (if any)
Cr 331 – Payable to the seller (total payment price).
– In case input VAT is not deductible, the service value includes VAT (total payment price).
3.7. Discount on payment for purchasing supplies and goods enjoyed by enterprises due to premature payment and deducted from payables to sellers and suppliers, the following accounts shall be recorded:
Dr 331 – Payables to sellers
Cr 515 – Revenue from financial activities.
3.8. In case of materials and goods purchased goods must be returned or if the seller agrees to reduce the price due to improper specifications and quality, the following accounts shall be deducted from the payable debt to the seller:
Dr 331 – Payables to sellers
Cr 133 – Deductible VAT (1331) (if any)
There are accounts 152, 153, 156, 611,…
3.9. In case the debts payable to the seller cannot be found or the creditor does not claim and are processed, recording other incomes of the enterprise, the following accounts shall be recorded:
Dr 331 – Payables to sellers
Account 711 – Other income.
3.10. For the main contractor, when determining the value of the construction and installation volume payable to the subcontractor under the signed economic contract, based on the invoice, the work price slip, the record of acceptance of the completed construction and installation volume. and the subcontracting contract, the following accounts shall be recorded:
Dr 632 – Cost of goods sold (price exclusive of VAT)
Dr 133 – Deductible VAT (1331)
Cr 331 – Payables to sellers (total payable to subcontractors including input VAT).
3.11. In case the enterprise accepts agent sales, sells it at the right price, and receives a commission.
– When receiving goods sold by agents, enterprises actively monitor and record information about goods received and sold by agents in the notes to the financial statements.
– When selling goods and receiving agents, record:
Debits to accounts 111, 112, 131,,… (total payment price)
Cr 331 – Payables to sellers (agency delivery price + tax).
At the same time, the enterprise monitors and records information about the goods received and sold by agents in the notes to the financial statements.
– When determining the commission an agent is entitled to, in the revenue from commission on agent sales, the following accounts shall be recorded:
Dr 331 – Payables to sellers
Cr 511 – Sales and service provision
Account 3331 – VAT payable (if any).
– When paying money to the agent delivery party, the following accounts shall be recorded:
Dr 331 – Payables to sellers (selling price minus (-) agency commission)
There are accounts 111, 112,…
3.12.
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Accounting payable to the seller at the import entrustment unit:
– When prepaying a consignment amount for the purchase of goods under the import entrustment contract to the entrusted import unit to open the LC, the following accounts shall be recorded, based on relevant documents, the following accounts shall be recorded:
Dr 331 – Payables to sellers (details for each trustee)
There are accounts 111, 112,…
– When receiving consignment imported goods delivered by the entrusting party, the accountant shall perform the same as for normal imported goods.
– When paying the import entrustment unit for the amount of imported goods and costs directly related to the imported goods, the following accounts shall be recorded according to relevant documents:
Dr 331 – Payables to sellers (details for each trustee)
There are accounts 111, 112,…
– Import entrustment fee payable to the entrusting unit shall be included in the value of imported goods. According to relevant documents, the following accounts shall be recorded:
Debits to accounts 151, 152, 156, 211,…
Dr 133 – Deductible VAT
Cr 331- Payables to the seller (details of each consignee).
– The payment of tax obligations for imported goods shall comply with the provisions of Account 333 – Taxes and payables to the State.
– The entrusting unit does not use this account to record entrustment payment transactions, but rather to accounts 138 and 338.
3.13. When preparing the financial statements, the balance payable to the seller in foreign currencies is assessed at the actual exchange rate at the time of preparation of the financial statements:
– If the foreign currency rate decreases against Vietnam Dong, the following accounts shall be recorded:
Dr 331 – Payables to sellers
Account 413 – Exchange rate difference (4131).
– If the foreign currency rate increases against Vietnam Dong, the following accounts shall be recorded:
Dr 413 – Exchange rate difference (4131)
Cr 331 – Payable to the seller.
