Business development requires constant financial pumping, but the amount of money that can be diverted from circulation is always limited. Attracting investments through authorized capital while losing control over the business is the last thing. Taking out a loan from a bank is expensive, the price of bank money is very high, and the procedure for obtaining a loan involves a lot of hassle. In addition, the terms of loan obligations will not always correspond to the turnover time of invested funds. Now, if only you could attract investments on your own terms, setting your own price and terms. Such an instrument is the issue of own bills. Any company, even a low-liquidity one, can use it, spending a minimum of money and time.

A bill of exchange is a debt security subject to payment in a strictly defined manner. It gives its owner the right, after the expiration of the obligation, to demand from the debtor payment of the amount of money indicated on the bill. An important feature of a bill of exchange is that it can be used to pay for goods and services; it can be transferred from one bill holder to another an unlimited number of times. Based on this, first of all, it is necessary to determine the practical boundaries and forms of using future bills of exchange in settlements between business entities.

One of the main advantages of a bill is that it can be issued in exchange for money that will appear in the future. Prepayment with bills of exchange for upcoming deliveries allows you to defer payment without diverting funds from circulation.

Bill of exchange schemes are also used when distributing funds between companies within a holding. Thus, it is convenient to raise funds or close debts between companies without wasting money.

In a situation where a company cannot manage its funds due to some external restrictions, for example, when an account is frozen, bill settlements make it possible to maintain solvency. This is one of the few ways to not stop the company’s current activities in such conditions.

They are also convenient to use when optimizing taxes, including wages. For example, a company that has received interest-bearing bills at face value transfers them to employees. Part of the employees' wages is paid in the form of interest on these bills. In this case, the UST does not need to be accrued in accordance with clause 1 of Article 236 of the Tax Code of the Russian Federation. At the end of the period for which the bills are issued, employees redeem them from the issuing company and pay the face value of the bills to the company with which they have an employment relationship. As a result, the company receives savings on income tax and unified social tax.

Drawing up and issuing a bill of exchange

As we can see, the use of bills of exchange is wide and varied. Having developed your future bill circulation scheme, you can determine their main parameters. There are bills of exchange and promissory notes. With a promissory note, the drawer undertakes to make the payment himself; with a transferable bill, he offers to do so to the third party specified in the bill. Rights under both a promissory note and a bill of exchange can be transferred to third parties.

The law does not provide for any additional requirements for a special bill form. Sample forms were approved by Decree of the Government of the Russian Federation of September 26, 1994 No. 1094 and are of a recommendatory nature. The ability to make a bill of exchange yourself is another of its advantages. In practice, almost all bills of exchange are made on printed forms with established security marks. The reason for this is the fear of business entities to work with unreliable homemade bills. Forms can be purchased from banks or Federal Treasury authorities.

Being a strictly formal document, a bill of exchange can only exist in written form. It can be written in ink or printed on a typewriter or printer. When issuing bills, registration and payment of duties are not required. The bill contains the following mandatory details:

• the name “bill” included in the text of the document and expressed in the language in which this document was drawn up;
• a simple and unconditional offer (promise) to pay a certain amount;
• name of the payer (only in the bill of exchange);
• payment term;
• the place where the payment is to be made;
• the name of the person to whom or on whose order the payment should be made;
• date and place of drawing up the bill;
• drawer's signature.

Article 2 of the Regulations on bills of exchange and promissory notes contains clauses that allow you to fill out some of the required details and make the bill of exchange more profitable for yourself. Thus, the details: payment term; the place where the payment is to be made; place of drawing up of the bill of exchange are replenishable and they can conditionally be considered not obligatory.

A bill of exchange that lacks at least one of the required details is not valid.

There are the following options for payment terms, based on which the remuneration procedure is determined:

• on a specific date;
• in so much time from compilation;
• upon presentation;
• in such and such a time from presentation.

In the first two cases, the amount of interest forms the nominal amount of the bill and upon issue they are sold below par with a discount.

In the third and fourth options, the bill may indicate the interest rate at which income is accrued on the principal amount from the date of issue to the date of payment. When issued, such bills are usually sold at par.

In accordance with the requirements of Article 269 of the Tax Code, the discount on a bill should not exceed 15% when making payments in foreign currency, and when making payments in rubles, it should not be higher than the Central Bank refinancing rate increased by one and a half times.

A bill of exchange can be issued in several copies, in which case the copy number is indicated in the text, otherwise each copy will be an independent bill. The debtor who has paid for one of the copies is not obliged to pay for any other copies, with the exception of those accepted.

The path of the bill

The transfer of the bill of exchange is carried out by drawing up an acceptance certificate, in which all the details required for the bill of exchange should be indicated. The circulation of a bill of exchange is carried out by issuing an endorsement - an endorsement. The endorsement is confirmed by the handwritten signature of the bill holder, if the bill holder is a legal entity - by the handwritten signature of the head of the organization and the seal of this legal entity.

Please note that when transferring a bill of exchange to a third party as payment for goods in accordance with Article 280 of the Tax Code, its price should not differ from the price of similar securities by more than 20%.

Upon expiration of the term for payment of the bill, the money is returned taking into account the interest specified in it. The creditor has the right to protest an outstanding bill of exchange from a notary in a simplified manner, after which a court of general jurisdiction, without trial, issues an order to the creditor that has the force of an executive document (Article 122 of the Civil Procedure Code). The creditor can collect the debt from the drawer under this order with money or property.

These are, in general terms, the procedures and operations associated with issuing your own bill. We hope that the sequence of issuing your own promissory note described in the article will help increase the efficiency of your company’s assets and business conditions in general.

Own bills: simple and useful

Procedure for issuing bills

As you know, a bill of exchange is a document certifying an unconditional obligation to pay the amount specified in it upon maturity.

The main documents regulating the issue and circulation of bills of exchange are the Federal Law “On Bills of Exchange and Promissory Notes” dated March 11, 1997 No. 48-FZ and the Regulations on Bills of Exchange and Promissory Notes, put into effect by a resolution of the Central Executive Committee and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341. It is there that the mandatory details are listed that allow you to call the document a bill of exchange.

If all these details are present, then the debt obligation will be valid, even if it is written on plain paper. But still, if you decide to issue a bill of exchange, it is better to draw it up on a printed form (you can order it at a printing house), or purchase ready-made forms issued by the Federal Treasury. However, keep in mind that the Treasury sells at least 100 forms at a time.

The content of the transaction in accordance with which the bill of exchange was issued must be reflected in the act of acceptance and transfer of bills of exchange, along with all the essential circumstances of the issue (date, series and number of the bill of exchange, its denomination, etc.). Please note that when transferring a bill of exchange as payment under a purchase and sale agreement for goods and materials, you must indicate the amount of VAT in the act. Otherwise, the tax office will refuse you a deduction, since the payment order when paying on a bill of exchange indicates the purpose of payment “without VAT.”

Accounting for own bills

It is customary to distinguish between commodity bills, when the buyer issues a bill to the supplier in confirmation of his debt under an agreement for the purchase and sale of material assets, and financial bills, when the subject of the purchase and sale is the bill itself. Moreover, the bill of exchange can be either “our own production” or third parties.

Often, a bill of exchange is issued not at par, but at a discount (discount bills), or interest is charged on the amount of the bill (interest bills). There are no differences in accounting for these types of bills. In the first case, the holder’s income (and, accordingly, your expense) will be the difference between its face value and the purchase price, and in the other case, the amount of accrued interest.

In the case where a bill of exchange serves as security under a purchase and sale agreement, the amount of discount or interest for accounting purposes before the property is capitalized is included in its value (clause 15 of PBU 15/01). In tax accounting, such interest is included in non-operating expenses similar to interest on financial bills (subclause 2, clause 1, article 265 of the Tax Code of the Russian Federation). However, you must remember that the Tax Code limits the amount of interest that can be taken into account in costs when calculating income tax (Article 269 of the Tax Code of the Russian Federation).

Accounting for commodity and financial bills is different. First, let's take an example of a situation where a bill of exchange is issued to repay a debt for the supply of goods.

Example 1

Alpha LLC shipped goods to Beta CJSC under a supply agreement in the amount of 90,000 rubles. Firm Beta paid with its own promissory note at a discount. The deadline for presenting the bill for payment is no earlier than 10 months.

The accountant of Beta (the drawer) made the following accounting entries:

Debit 60 Credit 60 subaccount “Bills issued”

– 90,000 rub. – the debt under the supply agreement is repaid;

Debit 009

– 100,000 rub. – the bill was issued at par;

Debit 91-2 Credit 60 subaccount “Bills issued”

– 10,000 rub. – additional discount on the bill is accrued based on the act of acceptance and transfer of the bill on the day of issue.

Depending on the method chosen in the accounting policy, the last transaction may be reflected in another way:

Debit 97 Credit 60 “Bills issued”

10,000 rub. – additional interest accrued on the discount bill;

Debit 91-2 Credit 97

– 1000 rub. (RUB 10,000: 10 months) – part of the discount is written off monthly;

Debit 60 “Bills issued” Credit 76

Debit 76 Credit 51

– 100,000 rub. - the presented bill has been paid.

The accountant of Alpha (the beneficiary) reflected the receipt of the bill with a discount as follows:

Debit 62 “Bills received” Credit 62

– 90,000 rub. – received a trade bill with a discount as payment;

Debit 008

– 100,000 rub. – the received bill of exchange is included in the balance sheet at par;

Debit 51 Credit 62 “Bills received”

– 90,000 rub. – the presented bill has been paid;

Debit 51 Credit 91-1

– 10,000 rub. – the discount on the presented bill has been paid;

Credit 008

– 100,000 rub. - the bill is written off.

Closing a bill of exchange

Typically, bills of exchange are issued with a payment term “at sight” or “at sight, but not before” some date. The bill of exchange is extinguished upon presentation of the security to the drawer (in the case of a promissory note). In this case, it is necessary to draw up an act of presenting bills of exchange, which indicates all the details of the bill, its denomination and the amount of payment on it. If the drawer accepts the bill, he makes payment.

After this, the original bill remains in the accounting archive of the drawer and is stored like other monetary documents. Do not forget that from this moment the bill must have external signs of repayment. The most common way to cancel bills is to cross out the bill in red ink and write the word “cancelled” on it.

For the holder of the bill, the receivables on the bill can be repaid by transferring it by endorsement. Endorsement is an endorsement on the reverse side of a bill. It can be blank, when the first bill holder puts his signature and seal, and in the future the bill can be transferred to any person without endorsement, or it can be registered, when the person to whom the bill is transferred is indicated.

Let us remind you that both the drawer and the entire chain of transfer of the bill of exchange in the accounting department must retain not only acts of acceptance and transfer, but also copies of the bill, including the reverse side on which endorsements are placed.

Financial bill

Now let's look at how the issue and repayment of a financial bill is accounted for. The following example considers a situation where one company sells its own bill to another. In essence, this is similar to a loan agreement.

Example 2

Gamma LLC sold the promissory note to Delta CJSC at a discount. Its nominal value is 100,000 rubles, the discount is 10,000 rubles. The deadline for presenting the bill for payment is no earlier than 10 months. In the accounting of the Gamma company (the drawer), this will be reflected as follows:

Debit 51 Credit 66 subaccount “Bills issued”

– 90,000 rub. – a loan was received, formalized by a bill of exchange purchase and sale agreement.

Then you need to take into account the discount. This may occur at a time (A), gradually over the period until the bill is presented (B), or gradually as deferred expenses (C). The method is established in the accounting policy.

A) Debit 91-2 Credit 66 “Interest on bills issued”

– 10,000 rub. – the full amount of the discount is accrued upon presentation of the bill.

B) Debit 91-2 Credit 66 “Interest on bills issued”

– 1000 rub. – interest on the bill is accrued monthly based on the period of its circulation based on the calculation.

B) Debit 97 Credit 66 “Interest on bills issued”

– 10,000 rub. – a discount was accrued when issuing a bill;

Debit 91-2 Credit 97

– 1000 – part of the discount is written off monthly based on the calculation;

Debit 66 “Bills issued” Credit 51

– 90,000 rub. – the debt on the presented bill has been paid;

Debit 66 “Interest on bills issued” Credit 51

– 10,000 rub. – the discount on the presented bill has been paid.

The accountant of Delta CJSC (the payee) will make the following accounting entries:

Debit 58-2 Credit 51

– 90,000 rub. – a loan was issued, the debt on which was formalized by a financial bill;

Debit 58-2 Credit 98

– 10,000 rub. – a discount was accrued on the bill of exchange based on the act of acceptance and transfer of securities;

Debit 98 Credit 91-1

– 1000 rub. – operating income is accrued monthly;

Debit 76 Credit 91-1

– 100,000 rub. – a bill of exchange is presented for payment;

Debit 91-2 Credit 58-2

– 100,000 rub. – the book value of the bill is written off;

Debit 51 Credit 76

– 100,000 rub. – funds received under the bill.

Advance payment by bill of exchange

Many suppliers are afraid to ship goods without advance payment. At the same time, buyers are also afraid to make an advance payment, since in this case they risk not receiving either the goods or the money. In addition, prepayment diverts funds from circulation, and VAT on it cannot be offset until the moment of delivery. In this case, the solution to the problem is to issue your own bill of exchange in payment for the delivery, that is, prepayment by bill of exchange.

For the seller, such a bill will be recorded as an advance, but until the bill is paid or transferred by endorsement, it will not be included in the tax base. The buyer will have the bill listed on the balance sheet in account 009 “Securities for obligations and payments issued.”

Redistribution of funds

Issuing your own bills can help redistribute funds between companies that are controlled by the same owner. It is not uncommon for some companies to have a surplus of cash, while others have a shortage. In this case, an excellent way not only to raise funds, but also to close internal debts between companies without “running” money is a financial bill.

However, when issuing such a bill of exchange, it is necessary to remember that the tax inspectorate, during inspections, always assesses additional taxes on gratuitous loans, and the purchase and sale of one’s own bill of exchange at par will be considered by the inspectors in exactly this way. Therefore, we advise you to provide a small discount based on a rate of 1–2 percent per annum. At the same time, the amount of income tax will be minimal, and the possibilities for cavils of the tax inspector will be limited.

"Establishment" of profits for the company

Another convenient way for owners of several companies to use their own bills is to create artificial profits through interest income. The reason for this need may be a loss, for example, for a company specializing in exports.

Large exporters try to “split” supplies among several companies so that the monthly export package does not exceed 5,000,000 rubles. As practice shows, this greatly simplifies VAT returns. Another important factor is the profitability of the exporting company, which confirms the economic meaning of its activities. However, the reality is that even financial planning does not always make it possible to make a profit from export operations. In this case, an excellent solution is to receive interest (discount) income on bills.

But do not forget that the tax base for the sale of securities and for the main activity is determined separately and for income tax purposes, the loss from export does not reduce the profit on bills.

Bills of exchange in settlements with the commission agent

Own bills of exchange are also useful for settlements through a commission agent. Let us remind you that the commission agent’s taxable turnover for VAT is his revenue, that is, his commission. Therefore, if the commission agent receives the principal’s own bill of exchange as payment under the purchase commission agreement and then transfers it by endorsement to the supplier, these transactions will not have any tax consequences for the commission agent. At the same time, the principal will not include this bill of exchange in the VAT base until the moment of payment (when determining revenue “on payment”).

And the need for such a transfer may arise in the case where one of the “related” companies has a VAT refund from the budget, which, as is known, is a “red rag” for the tax inspectorate. There can be many reasons for this situation, but the most common of them is a loan, which is especially dangerous for organizations in the light of the well-known definition of the Constitutional Court of the Russian Federation No. 169-O.

Such a company receives a bill of exchange from third parties and with it VAT for payment, and then, when the situation changes, presents the bill or transfers it under any agreement as payment to the drawer.

Pitfalls of own bills

The main problem with the use of bills of exchange is the requirement of the tax service to divide the input VAT between taxable and non-taxable activities, that is, in this case, between the main activity and the sale of bills of exchange. However, this problem only concerns the transfer of third party bills of exchange as payment, which is considered by inspectors as the sale of securities.

At the same time, when issuing their own bill of exchange, the drawer and the first bill holder do not have such a problem, since they do not dispose of the bill of exchange for sales accounts.

On the other hand, please note that when using the above and other schemes, for some companies in the chain the bill of exchange passes as a bill of exchange of third parties. In this situation, we recommend that you do not ignore the requirements of the tax department for separate accounting, since in case of claims you will have to dispute a much larger amount of VAT. The most reasonable solution is to divide costs in such a way as to forfeit the minimum amount of VAT. Among such methods, one can note the division of the enterprise’s employees into those involved in securities and those who do not, the use of the “5 percent rule” (clause 4 of Article 170 of the Tax Code), etc.

attention

When issuing a bill, the company faces a minimum of obstacles and restrictions. Firstly, even an unprofitable company can issue a bill. Secondly, the company will not require any permits or licenses. Thirdly, such an operation does not need to be registered anywhere and there is no need to pay a state fee for it. And finally, there is no need to place bills on the stock exchange or resort to the services of a depository. This is due to the fact that the bill of exchange is not an issue-grade security (Article 2 of the Federal Law of April 22, 1996 No. 39-FZ “On the Securities Market”).

A. Stunzhas, senior financial manager

Bill of exchange– a debt security, a written obligation of a strictly defined form. The person who issues the bill is called the drawer. The owner of the bill is the holder of the bill. Bills of exchange can be simple or transferable.

In a promissory note, the drawer agrees to pay the holder the specified amount without any conditions.

A bill of exchange (draft) is a debt paper in which the drawer gives a written order to the payer to unconditionally pay the specified amount. The procedure for the payer accepting the obligation to pay a bill of exchange is called acceptance of the bill.

When using a promissory note, there are two parties involved: the one who owes it and the one to whom it is owed. A bill of exchange requires the participation of three people - the drawer, the payer and the one who is paid.

The drawing up of bills of exchange, as well as their circulation on the territory of Russia, is governed not by civil law as prescribed in the Civil Code of the Russian Federation, but by the so-called bill of exchange law. Federal Law No. 48-FZ dated March 11, 1997 “On bills of exchange and promissory notes” refers to the Resolution of the Central Executive Committee of the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341 “On promissory notes and bills of exchange”, which, in turn , almost word for word repeats the international convention of June 7, 1930 “On a Uniform Law on Bills of Exchange and Promissory Note,” to which Russia joined. That is, bills of exchange are regulated by international law.

The initial financial task of a bill is to transfer commodity-money relations into the form of an unconditional promise to pay. In this case, the origin of the debt loses its legal significance, and the fact of the debt is a priori considered proven.

Rights under a bill of exchange are transferred not by assignment, as with other securities, but by endorsement, that is, through an endorsement. Any person or organization that signs the bill becomes a co-defendant on the debt with the right of recourse against all others who signed. In other words, any person who has endorsed can be called to pay. By paying a bill, a person acquires the right to demand payment from other persons who endorsed it, or directly from the payer. The endorsement is placed on the reverse side of the bill.

An aval – a guarantee for a bill of exchange – can be affixed on the front side. Any signature on the face of a bill, if it is not the signature of the payer or drawer, is considered an aval.

Bills of exchange can be registered or ordered - payable to the bearer. The payment period for the bill of exchange is indicated in the following form:

• upon presentation;
• in such and such a time from presentation;
• in so much time from compilation;
• on a certain day.

Only when a bill is drawn payable at sight or at a specified time from sight can it contain interest. In other cases, accrual of interest is not allowed - they will be considered unwritten. Receiving income on a bill is usually possible in the form of a discount.

The law requires that a bill be presented for payment on time, either on the day the bill becomes due or within two days of that date. In case of refusal to pay on a bill of exchange, there is a special procedure - protest on the bill of exchange. A protest against a bill of exchange is carried out before a notary, and further consideration in court is not required. The court immediately issues a writ of collection. That is, enforcement proceedings begin against the debtor.

A bill of exchange is not an issue-grade security. Its release does not require state registration. Taking advantage of this, Russian banks use bills of exchange as a financial instrument similar to deposits. However, obligations under a bank bill, unlike a time deposit, do not participate in the deposit insurance system.

With the transfer of a bill of exchange, all rights certified by it are transferred in the aggregate (Article 142 of the Civil Code of the Russian Federation). The rights certified by a bill of exchange as a debt security are the claims of the creditor, who is the holder of the bill, to the debtor-drawer for the payment of a certain amount of money.

When the holder presents a bill for redemption, he transfers it to the drawer. Once in the hands of the drawer, the bill as a form of certification of the rights of claim of the creditor against the debtor ceases to exist, since the debtor (drawer of the bill) and the creditor (holder of the bill) coincide in one person. The coincidence of the debtor and the creditor in one person terminates the obligation of the second to the first (Article 413 of the Tax Code of the Russian Federation). Since the obligation has been terminated, the bill as a form of certification of the creditor’s right to the debtor does not exist. And this leads to the fact that the drawer does not have ownership rights to the bill, which no longer exists in nature.

Thus, when a bill is presented for redemption, there is no transfer of ownership of the bill in the sense of its disappearance from one person and its occurrence in another person. When the bill is repaid, the loan is repaid. This means that the bill of exchange is not sold for tax purposes.

The Presidium of the Supreme Arbitration Court of Russia stated that the presentation of a bill of exchange for payment is not an act of sale of property, since, according to Art. 815 of the Civil Code of the Russian Federation, the bill certifies the loan obligation (Resolution of the Presidium of the Supreme Arbitration Court of Russia dated December 16, 1997 N 4863/97).

An additional argument in favor of this conclusion is that in Chap. 25 of the Tax Code of the Russian Federation speaks not just about “sale”, but about “sale and other disposal of securities” (clause 7, paragraph 7, article 272, art. 280 and 300 of the Tax Code of the Russian Federation). In this case, redemption is considered as a type of just another disposal: “taxpayer’s income from operations on the sale or other disposal of securities (including redemptions):” (Clause 2 of Article 280 of the Tax Code of the Russian Federation).

Consequently, strictly terminologically, the presentation of a bill of exchange for redemption does not constitute its sale. From this point of view, income from redemption should not participate in the calculation of the distribution of “input” VAT amounts in accordance with clause 4 of Article 170 of the Tax Code of the Russian Federation.

And the Ministry of Finance of the Russian Federation, in a letter dated March 4, 2004 N 04-03-11/30, confirmed this position. Redeemed bills are not included in the calculation of the share of non-taxable turnover due to the fact that in this case there is no change of ownership. And in the case of using bills of exchange of third parties in the calculations when their owner changes, it is necessary to take into account their disposal when calculating the share of non-taxable turnover in the total sales volume.

3.7 Income tax

Taxation of income from transactions with bills of exchange occurs in accordance with Art. 280 Tax Code of the Russian Federation. Profits and losses from transactions with securities must be determined by the taxpayer separately, dividing securities into two categories - traded and non-traded on the organized market. Bills of exchange refer to securities that are not traded on an organized market.

Income from operations on the sale or other disposal of bills of exchange (including redemption) includes:

the price of sale or other disposal of the security;

the amount of accumulated interest (coupon) income paid by the buyer to the taxpayer;

the amount of interest (coupon) income paid to the taxpayer by the issuer (drawer).

Profit (loss) from the sale of securities is calculated as the sales price minus the acquisition price and expenses for acquisition and sale (clause 2 of Article 280 of the Tax Code of the Russian Federation). If interest is paid upon redemption of a bill, it is also included in the calculation of the tax base for securities.

The taxation of income from bills of exchange varies depending on the method of accounting for income and expenses used by the taxpayer.

Organizations using the cash method recognize income (expense) regardless of the duration of the bill at the time of its payment or repayment in another way (clauses 2, 3 of Article 273 of the Tax Code of the Russian Federation).

For organizations operating on the accrual basis, in accordance with the requirements of clause 6 of Art. 271, paragraph 1, art. 328 of the Tax Code of the Russian Federation, interest on bills is recognized as income and is included in non-operating income on an accrual basis, i.e. regardless of the date of payment of income by the issuer (drawer). This applies to the situation when the bill of exchange is on the balance sheet of the bill holder for more than one reporting period.

Reporting periods are the first quarter, six months and nine months of the calendar year. Reporting periods for taxpayers who calculate monthly advance payments based on actual profit received are one month, two months, three months, etc. before the end of the calendar year.

Depending on which period is recognized as the reporting period, as part of non-operating income, interest (discount) on bills of exchange owned by the enterprise during the actual ownership of the securities must be reflected as of the end of each quarter (or each month) (Article 250 and 271 of the Tax Code of the Russian Federation).

Interest on bills of exchange is accrued in tax accounting in equal installments at the end of the reporting period. At the same time, interest received on the sale (redemption) of bills of exchange is included in revenue minus the interest that was accrued earlier (clause 2 of Article 280 of the Tax Code of the Russian Federation). If bills of exchange are sold or disposed of (including repaid) before the expiration of the reporting period, then the income is included in the corresponding income on the date of termination of the agreement (repayment of the bill).

The amount of income on bills at the end of the reporting period is determined in accordance with the conditions not only of their issue, but also of transfer or sale (clause 1 of Article 328 of the Tax Code of the Russian Federation). Therefore, during the period of ownership of the bill, the secondary holder of the bill accrues income evenly, regardless of how this bill was acquired (from the drawer with payment in cash, on the secondary market with payment in cash, as a means of payment for goods sold, etc. ).

Let us remind you that interest means any pre-declared (established) income, incl. in the form of a discount received on a debt obligation of any type (regardless of the method of its execution). In this case, interest is recognized, in particular, as income received from cash deposits and debt obligations (clause 3 of Article 43 of the Tax Code of the Russian Federation). Also, Clause 1 of Art. 269 ​​of the Tax Code of the Russian Federation.

Organizations must reflect the amount of interest income separately for each debt obligation based on certificates from the responsible person for accounting for income and expenses on debt obligations.

The Ministry of Taxes of the Russian Federation does not provide specific methods for calculating income either in the Methodological Recommendations for Profits or in the Methodological Recommendations for calculating the tax base calculated in accordance with Art. 10 of the Federal Law of 06.08.01 N 110-FZ "On introducing amendments and additions to part two of the Tax Code of the Russian Federation and some other acts of the legislation of the Russian Federation on taxes and fees, as well as on the recognition as invalid of certain acts (provisions of acts) of the legislation of the Russian Federation on taxes and fees", approved by order of the Ministry of Taxes of the Russian Federation dated August 21, 2002 N BG-3-02/458 (hereinafter referred to as Methodological Recommendations for the Transition Period).

The Methodological Recommendations for the Transition Period give an example regarding the accounting of income on bills of exchange with a maturity date of “at sight” and state that the interest (discount) is calculated based on a circulation period of 365 (366) days, taking into account the requirements of clause 34 of the Regulations on bills of exchange and promissory notes . In this case, income takes into account interest (discount) income for the period of actual ownership of the security (circulation of the debt obligation).

The rules for determining the time period for calculating the discount expense are established in clause 5.4.1 of the Methodological Recommendations for Profit. The calculation base for discount expense on bills with a maturity date “at sight, but not earlier” is the expected circulation period, determined in accordance with bill of exchange legislation, 365 (366) days plus the period from the date of issue to the minimum date of presentation for payment. Nothing is said about the procedure for calculating discount income.

A similar picture is observed with regard to determining the moment (date) from which discount income and expenses should be accrued. The moment of accrual of expenses is established - from the date of drawing up the bill (clause 5.4.1 of the Methodological Recommendations for Profit), the moment of accrual of income is not defined. It must be taken into account that the Methodological Recommendations are not a legislative act.

A bill of exchange is a security that allows deferred payment or unconditional payment for goods or services delivered within a predetermined period. Liquid bills can also be used as a means of payment or collateral.

A bill of exchange is a security that confirms the obligation of the debtor (drawer) to pay the required amount to the creditor (holder of the bill) within an agreed period of time after its presentation. The right of claim may be transferred to third parties without additional conditions and approvals from the drawer.

It was from the bill that all subsequent stocks, futures, options, derivatives and other debt options originated. Their active use as a means of payment and credit led to the adoption in 1930 of the Geneva “Unified Law on Bills of Exchange and Promissory Notes”, which was adopted by most countries as the basis for the creation of internal regulations, for example, the Federal Law of the Russian Federation “On Promissory Notes and Promissory Notes”.

A number of countries, such as England, the USA, Canada, Australia, are guided in their practice by the English Law of 1882, the main provisions of which coincide with the Geneva Convention. There is also a group of countries that use bill circulation standards separate from the two listed: Egypt, Spain, Taiwan and others.

Like all securities, it is in free circulation, but has its own distinctive features:

• Abstractness− obligations have only a monetary value and are not directly related to specific obligations that preceded its registration.
• Indisputability− the requirements are unconditional for fulfillment in full.
• Solidarity− financial responsibility is borne by all persons involved in the execution and circulation of the bill.
• Documentation− exists only in the form of paper forms of strict reporting with several degrees of protection.

Use in commercial practice solves the following main problems:

Types of bills

• Simple. An obligation to pay the required amount within a specified time frame, in favor of the creditor in whose name it is issued. What is a bill of exchange in your own words? It is an analogue of a promissory note;
• Transfer or draft(Italian “tratta” - transfer) - the debtor (drawee) makes a payment in favor of a third party (remitee) on his order or on behalf of the person who issued it (drawee). An analogue of debt transfer under a loan agreement.
• avalized. Additional guarantee of the bank (avalist) for the execution of payments. It can be either simple or translated. Partial avalization of the required amount is allowed.

Required details

The text on the form must contain the following information:

Acceptance

The payer's (acceptor's) agreement to fulfill the requirements of the bill of exchange. This is not required for promissory notes, since in this case the obligation to repay arises and is accepted at the time of presentation.

Transfer of rights

With the help of an inscription on the reverse side of the form or in the absence of space on an additional sheet (allonge), called an endorsement, the current owner (endorser) transfers all rights under it to the new holder (endorse).

The endorsement must be certified personally by the endorser and with a seal if he is a legal entity. He can remove his obligations for acceptance and payment with the phrase “no recourse to me,” which usually leads to a decrease in liquidity during the sale. Partial endorsement is not permitted. If it is necessary to exclude the possibility of the next transfer of rights, the phrase “not by order” is included in the text of the endorsement. In this case, only the sales contract applies.

Endorsement options:

• Named. With full details of the endorser.
• Blank or bearer. In this case, the details of the new holder are indicated by the endorser. After the payment deadline, it automatically turns into a registered one.
• Collection An inscription in favor of the bank, which receives the right to accept or demand payment. The holder receives compensation in the form of the specified amount minus interest (discount) for early repayment;
• Non-negotiable. With the phrase “without recourse to me,” freeing the current owner from acceptances and payments.
• Preferential. Gives the transferee the right to act on behalf of the endorser without ownership of the bill.
• Collateral to secure the loan.

Payment on a bill

The procedure contains:

• presenting the bill for payment within the acceptable time frame; if the maturity date falls on a weekend, payment is made on the first working day;
• immediate payment by the debtor of the amount specified therein, deferment of payment is allowed only in case of force majeure;
• early presentation for payment does not oblige you to make and accept payments before the final repayment date;
• the debtor has the right to pay part of the required amount, about which a corresponding note is made on the form.

Protest bill

A notarized refusal to pay confirms the fact of the emergence of joint and several liability of all persons associated with it. A special register of protests is maintained and it is important to understand that such a bill may be the basis for filing a financial lawsuit.

The requirements for bills of exchange are determined by Law No. 48-FZ of March 11, 1997, according to which the bill of exchange must be drawn up only on paper and contain the mandatory details provided for by the Regulations approved by the resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR of August 7, 1937 No. 104/1341.

You can draw up your own bill:

• on a special form;

• in any form in compliance with the necessary details.

Using forms

There are approved bill forms of a single sample:

To draw up a bill of exchange using these forms, simply fill out the necessary document details. The only restriction is that only organizations located on the territory of Russia have the right to use bills of a single sample (clause 7 of the Decree of the Government of the Russian Federation of September 26, 1994 No. 1094).

You can purchase bill forms at territorial treasury branches or through banks (clause 4 of the Decree of the Government of the Russian Federation of September 26, 1994 No. 1094). The Russian Ministry of Finance has established a single price for the sale of forms of promissory notes and bills of exchange throughout Russia - 100 rubles. for one copy (clause 5 of the Decree of the Government of the Russian Federation dated September 26, 1994 No. 1094, order of the Ministry of Finance of Russia dated June 26, 2000 No. 171). However, in practice, the cost of acquiring these documents may exceed the specified amount.

Situation: Is it possible to draw up your own bill of exchange yourself without using a special uniform form? The organization issuing the bill is located in Russia.

Yes, you can.

Forms of promissory notes of a single sample, approved by Decree of the Government of the Russian Federation of September 26, 1994 No. 1094, are of a recommendatory nature (clause 2 of the Information Letter of the Supreme Arbitration Court of the Russian Federation dated July 25, 1997 No. 18). Resolution No. 1094 itself does not establish special requirements for the form of a bill of exchange. The required details of the bill are given in the Regulations approved by the Decree of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341.

Thus, the organization has the right, but not the obligation, to use bill forms of a single standard in its calculations. If the organization’s own bill of exchange satisfies the requirements of the Regulations approved by the Decree of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341, it can also be used in a bill of exchange transaction (even if its form differs from the form of a bill of exchange of a single standard).

Bill of exchange in any form

In order to issue your own bill of exchange free form , the document must indicate the following mandatory details:

• the name “bill” included in the text of the document itself and expressed in the language in which this document was drawn up;

• a simple and unconditional promise (promissory note) or offer (bill of exchange) to pay a certain amount (bill order);

• name of the payer (only in the bill of exchange);

• payment deadline (for example, upon presentation, in such and such a time from presentation or preparation, on a certain day);

• the place where the payment is to be made;

• the name of the person to whom or on whose order the payment should be made;

• date and place of drawing up the bill;

• the name of the organization (drawer of the bill) issuing the bill, position, surname, first name, patronymic of the person who signs the bill, and his signature.

This procedure is provided for in Articles 1 and 75 of the Regulations, approved by Resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341.

The following reservations should apply to this list:

• a bill for which the due date is not specified is considered to be payable upon sight;

• in the absence of any indication, the place indicated next to the name of the payer is considered the place of payment and at the same time the place of residence of the payer;

• a bill of exchange that does not indicate the place of its drawing up is considered signed in the place indicated next to the name of the drawer.

This procedure is provided for in Articles 2 and 76 of the Regulations, approved by Resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341.

Taking into account the specified reservations, a number of bill of exchange details can be considered optional (these include the payment period, the place where the payment must be made, and the place of drawing up the bill). The formality of the bill is manifested in the fact that the absence of at least one of the required details deprives the bill of legal force. Thus, the absence of any of the required bill of exchange details in a document deprives it of the force of a bill of exchange. This follows from the provisions of Articles 2 and 76 of the Regulations, approved by Resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341.

At the same time, the lack of bill of exchange force in a document does not prevent it from being considered as a debt document of a different legal nature, for example, a promissory note (Resolution of the Presidium of the Supreme Arbitration Court of the Russian Federation dated April 23, 1996 No. 6385/95).

In a bill of exchange that is payable at sight or after a certain time after presentation, the drawer may stipulate that the amount of the bill will be charged interest. The interest rate must be stated on the promissory note. In the absence of such an indication, the condition is considered unwritten, that is, interest is not accrued. This is stated in Articles 5 and 77 of the Regulations, approved by Resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341.

A bill drawn up independently can be:

• fill out by hand or type;

• issue it in a typographical way by ordering the production of your own form from a printing house.

This is stated in Article 4 of Law No. 48-FZ of March 11, 1997, and Order of the Ministry of Finance of the Russian Federation of February 7, 2003 No. 14n.

Advice: if there is a need to protect a bill from forgery, it is better to use a typographic method of reproducing it. Since in this case the bill of exchange will be produced in accordance with the technical requirements and conditions for the production of security printed products (Order of the Ministry of Finance of the Russian Federation dated February 7, 2003 No. 14n).

Situation: In what language can a bill of exchange issued in Russia be drawn up?

Russian bill of exchange legislation does not establish restrictions regarding the language in which a bill of exchange can be drawn up.

It is acceptable to draw up a bill of exchange in both Russian and foreign languages. The only condition: the name “bill” and the text of this document must be drawn up in the same language. This follows from Articles 1 and 75 of the Regulations, approved by Resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341.

At the same time, according to the legislation on accounting, documents drawn up in a foreign language must have a line-by-line translation into Russian (clause 9 of the Regulations on Accounting and Reporting). Therefore, translate the text of a bill of exchange issued for settlements in Russia in a foreign language into Russian (on a separate document certified by a translator) (see, for example, resolutions of the Federal Antimonopoly Service of the Moscow District dated October 4, 2005 No. KG-A40/9281-05, dated September 29, 2005 No. KG-A40/9001-05).

Situation: Is it possible to include any conditions in the bill, only after the fulfillment of which the bill obligation can be fulfilled? The organization issues its own bill.

No you can not.

A bill of exchange obligation (bill order) must be unconditional, that is, not related to the occurrence of any event or the fulfillment of any conditions. Otherwise, the bill is invalid. This follows from Articles 1 and 75 of the Regulations, approved by Resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341. For example, it is impossible to provide for the payment of a bill only after any creditor of the organization pays off its debt under the agreement.

A bill of exchange may contain only a monetary obligation; no other obligations may be indicated in the bill of exchange (for example, transfer of goods) (Resolution of the Presidium of the Supreme Arbitration Court of the Russian Federation dated June 9, 1998 No. 7033/97, clause 3 of the Information Letter of the Supreme Arbitration Court of the Russian Federation dated July 25, 1997 No. 18).

Situation: Who should sign their own promissory note issued by the organization?

Legal representative of the drawer.

The bill must be signed by the drawer - these are the requirements of the law (Articles 2 and 76 of the Regulations, approved by Resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341).

Signature on the bill of exchange legal representative organization (a person who has the right to act on behalf of the organization without a power of attorney, for example the general director) (Article 53 of the Civil Code of the Russian Federation, Articles 40 and 42 of the Law of February 8, 1998 No. 14-FZ and Article 69 of the Law of December 26, 1995 . No. 208-FZ).

Situation: Is it necessary to certify the drawer's signature on his own bill with the organization's seal? The drawer of the bill is the organization.

No no need.

In accordance with paragraph 3 of paragraph 1 of Article 160 of the Civil Code of the Russian Federation, sealing refers to additional requirements established by law, other legal acts or agreement of the parties. Bill of exchange legislation does not establish requirements for mandatory affixing of a seal when issuing a bill of exchange by an organization (Article 143.1 of the Civil Code of the Russian Federation, Law of March 11, 1997 No. 48-FZ, Regulations approved by the resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR of August 7, 1937 No. 104/ 1341).

Thus, the absence of a seal on a bill of exchange is not a basis for declaring it invalid (Articles 2 and 76 of the Regulations, approved by Resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341).

At the same time, in practice, drawers certify issued bills with a seal. This does not contradict the rules of bill of exchange legislation and increases the information content and reliability of this document. This follows from Article 5 of the Civil Code of the Russian Federation.

Situation: Is it possible to certify your own bill of exchange with a facsimile signature? Is the drawer of the bill an organization?

No you can not.

A bill of exchange is recognized as having been drawn up in violation of the form if there is no handwritten signature of the drawer on it (clause 1 of the Information Letter of the Supreme Arbitration Court of the Russian Federation dated July 25, 1997 No. 18). It is explained this way.

The bill must be signed by the drawer (Articles 1 and 75 of the Regulations, approved by Resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341). The absence of any of the required details makes this document not have the force of a bill of exchange (Articles 2 and 76 of the Regulations, approved by Resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341).

Paragraph 2 of Article 160 of the Civil Code of the Russian Federation allows facsimile reproduction of a signature on the basis of a law, other legal act or agreement of the parties. However, the bill of exchange legislation does not provide for the affixing of the drawer’s signature on the bill using a facsimile (Law of March 11, 1997 No. 48-FZ). And there are no other legal acts that allow the use of facsimiles when signing a bill of exchange.

In this regard, you can only sign the bill with your own hand.

Situation: How to draw up an endorsement (endorsement) on a bill of exchange?

The endorsement on the bill of exchange is drawn up in accordance with Russian legislation on promissory notes and bills of exchange (Law of March 11, 1997 No. 48-FZ, Regulations approved by the resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR of August 7, 1937 No. 104/1341).

A bill of exchange can be transferred to another holder by issuing an endorsement - endorsement. Endorsement written on the reverse side of the bill . Such an inscription can be made by the endorser, that is, the organization or citizen that is the owner of the bill. In this case, the right to perform transactions on the bill of exchange is transferred to another person - the endorser. The endorsement must be unconditional and cannot be partial; it transfers all rights under the bill to the endorsee. A crossed out endorsement is considered unwritten.

There are two types of endorsement:

• blank endorsement - without specifying the person to whom execution should be made (which corresponds to a bill “to bearer”);

• order (nominal) endorsement - indicating the person to whom or whose order the execution should be carried out.

A blank endorsement does not contain an indication of the person in whose favor it is made. It consists only of the signature of the citizen or the signature and seal of the organization (depending on who the endorser is).

The order endorsement must contain:

• the name and bank details of the future owner of the bill, if the rights under the bill are transferred to the organization;

• last name, first name, patronymic, passport data and account information, if the rights under the bill are transferred to the citizen.

A bill of exchange can be transferred by endorsement an unlimited number of times. If the bill states that it cannot be transferred, then any endorsement made has no legal force.

This procedure for issuing an endorsement follows from the provisions of paragraph 3 of Article 146 of the Civil Code of the Russian Federation, Articles 11-16 of the Regulations approved by Resolution of the Central Executive Committee of the USSR and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341.