Account 68 of accounting - calculations of taxes and fees - People's Adviser

Account 68 in accounting

68 accounting account is intended to carry out the procedure for summarizing information on complete calculations of fees and taxes. This takes into account not only payments sent to the budget, but also taxes paid by the company’s employees.

Drawing up reports

To make a correct account analysis, you need to take into account all types of interest rates by type of taxation. Its peculiarity is that it is both passive and active at the same time. This is influenced by the data that should be displayed on it.

Important! Filling out account documentation has its own characteristics. In addition, there are special formulas for calculating personal income tax.

Calculation of taxes and fees

How to calculate income tax in 1C

+ Am. + Other + PR + Write-off of RBP

S RP (account) = (GP n – GP k) book. + (WIP n – WIP k) book. + Z inc. + Z indirect. + PR + A book. + RBP equal

S RP (cash) = (GP n – GP k)cash. + (WIP n – WIP k)cash. + Z inc. + Z indirect. + And cash. + RBP units

S RP (cash) - S RP (accounting) = D GP cash. — DGP book. + DWIP cash. – DNZP book. - ETC. + And cash. - And boom. + RBP units — RBP equal.

Unlike the balance sheet, Form No. 2 is based not on accounting account balances, but on the basis of turnover. Therefore, Form No. 2 reflects not the balances of accounts 09 “Deferred tax assets” and 77 “Deferred tax liabilities”, but the results of the turnover of these accounts for the reporting period.

The income statement reflects the difference between accrued and written off deferred tax assets and liabilities. Namely: the line “Deferred tax assets” shows the difference between the debit turnover of account 09 and the credit turnover on this account for the reporting period, and the line “Deferred tax liabilities” shows the difference between the credit and debit turnover on account 77.

In Form No. 2 there are no brackets in the line “Deferred tax liabilities”. The fact is that the indicators of the lines “Deferred tax assets” and “Deferred tax liabilities” in form No. 2 in certain cases can change their sign.

Once accrued, deferred tax assets increase profit (reduce loss) before tax. Deferred tax liabilities, on the contrary, reduce the amount of profit or increase the loss. When deferred tax assets or liabilities are settled, the reverse process occurs. The write-off of deferred tax assets occurs at the expense of profits (that is, profits decrease), and the settlement of deferred tax liabilities leads to an increase in the organization's profits.

The indicator of deferred tax assets is reflected in Form No. 2 as a positive value if the debit turnover on account 09 (the amount of accrued tax assets) for the reporting period was greater than the credit turnover (the amount of repaid tax assets). If the credit turnover on account 09 is greater than the debit turnover (that is, more deferred tax assets have been repaid than accrued), then the difference between the turnovers is reflected with a minus sign. A negative deferred tax asset will appear on the income statement.

The opposite situation occurs with deferred tax liabilities. If the credit turnover of account 77 is greater than the debit turnover of this account, this means that during the past period more tax liabilities were accrued than were repaid. Then in form No. 2, in the line “Deferred tax liabilities”, an indicator with a minus sign will be reflected, which will reduce profit (increase loss) before tax. But if during the reporting period the organization repaid more deferred tax liabilities than accrued (that is, the debit turnover on account 77 exceeds the credit one), then in the profit and loss statement the indicator of the line “Deferred tax liabilities” will change its sign from minus to plus.

Characteristics

Accounting account 68 is an active-passive instrument in accounting. It represents generalized information on calculations, including taxes that the organization pays to the budget and for employees.

All individual entrepreneurs and organizations are required to make transfers to the budget upon conducting economic activities. For legal entities in accounting, account 68 should be used for this. All transactions for paying obligations to the budget will be taken into account and formed on it. The information contains complete information about all accrued and paid tax liabilities, reflects the amounts withheld from employees, as well as those that were declared for deduction.

The question often arises: is the 68 account active or passive? It belongs to the active-passive group. This is because it has a debit and a credit balance. It depends on the nature of the debt. If there is an overpayment of taxes, the balance is considered a debit. In the case of debt, everything is calculated the other way around. The amount that must be transferred to the budget will be placed on credit balances.

Analytical accounting for the calculation of taxes and fees 68 is carried out by type of tax. The amount received is added.

Important! In one case, the balance may be a debit, in the second - a credit.

Procedure for deductions to the budget

Reflection of VAT amounts

68.02 an accounting account is created to account for VAT on the basis of issued and accepted invoices. Let's consider a situation: for example, an enterprise purchased materials from a supplier for a certain amount. The seller sent an invoice. What entries does the buyer make in account 68 in accounting? Postings are carried out in two stages:

1. Dt 19 Kt 60 – “incoming” VAT is recorded.
2. Dt 68.02 Kt 19 – the amount is written off to offset VAT payments.

If a company sells products, it becomes necessary to issue an invoice within a certain period. The operation is recorded in accounting account 68.2 with the entry: Dt 90.3 Kt 68.02.

It turns out that in the course of economic activity, the enterprise accumulates VAT for deduction in the debit of subaccount 68.02, and in the credit for payment. In total, the organization actually pays the difference between the VAT amounts issued and accepted. It should be noted that all transactions for this tax are carried out only with an invoice.

Subaccounts

For each type of tax that an organization is required to transfer, there is its own subaccount. According to the methods of calculation, taxes are usually divided into the following types:

• property - they are paid for the use of objects. These include land, transport, and equipment. Everything that is on the balance sheet of the organization. The tax amount is calculated based on the value of the taxable base. It is not affected by the firm's performance;
• indirect - they are included in the amount for a product or service. This includes VAT, customs duties and excise taxes.

68 subaccount account is used for fees and taxes that the company must transfer. They depend on the field of activity and the chosen tax regime. For each type of tax, your own sub-account must be opened:

• 68.13 - trade tax;
• 68.12 - simplified tax system;
• 68.11 - UTII.

Classification of subaccounts is made based on the instructions for using the plan. In general cases, the composition includes:

• income tax;
• water, transport, gambling;
• local contributions to the budget;
• single imputed;
• agricultural tax.

Also included in the subaccount of account 68 is property tax.

To the question, which personal income tax account is in the chart of accounts, the answer will be as follows. For the calculation and payment of personal income tax, a subaccount 68.1 is opened. All information about charges, deductions, payments and any value-added transactions is reflected in account 68 02.

If a company pays excise taxes, then a subaccount 68.3 is opened for them. For organizations operating under the general taxation system, 68.4 is required.

Organizations on the general taxation system that pay income tax open a subaccount 68.4 to record it.

Classification

Frequency of tax payment and reporting

Compliance with the deadlines for submitting reports and remitting taxes will allow you to avoid penalties and additional inspections of the activities of enterprises by tax authorities. As a rule, even in the absence of a taxable base and accruals, reporting is mandatory.

Correspondence with other accounts

68 account is credited for the amounts indicated in tax returns. Calculations in correspondence are also taken into account here:

• 70 - amounts for personal income tax;
• 99 - accrued income tax;
• 51- receipt of overpaid fees from the budget;
• 20, 26,25,44 - local taxes.

Account 68, in turn, corresponds with the following accounts:

• 50 - cash register;
• 51 - current account;
• 52 - foreign currency account;
• 19 — value added tax;
• 10 - materials;
• 20 - main production, 21 - auxiliary;
• 41 - goods;
• 26 - general expenses on the economic line;
• 90 - sales.

Drawing up declarations

Reflection of debit and credit on account 68

The debit of account 68 shows the amount of taxes that were actually transferred to the budget. This also includes VAT amounts that are debited from account 19.

The credit displays accrued amounts that must be transferred to the budget. All data must strictly coincide with the results of the reports submitted to the tax office.

Account credit means all amounts contributed to the budget on the basis of reports, declarations and other calculations. These include:

• profit and loss D99;
• settlements with the founders - D75;
• sales - D90;
• settlements with personnel regarding wages - D70.

Debit to account 68 includes:

• all amounts from the value added tax account for VAT;
• funds actually contributed to the budget from the current account.

To account for all amounts, entries are made: D68 K51 and D68 K19.

Display of credit and debit

Turnover balance sheet

A balance sheet (SAS) is an accounting document that contains information about the status of accounts as of the first day of the reporting period (month, quarter or year). It also contains information about the receipts and expenditures of funds at this time, as well as the status at the end of the reporting period. SALT can be monthly, quarterly and consolidated (12 months).

In the SALT for account 68, information is indicated on the balance at the beginning of the period for the debit and credit positions, the turnover of funds according to the instructions for their purpose, and then the results for D and Kt are summed up, with the subsequent withdrawal of the balance.

Features of accounting with examples and postings are presented below.

Postings

The balance sheet for account 68 is used for calculations based on the results of the periods. To generate income tax amounts for the budget, subaccount 68.04.01 is used. It is important to take into account that income tax is calculated on an accrual basis. When forming it, all advance payments for the reporting periods are taken into account. This includes:

• quarter;
• half year;
• 9 months;
• calendar year.

In accordance with the chosen tax regime, an organization can independently open the necessary sub-accounts according to the types of required fees.

Account 68 postings are classified into two groups:

• by debit;
• on loan.

The following types of debit are distinguished:

• D68 K50 - the amount of fees that were taken in cash at the organization's cash desk;
• D68 K51 - the amount of funds transferred to the budget from the company’s current accounts;
• D68 K19 - value added tax, which is allocated on purchased goods, valuables, materials, aimed at reimbursement from budget funds.

Typical transactions
for a loan include:

• D70 K68.1 - a reflection of the amount of personal income tax that is withheld from the wages of the company’s employees. This amount must be paid to the budget;
• D90.3 K68.2 - the amount of funds, which reflects the amount of VAT on products sold or services performed;
• D99 K68.12 - reflects information on payment of the simplified tax system;
• D99 K68.11 - generates all accruals for UTII;
• D26 K68.8 - an accounting tool for generating amounts for payment to the budget for property;
• D90 K68.3 - display of excise taxes received by the company from the sale of excisable products;
• D99 K68.4 - the amount of income tax that is transferred to the Federal Tax Service;

Note! To reflect the amount of transport fees to be transferred to the budget, K68.7 D20.26 is used.

Features and disadvantages of PBU 18/02

Unfortunately, PBU 18/02 does not consider the situation when permanent differences in income reflected in accounting exceed the “tax” ones (in practice, this option is possible). In this case, the identified amount, calculated as the product of the permanent difference (in terms of income) and the income tax rate, is not a permanent tax liability, but most likely a “permanent tax asset.” In accounting, it should be reflected by the following entry: Debit account 68 Credit account 99 subaccount “Permanent tax asset”.

The difference between income and expenses, which forms profit (loss) in accounting in one reporting period, and taxable profit in another, in accordance with PBU 18/02 is called temporary.

Moreover, if income and expenses increase the tax on accounting profit in the reporting period (i.e., the amount of accounting profit in the reporting period is less than the amount of tax profit by the amount of the indicated income and expenses), but reduce it in subsequent periods, then they are called deductible temporary vestries . If such income and expenses reduce the tax on accounting profit in the reporting period, but increase it in subsequent periods, then they are called taxable temporary vestries.

PBU 18/02 requires that taxable and deductible differences be taken into account separately in the analytical accounting of the corresponding asset and liability account in the assessment of which the deductible or taxable temporary difference arose. To generate information in the accounting system about income and expenses that lead to the formation of temporary differences, we consider it appropriate to organize their separate accounting in second-order subaccounts, highlighting income and expenses that have a different accounting or recognition procedure for tax purposes.

Deferred tax asset (DTA) is understood as that part of the income tax by which the tax on accounting profit of the reporting period increases and the income tax payable in subsequent reporting periods decreases.

Deferred tax liability (DTL) is understood as that part of the income tax by which the tax on accounting profit of the reporting period is reduced and the income tax payable in subsequent reporting periods is increased.

The amount of the deferred tax asset and deferred tax liability is determined by multiplying the deductible and taxable temporary differences by the income tax rate.

In a manufacturing enterprise, a simplified scheme for calculating permanent and temporary differences can be represented as formulas:

Z = Mater. + Salary pl. + Report