Accounting for settlements with counterparties
Accounting for settlements with counterparties is a type of cash flow control. A counterparty is a natural or legal person representing one of the parties to a civil contract.
Usually, the counterparties are:
- Buyers;
- Contractors;
- Suppliers;
- Foreign contractors.
To date, the vast majority of organizations have not established accounting for the movement of receivables, payables and accounting for the dynamics of their turnover. Such conditions can lead to discrepancies in accounting documents, which often negatively affects the financial component of the enterprise.
Depending on the situation in the client’s organization, we can fully set up accounting for settlements with intermediaries and give useful instructions that will be followed by the customer’s employees in the future. Alternatively, our company will conduct an inventory of mutual settlements for the presence of inaccuracies and help to correct them.
Settlement methods
There are the following payment options for contractors for services provided or received:
- Cash and non-cash payment;
- Barter;
- Payment by letter of credit;
- Settlement using promissory notes;
- Securities settlement;
- Assignment of debts.
Inventory of settlements with counterparties
Checking settlements with buyers, suppliers and contractors serves as a basic control function. Inventory is the initial, intermediate and final stage of analyzing the financial condition of an organization, which allows you to detect overlooked errors.
During the inventory of settlements with counterparties, official documents approved by the State Statistics Committee or acts, statements developed for this organization by the management themselves are used.
The procedure for providing accounting services for mutual settlements
When accounting for settlements with counterparties, Daxiko specialists perform the list of services required by the client. These can be:
- Familiarization with the relevant documentation;
- Inventory of accounts receivable and accounts payable;
- Setting up accounting for settlements with counterparties;
- Documentary support of sales and transactions;
- Resolving disputes with counterparties in a pre-trial manner;
- Conducting settlement operations;
- Creating a payment calendar.
Most often, accounting takes place after reconciliation of fixed assets. This sequence is due to the fact that the inventory can reveal serious discrepancies in the reporting documents. Accordingly, after the audit, there is a need for subsequent statement or adjustment of the entire accounting.
That is why we offer you qualified assistance in keeping records of all processes with contractors. Our team of professionals will put the entire accounting system in order, which will significantly reduce the likelihood of financial risks.