Vietnam: Accounting methods for several major transactions

This is a notable content specified in Circular No. 200/2014/TT-BTC of the Ministry of Finance of Vietnam on guidelines for accounting policies for enterprises.

According to the Circular No. 200/2014/TT-BTC of the Ministry of Finance of Vietnam, accounting methods for several major transactions include:

- When collecting money from good sales or customers' debts or other incomes in cash or check then transferring to the bank (not via the fund), but the credit note of bank has been received, the following accounts shall be recorded:

+ Dr 113 – Cash in transit (1131, 1132)

+ Cr 131 – Customers receivable (of customers' debts)

+ Cr 511 – Revenues

+ Cr 515 – Financial income

+ Cr 711 – Other incomes

+ Cr 3331 – VAT payable (33311) (if any).

- When dispatching cash fund to deposit in bank’s accounts but the credit note of bank has not been received, the following accounts shall be recorded:

+ Dr 113 – Cash in transit (1131, 1132)

+ Cr 111 – Cash (1111, 1112).

- Completing wire transfer from bank’s accounts to pay creditors, but the debit note of the bank has not been received; the following accounts shall be recorded:

+ Dr 113 – Cash in transit (1131, 1132)

+ Cr 112 – Cash in bank (1121, 1122).

- When a customer pays an advance of good purchase in check, the enterprise has paid check to a bank, but the credit note of bank has not been received, the following accounts shall be recorded:

+ Dr 113 – Cash in transit (1131, 1132)

+ Cr 131 – Customers receivable.

- When the cash in transit has been credited in the deposit account of the enterprise and the credit note is received; the following accounts shall be recorded:

+ Dr 112 – Cash in bank (1121, 1122)

+ Cr 113 – Cash in transit (1131, 1132).

- When the cash in transit has been transferred to sellers or service provider and the debit not is received, the following accounts shall be recorded:

+ Dr 331 – Trade payables

+ Cr 113 – Cash in transit (1131, 1132).

- The re-evaluation of foreign currency balance in transit shall be carried out similarly to foreign currency balance in cash (refer to account 111).

View more details at Circular No. 200/2014/TT-BTC of the Ministry of Finance of Vietnam, effective from February 05, 2015.

-Thao Uyen-

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

208 lượt xem



  • Address: 19 Nguyen Gia Thieu, Vo Thi Sau Ward, District 3, Ho Chi Minh City
    Phone: (028) 7302 2286
    E-mail: info@lawnet.vn
Parent company: THU VIEN PHAP LUAT Ltd.
Editorial Director: Mr. Bui Tuong Vu - Tel. 028 3935 2079
P.702A , Centre Point, 106 Nguyen Van Troi, Ward 8, Phu Nhuan District, HCM City;