Nội dung toàn văn Official dispatch 925/NHNN-TCKT accounting bad debt purchase between VAMC credit institutions
THE STATE BANK OF VIETNAM | SOCIALIST REPUBLIC OF VIETNAM |
No. 925/NHNN-TCKT | Hanoi, February 19, 2014 |
To: | - Vietnam Asset Management Company (VAMC); |
With a view to do accounting transaction of debt purchase between VAMC and credit institutions in accordance with applicable law; pursuant to Circular No. 209/2013/TT-BTC dated December 27, 2013 of the Ministry of Finance on guidelines for financial regulations applicable to VAMC; along with Official Dispatch No. 8499/NHNN-TCKT dated November 14, 2013 on guidelines for debt purchase between VAMC and credit institutions, the State Bank of Vietnam provides guidelines for doing additional or replacing accounting regarding entries of advance payment provided by credit institutions for VAMC and charges earned by VAMC upon recovery of debts by special bonds as prescribed Official Dispatch No. 8499/NHNN-TCKT dated November 14, 2013 as follows:
1. Doing accounting at VAMC
- Receiving advance payments from debt sellers When receiving an advance payment from a debt seller, the following accounts shall be recorded: | ||
| Proper Dr (cash, deposit) | |
| Cr 3318 – Other payables | |
|
| (Details: advance payments by individual debt sellers) |
- Recording revenues | ||
When recovering a bad debt, VAMC shall calculate the charge to be earned from collected amount as prescribed, and record as follows: | ||
| Dr 3318 – Other payables: Amount reimbursed to the debt seller | |
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|
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| Proper Dr: If the charge to be earned is greater than the advance payment made by the debt seller | |
| Cr 514 – Revenue from recovery of debts purchased by special bonds: Amount of charge earned by VAMC upon debt recovery | |
- Making final statement of remaining advance payment made by the debt seller, and recording as follows: | ||
| Dr 3318 – Other payables | |
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|
|
| Proper Cr (111,112,...) | |
* Notes:
- VAMC opens the account 3318 - Other payables according to individual debt sellers to monitor amounts derived from advance payment made by the debt seller and reimbursement from the charge for debt recovery.
- At the end of a fiscal year, in a case where VAMC suffers loss and special bonds become due in this year but total amount of charges for debt recovery earned by VAMC is less than the advance payments made by the debt sellers that must be repaid in the year, VAMC shall send reports as prescribed in Article 10 of Circular No. 209/2013/TT-BTC.
2. Doing accounting at debt sellers
- When making advance payment to VAMC, the following accounts shall be recorded: | ||
| Dr 359 - Other receivables | |
|
| (details: VAMC) |
| Proper Cr (deposit, fund transfer, etc.) | |
- VAMC making reimbursement | ||
After receiving the VAMC’s notice of the amount recovered from the purchased debt and the amount of charge earned from the amount recovered, the debt seller shall calculate and collate figures to ensure accuracy and proper match, and then record as follows: | ||
| Dr 849 – Expenditure on other businesses: Amount of charge earned by VAMC upon debt recovery | |
| Cr 359 - Other receivables: Amount that VAMC reimburses to the debt seller | |
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|
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| Proper Cr (deposit, fund transfer, etc.): If the charge earned by VAMC is greater than the advance payment made by the credit institution | |
- When receiving the remaining amount of reimbursement transferred by VAMC, the debt seller shall make a final statement of advance payment account for VAMC, and record as follows: | ||
| Proper Dr (deposit, fund transfer, etc.) | |
| Cr 359 - Other receivables | |
|
|
|
* Notes: At the end of a fiscal year, in a case where VAMC suffers loss and special bonds become due in this year but total amount of charges for debt recovery earned by VAMC is less than advance payments made by debt sellers, VAMC shall send reports, upon receipt of direction of the Prime Minister in accordance with Article 10 of Circular No. 209/2013/TT-BTC.
This Official Dispatch comes into force as of fiscal year 2013.
Difficulties that arise during the implementation of this Circular should be reported to Department of Finance and Accounting affiliated to the State Bank for consideration./.
| ON BEHALF OF GOVERNOR |
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