Accounting Receivables and Payables

Module 1

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Requisitos previos y Navegacin

Cuentas por cobrar
Cuentas incobrables
Castigos y Recuperaciones
Pasivo circulante
Documentos por cobrar y por pagar Nota
Financiamiento a corto plazo a travs de Notas por pagar
Sumario

Requisitos previos y Navegacin

Cuentas por Cobrar

DONE

Accounts Receivable

Course Learning Objectives

Account for uncollectible accounts receivable under the allowance

method.
Record credit card sales and collections.
Define liabilities, current liabilities, and long-term liabilities.
Define and account for clearly determinable, estimated, and contingent
liabilities.
Account for notes receivable and payable, including calculation of
interest.
Account for borrowing money using an interest-bearing note versus a
non-interest-bearing note.
Analyze and use the financial resultsaccounts receivable turnover and
the number of days sales in accounts receivable.

Receivables and payables

By charging purchase to customers (extending credit)

o Sales Increase
o Profits Increase
Receivable: Any sum of money due to be paid to that company from any party
for any reason.
Cuenta Por Cobrar
Payable:
Describes any sum of money to be paid by that company to any
party for any reason.
Cuenta Por Pagar
Two types of Receivables:
o Accounts Receivable
Companies offer them for Short-term Credit.
No Interest Charge
o Notes Receivable
Short-term & Long-term Credit
Interest Charge
We pay particular attention to accounting for Uncollectible Accounts
Receivable.
Irrecuperable Cuentas por Cobrar

Accounts payable: Result from Purchase of goods or services

Accounts notes:

Result from Purchase of goods or services

Borrowing money from a bank or other institution

Payables and short-term notes payables are defined as:

(Pasivo Circulante)

Current liabilities

A company also incurs other current liabilities:

Sales Tax payable

Estimated Product Warranty payable
And certain liabilities that are contingent on the occurrence of future
events
Condicionados por la ocurrencia de eventos futuros.

Accounts Receivable

Most companies use the: accrual basis of accounting (criterio de lo

devengado).
Under this basis, the company records the revenue (ingresos) when it makes a
sale.
This Receivables are often called:

Trade Receivables

Companies use two methods for handling uncollectible accounts:

The Allowance Method (metodo de asignacion), proporciona de

antemano por cuentas incobrables.
The direct write-off method (metodo directo de amortizacion),
reconoce malas cuentas como expenses (gastos) cuando se juzgan como
incobrables y es el mtodo requerido para propsitos de impuesto
federales.

The required entry has some similarity to the depreciation entry, because it
debits an expense and credits an allowance (contra asset).
Ya que se carga en un gasto y acredita un subsidio (contra activos).
Income Statement:
Wages:

Salarios

Estado de Resultados

Uncollectible accounts expense: Is an operating expense that a business incurs

when it sells on credit.
Se clasifica como Gastos de Ventas porque resulta de una venta a crdito.
Otros contadores podran clasificarlo como: Gastos Administrativos,
Porque el departamento de crdito tiene un rol muy importante estableciendo
las condiciones de crdito.

Recording the uncollectible accounts adjustment

Adjusting entry at the end of each accounting period. It debits Uncollectible
Accounts Expense. The credit is to an account called Allowance for
Uncollectible Accounts.
Accounts Receivable Account-> (contra account) -> Allowance for
Uncollectible Accounts
Net realizable value:
accounts receivable.

Is the amount the company expects to collect from

Allowance Account:

Cuenta de reserve.

Slide 12
Resources

Cuentas Incobrables

Accountants use 2 basic methods to estimate Uncollectible accounts for a

period:

Percentage-of-sales method (Metodo de Porcentaje de Ventas):

Focuses on the Income Statement (Estado de Resultado) and the
relationship of uncollectible accounts -> to sales.
Percentage-of-receivables method (Metodo de Porcentaje de
Cuentas por Cobrar):
Focuses on the Balance sheet ( Hoja de Balance) and the relationship of
the allowance for uncollectible accounts (estimacion para cuentas
incobrables) -> to accounts receivable (cuentas por cobrar).

En teora, mtodo es basado en un porcentaje de las cuentas irrecuperables del

ao anterior con las ventas a crdito del ao anterior tambin.
Cuando las ventas en efectivo son pequeas o suelen mantener un porcentaje
constante de las ventas totales, las firmas basan el clculo con las Ventas
Netas Totales. Esto suele pasar entonces las compaas por lo general,
utilizan las ventas netas totales en lugar de las ventas a crdito.
Frmula para determinar la cantidad de la entrada:

Cantidad de Entrada de Diario para Cuentas Incobrables

Ventas Netas X Porcentaje

Estimado como Incobrables

(Totales o a crdito)