Account 01 – Fixed assets in accounting: correspondence of accounts, postings

Why is account 01 needed?

Accounting account 01 “Fixed assets” was created to record information about the company’s fixed assets.
Here their value and movement are recorded: purchase, sale, commissioning, and so on. Account 01 is active. The debit of the account is an increase in the value of fixed assets, for example, the acceptance of new equipment for accounting as fixed assets. The loan involves a decrease in value and disposal of fixed assets, for example, sale.

The procedure for accounting for fixed assets and recording transactions on account 01 is prescribed in PBU 6/01.

Conditions for recognition of OS

In addition to the cost delineation of objects, there are a number of criteria defined in the PBU. These include:

• Objects must be used in the entrepreneurial activity of the subject to manufacture products, perform work, perform services, or manage a company.
• The useful life of an asset must be more than 1 year for it to be called a fixed asset.
• Such objects are not intended for further implementation.
• The use of the object will create income for the enterprise.

Attention! From the classification it follows that the main assets are buildings, structures, equipment, vehicles, tools, inventory, etc., the cost of which exceeds 40 thousand rubles.

What is the main tool

The fixed asset of an enterprise is property that has been used for a long time in production and management activities. But do not confuse fixed assets with other company property - materials and inventory. To recognize property as a fixed asset, it must have the following characteristics:

• has a physical form, that is, it can be seen, touched, measured;
• used in the company’s activities - production or management;
• period of use - at least 12 months;
• brings economic benefits to the company;
• is owned and is not for resale.

For example, a woodworking machine worth 1 million rubles will be the main tool if you use it, for example, to cut out boxes. But if you bought a machine to resell it, then this is not an operating system, but a product that is listed on account 41.

Important! The fixed asset can be purchased on lease. But you will reflect it on account 01 only if, under the leasing agreement, the equipment is listed on the balance sheet of the lessee. Typically, the leased property remains on the lessor’s balance sheet, so it is not reflected in the lessee’s account 01. Rented property is not taken into account in account 01.

Interaction with other accounts in accounting

01 accounting account is allocated according to the plan for accounting for fixed assets. There they must be used at their original cost. The budget account is active. This will mean that all receipts are recorded as a debit, and the decrease, the new value of the value, is taken into account as a credit.

Postings

In the debit budget, account 1 interacts with the credit of the following accounts:

• 03 - reflection of the return of fixed assets from income (for example, this may be a return from a creditor);
• 08 - receipt of funds, then increase in their price due to reconstruction, re-equipment;
• 76 - crediting fixed assets from other debtors (cases when no modification is required);
• 79 — on-farm calculations;
• 83 - price increase based on revaluation.

The loan interaction is carried out with the following accounts:

• 02 - reflection of the disposal of funds;
• 11 — transfer of animals to the main herd;
• 99 — write-off as a result of an emergency;
• 83 - price decrease as a result of revaluation, decrease in profit.

What sub-accounts are opened for account 01

Account 01, if required, can be detailed. The following subaccounts are opened for accounting:

• production OS for core activities;
• other production operating systems;
• working and productive livestock;
• perennial plantings;
• land plots;
• inventory and so on.

A separate sub-account is also opened to account for the disposal of fixed assets.

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Disposal of fixed assets that have become unusable

According to the Instructions for the application of the Unified Chart of Accounts, approved by Order of the Ministry of Finance of Russia dated December 1, 2010 No. 157n, hereinafter referred to as Instruction No. 157n, assets, liabilities, sources of financing of its activities, and operations that change them are subject to accounting of an institution.

Translated from Latin, activus means active, active. According to the legal dictionary, assets are any property of an organization: plant and equipment, buildings, inventory, bank deposits and investments in securities that can be converted into cash.

The assets of the Balance Sheet of the main manager, manager, recipient of budget funds, chief administrator, administrator of sources of financing the budget deficit, chief administrator, administrator of budget revenues (f. 0503130), hereinafter referred to as the Balance Sheet (f. 0503130), reflect non-financial and financial assets, including including fixed assets.

Paragraph 51 of Instruction No. 157n establishes that the disposal of an item of fixed assets is reflected in accounting in the following cases:

• making a decision to write off an item of fixed assets on the basis of their disposal against the will of the institution - theft, shortage, damage identified during the inventory of assets; partial liquidation (including when performing reconstruction, modernization, retrofitting work); liquidation in case of accidents, natural disasters and other emergency situations;
• upon completion of the activities (disassembly, dismantling, destruction, disposal, etc.) provided for when making a decision to write off a fixed asset item on other grounds provided for by the legislation of the Russian Federation, including on the basis of moral and physical wear and tear of the fixed asset item, inexpediency further use of the fixed asset, its unsuitability, impossibility or ineffectiveness of its restoration.

That is, if an item of fixed assets has worn out during operation or is obsolete, it cannot be written off until dismantling and (or) disposal is completed.

At the same time, an asset that is not suitable for further operation is no longer an asset and, therefore, it is unlawful to reflect it in the Balance Sheet asset (f. 0503130).

To resolve this legal conflict, by order of the Ministry of Finance of Russia dated August 17, 2015 No. 127n, changes were made to the Instructions for the use of the Chart of Accounts for Budget Accounting, approved by order of the Ministry of Finance of Russia dated December 6, 2010 No. 162n, hereinafter referred to as Instruction No. 162n.

According to paragraph 10 of Instruction No. 162n as amended by Order of the Ministry of Finance of Russia dated August 17, 2015 No. 127n

“The disposal of fixed assets that have become unusable, when a decision is made to write them off, is reflected in the debit of the corresponding analytical accounts, account 010400000 “Depreciation” (010411410–010413410, 010415410, 010418410, 010431410–010438410), account 0401101 72 “Income from operations with assets "and the credit of the corresponding analytical accounting accounts of account 010100000 “Fixed assets” (010111410–010113410, 010115410, 010118410, 010131410–010138410), with the simultaneous reflection of retired property on off-balance sheet account 02 “Tangible assets accepted for storage” until it is dismantled and (or) disposal;

when making a decision to write off for other reasons, as well as when making a decision to terminate the operation of an accounting object, including due to physical, moral wear and tear of an accounting object - by debiting the corresponding analytical accounting accounts, account 010400000 “Depreciation”, account 040110172 “Income from operations with assets" and the credit of the corresponding analytical accounting accounts of account 010100000 "Fixed Assets" with the simultaneous reflection of retired property on the off-balance sheet account 02 "Tangible assets accepted for storage" until its dismantling and (or) disposal;"

That is, an asset that has ceased to be an asset is written off from the balance sheet and continues to be taken into account, but off the balance sheet.

To reflect these facts of the economic life of an institution in the program “1C: Accounting of a State Institution 8”, the document Write-off of an inventory item with the operation Disposal of fixed assets that have become unusable and for the needs of the institution (401.10.172) is used - Fig. 3. When you select the operation Disposal of fixed assets that have fallen into disrepair and for the needs of the institution (401.10.172), the details of Reflect disposed property on an off-balance sheet account (checkbox), Account, Counterparty become available. When you enable the Reflect disposed property on an off-balance sheet account checkbox, off-balance sheet account 02.1 “Assets accepted for safekeeping” is indicated as an account.

Rice. 3

In the program's chart of accounts, account 02.1, in accordance with the requirements of Instruction No. 157n, maintains analytical accounting by owner (customer) - by subaccount Counterparties. In the Counterparty details, you should indicate your institution by selecting from the Counterparties directory. The remaining details of the document are filled in as usual. When posting a document, accounting records are generated for writing off the object from the corresponding balance sheet accounts for fixed assets (101.ХХ) and depreciation (104.ХХ), as well as for accepting it for accounting in off-balance sheet account 02.1.

According to paragraph 335 of Instruction No. 157n, material assets received (accepted (accepted)) by the institution are accounted for in off-balance sheet account 02 “Tangible assets accepted for storage” on the basis of a primary document confirming receipt (acceptance for storage (for processing)) by the institution of material assets , at the cost indicated in the document by the transferring party (at the cost stipulated by the contract), and in the case of unilateral execution of the act by the institution in the conditional valuation: one object, one ruble.

Since in the case of write-off of decommissioned property and its reflection on off-balance sheet account 02 until its dismantling and (or) disposal, the write-off act is issued unilaterally, fixed assets are accepted for accounting on off-balance sheet account 02 in a conditional valuation: one object, one ruble (Fig. 4).

Rice. 4

From the document you can generate an Act on the write-off of non-financial assets (except for vehicles) (form 0504104), an Act on the write-off of a vehicle (form 0504105) - see fig. 5.

Rice. 5

The forms Act on the write-off of non-financial assets (except for vehicles) (form 0504104), Act on the write-off of a vehicle (form 0504105) and the procedure for their preparation were approved by Order of the Ministry of Finance of Russia dated March 30, 2015 No. 52n.

It should be noted that in the Guidelines for the use of these forms (Part 3 of Appendix 5 to Order of the Ministry of Finance of Russia dated March 30, 2015 No. 52n) there is no information about the need to reflect written-off objects on off-balance sheet account 02.

At the same time, according to paragraph 335 of Instruction No. 157n, the Act on the write-off of non-financial assets (except for vehicles) (f. 0504104), the Act on the write-off of a vehicle (f. 0504105) are the primary documents - the grounds for accepting objects written off from the balance sheet into an off-balance sheet count 02.

Therefore, in the “Accounting Mark” section, in addition to records for writing off objects from balance sheet accounts, records are generated for acceptance for accounting into off-balance sheet account 02 (Fig. 6).

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All accounting entries are also reflected in the Accounting Certificate (f. 0504833) - see Fig. 7.

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How analytical accounting is carried out on account 01

Analytics on account 01 is carried out for each individual property: building, site, line or machine. When accounting on the balance sheet, an inventory card is drawn up for each object. It states:

• name of property;
• model;
• price;
• inventory number;
• serial number;
• quality characteristics.

The inventory card is maintained according to the OS-6 form, approved by Resolution of the State Statistics Committee of Russia dated January 21, 2003 No. 7.

Analytical accounting is also carried out by location, materially responsible persons, OS groups and terms of use.

OS upgrade

The main feature of modernization is that its result changes the original characteristics of the OS object. As a result, its cost, period of use, etc. change. When accounting for expenses, it is advisable to open a sub-account on account 08, in which to collect all costs incurred for modernization.

Sale

When selling, proceeds are recorded in the amount established by the contract. In this case, expenses must include sales costs, as well as accrued depreciation. All transactions are shown in account 91.

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Liquidation

Liquidation of an asset can be carried out in a situation where it is no longer profitable to use it and it is not possible to sell it. In this case, the decommissioned OS can be disassembled, and the resulting materials can be used for other purposes.

Revaluation

This operation is not considered mandatory. However, if its necessity is established by local acts, the revaluation must be performed on the last day of the year. At the same time, the revaluation itself can be of two types - revaluation or markdown

Unaccounted assets based on inventory results

In order to ensure the reliability of accounting, a business entity must periodically make an inventory of its property, which includes fixed assets. If, as a result of the procedure, unaccounted for objects were discovered, they must be accepted for accounting in the same month. This is done at the current market value of a similar object.

OS shortage based on inventory results

Another result of the inventory may be the identification of the absence of some OS object. In such a situation, the damage from its absence should be written off to the responsible person, or, if there is no such person, to losses. This happens in the amount of the actual residual value.

Basic operations with account 01

In the work of an accountant, account 01 is used quite often. In the table we have collected the main transactions that you may encounter.

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Examples of accounting entries for account 01 “Fixed assets”

Example 1. Acceptance of fixed assets for accounting

Karuna LLC in April 2021 purchased from the OS supplier the contract price of 110,000 rubles, excluding VAT. Delivery services - 10,000 rubles. The term of the fixed assets is 36 months, the method of calculating depreciation is linear. The OS will be used in the main production activities.

To reflect the acquisition and acceptance of fixed assets for accounting, the Karuna accountant makes the following entries in April:

The monthly depreciation amount will be: 120,000 / 36 = 3,333 rubles)

Depreciation calculation in May:

Standard reports

In Fig. 1 we see an example of a standard report, this is the balance sheet for account 01.

Fig.1

In addition to turnover and balances, this report can display additional data, for example, serial and inventory numbers. To do this, you need to go to the “Show settings” tab and add the necessary indicators and fields (Fig. 2). Additional fields can be displayed either in separate columns or in one. All 1C reports are configured in the same way.

Fig.2

Tax accounting registers

Tax accounting registers can also be used to display information on fixed assets and intangible assets (Fig. 7).

Fig.7

An example of such a report is presented in Fig. 8.

Fig.8

OS sales

In the case when an organization sells fixed assets, it is obliged to record the cost of sale of the asset and the original cost minus depreciation (residual value). Records are generated:

• Dt 62 Kt 91 - income from sale is recognized;
• Dt 91 Kt 68 - VAT reflected;
• Dt 02 Kt 01 - depreciation written off;
• Dt 91 Kt 01—residual value written off.

Ownership of the asset is transferred on the basis of a deed (Form No. OS-1). If the object of sale is real estate, then the date of transfer of rights is the date of state registration.