Instructions on how accounting buy imported goods according to the standard TT200 details

However, many businesses, especially those new units start importing, often encounter difficulties in the account, recorded expenses and correct tax states. Accounting mistakes or omissions can lead to the price of capital is not accurate, cost is incurred wrong, since it affects the financial statements, as well as increased risks when settlement or tax audit.

The same Lac Viet learn in detail about the steps noted import duties, principles, calculation, as well as important note, to help businesses make professional, accurate and efficient.

1. Accounting purchase what is the import?

Accounting for import purchase is the process noted reflect the full value of the imported goods, the cost related to the taxes on the ledger of the business. When performing accounting, the goal is not only determines the price of capital fact of the merchandise but also help businesses manage cash flow, liabilities, and full compliance with the tax rules and customs.

The actual role of the noted business to buy imported goods:

• Accurately reflect the value of imports on bookkeeping: including price, shipping, insurance and tax. Thanks to that, the business avoids noted the lack or the excess, ensure financial statements, tax settlement accurate.
• Is the base to calculate the price of capital – cost – benefit: determine the Exact price to enter the warehouse to help businesses calculate cost of goods sold, cost of used assets imported make decisions about the valuation, the expected profit as well as business strategy.
• Support control cash flow & debt management paying foreign suppliers: Recorded full payment and cost to help businesses control over debt to pay suppliers, avoiding late. At the same time, support the forecast capital needs for the next shipment.
• Ensure tax declaration time & full accounting of taxes such as import tax, special consumption tax (if any), as well as accounting of VAT on imported goods under the customs declarations help business tax declaration accuracy, avoid errors and the risk of arrears.

The organizations and enterprises are finding out information about how the accounting for imported goods to help standardize business, reduce errors when summing up the cost and tax, and easily check and compare with the customs declaration.

2. Principles & methods of accounting for import purchase

When performing accounting purchase imported circular 200/133, adherence to correct principles, as well as methods not only help book accurate but also bring practical value for business on cost management, cash flow, and tax compliance.

2.1. Principles recorded accounting profession to buy imported goods

• Recorded value of imports in VND at the exchange rate real transactions: When buying foreign goods, value of imports, usually expressed in foreign currency (USD, EUR...). Business need converted into VND at the real exchange rate at the time of payment or invoice.
• Recorded the full costs incurred & tax related: Recorded full costs incurred such as transport, insurance, warehousing and unloading, with all import taxes, SCT and VAT according to the customs declaration. This will help determine the cost of accuracy, as well as tax declaration time, reduce the risk arrears.
• Commodity classification accuracy (of goods, fixed assets, prepaid expenses, materials): Help select the account debtor fit properly reflect the assets and expenses on financial statements.

2.2. Method of accounting to buy imported goods

Apply accounting dual (Debt – Is): accounting dual-reflect at the same time the actual cost, payment obligations with suppliers and taxes incurred. This method is basic but effective, books transparent easy to reconcile with the customs declaration.

Accounts usually used by TT200: The basic account when accounting for imported goods, including:

• TK 156 – cargo warehousing: Recorded actual value of imported goods, including purchase price, freight, insurance and import tax.
• TK 1331 – VAT is deductible: Recorded amount of VAT can be deducted from tax authorities, according to data on the customs declaration.
• TK 111/112 – Cash or bank deposits: Recorded payments to suppliers.
• TK 331 – pay supplier: Recorded debts with foreign suppliers if payment is not completed.

3. How accounting purchase imported circular 133 & circular 200

Accounting for import purchase right not only helps in accurate books, but also support management, cash flow forecasting, capital needs to declare the correct tax states. Below are instructions on how accounting import shipment details according to each case popular:

3.1. Pre-paid the entire money for the goods to the supplier

Business transfers all the money before receiving goods from foreign suppliers.

TH1: When transferring money first: (Recorded costs in advance or enter a stock purchase the type of goods)

• Debt TK 156 – goods enter the warehouse (or TK 151 if is of fixed assets, TK 142 if the cost upfront)
• Have TK 111/112 – Cash or Bank

(Business payment has been made, but not about, should accurately reflect the cash flows out.)

TH2: When receive the goods, customs invoice, update, import tax and VAT:

• Debt TK 156 – imported goods
• Debt TK 1331 – VAT deductible
• Have TK 111/112 – Amount paid (if not specified before)
• Have TK 3335 – import Tax

Value stock = purchase price + freight + insurance + tax imports.

(VAT on imports is accounted for to have the base tax-deductible.)

3.2. Pay many times for suppliers

Business agreement payments in several installments, for example, to pay 50% advance and rest before delivery.

• Each payment:
  • Debt TK 331 – pay supplier
  • Have TK 111/112 – Cash/Bank

(Recorded debt to pay according to the amount already paid.)

• When receiving goods – recorded value of goods – tax:
  • Debt TK 156 – cargo
  • Debt TK 1331 – VAT deductible
  • Have TK 331 – pay supplier

(Value of import warehouse is fully determined, regardless of whether the business has paid, how many times. VAT and import tax are updated according to the customs declaration.)

3.3. Pay the full amount after received the goods to the supplier

Business payment after receipt of goods.

• When you receive your order:
  • Debt TK 156 – cargo warehousing
  • Debt TK 1331 – VAT deductible
  • Have TK 331 – pay supplier

(Fully reflect the value of goods for warehousing, payment obligations remaining.)

• When payment to supplier:
  • Debt TK 331 – pay supplier
  • Have TK 111/112 – Cash/Bank

(Completed payment obligations, the cash outflow is accurately reflected.)

3.4. Accounting related taxes

To comply with the law and accounting standards, all taxes related to imports need to be accurately reflected:

• Import duties:
  • Debt TK 156 or 152
  • Have TK 3335 – import Tax

(The value of warehousing include import taxes, reflecting the true cost of actual import.)

• VAT is deducted:
  • Debt TK 1331
  • Have TK 3331 – VAT payable

(Recorded VAT for businesses to deduct input tax according to the customs declaration.)

• Excise tax (if any):
  • Debt TK 156
  • Have TK 3334 – SCT

(Applying for taxable items SCT according to the regulations.)

4. The important note when accounting imports

The important note when accounting for import purchase in the enterprise need done carefully to ensure compliance with accounting standards, tax laws and manage cost-effective:

• The correct classification categories of imports: accurate Classification of imported goods for the purpose of use (goods sold, raw materials, fixed assets, prepaid expenses) help select the account debtor, accordingly, reflected the true cost, the price of capital and depreciation, to avoid errors in the financial statements as well as tax declaration.
• Compliance rates actual transactions & principles of accounting dual: mandatory for imports of payment in foreign currency. Accountants must use the exchange rate at the time of the transaction or establishment of customs declarations reflect exchange rate fluctuations into the account the difference to ensure the balance of debt – there and accounting data accurately.
• Fully updated of the relevant taxes & declaration of right states: imports incurring import duties and VAT, in which the VAT can be deducted, if applicable, method of deduction, to help businesses declare the law to optimize the actual cost.
• Strictly control the symptoms related words: such As commercial invoice, customs declaration, bill of lading, and receipts tax help ensure accounting records transparent support, tax declaration, internal audit report administration accurate.

Apply the note on help businesses manage the cost of imports, effective control tax risks in order to enhance the accuracy of financial statements, compliance with regulations on accounting imports under circular 200 & circular 133 and customs declaration.

5. Management accounting effectively with software Accnet ERP

Software Accnet ERP provides comprehensive solution to help accountants perform correctly and quickly.

• Accounting automatic full-service import: allows to enter data quickly, commodity information, automatically import taxes, VAT, and other related costs under current regulations, including accounting circular 133 & 200. System automatic pen payments into the account corresponding (TK 156, 211, 133, 3333...), minimize errors compared to the accounting craft.
• Updates the real exchange rate & converter to VND: Accnet ERP automatically updates rates according to the date of the transaction or establishment of customs declaration, ensure accounting values exactly equal to VND. The system also handles fluctuations in exchange rates and allocate the difference to the account, related help, financial statements and administration costs reflect the true fact.
• Control, vouchers & debt closely: software store entire electronic documents such as commercial invoice, customs declaration, bill of lading, and receipts for payment of the tax. At the same time, the system tracking the public debt provider payment reminder right term, reduce the risks in order to ensure adequately accounted, accurate, all service imports.
• Synthesis report, costs, capital & import duties: Provides detailed reports to help accountants and leaders accurately assess the costs of the import, the price of capital as well as the tax to be paid. Business can compare the actual costs with the estimates, optimal strategy, purchase management, cash flow effectively.
• Optimized the internal control & reduce errors: With auto accounting, store vouchers and reminder alerts, software, help reduce your risk of errors to improve the efficiency of internal control, particularly useful for the importer with the volume of transactions, large or diverse goods.

ACCOUNTING SOLUTIONS ACCNET ERP INTEGRATED AI AUTOMATE ALL BUSINESS

AccNet ERP is a software solution financial accounting integrated in the management system, comprehensive enterprise, which is developed by Lac Viet corporation. Difference highlights of AccNet ERP is the app artificial intelligence (AI) in many accounting process to help businesses:

• Automation of accounting and classified documents.
• Improving the accuracy in data control.
• Shorten processing time business accounting – financial.

Thanks to that, AccNet ERP not only is support tool but also a “smart assistant” with the business in financial management transparent effect.

Feature highlights:

✔️ Automatic accounting vouchers, collate public debt thanks to AI.
✔️ Manage your finance – accounting multi-branch, multi-subsidiary.
✔️ Financial statements consolidated standards of Vietnam & international (VAS, IFRS).
✔️ Cash flow management, budgeting, forecasting the exact cost.
✔️ Connect with the manure management system, hr, production, sales to sync data.
✔️ Integration of AI in data analysis, risk warning and proposed optimal scheme.

TYPICAL CUSTOMERS ARE DEPLOYING ACCNET ERP

• Nitto Denko – control production costs thanks to the application of accounting costing: Nitto Denko has chosen solution AccNet ERP to deploy the system accounting calculating cost ofhelp business control costs more effectively in the production process. After a period of use, company, highly effective, practical system that brings, as well as the degree of stability superior to other software in the market.
• ANTESCO – restructuring process works with management accounting operation: At ANTESCO, our team of consultants and deployment of AccNetERP has collaborated closely with the business in the first phase, reset the standard process and construction work-flow related departments throughout. The solution has helped ANTESCO significantly improve management capabilities, operating in a synchronized way and versatile
• Khatoco – expansion pack solution AccNetC after the successful implementation of original: Lac Viet has successfully deployed package solution AccNetC for trade co., LTD Khatoco in Nha Trang, according to the agreement signed on 29/07/2014. After the system is first put into operation efficiency, Khatoco intends to continue cooperation and expand the distribution finance – accounting and retail management with AccNetC, expressing the deep trust in implementation capacity and quality of service from Lac Viet.

SIGN UP TO RECEIVE DEMO NOW

Sign up PM accounting

PositionBusiness ownerDirector/Deputy directorChief accountantPurchasing managerHead of ITHrHead of MarketingHead of businessProject managementStaffOther

Scale hrSiêu Nhỏ (<20)Nhỏ (<=100)Vừa (<=500)Lớn (<=3000)Very Large (>3000)

IndustryPublic servicesFinance/banking/insuranceConstruction/real estateOil and gas/waterEducation/trainingRetailFood/consumer goodsPharmaceutical/Medical/biotechnologyTextiles/garmentsProduction of heavy industry (mechanical engineering, cement, thẹp, mobile phone...)Paper manufacture/packagingOther manufacturingHigh-tech (IT, electronics)Consulting services/HR/accountingBeauty/spa/aestheticTransportation/warehousingCar/motorcycle/equipmentService residenceFood service/entertainmentOther commercial servicesOther

By clicking the button Send requestyou agreed with Privacy policy information of Vietnam.

Send request

INTEGRATED AI ACCELERATION CONVERTER OF ACCOUNTING

AI in AccNet ERP't just stop at automate data entry, but also:

• Identification & classification certificate from smart: AI scan, read & sort invoice, voucher, receipt, limit errors due to input manually.
• Financial forecasting & budget: the system uses algorithms machine learning to forecast cost, revenue, business support decision fast.
• Warning risk accounting: AI to detect abnormalities in the book, from which timely warning of false or fraud risks.
• Reports assistant smart: AI suggested report template, automatic data aggregation support, leadership, financial analysis instant.

BUSINESS IS WHAT WHEN IMPLEMENTING ACCOUNTING SOFTWARE LAC VIET?

• Experience more than 30 years develop software solutions business management in Vietnam.
• Ecosystem of comprehensive: AccNet ERP easily connect with other solutions of Lac Viet (HRM, Workflow, Portal...).
• Advanced technology: Integrated AI support, cloud & on-premise flexible.
• Services dedicated support: A team of knowledgeable professionals with accounting – finance in Vietnam, companion throughout the deployment.
• Trust from thousands of customers in many areas: finance, banking, manufacturing, trade, services.

See details, feature & get FREE Demo

CONTACT INFORMATION:

• Hotline: 0901 555 063
• Email: accnet@lacviet.com.vn | Website: https://accnet.vn/
• Office address: 23 Nguyen Thi Huynh, Phu Nhuan, ho chi minh CITY.CITY

Accounting buy imported goods are pivotal to help businesses manage the cost, the price of capital and the correct tax, at the same time reduce the risk of settlement or audit. Comply with the principle of control, vouchers as well as apply methods of accounting standards help cash flow, liabilities, and import costs are managed effectively. From which the optimal strategy purchases raise the effective overall management.