PROBLEMS OF ACCOUNTING SETTLEMENTS WITH RECEIVERS AND CREDITORS

Abstract

Under the conditions of non-payment crisis in Ukraine the growth of accounts receivable and payables indebtedness is a widespread phenomenon. The situation with settlements with debtors and creditors in domestic companies is tense, which can be seen in significant amounts of arrears and long terms of their repayment. Today, receivables remain the most important place in the financial activity of many companies. Accordingly, the properly organized accounting of the receivables of the company will prevent lapse in the terms of payment and debt to the status of uncollectible and have a positive impact on the financial condition of the company. The aim of this article is to identify the main problems associated with the organization of accounting for settlements with debtors and creditors in Ukraine. The prerequisite of quality information support of the debtor accounting is the determination of its essence and classification. There are a lot of unconnected issues in the receivables accounting, but the organization of the receivables accounting is important because it allows ordering and giving reliable information about the state of the company. On the basis of the analysis of scientific literature on the essence of the category of “debt”, we propose to define it as a legal relationship of two or more subjects, as a result of certain actions (financial and business transaction) of one entity (creditor) to another (debtor) for the transfer of commodity and material values, cash or other assets, provision of services, performance of works or performance of legislative and regulatory documents (arrears of taxes or other mandatory payments to the budget and sub-budgetary target funds), and gives the creditor the right to claim and the debtor the obligation for its repayment. Besides that, we have identified the main problems of accounting accounting for receivables and payables in Ukraine, as well as gave recommendations on how to solve them. If all these measures are followed and the company will pay due attention to receivables and payables for goods, works and services, and especially to the improvement and improvement of its accounting, it will have a positive impact on the performance of the company as a whole. Therefore, effective management of receivables and payables of the enterprise will give the opportunity not only to optimize the financial condition, but also ensure high rates of production and competitiveness.