2 Ways of accounting for lease fixed assets according to each type of

The lease of fixed assets is becoming the solution is many businesses applied to optimize the effective use of assets, creating additional sources of passive income. So, accounting for the lease of fixed assets (fixed assets), what is? Implementation process, the legal regulations related out? Let's AccNet explore in detail in the article below.

1. Accounting for rental, fixed asset, what is?

Accounting for lease fixed assets is the process of recognition, management of financial transactions related to the lease of fixed assets of the business. Depending on the type of lease (finance lease or rental activity), the journal of accounting will be different.

2. Guide to accounting for lease fixed assets according to each type of

2.1. Accounting for operating lease of fixed assets (Operating Lease)

Rental activity is a form of lease in which the ownership of the property still belongs to the lessor. Revenue from the rental activity is usually recorded periodically.

A. Upon receipt of rent the property, the accountant performs the accounting follows:

• Debt TK 111/112 (cash or bank deposit): the amount obtained.
• Have TK 511 - sales of goods and supply of services: revenue from operations for rental property.
• Have TK 3331 - VAT payable: value added Tax (if any).

B. If the contract stipulates that the lessor responsible for property maintenance, these costs are recorded:

• Debt TK 641/642 - Cost of sales or business management: Cost, maintenance, repair.
• Have TK 111/112: payment costs.

C. the example illustrates the accounting for the lease of fixed assets: Enterprise A lease a factory with a 50 million/month (excluding VAT). When you receive money, rent, accounting recorded:

• Debt TK 112: 55 million (50 million rent + 10% VAT).
• Have TK 511: 50 million.
• Have TK 3331: 5 million (VAT).

If incurred maintenance costs 5 million, accounting recorded:

• Debt TK 642: 5 million.
• Have TK 111: 5 million.

2.2. Accounting for finance lease fixed assets (Finance Lease)

Financial leasing is a form of long-term lease in which the ownership of the property can be transferred to the lessee after the expiration of the lease term.

A. When executed contract of financial leasing assets are reduced from the accounting books of the lessor, recorded a receivable from the lessee:

• Debt TK 138 - other receivables: Total value of the contract for rental.
• Have TK 211 - fixed Assets tangible: the residual value of the property.
• Have TK 711 - other income: Interest from rental contract (if any).

B. example illustrates the accounting for the lease of fixed assets: Enterprise B financial leasing a line machinery with the following information:

• Raw property price: 2 billion.
• Accumulated depreciation: 1.5 billion.
• Residual value: 500 million.
• Total value of contracts: 800 million (including interest).

Pen payments when recorded contract:

• Debt TK 138: 800 million.
• Have TK 211: 500 million (residual value).
• Have TK 711: 300 million (interest from the contract).

When get the payment first 100 million:

• Debt TK 111/112: 100 million.
• Have TK 138: 100 million.

3. Legal regulations related to the accounting for lease fixed assets

3.1. Base legal in Vietnam

Businesses need to adhere to the text of the legislation below:

• Circular no. 200/2014/TT-BTC: manual mode, business accounting, regulations clarify the accounting of revenue, expenses, depreciation of fixed assets.
• Circular 45/2013/TT-BTC: guidance on the management, use and depreciation of fixed assets, including the provisions on rental property.
• The VAT law: Regulation of value added tax payable from operating lease assets.

3.2. The note on tax when accounting for lease fixed assets 

• VAT: revenue from operating lease of fixed assets taxable value increase. Rate the tax rate is usually 10%.
• Corporate INCOME tax: profit from leasing property was recorded on the income subject to corporate income tax.
• Depreciation fixed assets: In the case of rental property activities, the lessor still be depreciation of fixed assets according to the regulations.

4. Optimization solution accounting for lease fixed assets

Sử dụng phần mềm AccNet Asset giúp doanh nghiệp tự động hóa toàn bộ quy trình hạch toán cho thuê tài sản cố định, từ việc ghi nhận doanh thu, chi phí, đến quản lý hợp đồng. Những tính năng nổi bật bao gồm:

• Automatically record and store the entire set of transactions arising in the process of renting.
• Track details the terms in the contract, the rent period, revenues periodically, the related costs.

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• Manage the entire property information
• Supports calculate asset depreciation accurate
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