Borrow: non-operating expenses

Loans: bank deposits

Accounting entry of VAT late fee:

I. At the time of submission, the specific accounting entries are as follows:

Borrow: Taxes payable-VAT payable (taxes)

Non-operating expenses (fines/late fees)

Loans: bank deposits

II. For transfer, the specific accounting entries are as follows:

Debit: adjustment of profit and loss in previous years (tax)

Loan: Taxes payable-VAT payable (taxes and fees)

Debit: profit distribution-undistributed profit

Credit: profit and loss adjustment of previous years (tax)

Non-operating expenses (fines/late fees)

Third, the late payment fee is to add a certain percentage of late payment fee to taxpayers who fail to pay taxes according to the tax deadline. It is a measure taken by the tax authorities to give economic sanctions to taxpayers who pay taxes overdue.

Fourth, it is characterized by:

1, applicable to the obligation of money payment.

2. The debtor fails to perform its obligations within the agreed time limit.

3, can be repeated, the specific performance is to charge by the day. In accordance with the relevant provisions of the tax law, the tax authorities will impose a certain percentage of fines on units and individuals that fail to pay taxes within the prescribed time limit. Mainly applicable to the tax field, but not limited to this. In other management fields that have the obligation to pay money, when the counterpart fails to fulfill its obligations, it can take late fees, such as environmental pollution fees. Late payment measures can not only avoid the damage to the national interests caused by the obligor's failure to perform his obligations, but also avoid the damage to the rights and interests caused by direct imposition on the counterpart, and can urge him to perform his obligations as soon as possible, so it can be used as an effective administrative means.

Five, enterprises should account for the occurrence and carry-over of non-operating expenses through the "non-operating expenses" subject. This course can carry out detailed accounting according to non-operating expenditure items.

Six, confirm the loss of inventory, extraordinary losses included in non-operating expenses, debit the "non-operating expenses" subjects, credit "pending property losses and overflow", "cash on hand" and other subjects. When the loss of non-current assets is confirmed for disposal, it shall be debited to the non-operating expenditure account and credited to the fixed assets clearing, intangible assets and raw materials account.

Seven, at the end of the period, the balance of the "non-operating expenses" should be transferred to the "profit this year" account, debit the "profit this year" account and credit the "non-operating expenses" account. There is no balance after this account is carried forward. Non-operating expenses reflect the expenses incurred by an enterprise that are not directly related to its business activities, including the loss of disposal of non-current assets, the loss of exchange of non-monetary assets, the loss of inventory, the expenditure of charitable donations, the loss of debt restructuring, and extraordinary losses. It is a very important indicator in enterprise finance.