Three Seas Economic Journal 88 Vol. 4 No. 1, 2023 1 Vasyl’ Stus Donetsk National University, Ukraine (corresponding author) E-mail: victor_tomchuk@ukr.net ORCID: https://orcid.org/0000-0001-8575-4618 This is an Open Access article, distributed under the terms of the Creative Commons Attribution CC BY 4.0 DOI: https://doi.org/10.30525/2661-5150/2023-1-10 WAYS TO IMPROVE THE ACCOUNTING OF SET TLEMENT TRANSACTIONS Viktor Tomchuk1 Abstract. The purpose of the article is to consider the method of accounting for settlements with debtors and creditors and to determine directions for its improvement. Methodology. The theoretical and methodological basis of the study is a systematic approach to the study of practical accounting tools for settlement transactions. In the process of research and systematization of the obtained results, general scientific and special methods were used: abstract-theoretical, historical, dialectical, induction and deduction, analysis and synthesis, formalization and comparison. Results. It has been proven that the quality of accounting organization is important today, as it contributes to the organization of information, transparency and reliability of data on transactions with debtors and creditors, and also provides minimum guarantees of reality, completeness and legality of the given information on calculations for users of financial statements. Timeliness of payments is important for both the debtor and the creditor, and its provision depends to a large extent on the correct organization of accounting and day-to-day control. The availability of information on the amount of bad and overdue debts in the financial statements of economic entities would allow both internal and external users to make effective management decisions, which is extremely important in the context of European integration of the domestic economy. Practical implications. It is proposed to make an improvement that will unite all information about receivables and payables, make it integral and allow users, in particular the head of the enterprise, to receive complete information about the state of indebtedness to debtors and creditors for received goods and services, provided works. The analytical accounting statement of the extended balance to account 63 "Settlements with suppliers and contractors" will help in practical activities to prevent errors in the presentation of information in financial statements, and management personnel to make operational management decisions. It is possible to solve the problems of the company's accounts payable accounting by improving the procedure of applying individual elements of the accounting method on the basis of identifying systemic connections between them. The information from the above analytical accounts to account 66 "Settlements for Employee Benefits" will allow management to track salary trends not only by employee groups but also by type of benefit. For the rational organization of accounting of accounts payable at enterprises, it is suggested to use a special analytical table, which will highlight the debt in the section of each supplier according to contracts, the terms of debt repayment according to the schedule and actually. This document must reflect all transactions the company has made with a particular supplier during the year (receipt of goods and services for a particular delivery; receipt of a subscription for a particular delivery; payment of arrears for a previously received delivery). Value/originality. The above-mentioned possibilities will contribute to the improvement of the organization and accounting of the accounts, to the reduction of receivables and payables, and to the strengthening of the financial position of the company. Key words: accounting, calculations, accounts receivable, accounts payable, improvement, the concept of accounting. JEL Classification: М40, М41, М49 Three Seas Economic Journal 89 Vol. 4 No. 1, 2023 1. Introduction Depending on the type of activity and its size, settlements between business partners occupy an important place in the balance sheet of a company. Cyclical development of the economy with periodic recessions and crises in the conditions of martial law leads to deterioration of the state of settlements between business entities. Bankruptcy of enterprises causes an increase in the level of indebtedness. Therefore, the quality organization of accounting, analysis and control is important today, as it contributes to the organization of information, transparency and reliability of data on transactions with debtors and creditors, and also provides minimum guarantees of reality, completeness and legality of the given information on calculations for users of financial statements. In this case, business entities act as suppliers for some and as purchasers for others. At all stages of the historical development of accounting, it developed as a dynamic process (making a payment before, simultaneously or after the receipt of goods, works and services) and, on the other hand, as a static state, i.e., a debt between the subjects of accounting. Since the beginning of the 21st century, the century of the development of the information society, the problem of the crisis of confidence in accounting has taken a leading place not only in Ukraine, but also in the world. This is due to the bad credit that constantly occurs in large companies and enterprises. In a crisis situation, the main tasks of accounting for settlement transactions are: compliance with the established rules of settlement relations; timely documentation of settlement transactions: timely and accurate analytical and synthetic accounting of settlements. Thus, summarizing the above, it is necessary to emphasize the need to improve all accounting components for a more correct reflection at the current stage of historical accounting of calculations in the enterprise management system. 2. Improvement of accounts receivable The formation of reliable information on the accounting and payment operations of the enterprise can be ensured only by effectively organized accounting of transactions with debtors. Information related to settlements with customers and clients requires an appropriate system of information resources formation. S.V. Vizirenko and K.V. Ivanitskyi propose to subdivide the accounting accounts of settlements with counterparties into subaccounts and analytical accounts, which will be relevant when organizing the accounting of settlements with counterparties (Table 1). The authors believe that the implementation in practice of the proposed detailing of accounting for settlements with debtors will contribute to the formation of proper accounting and information support for making management decisions on the organization of accounting for settlements with debtors. For the organization of accounting of settlements with debtors, Z.M. Levchenko offers a system of complex combination of organiza- tional procedures and methods of accounting of receivables (Figure 1). The author emphasizes that a comprehensive system of accounting for settlements with debtors in the unity of methodological and organizational aspects will also allow to ensure timely and full repayment of other receivables. (Levchenko, 2017) Financial instruments such as factoring are most often used for receivables intended for sale. This requires a detailed consideration in the accounting of outsourcing, factoring of receivables through the use of financial instruments. Today, the assignment of rights to a monetary claim upon conclusion of a contract is reflected with the help of subaccount 377. This is a logical and methodologically correct step, but it causes a distortion of information, which negatively affects the quality of management decisions. To take into account outsourcing, O.V. Kostiunik, L.L. Turova and V.M. Kovtunenko suggest entering a separate subaccount of account 37 "Calculations from factoring" in the chart of accounts with details in analytical accounting. (Kostiunik, Turova, Kovtunenko, 2016) V.D. Popova and V.I. Kuz consider it expedient to provide for the practical use of the following analytical accounts for the purpose of rapid preparation with the least possible delay of data on receivables by maturity: 361/1 "Settlements with domestic buyers and customers (repayment term up to 10 days)"; 361/2 "Settlements with domestic buyers and customers (repayment Three Seas Economic Journal 90 Vol. 4 No. 1, 2023 Table 1 Suggested accounts for accounting of settlements with debtors Synthetic accounts Subaccounts Analytical accounts 1 2 3 36 "Settlements with buyers and customers" 361 "Settlements with domestic buyers" 361.1 "Current accounts receivable with domestic buyers" 361.2 "Long-term receivables with domestic buyers" 361.3 "Bad debts with domestic buyers" 362 "Settlements with foreign buyers" 362.1 "Current accounts receivable with foreign buyers" 362.2 "Long-term receivables with foreign buyers" 362.3 "Bad debts with foreign buyers" 365 "Settlements with domestic customers" 365.1 "Current accounts receivable with domestic customers" 365.2 "Long-term receivables with domestic customers" 365.3 "Bad debts with domestic customers" 366 "Settlements with foreign customers" 366.1 "Current accounts receivable with foreign customers" 366.2 "Long-term receivables with foreign customers" 366.3 "Bad debts with foreign customers" 37 "Settlements with various debtors" 371 "Settlements based on advances issued" 371.1 "Settlements in national currency with various debtors for issued advances" 371.2 "Settlements in foreign currency with various debtors for issued advances" 374 "Settlement of claims" 374.1 "Settlements in national currency with various debtors for claims" 374.2 "Settlements in foreign currency with various debtors for claims" 377 "Settlements with various debtors" 377.1 "Settlements in national currency with various debtors" 377.2 "Settlements in foreign currency with various debtors" Source: formed by the author on the basis of (Vizirenko, Ivanitskyi, 2020) Assessing and minimizing losses from the liquidation of receivables Integrated system for organizing settlements with debtors Methodical principles of accounting organization of settlements with debtors and receivables Organizational procedures for dealing with debtors and their accounting Classification of customer payment transactions Determination of settlement methods with counterparties Recognition of the company's counterparty as a debtor Organization of contractual relations The process of recognizing receivables, classifying them and accounting for them Organizing the documentation of settlements with debtors Valuation of receivables at recognition date and balance sheet date Organization of tax settlements Organization of the inventory of the state of settlements Use of financial instruments in settlements with debtors Organizing the repayment of receivables and managing claims Organization of receivables liquidation Figure 1. Integrated accounting system for settlements with debtors Source: formed by the author on the basis of (Levchenko, 2017) Three Seas Economic Journal 91 Vol. 4 No. 1, 2023 period from 10 days to 30 days)"; 361/3 "Settlements with domestic buyers and customers (repayment period from 30 days to 60 days)"; 361/4 "Settlements with domestic buyers and customers (repayment period from 60 days to 180 days)"; 361/5 "Settlements with domestic buyers and customers (repayment period from 180 days to 360 days)". The given set of analytical accounts is also acceptable for other subaccounts of the synthetic account 36 "Settlements with buyers and customers". (Popova, Kuz, 2020) According to V.D. Popova and V.I. Kuz, the application of the proposed system of analytical accounts for the accounting of receivables for goods, works, and services involves the following sequence of accounting operations: 1) display of recognized and estimated receivables on the corresponding analytical account, according to the repayment terms defined in the contractual relationships; 2) accounting control over the terms and completeness of the repayment of receivables; 3) in case of establishing the facts of untimely repayment, the transfer of such debt to the composition of doubtful with the execution of the corresponding entry in the accounting accounts; 4) provision of information on the occurrence of questionable debts to management staff in order to take measures for their collection; 5) preparation at the end of the reporting month, based on the data of the analytical accounts of the management report, to determine the potential amounts of monetization of receivables for the following reporting periods and assessment of solvency. (Popova, Kuz, 2020) 3. Improvement of the accounting of settlements with creditors in the conditions of the financial crisis The issue of accounts payable is relevant and problematic for most enterprises, which is connected with the existence of a crisis of non- payment. Today, many companies acutely felt the lack of their own financial resources, the need for credit funds, and accumulated significant amounts of accounts payable, which led to the deterioration of their financial condition. In the author's opinion, it is necessary to develop possible areas for improving the management of a company's accounts payable in order to avoid crisis situations and improve management in general. For generalization of information on the state of settlements with suppliers and contractors, in accordance with the principles of accounting and financial reporting, Yu.V. Podmeshalska and D.V. Kornienko offer the form Analytical accounting information of the extended balance to account 63 "Settlements with suppliers and contractors" (Table 2). Table 2 Analytical accounting statement of the unfolded balance to account 63 "Settlements with suppliers and contractors" Contents of the operation Indexes Display in accounting Expanded balance at the beginning of the period Extended balance after the transaction The value of the assets according to the invoice The actual value of the assets received Debt Credit Debt Credit Debt Credit 1 2 3 4 5 6 7 8 9 631 "Settlements with domestic suppliers" Deliveries in accordance with concluded contracts 100 Received materials 500 300 200 300 200 400 Received materials 800 800 800 200 1200 Deliveries in accordance with concluded agreements Received basic means 900 900 900 200 2100 Received materials 700 800 100 200 2200 Deliveries in accordance with orders Received materials 600 300 300 300 500 2500 Balance at the end of the period 500 2500 Source: formed by the author on the basis of (Podmeshalska, Kornienko, 2021) Three Seas Economic Journal 92 Vol. 4 No. 1, 2023 The proposed Analytical statement of accounting of the extended balance to account 63 "Settlements with suppliers and contractors" will help in practical activities to prevent errors in the presentation of information in financial statements, management personnel to make operational management decisions. O.O. Liubar notes that the work on improving the reporting system of the company with regard to the presentation of its liabilities should be carried out in a section of its individual types in order to determine the optimal level of detail of the items of such liabilities and the directions of their interpretation in the notes to the financial statements. Solving the problems of the company 's accounts payable accounting becomes possible by improving the procedure for applying individual elements of the accounting method on the basis of identifying systemic relationships between them (Table 3). The author emphasizes that the implemen- tation of the proposed recommendations will provide the necessary impetus and contribute to the growth of the quality of accounting infor- mation on the company 's settlements with its creditors. V.D. Popova and Y.I. Kolotylo draw attention to the inadmissibility of modern requirements of conducting economic processes and the current trends of management of settlements with personnel specified in the Plan of accounts of accounting of assets, capital, liabilities, and economic operations of enterprises and organizations sub-accounts to synthetic account 66 "Calculations for payments to employees". After all, the use of subaccount 662 "Settlements with depositors" is not relevant, taking into account the use of payment cards for payment of work. Therefore, first of all, it is necessary to make changes in the system of sub-accounts of the account under consideration (Popova, Kolotylo, 2019). Initially, for the management of the business entity, the information on the amount of accrued wages will be relevant in terms of structural subdivisions (centers of responsibility). In this regard, it is appropriate to propose the following subaccounts to account 66 "Calculations for payments to employees" (Figure 2). The authors believe that the information from the above analytical accounts will allow the management to monitor the trends of changes in the number of salaries not only in terms of groups of employees, but also in terms of types of payments. For example, an increase in the specific weight of incentive payments in the total amount of payments may signal the need to increase salaries or rates for operations performed by employees. (Popova, Kolotylo, 2019) K.T. Konovalova and A.S. Makarova draw attention to the fact that the use of account 63 "Settlements with suppliers and contractors" with the corresponding subaccounts (631 "Settlements with domestic suppliers", 632 "Settlements with foreign suppliers", 633 "Settlements with members of the industrial and financial group") does not allow to record accounts payable, as it limits the available information on the existing liabilities in relation to partner enterprises, suppliers. In order to improve this area, domestic scientists propose to deepen analytical accounting and introduce analytical accounting in subaccount 631 (Table 4). According to the authors, the use of analytical accounts allows the company 's management to more accurately analyze existing debts and plan their repayment in accordance with the company 's financial capabilities. The use of invoice data also provides an opportunity to get Table 3 Solving the problems of accounts payable accounting by improving the application of elements of his method Accounting method element Accounting problems Identification problem Assessment problems Problems of classification Balance The indicator of the number of liabilities on the balance sheet is the result of the identification and valuation of liabilities. Display of liability indicators in reporting requires their classification by maturity dates and types of civil legal relationships. Reporting The reporting forms contain indicators of commitments, in particular their amount by type. The application of the periodicity principle determines the valuation at the balance sheet date. Source: formed by the author on the basis of (Liubar, 2020) Three Seas Economic Journal 93 Vol. 4 No. 1, 2023 an idea of suppliers, concluded contracts, terms of payment. As an opportunity to improve the proposed division of analytical accounts, it is worth proposing to add a period to the account description, since each of the suppliers has different terms of payment for goods and services. For example, the analytical account 631/11 "Debt for goods with future payment" should be renamed and used to record the debt to be repaid in the next reporting month (within 30 days). Instead, analytical account 631/31 "Overdue debts for goods" should be used to analyze and record debts to suppliers within 30 days. Accordingly, if the company is large and has many different suppliers with different payment terms, the analytical accounts presented above can be even more detailed. The availability of such information will allow the company 's management to make effective decisions taking into account already existing and possible liabilities. (Konovalova, Makarova, 2018) For the rational organization of accounts payable accounting at enterprises, it is proposed to use a special analytical table that will highlight the debt in the context of each supplier in accordance with the contracts, the maturity of the debt according to the schedule and in fact. This document must reflect all the transactions that the company has carried out with a given supplier during the year (receipt of goods and services for a given delivery; receipt of a subscription for a given delivery; payment of arrears for a previously received delivery). According to T.V. Hilorme and Y.K. Shachanina, this approach will be quite effective for deepening the informativeness of management accounting on the state of settlements with suppliers. The document should contain the following information (Hilorme, Shacha- nina, 2018): – delivery of goods and material values (services); – conditions of sale of goods and material values (services), namely the form of the civil law Account 66 "Calculations for payments to employees" Subaccount 661 "Settlements for payments to workers" Subaccount 662 "Settlements for payments to managers" Subaccount 663 "Calculations for payments to employees of the sales department" Subaccount 664 "Settlements for payments to other employees" Figure 2. Proposed sub-accounts to account 66 "Calculations for payments to employees" Source: formed by the author on the basis of (Popova, Kolotylo, 2019) Table 4 Directions of expansion of analytical accounting of accounts payable № Account Interpretation 631 "Settlements with domestic suppliers" 1 631/11 Debt for goods with future payment 2 631/12 Debt for works and services with future payment 3 631/21 Debt for goods, deferred 4 631/22 Debt for works and services, deferred 5 631/31 Overdue debt for goods 6 631/32 Overdue arrears for works and services 632 "Settlements with foreign suppliers" 1 632/11 Debt for goods, works, services with foreign suppliers with future payment 2 632/21 Debt for goods, works, services with foreign suppliers, deferred 3 632/31 Overdue debts for goods, works and services with foreign suppliers Source: formed by the author on the basis of (Konovalova, Makarova, 2018) Three Seas Economic Journal 94 Vol. 4 No. 1, 2023 contract according to which the delivery is made, its number and the date of its conclusion; – subscription to the delivery of goods and services; – the actual debt for this delivery; – debts for previous deliveries; – causes of the debt; – the date and amount of the actual payment of the debt for a given delivery; – the unpaid balance and the existence of an overdue debt to a particular supplier; – other terms of settlements with suppliers and contractors; – measures taken to repay the debt. 4. The concept of accounting development Concept (from Latin сonceptio – perception, understanding; system) is a certain way of under- standing, interpretation of some phenomena, a basic view, a guiding idea for their illumi- nation; a single, defining idea, the leading idea of a project (literary or scientific work, system, etc.). Accounting concepts – basic theoretical principles of accounting and reporting. In the past, there were discussions about the existence of a theoretical basis for accounting, since accounting developed on the basis of practice. However, accountants have tried to create an accounting theory; although various theoretical concepts have been proposed, only a few have gained general acceptance. There are four main accounting concepts: 1) the ongoing concern concept, which is based on the assumption that the enterprise is valid until evidence to the contrary appears; therefore, the assets of the enterprise are not valued as the sum of ordinary shares and reserves; 2) the accrual basis of accounting, which requires that income and expenses be recognized when they are incurred rather than when they are received or paid; 3) consistency – requires that reporting for successive periods be based on the immutability of accounting policies; 4) the concept of prudence requires that accounting be conducted on a conservative basis, i.e., revenues should not be recorded before the money actually arrives, and losses should be recorded at the time when such losses are only anticipated. First of all, M.S. Pushkar emphasizes the need to develop the concept of accounting develop- ment at the state level, noting that it should be the basis of the basic accounting model of Ukraine. In particular, the scientist proposes to include in the concept such provisions as: characteristics of accounting information (types of accounting, quality characteristics of information, users); structure and content of the concept (definition of accounting as a system, paradigm of accounting, categories of accounting, methodological levels of construction, objects, subjects of accounting, accounting policy of the state); adoption of accounting conventions (historicity, periodicity, conservatism, measure- ments, etc.); elements of financial reporting; accounting procedures. The concept of the development of accounting should be based mainly on scientific regulations, and "not on practice, which has not yet made significant achievements". (Pushkar, 2022) N.M. Maliuha, defining the prospects for building a national accounting system adequate to new industrial and social relations, emphasizes the need to develop the concept of accounting development as a theoretical basis for institu- tional and reformed restructuring. The author considers the components of the Concept (Maliuha, 2005): – improvement of the national accounting system, which consists in adapting it to the requirements of the market economy, taking into account the state of the world financial markets; – updating the accounting regulatory framework by developing methodological guidelines for organization and reporting; – improvement of accounting methodology; – formation of the accounting profession through the establishment of the Institute of Professional Accountants of Ukraine; – professional development of accounting personnel. Due to the lack of a concept of accounting for settlement operations, it was proposed to organize the accounting for settlement operations according to the stages of the accounting process (differentiation of the organization of accounting for settlement operations, keeping records of settlement operations, and preparation of reports). In addition, it is proposed to divide the accounting of settlement operations into principles: 1) determined by the economic environment (economic unit, period, monetary unit); 2) shaped by the accounting environment (continuity); Three Seas Economic Journal 95 Vol. 4 No. 1, 2023 3) requirements (predominance of substance over form, accrual, sequence, completeness, evidentiality). The proposed concept of accounting for settlement operations is presented in Figure 3. With the help of the given concept ofaccoun- ting for settlement operations, accountants are provided with accounting information about: – general approaches to the organization and accounting of settlement operations; – management decisions related to accounting operations; – helping users of accounting information to understand the data contained in accounting statements. The expediency of distinguishing the accounting concept of settlement operations is determined by the economic environment and is explained by the three-dimensionality of the surrounding world: any object can be measured in space, time and energy. Therefore, the facts of economic life (FEL) should refer to a certain business entity – spatial identification; business transactions take place on a certain date, reporting is made for a clearly defined period (in terms of computerized accounting, it can be not only a month, quarter or year, but also a day, decade, week); temporal identification; in addition, all FEL must be measured in monetary terms (with the possible specification of characteristics using physical and labor metrics). The principles formed by the accounting environment are objective in nature, while the requirements are more subjective, and it is this group of principles that changes the most with changes in business conditions. The accounting concept of settlement operations should be based on a number of interrelated fundamental concepts developed within accounting theory. A.V. Hevchuk emphasizes the rules of its organization for accounting of settlement operations: – compliance with regulatory and legal acts in the field of accounting regulation of settlement operations; – dynamism of accounting of settlement operations, constant improvement of the accounting process, methodology and accounting techniques on the basis of computerization and optimization of the costs of keeping the accounting of settlement operations; – application of the principles of the system approach (adaptability, adequacy, integrity, structurality, interdependence of structure and environment, hierarchy, etc.) (Hevchuk, 2018). It is believed that these rules can be clarified taking into account the specifics of the business environment of a particular company and Organization of accounting for settlement transactions The concept of accounting for settlement transactions Accounting for settlement transactions Formed by the accounting environment Economic entity Time period Money counter Caused by the economic environment Reporting RequirementsSequence Completeness ProbabilityThe prevalence of substance over form Accrual Continuity Figure 3. The proposed concept of accounting for settlement transactions Source: formed by the author on the basis of (Maliuha, 2005) Three Seas Economic Journal 96 Vol. 4 No. 1, 2023 should be specified with a detailed explanation of the essence in the order on the accounting policy of the entity. 5. Conclusions Accuracy and timeliness of accounting operations is one of the most important indicators of the financial condition of the enterprise, which is of great importance for the organization of accounting, especially in conditions of full- scale war. A decrease in the level of accounting discipline leads to an increase in receivables, including overdue receivables. The main part of receivables consists of obligations to pay buyers and customers for delivered goods, finished products, works performed, and services rendered. It is very important for the company to prevent an unjustified increase in the number of receivables from customers and to avoid receivables with a high level of risk. Accounting transactions make up a significant part of the company 's total current assets, therefore incorrect accounting leads to significant distortion of the information reflected in the company 's reporting. Accounting of transactions with customers and suppliers is the most important part of accounting work, since the main part of the company 's income and cash receipts is formed at this stage. In this regard, there are a large number of unsolved problems related to the accounting of settlement operations for goods, works, services. The results of the conducted study of accounting transactions indicate the need to improve the methodical approach to their accounting and analysis as tools for improving the financial condition of the enterprise. The proposed accounts, sub-accounts and documents of analytical accounting of settlement transactions will help the enterprise in practical activities to prevent errors in the display of information in financial statements, management personnel to make operational management decisions. A noteworthy proposal regarding the concept of accounting for settlement operations, which will provide accountants with accounting information. Thus, the above proposals will contribute to the improvement of the organization of accounts and their accounting, to the reduction of receivables and payables, and to the strengthening of the financial position of the company. The prospect of further research in this direction is the development of measures to improve the analytical accounting system of the enterprise and a more detailed justification of the methods of managing both receivables and payables with the aim of bringing their volume, structure and quality characteristics to acceptable parameters for the effective functioning of the enterprise and maintaining it in good condition of solvency. References: Vizirenko, S., & Ivanitskyi, K. (2020). Organization of accounting of settlements with contractors. Investments: practice and experience, no. 23, рp. 58–63. Hilorme, T. V., & Shachanina, Yu. K. (2018). Improving the organization of accounting for accounts payable of enterprises in conditions of uncertainty. 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