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Companies To Start Using Electronic Funds Accounts

15.09.2011

This opportunity is provided for in Federal Law # 161 from June 27, 2011. The Law will come into force on September 29, 2011, with the exception of particular provisions. However, companies will be able to make payments only to individual persons who hold personal electronic funds accounts, such as the company’s employees or customers due for reimbursement for goods or services. Electronic funds accounts are not to be used for payments to contractors or tax payments.

Companies will be able to conduct an unlimited number of electronic funds transactions per day. However, it is important to remember that at the end of the operator’s work day, the corporate electronic funds account must contain at least 100 000 rubles. Moreover, companies will be able to choose payment operators from non-banking credit organizations that are allowed to transfer funds without bank accounts. However, companies will be able to present funds to electronic funds operators only by using their bank accounts. Cash installments are not allowed. The remainder of electronic funds may be returned only to the bank account of the company or of an individual entrepreneur.

It is important to notice that companies will be able to participate in electronic funds transaction, for the most part, only as receiving parties. According to the law, companies may act as payers of electronic funds only in transactions to authorized individuals. This is stated in Article 7 paragraph 9 of the Federal Law # 161.

Opening and closing virtual accounts must be reported to applicable inspections of the Federal Tax Service. Tax authorities may also charge electronic accounts with outstanding debt amounts if a company’s bank account does not have sufficient funds. This is according to new Paragraph 6.1 of the Article 46 of the Tax Code. The accounting of electronic funds has not been regulated yet. Account 51 “Bank Accounts,” obviously, may not be used. It seems reasonable to use a separate sub-account for Account 55 for these funds. However, this contradicts the literal description of Account 55. A company may record electronic funds transactions through entries in Account 76. The selected procedure must be stated in a company’s accounting policy.

Starting September 29, 2011 companies will be able to open corporate electronic funds accounts in banks and non-banking organizations allowed to perform transactions without bank accounts. Companies will be allowed to transfer electronic funds to individuals, i.e. company’s employees, who have personal electronic funds accounts.




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