Accounting salary is the process recorded handle the payments for workers in business, including basic salary, allowances, bonuses, insurance and personal income tax. This is an important part in human resource management & accounting helps the business to ensure the accuracy of pay, comply with the law optimize personnel costs.
This article Lac Viet Computing will provide information about accounting salary overview about the process, methods, practical benefits when performed accounting for expenses salaries accurate. Understanding the correct application of accounting will help businesses improve the efficiency of management personnel to reduce errors, risk, legal risk.
1. Accounting salary what is?
Accounting salary is the process documented handle the payments for employees in business. This process includes the calculation of the account to the basic salary, allowances, bonuses, social insurance, medical insurance, unemployment insurance and personal income tax.
Accounting payroll costs not only help the business to ensure the accuracy of pay but also the grounds for the establishment financial statementsit is next to perform the obligations tax.
Illustrative example: suppose an employee whose basic salary is 10 million, lunch allowances and 500,000 bonus productivity 1 million. Deductions from wages, including social insurance (8%), health insurance (1,5%), unemployment insurance (1%), personal income tax (under the progressive). Payroll accounting will help determine the amount of money actually received by the employee and the amount of money a business must pay for the insurance premiums tax.
Accounting salary plays an important role in:
- Ensure accuracy in payroll spending to Help businesses pay the right enough for workers, avoid to cause loss of confidence led to complaints.
- Compliance with tax obligations, insurance: accounting salary and deductions from salary to help businesses identify the right deductions from wages ensure compliance with laws and regulations, taxes, insurance.
- Management personnel budget efficiency: Help business expense tracking personnel from which to make decisions about recruitment, training, remuneration reasonable.
2. Process accounting salary and deductions from salary professional standard
Step 1. Collect attendance data and contract labor
The first step in the accounting salaries are collected attendance data, contract labor. This data is the basis for payroll accuracy, avoid errors and complaints from employees.
- Importance: If the timesheet data is missing or incorrect, the wages actually received by the employee will be false, leading to loss of faith and can arise labor disputes. At the same time, flaws also affect deductions from wages as social insurance, health insurance or individual income tax rise to legal risks.
- Illustrative example: An employee working 24 days in the month, but attendance data recorder teen 2 days. If salary based on data not updated, the business will pay shortages and have to adjust additional, time-consuming and affect credibility.
The business can use software attendance management integrated with the system of accounting salaries to reduce errors while saving time data processing.
Step 2 Determine deductions from wages
After the data accurate timekeeping, the next step is to determine deductions from wages. This is the business required to pay in accordance with laws, at the same time directly affects the amount of wages actually received by the employee.
The deductions include:
- Social insurance (SOCIAL insurance): the Extract at a ratio of 8% of basic salary (due to workers close).
- Health insurance (health INSURANCE): Extract 1.5% of the basic salary.
- Unemployment insurance (UI): Deduct 1% of the basic salary.
- Personal income tax (PIT): Charged according to the progressive each section.
Determine the correct deductions to help businesses comply with the law, avoid risk inspections or violations. At the same time, help business budgeting, personnel more accurate.
Step 3 Calculate the salary actually received, tabulated wage
The next step is to calculate the salary actually received by the employee, i.e. the amount of money they received after deducting deductions from wages, personal income tax.
How to calculate basic: food get = basic Salary + allowance + Bonus – (SI + health INSURANCE + UI + PIT)
Illustrative example: An employee whose basic salary of 10 million, allowance 500,000 bonus 1 million, deductions from wages total 1,35 million, then:
Food get = 10.000.000 + 500.000 + 1.000.000 – 1.350.000 = 10.150.000 copper
The establishment payroll clarity, transparency helps employees trust increase satisfaction, while reducing labor disputes and audits after this.
Step 4 accounting to bookkeeping
Finally, the account of wages, deductions from wages need accounting to bookkeeping to ensure compliance with accounting standards legislation.
Pen basic math:
- Debit wage costs of the business.
- Credited to the accounts payable employee, deductions filed under payroll (SOCIAL insurance, health INSURANCE, personal income tax).
Illustrative examples: Business pay monthly salary 8 for staff:
- Debt TK wage Costs 12.000.000 dong
- Have TK To pay employees 10.150.000 dong
- Have TK To pay SOCIAL insurance, health INSURANCE 1.350.000 dong
Accounting accurate business reports, financial transparency, avoid errors when the audit, at the same time ensuring legal and effective hr management.
3. Guide to accounting for deductions from wages each account
In the accounting of wages, deductions from wages are the business account required to submit in accordance with the law, at the same time directly affects the amount of wages actually received by the employee. The accounting accurate the account will not only help businesses comply with labor laws, the tax but also optimal personnel budget increase transparency with employees.
3.1 Deduct SOCIAL insurance, health INSURANCE
Includes:
- SOCIAL insurance (social insurance), health INSURANCE (health insurance), UNEMPLOYMENT insurance (unemployment insurance) is the account mandatory that businesses, workers must close.
- This is a part of accounting salaries and deductions from wages.
How to calculate accounting:
- SOCIAL insurance: 8% of the basic salary of workers close up of 17.5% of the business (depending on industry).
- Health INSURANCE: 1.5% of the basic salary of workers, close up 3% due to business closure.
- UNEMPLOYMENT insurance: 1% of the basic salary of workers close, 1% of the business.
Illustrative example: Employees have a basic salary of 10 million:
- SOCIAL insurance: employee 800,000 businesses 1.750.000 dong
- Health INSURANCE: employee 150,000 businesses 300,000
- UNEMPLOYMENT insurance: employee 100,000 businesses 100,000
Properly account for deductions to help businesses avoid fines violation of the law, time management, budgets, insurance effective. This also helps employees peace of mind because rights are guaranteed.
3.2 the personal income Tax (PIT)
PIT is a tax that workers pay based on taxable income includes salary, bonus, allowances are taxable.
Distance calculator:
- Charged according to the progressive part, with the different income levels will apply the tax rate is different.
- Minus the deductions as circumstance and compulsory insurance.
Illustrative example: employee has taxable income 15 million vnd/month: after, except insurance and circumstance, the rest charged according to the progressive tax 5%-35%.
Properly accounted PIT helps to avoid risks, inspection and construction working environment, transparent, reliable. At the same time, ensure accounting staff salaries accurate, thereby improving the satisfaction of employee engagement.
3.3 allowances and bonuses
Bonus is the additional terms in addition to basic pay, which may include: allowance, lunch allowance gasoline car, bonus, productivity bonus holiday/new year.
How accounting:
- Identify account any taxable account does not taxable according to the regulations.
- Clearly recorded in payroll, bookkeeping.
For example: allowance gasoline 500,000/year bonus, productivity 2 million. The total amount of this was recorded in wage costs, business and rewards taxable to charge into the PIT.
Accounting the correct allowances, bonus help:
- Management, cost transparency, avoid inflation cost or confusion.
- Enhance motivation and satisfaction of employees, contributing to reduce the rate of the holiday.
4. Common problems when accounting for expenses wages and deductions from wages
4.1. Errors in the data timekeeping
Cause: errors in the attendance data can be due to employees not forget timekeeping, attendance system does not sync or input the incorrect hands.
Consequences:
- Salary calculator is not accurate, resulting in employees get salary wrong.
- Affect deductions from wages as social insurance, health insurance, unemployment insurance, individual income tax.
- Cause loss of confidence and complaints from employees.
Solution:
- Use timekeeping software automatically integrated with the payroll system to minimize errors.
- Training employees about the process timesheets, check the data regularly.
- Set the approval process attendance data before payroll.
4.2. Confused in determining the deductions from wages
Causes:
- Not timely updates of changes to the social insurance, medical insurance, unemployment insurance, individual income tax.
- Confused in determining the applicable objects of the extract different.
Consequences:
- Businesses can be fined for non-compliance with legal regulations.
- Employees may be missing benefits or have to pay the tax is not properly level.
Solution:
- Frequent updates, the legal provisions on insurance and tax.
- Use management software, payroll automatic updates of the quotes according to the latest salary.
- Training accounting staff about the rules relating to deductions from wages.
5. Lac Viet SureHCS HRM – support System of accounting salaries effective
Management salaries and deductions from wages is one of the professional complex to errors if done manually. In particular, with the organizations and enterprises are to find out information about accounting, salary, applying system personnel management support is a practical solution to increase the accuracy, transparency, efficiency in management, hr and accounting.
LV SureHCS HRM is solution human resources management the whole interface is designed to support enterprise organizations in the salary management, timesheet, allowances, bonuses, deductions from wages correctly efficiently. The software integrates full features, from payroll automatically, accounting and payroll costs, set up payroll, to prepare financial reports in accordance with the law, including circular 200.
With LV SureHCS HRMbusinesses can:
- Automatic salary calculation and accounting of wages: the System automatically aggregates the data and attendance, labor contracts, allowances, bonuses to calculate the salary actually received by each employee.
- Accounting of the cost of wages, deductions from wages: includes SOCIAL insurance, health INSURANCE, personal income tax, to help businesses comply with the law.
- Financial reporting quickly: the System generates periodic reports of salaries, personnel costs, deductions filed under payroll, accounting support and leadership decisions.
- Accounting for expenses paid by the circular 200: automatically apply the principles of account, wage, ensure compliance with regulations current accounting.
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Accounting payroll is a core business in human resource management, accounting and business. When done correctly, the business not only ensure the rights of employees, compliance with the law on tax insurance, but also to optimize costs, improve the efficiency of personnel management.
Using the software LV SureHCS HRM helps the business organizations to automate the process of accounting of wages, deductions from wages reduce errors, save time and improve transparency in pay.
