Accounting for payroll and salary deductions at tan an investment construction trading and material production joint stock company

UNIVERSITY OF ECONOMIC AND LAWS FACULTY OF ACCOUNTING AND AUDITING   INTERNSHIP REPORT ACCOUNTING FOR PAYROLL AND SALARY DEDUCTIONS AT TAN AN INVESTMENT CONSTRUCTION - TRADING AND MA

UNIVERSITY OF ECONOMIC AND LAWS FACULTY OF ACCOUNTING AND AUDITING

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INTERNSHIP REPORT

ACCOUNTING FOR PAYROLL AND SALARY DEDUCTIONS AT TAN AN INVESTMENT CONSTRUCTION - TRADING AND MATERIAL PRODUCTION JOINT STOCK COMPANY

ADVISOR : Assoc Prof.PhD PHAN DUC DUNG

STUDENT NAME : HOANG THI LE REGISTRATION NUMBER: K174050609 CLASS :K17405CA

HO CHI MINH CITY

Advisor in university : Assoc Prof.PhD Phan Duc Dung

Internship place : Tan An investment construction – trading and material production joint stock company

Address : Building A04 (1st floor ), Apartment 26 Nguyen Thuong Hien, Go Vap District, Ho Chi Minh City

Internship department : Accounting department

Advisor in company : Nguyen Thi Sen

Internship position: Trainee accountant

Internship time : From 15thDecember 2020 to 15th February 2021

Content of internship diary :

Numerical

order

Week Internship content Students' assessment of the

internship's results

and get acquainted with the accounting department's brothers and sisters

Come to the company to meet the departments to learn about the company: type of Enterprise, lines

of business…

Study the accounting apparatus's organizational structure and functions and duties of accounting, and accounting policy…

- Understanding of the internship unit and working environment

- Review professional knowledge learned at school and applied to practical work

following accounting practices:

Learn and write reports on

material accounting, accounting for short-term loans, accounting for payables to employees, accounting for administrative management costs

accounting practices

accounts, and accounting records

Salary regulations and methods and salary deductions

Learn methods and salary deductions

payroll, and salary deductions for employees

The practice of payroll

accounting module Talk to company staff to learn about vouchers, accounts, accounting books used for this account Learn about categories Materials used by the business How to classify the materials in the company

How to classify the materials in the company.6

importing and exporting materials

Enter the details of the book in the form, export the data Learn how

to record, respond to accounting services

Accompany the company staff to the site to see the actual process of importing and exporting

construction materials Draw the accounting flowchart of importing and exporting raw materials Write a report

Find out the data source for the internship report writing process

accounting module Talk to company staff to find out about vouchers, accounts, accounting books used for this account

Learn about short-term loan accounting module

Learn how short-term loan bookkeeping, presentation, and accounting flow are

for short-term loans

Understanding the accounting process for short-term loans

NHẬN XÉT CỦA ĐƠN VỊ THỰC TẬP

 

Họ và tên SV thực tập : Hoàng Thị Lệ

Đã thực tập tại Phòng : Kế toán

Từ thời gian : từ ngày 15/12/2020 đến ngày 15/02/2021

Nhận xét chung :

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……… ………… , ngày 15 tháng 02 năm 2021 Xác nhận của đơn vị thực tập

(Ký và ghi rõ họ tên)

Ghi chú : Có thể đóng dấu treo ở góc bên trái

FIGURES

Figures 1 : Timesheets

Figures 2 : Timesheets

Figures 3 : Timesheets

Figures 4 : Recording vouchers

Figures 5 : List of payment vouchers

Figures 6 : Table paywages

Figures 7 : Payment

Figures 8 : Payment

Figures 9 :List of employees paying for social insurance, health insurance and unemployment insurance in December

Figures 10 : Tables paywages

Figures 11 :Summary sheet of insurance receipts

Figures 12 : Receipts

Figures 13 : Payment order

ABBREVIATIONS

ICTMP : investment construction – trading material production

TABLE OF CONTENT

INTERNSHIP DIARY 1

NHẬN XÉT CỦA ĐƠN VỊ THỰC TẬP 5

FIGURES 6

ABBREVIATIONS 7

TABLE OF CONTENT 8

INTRODUCE 10

PART 1 - A BRIEF DESCRIPTION OF THE COMPANY 12

1.1 General introduction about Tan An investment construction – trading and material poduction joint stock company 12

1.1.1 Name of company 12

1.1.2 Director/Chief accounting of company 12

1.1.3 Address of company 12

1.1.4 Legal grounds 12

1.1.5 Type of company 12

1.1.6 Functions and duties of the business 12

1.1.7 History and development of the business through periods 12

1.2 Organization of accountancy of Tan An investment construction – trading and material production joint stock company 15

1.2.1 Organization of accountancy of company 15

1.2.2 1.2.2 Accounting methods : Vouchers 16

1.2.3 Accounting regimes and applicable accounting policies at company 17

PART 2 : ACCOUNTING FOR PAYROLL AND SALARY DEDUCTIONS AT TAN AN INVESTMENT CONSTRUCTION – TRADING MATERIAL PRODUCTION JOINT STOCK COMPANY 18

2.1 The company's labor characteristics 18

2.2 Salary regime and salary form at the company 18

2.2.1 Salary regime 18

2.2.2 Salary calculation method 18

2.2.3 Way of payment 19

2.3 Accounting for payroll and salary deductions at company 19

2.3.1 Payroll accounting 19

2.3.1.1 Vouchers, books, and voucher rotation order 19

2.3.2.1 Vouchers, books, and voucher rotation order 25

2.3.2.2 User account 26

PART 3- COMMENTS AND RECOMMENDATION 30

3.1 Comments 30

CONCLUSION 33

REFERENCE 35

PRIZE TICKET OF INSTRUCTORS 35

INTRODUCE

The reason for choosing the topic

The production of material wealth is the basis of the existence and development of human society To carry out production there are 3 factors: Labor, land, capital, missing one of these 3 factors the production process will not take place Considering the importance level, human labor plays an important role, is the basic element of the production process, the element of means of production is important, but if there is no association with the labor force Of humans, the means of production are not effective, salary is both the driving force to motivate people in production and business as well as the cost constituting the cost of products, tools, and services Salary is an important lever to improve production and business efficiency to increase labor productivity, motivate employees in each enterprise to actively participate in labor, increase personal income for the family

Research purposes

When conducting production activities, the problem is for business managers to spend how much salary, how to use labor, to bring more efficiency and usefulness in the production process, from there set out the production plan for the next period This is why accounting for wages and deductions in business is so important Recognizing the importance of salary accounting and salary deductions, during the internship at Tan An ICTMP, I studied in-depth and studied the theory of the money accounting company Salary and salary deductions at Tan

An ICTMP Along with the knowledge learned at the school, I boldly researched the topic:

“Salary accounting and salary deductions at Tan An ICTMP ”

During my studies at the University of Economics - Law, and internship at Tan An ICTMP, I have improved my understanding of salary accounting and salary deductions in business Business, production, and know-how to apply the learned theories in practical application Since then I have realized the existing advantages and disadvantages of the company, so I boldly made recommendations to improve the salary accounting and salary deductions at Tan

AN ICTMP Company

Report structure

The main content of the topic consists of 3 parts:

- Part 1: Overview of Tan An ICTMP Company

- Part 2: Accounting status of salary and salary deductions at Tan An ICTMP Joint Stock Company

- Part 3: Some accounting ideas for salary and salary deductions at Tan An ICTMP Joint Stock Company

In order to make this report, during the internship, with the wholehearted support of Assoc Prof.PhD Phan Duc Dung ,Tan An ICTMP Joint Stock Company and the accounting department, I have helped me to improve theoretically as well as understand practical situation

I would like to express my gratitude to the teachers and the aunts, uncles, sisters in the company in general and the accounting department in particular for their dedicated help and facilitation for me to complete this topic

Thank you sincerely!

PART 1 - A BRIEF DESCRIPTION OF THE COMPANY

1.1 General introduction about Tan An investment construction – trading and

material poduction joint stock company

1.1.1 Name of company

Tan An investment construction – trading and material poduction joint stock company

1.1.2 Director/Chief accounting of company

Director : Ngo Quoc Hung

Business license: the company was granted a registration license number

1100865834 dated November 4, 2008 Issued by Ho Chi Minh City authority The official date of operation was November 4, 2008

1.1.5 Type of company

Type of business : Joint - stock company

1.1.6 Functions and duties of the business

Civil engineering construction, constructing works, roads, railways, water supply systems, and drainage, processing, and manufacturing; mining; industrial projects, electrical projects

- Demolition, site preparation, completion of construction works Other specialized construction activities

- Transportation, maintenance and repair, machinery and equipment rental

1.1.7 History and development of the business through periods

Company Tan An was established in 2008, after 13 years o f construction and development, the company quickly approached and gradually affirmed its position as a contractor with high expertise in the field of construction

With the spirit and efforts of the collective company, with the "top quality of the work" criterion, the company's reputation is increasingly improved, is trusted, and created all conditions to help

Thanks to that continuous effort, the annual output and revenue value of the company is always stable and growing.At the same time, Tan An Investment Construction - Trading and Material Production Joint Stock Company was recognized by the Construction Department of Long An province with the certificate of construction capacity number LOA-000013324:

Organize the construction of civil engineering, industry, irrigation, traffic class II

Organizing construction supervision of class III traffic works

Management organizational structure of Tan An investment construction – trading and material production joint stock company

Organization chart of the company

Diagram 1 Management organization structure of company

General Meeting of Shareholders

department

Notes :

Leardership and command relationship

Peer ralationship

1.1.8 Functions and duties of each department

company, including all shareholders with voting rights

the organization to implement the accounting of the business management plan of the company

appropriate business measures and methods

scope of management

 Planing and Engineering department

company to report to superior authorities when required

plans, techniques in the company such as documents, circulars, new policy regimes

to apply changed or newly issued standards, regulations

- Plan, monitor, check and report on the production and business performance of the enterprise on a monthly, quarterly, annual basis, and ad hoc basis at the request of the company's leaders

- The department directly assists in the management of the leaders, through specific tasks such as developing programs, work plans, weeks, months, quarters

Contruction teams

contract assigned by the company, participating in the pre-acceptance test of the implementation

helping shareholders to control corporate governance and management

rhythmic and synchronized among departments The departments all have a close support relationship That is the factor that helps the company succeed and increasingly prosper

1.2 Organization of accountancy of Tan An investment construction – trading and material production joint stock company

1.2.1 Organization of accountancy of company

Diagram 2 The organizational chart of the company's accounting apparatus

- Responsible for all activities of the accounting department

- Organize and direct the accounting work, accounting information statistics

Chief accountant

Warehouse, assets,

tools, tax accounting

Bank, cash, revenue,debt accounting

Paymaster accouting,cashier

- The Chief Accountant has the right to assign and direct the accounting members in the company

documents

- Organize an inventory of materials, tools, and assets

implementation of state policies

 Warehouse, assets, tools, tax accounting

- Manage and track all import, export, inventory invoices, import-export bills and books, delivery records

- Management of corporate supplies, the value of assets Network, Cable Track invoices for input and output vouchers for tax declaration

 Bank, cash, revenue accounting

- Check and compare the original documents: collection order, money transfer check with bank documents

- Manage receipts, payments, collect, process, check and reflect the company's revenues

 Paymaster accounting

- Salary calculation and deduction of salary, labor cost allocation by each employer; Monitoring the payment of salaries, bonuses, allowances, and allowances to employees

- Make reports on labor, salary, salary deductions, periodically analyze the labor situation, the management situation, and the salary fund expenditure

 Cashier

- Revenue, expenditure, checking the situation of fund balance

- Monthly salary payment for employees, advance payments

1.2.2 1.2.2 Accounting methods : Vouchers

- Applied accounting regime: applies Circular No 200/2014 / TT –BTC

- Annual accounting period: from January 1 to December 31 of that year

- Accounting currency: Vietnam Dong

Accounting voucher

vouchers of the same type

Subsidiary Ledger

Account balance

FINANCIAL STATEMENT

- Applied accounting methods and principles:

- VAT calculation method: according to the deduction method

- Inventory accounting by the method: First in, first out

- Principles and methods of converting other currencies into Vietnam: according

to the exchange rate announced by the bank at the time of occurrence (using the actual exchange rate)

PART 2 : ACCOUNTING FOR PAYROLL AND SALARY DEDUCTIONS AT TAN AN

INVESTMENT CONSTRUCTION – TRADING MATERIAL PRODUCTION JOINT

STOCK COMPANY

2.1 The company's labor characteristics

According to the company's charter regulations on employees of the company The company has the right to recruit, hire and use employees according to the production and business requirements and is obliged to ensure the rights and interests of employees according to the provisions of law and internal management regulations; Implement social insurance, health insurance, unemployment insurance and other insurance regimes for employees in accordance with the law

Employee structure at the company:

- At the office: 4 people, 50% of women: 2, 50% of men, 2

- At the construction site: 7 people, with the female: 1 person accounting for 14.29%, with a male: 6 people accounting for 85.71% and outsourced workers, the number corresponding to the construction work scale

2.2 Salary regime and salary form at the company

2.2.1 Salary regime

In 2018, the company applies Decree No 141/2017 / ND-CP dated December 7,

2017, of the Government on the regulation of the minimum regional salary of 3,980,000 VND / month, the minimum wage with training is 4,288,600 VND / month

From January 1, 2019, the company applies the Government's Decree No 157/2018 / ND -CP dated November 16, 2018 on the regulation of the minimum regional salary of VND 4,180,000 / month, the salary the minimum having been trained is 4,472,600 VND / month

2.2.2 Salary calculation method

Daily salary: Is the salary deducted for the employee according to the daily

salary and the actual number of working days in the month:

Monthly wage: is the salary paid to the employee by the month, the salary is

calculated by the time is 1 month

Monthly wage = Total income / standard labor day of month X actual working

days

2.2.3 Way of payment

Every month, the administrative office synthesizes the salary payable in the period by subjects Pay once a month on the 9th of each month and by bank transfer or advance as needed Salary management of employees is carefully monitored in the order of the first and last names of each employee, position, and department

2.3 Accounting for payroll and salary deductions at company

 The accountant evaluates timesheets and prepares payrolls

 The accountant gives the salary payment sheet to the chief accountant for approval

 After that, the chief accountant will be transferred to the payroll director for approval

 The salary payment sheet will be transferred to the accountant for entry, detailed accounting books on the Credit side (334,338)

 Accountants calculate the number of health insurance, social insurance, accident insurance, and personal income tax to be deducted from employees

 Periodically, the accountant makes a receipt of deductions according to the employee's salary to synchronize

 The chief accountant prepares a payment order

 Then the accountant transfers the payment order form to the director and chief accountant for approval

 The accountant receives back the payment order and sends it to the Bank

to pay deductions according to the employee's salary

2.3.2 User account

Account 334 - payables to employees: records of payables and payments to

employees in terms of salaries, wages, bonuses, social insurance and other accrued amounts the income of employees

Debit : Wages, wages, bonuses, social insurance, and other funds paid, advanced

to the employee; deductions from salaries and wages of employees

Credit: Salaries, wages, bonuses, and other amounts payable to employees

Account 623 - the cost of using construction machines (specifically 6231 -

labor cost) is used to reflect main salary, supplementary salary, salary

allowances payable to the workers directly driving construction vehicles and machines construction machinery and accessories such as transporting, supplying fuel, materials for construction vehicles and machines

Account 642 - administrative expenses (6421- costs of managerial staff)

Used to reflect payables to employees of corporate management staff, such as salaries, allowances, insurance Social, health insurance, union funding, unemployment insurance of the BOARD OF DIRECTORS, office managers, corporate departments

2.3.3 The economic operations arising

Operation 1: On December 31, 2020, the accountant recorded that the salary

payable to employees at the office was 50,000,000 VND and that the salary paid

to the car rental staff outside was 173,491,000 VND

Credit : 173,491,000

Credit : 54,568,000

Credit 50,000,000

Debit 334 : 277,959,000