UNIVERSITY OF ECONOMICS AND LAW FACULTY OF ACCOUNTING AND AUDITING GRADUATE THESIS PAYROLL ACCOUNTING AND PAYROLL DEDUCTION AT TIEN DAT WOOD TECHNOLOGY AND JOINT STOCK COMPANY ADVISOR : Nguyễn Hoàng Diệu Hiền STUDENT NAME : Võ Quang Huy REGISTRATION NUMBER :K174050604 CLASS : 405CA HCM CITY, 05/2021 LIST OF ACRONYMS……………………………………………………………….ii APPENDIX LIST……………………………………………………….……………iii LIST OF DIAGRAMS, IMAGES, TABLES…………………………. The urgency of the topic…………………………………………………………. Scope of the study…………………………………………………………………. Methodology of the study………………………………………………………….
The layout of the thesis……………………………………………………………2 Contents Chapter 1. History of Tien Dat furniture corporation………………………………………….1 Area of operations…………………………………………………………….3 Accounting department structure………………………………………………….1 Human resources accounting……………………………………….2 Accounting system policies……………………………………………………. Accounting for salary payable and payroll duduction in Tien Dat wood Technology Joint Stock Company………….2 Organization of accounting salary ……………………….1 Concept, meaning of salary, wages………………….2 Definition of salary deductions.3 The rate of salary deduction ……………………………………………….4 Function and value of payroll deductions………………………………….5 Factors affecting wage…………………………………………………….6 The salary system by level…………………………………………………15 2.7 Form of salary pay in the simple time…………………………………….8 Form of salary pay by the time of the bonus………………………………17 2.9 Form of payment by product………………………………………………18 2.3 Gross salary and net salary………………………………………………….5 Finalization in calculating personal income tax (PIT)……………….3 Personal income tax law in VietNam………………………………………22 2.6 Accounting of dedections in payroll of the employee ’leave of absence” (general accounting for account payable)………………………………………………………27 2.7 Complete salary system at Tien Dat wood Technology Joint Stock Company 2.1 Accounting of salaries, bonuses, allowances, salary deductions for indirect departments (office divisions)……………………………………….2 Accounting of salaries, bonuses, allowances, salary deductions for indirect departments ( workshop divisions).3 Accounting of salaries, bonuses, allowances, salary deductions for factory workers……………………………………………………………………………….4 Accounting of salaries, bonuses, allowances, salary deductions for indirect departments ( sales divisions)…………………………………………………………35 2.5 Calculating social insurance benefits for employees…….6 Accounting of salaries, bonuses, allowances, salary deductions for outsourced staffs…….……38 Chapter 3: Evaluation and recomendation.1 In terms of the accounting work ……………………….2 In terms of salary accounting and salary deductions……….44 LIST OF ACRONYMS 1. SI……………………………………………………………………………………………………Social insurance 2.
UI……………………………………………………………………………………Unemployment insurance 3.Trade union budget 5.Personal income tax 6.Account ii APPENDIX LIST Recording vouchers for salary payble of workshop divisions……………….54 Recording vouchers for salary deductions of workshop divisons……………….55 Recording vouchers for business expenses of workshop divisons……………….56 Recording vouchers for salary payble of office divisions…………………………….57 Recording vouchers for salary deductions of office divisons……………………….58 Recording vouchers for business expenses of office divisons……………………….59 Recording vouchers for tax payable of office divisons………………………….60 Recording vouchers for salary payble of sales divisions………………………….61 Recording vouchers for salary deductions of sales divisons…………………….62 Recording vouchers for business expenses of sales divisons………………….63 Recording vouchers for salary deduction of 3 divisions………………………….…64 Recording vouchers for business expenses of 3 divisons……………………….……65 Recording vouchers for salary payble of facroty workers…………………….66 Recording vouchers for salary payble of 4 divisions…………………………………67 Recording vouchers for tax payable of 4 divisons……………………………….68 Recording vouchers for salary payble of workers from outside……………….…69 Recording vouchers for tax payable of workers from outside…………….73 iii LIST OF DIAGRAMS, IMAGES 1. Operation’s structure diagram……………………………………………………4 2. Accounting department structure diagrams………………………………………6 3. The diagram of accounting book recording process in the form of book entry vouchers……………………………………………………………………………….
Taxes and other payable to State Budget………………………………………. Salariy payable to employees…………………………………………. Indirect department - office division……………………………………………45 8. Indirect department - workshop divisions………………………………………46 9.
Direct department- factory workers……………………………………………. Level of salary based on flat wages……………………………………………. Total products produce during the month………………………………………49 13. Promotion from product that leader can get…………………………………….
Indirect department- sales department…………………………………………. Social insurance benefits for employees………………………………………. Certificate of PIT withholding…………………………………………………. The urgency of the topic Speaking of resources is to mention leadership concerns for workers, from jobs to living standards and living conditions.
Because human factor is the most important in the production and business process of every business and the whole society. Salary is an economic category in the distribution of newly created production and is an important factor to improve the physical and social life for workers on the basis of organizational arrangement. Reasonable labor arrangement and remuneration corresponding to the labor that the employee has dedicated For employees, salary is always a top concern because wages are the main source of income to cover the cost of living to care for yourself and your family. For private enterprises, labor and wage policies are an important element in the competitive strategy because if the enterprises have a well-qualified and appropriately arranged force and reasonable wage policies, Enterprises can implement increasing labor productivity, lowering production costs and creating a firm foothold in the market economy.
For society, wages represent the process of distributing and redistributing gross social product. If the employee has a stable life from a true source of labor, the cultural life, the security and social order situation is healthy. Salary is a source of income closely linked to the life of workers, the determination of wages is very important in personnel management, the problem is that senior management in the company is to ensure to bring high efficiency. The increase or delay in payment of wages affects many factors such as capital for production and business, human resource situation, product quality, and ultimately affecting the business performance of the business.
Therefore, raising the income of employees is the leading goal in the socio-economic development strategy and appropriate salary policy is an indispensable factor in the success of the business. Therefore, the organization of salary in the company is of great importance, it requires employees to have an appropriate salary calculation method to ensure lower costs and improve the life of the company. Starting from the above thought, I chose the topic "payroll accounting and salary deductions at Tien Dat wood Technology Joint Stock Company as a research topic 1 during my internship at Tien Dat company. with the purpose of protecting workers who are satisfied with the effort they have spent in the process of working 2.
Research objectives Learn the rationale for wages and salary deductions. - Reflecting actual accounting of wages and deductions according to salary in enterprises. - Making general comments and providing measures to improve the accounting of wages and salary deductions at enterprises 3. Object and Scope of the study Object: Payroll accounting and payroll deduction at Tien Dat Wood Technology Joint Stock Company Scope: ·Research space: Tien Dat Wood Technology Joint Stock Company · Research period: 4.
Methodology of the study UImport related documents at Tien Dat Wood Technology Joint StockCompany Methods of description and analysis. Methods of synthesis, survey. The layout of the thesis The content of the topic includes 3 chapters: Chapter 1: company overview Chapter 2: accounting payable account and payroll duduction in Tien Dat wood Technology Joint Stock Company Chapter 3: Evaluation and recomendation. Company overview Company name: Tien Dat wood Technology Joint Stock Company or TIENDAT FURNITURE CORPORATION.
Tax identification Number: Address : QL 1A, district 7, Bùi Thị Xuân ward, Quy Nhơn city, Bình Định province 1. History of Tien Dat wood Technology Joint Stock Company. June 1999 Tien Dat Furniture Corporation (former: Tien Dat Company LTD). Founded by Mr Lap, Do Xuan.
Main trades: Import/ Export furniture products, furniture handicrafts. Address: Area 3, Quang Trung Ward, Qui Nhon City. Start-up capital: 120. July 2001 New processing and manufacturing factory was built in Phu Tai Industrial Zone, QuyNhon City, industrial scale production with lots of machines, producing lines, modernize equipments (Factory 1).
Upgrade the output capacity from 30 cont 40'/month to 80 cont 40'/month (The Outdoor Production Factory). Adding the Trading Carton Productions and Mobiles Transportation as the new profession branches. December Continue investing, expanding, we had built the second factory in 2005 Area 7, Bui Thi Xuan Ward, QuyNhon City, with the total area is 10 hectares (Factory 2). Thanks to this expanding, we improved the output capacity of our factory to 200 cont 40'/month.
And we re-new our charter capital to 2. June 2007 July 2007 renaming Tien Dat Furniture Corporation, continuously investing and expanding, building new factories with new profession of Indoor Furniture, will be operated in April, 2009 and wicker factory started October 2008. October Performing all procedures to privatize the company, prepared for 2008 participation into stock market end 2008.1 Area of operations: - Manufacturing, exporting, trading wood furniture. - Manufacturing, trading carton.
- Trading, transporting by vehicle. - Dealing in real estate. - Constructing,trading, renting accomodation, office, warehouse. - Constructing civil and industry architectural project.
- Exploiting, processing stone, ore. - Cultivating material forest. Main business line - wooden furniture and exporting carton ( outdoor and indoor furniture) 1. Board of management Sale department Accounting department Planning department Tecnical department Materials Personcal department department Manager of Manager of Manager of Materials Wicker Cartoon Tien Dat 1 Tien Dat 1 Tien Dat 1 factory factory factory - Culting area - Culting area - Culting area - CD sawer - Machine - Making wavy - Refinery area - Refinery area - Refinery area - Kiln- dryer - Weaving area lines - Assembling - Assembling - Assembling - Warehouse - warehouse - formating - Finishing - Finishing - Finishing - Transporting - printing - Packing - Packing - Packing team( bus, -finishing - Warehouse - Warehouse - Warehouse truck,) - Loading area - Loading area - Loading area Table 1.
organizational 4 Tien Dat furniture corporation organize the apparatus according to the online model, the function of implementing a policy and headed by the director. Chairman of the Board of Directors: - Taking responsibility before law for all the production and business activities of the company - Deciding the company’s policy and quality objectives. Decide on the business strategy, scale and scope of the market as well as the company’s investment plan. - Deciding on the organization, arrangement and personal arrangement.
- Directing the financial operations of the company. - Mobilizing all resources to meet the needs of developing and implementing, quality management systems, implementing quality commitments for customers. - Directing the operations of the departments and making the highest decisions about all activities of the company is also the final decision. Accounting department: This department is responsible for the Post transactions or Entries, accounting the general business activities of the company according to the statistic accounting system of the state.
The financial department also cooperates with other departments to develop production and business activities. Sale department: This is a direct division of revenue for the company, which is responsible for finding the source and market for the company. Ensure the quality of goods for the customer company.3 Accounting department structure Chief accountant Deputy accountant treasurer Sales Revenue and Banking and Fixed assets accounting and General debt tax accounting accounting capital accounting construction Table 2. organizing of accounting The company applies the form of centralized accounting system, all accounting work ( making, sorting, checking vouchers, bookkeeping, general accounting, detailing , making reporting etc.) are carried out centrally in the general accounting department of the company 1.1 Human resources accounting Chief accountants Assist the director in organizing and directing all accounting work, statistic economic information and economic cost accounting and concurrently performing the task of controlling the financial and economic affairs of the country.
Chief accountants shall have the tasks and powers prescribed by the current law. Deputy accounting The person who assists the head of the finance and accounting department, performing the functions required by the manager 6 General accounting Record, reflect and synthesize data on imports, exports , finished products, types of capital , determination, of profits and payments, payments to banks and customers. Record ledger, finacial statements include balance sheet, income statement, cash flow, verify the accracy, truthful reports of the company before the director signed the approval. Accountant cashier/treasurer Tracking receivables of debtors.
To promptly reports outstanding debts. Make records of contract liquidation with customers when the contract has been completed , urge the overdue debt, proposal to deal with bad debt. Payroll of social insurance and allowances, allowances, salary distribution and social insurance for employers. Sales Making daily delivery notes and regularly compare according to the quantity with the products delivery departments.
Revenue and debt accounting Accounting checks related to sales revenue.