BANKING ACADEMY OF VIETNAM ADVANCED PROGRAMS ---------------b&a--------------- GRADUATION THESIS Major: Accounting TOPIC: ACCOUNTING FOR PAYROLL AND PAYROLL DEDUCTIONS At Hai Phong Cement packing Joint Stock Company Student name: Mai Thi Khanh Linh Major : Accounting Class : K19 CLCKTB Student’s ID: 19A4000338 Instructor: MSc. Nguyen Thi Thanh Mai HANOI – 2020 BANKING ACADEMY OF VIETNAM ADVANCED PROGRAMS ---------------b&a--------------- GRADUATION THESIS TOPIC: ACCOUNTING FOR PAYROLL AND PAYROLL DEDUCTIONS At Hai Phong Cement packing Joint Stock Company Student Name : Mai Thi Khanh Linh Major : Accounting Class : K19 CLCKTB Student’s ID : 19A4000338 Instructor : MSc. Nguyen Thi Thanh Mai HANOI – 2020 ACKNOWLEDGEMENT I would like to express my most profound gratitude to MSc. Nguyen Thi Thanh Mai for giving valuable direction and advices.
Her direction supports me to realize how to gather the data about the association. She also gives me advices and provides me right guidance to finish my Graduation thesis. Also, I would like to give special thanks to Mrs. Ha Thuy Mai, the chief accountant of Hai Phong Cement Packing Joint Stock Company, who not considering remarkably occupied with her obligations, yet consistently invested significant energy to direct and support me when I am in the internship period.
Finally, sincere gratitude to Advanced Program for giving a brilliant opportunity to have an internship period with lots of success. It is actually an open door for me to learn, to find out about accounting in the reality and to create myself. I view myself as fortunate and to have a great deal of superb individuals control me through in finishing of this Graduation thesis. i STATUTORY OF DECLARATION I herewith officially declare that I have written the submitted Graduation Thesis autonomously.
I didn't utilize any outside help with the exception of the cited writing and different sources referenced toward Reference. I unmistakably pointed out and independently recorded all the writing and every single other source which I utilized delivering this academic work, either truly or in content. Signature ii TABLE OF CONTENT ACKNOWLEDGEMENT. i STATUTORY OF DECLARATION.
ii TABLE OF CONTENT. iii LIST OF FIGURES. v LIST OF TABLES. 1 CHAPTER 1: LITERATURE REVIEW ON ACCOUNTING FOR PAYROLL AND PAYROLL DEDUCTIONS AT HAI PHONG CEMENT PACKING JOINT STOCK COMPANY.
Theoretical basis of payroll and payroll deductions at Hai Phong Cement Packing Joint Stock Company. Definition, classification, meaning and characteristics of payroll and payroll deductions. Requirement of accounting for payroll and payroll deductions. Accounting method for payroll and payroll deductions.
19 CHAPTER 2: CURRENT ACCOUNTING PROCEDURE FOR PAYROLL AND PAYROLL DEDUCTIONS AT HAI PHONG CEMENT PACKING JOINT STOCK COMPANY. Overview of Hai Phong Cement Packing Joint Stock Company. History of establishment and development of Hai Phong Cement Packing Joint Stock Company. Features of business and production of Hai Phong Cement Packing Joint Stock Company.
The management organization structure of Hai Phong Cement Packing Joint Stock Company. The financial situation and business result of Hai Phong Cement Packing Joint Stock Company. Characteristics of major payroll and payroll deductions in Hai Phong Cement Packing Joint Stock Company. Accounting for payroll and payroll deductions in Hai Phong Cement Packing Joint Stock Company.
Assessment the accounting for payroll and payroll deductions at Hai Phong Cement Packing Joint Stock Company. 78 CHAPTER 3: RECOMMENDATION TO IMPROVE ACCOUNTING FOR PAYROLL AND PAYROLL DEDUCTIONS AT HAI PHONG CEMENT PACKING JOINT STOCK COMPANY. Recommendations to improve the accounting for payroll and payroll deductions at Hai Phong Cement Packing Joint Stock Company. Conditions to implement solutions.
Towards the Vietnamese Government. 93 REFERENCE APPENDIX iv LIST OF FIGURES Figure 1-1. Diagram of general accounting for payroll deductions. Diagram of Financial Report.
Diagram of accounting software. Production process of Hai Phong Cement Packing JSC. 38 Figure 2-2: Organizational Structure of Hai Phong Cement Packing JSC. Order of accounting books (Account number 334).
Order of accounting books (Account number 338). Order of accounting books (Account number 338). Process of recording account number 3382. 83 v LIST OF TABLES Table 2-1: Figures from Hai Phong Cement Packing JSC’s Balance Sheets (2017 – 2019).
36 Table 2-2: Figures from Hai Phong Cement Packing JSC’s Financial Income Statements (2017 – 2019). 37 Table 2-3: Balance Sheet (2016-2018). 42 Table 2-4: Income Statement (2016-2018). 42 Table 2-5: Business ratios (2016-2018).
Timesheet for office workers. Payroll for office workers. Table of insurance calculated. Requests for advance .10: Notes of payment.
Timesheet for manufacturing workers. Payroll for manufacturing workers. Minutes on acceptance for completion. General Ledger for account number 334.
List of labors participating in social insurance, health and unemployment insurances. Subsidiary ledger for account number 3386. List of labors participating in social insurance, health and unemployment insurances. 76 vi ABBREVIATION HPVC Hai Phong Cement Packing Joint Stock Company VND Vietnam Dong JSC Joint Stock Company vii INTRODUCTION In each framework, it is generally recognized that workers assume an essential part in society.
Workers are the essential condition and exceptionally important for the improvement of individual. Furthermore, it is the most significant and vital component in the procedures of any assembling framework and offering services. For laborers, salary have a significant importance since it is the primary wellspring of income to assist them with guaranteeing their own lives and families. In this way, salary can be a main impetus for individuals.
Work expands profitability on the off chance that they are paid by the work they contribute, however can likewise diminish work efficiency, making the creation procedure gradually, ineffectual if salary could be paid lower than workforce of laborers. In business management, payroll management is a vital action which concentrates to help the work profitability. Arranging representing finance with a successful way will assist management with dealing with their staff and activity all the more effectively, ensure that their staffs will follow the association's guidelines, and rise profitability. Moreover, a fundamental for figuring pay rates will be made which assist management with dealing with the payment fund effectively, ensure payroll and payroll deductions as indicated by the administration's guidelines, invigorate completing assignments, and make a reason for distributing work costs.
In the entire economy, payroll is more explicit of the dispersion of material merchandise made by laborers themselves. Thusly, the development of payment scales, choosing sensible types of pay installment so that salary is both an income for labors to guarantee both physical and mental needs, and bring in cash. Salary has become an inspiration for laborers to work better, having an awareness of others expectations for work is important. Perceiving of the critical of representing finance and furthermore dependent on the genuine discernment during the internship period at Hai Phong Cement Packing Joint Stock Company, I have chosen to choose the subject "Accounting for payroll and payroll deductions at Hai Phong Cement Packing Joint Stock Company" as my graduation thesis.
1 Through the study of accounting for payroll and payroll deductions at Hai Phong Cement Packing Joint Stock Company, the topic clarifies the reality of this work and points out the advantages and limitations of accounting for salaries, efficiency of employment and salary, close monitoring of salary costs. Since then, some recommendations have been proposed to complete the accounting for payroll and payroll deductions to contribute to improving production and business efficiency. My thesis content consists of 3 main chapters: Chapter 1: Literature review on accounting for payroll and payroll deductions at Hai Phong Cement Packing Joint Stock Company Chapter 2: Current accounting for payroll and payroll deductions at Hai Phong Cement Packing Joint Stock Company Chapter 3: Assessment and recommendation to improve accounting for payroll and payroll deductions at Hai Phong Cement Packing Joint Stock Company Because of the confinements in my schedule as well as knowledge, this thesis may contain a few mix-ups. Consequently, I am anticipating seeing suggestions from MSc.
Nguyen Thi Thanh Mai, my instructor at Banking Academy of Vietnam, and accountants at Hai Phong Cement Packing Joint Stock Company all together that this proposition can wound up finished. I would like to express most profound gratitude to MSc. Nguyen Thi Thanh Mai and the accounting department at HPVC Company for supporting me to complete this thesis. 2 CHAPTER 1: LITERATURE REVIEW ON ACCOUNTING FOR PAYROLL AND PAYROLL DEDUCTIONS AT HAI PHONG CEMENT PACKING JOINT STOCK COMPANY 1.
Theoretical basis of payroll and payroll deductions at Hai Phong Cement Packing Joint Stock Company 1. Definition, classification, meaning and characteristics of payroll and payroll deductions 1. Definition, classification and function of payroll and payroll deductions a) Definition The remuneration reserve of the company all take to labors managed, utilized and paid by the department of accountant. Remuneration reserve below: • Salary paid by timework, salary paid piecework, and salary.
• Salary paid for the time representatives quit working for school, business, gatherings, yearly leave. as per the recommended system. • Allowances of normal nature, for example, territorial allowances, duty allowances, poisonous remittances, fascination allowances and portable allowances. • Allowances for extra time, night shift.
• Monthly payment, day by arrangement of pay tables of the state. • Daily pay for outsiders. • Bonuses are of normal nature, for example, specialized improvement prizes, activities, material sparing, item quality improvement and shift suppers. b) Classification of payroll According to accounting and investigation of payroll can be isolated into fundamental pay rates and auxiliary payroll: • Payroll is the payment paid for the time that the labors plays out their fundamental undertaking as per the errand relegated under the work contract including: payment level, allowances and production bonus.
3 • Payroll is the payment paid to labors performing different assignments activated by the undertaking yet at the same time qualified for payment as per the recommended system, for example, pay rates payable to workers during the hour of leave, meeting, study, occasions, Tet occasions. So as to well deal with the payroll, the company should consistently be related with work profitability and effectiveness, guaranteeing that the pace of pay increment must be lower than the pace of work efficiency development in the company. c) The function of payroll In an economic trading, the basic functions of payroll are below: • The capacity of estimating labor value: Payroll is the cost of work, is the outflow of the estimation of work esteem, framed based on work worth ought to reflect the worth work limit, which is utilized as a reason for deciding the degree of earnings for a wide range of work, decide the pay unit cost, and is the reason for modifying work cost when the cost of living standard changes. • Capacity of generation of workforce: In an economic trading, workforce is one of the fundamental components of info expenses of production and business.
Needing to duplicate society happens ordinarily, it needs to recoup and fortify individual worker to make up for the work wastage in the productivity, notwithstanding guarantee extended multiplication workforce. Payroll is one of the physical premises that can guarantee the re-creation of work, based on guaranteeing to make up for the misfortune through fulfilling purchaser interest for workers • Function of animating function: Payroll is the fundamental pay segment of labors to fulfill the vast majority of the material and otherworldly needs of laborers. In this manner, the utilization of payment levels is a significant monetary switch to coordinate the intrigue and inspiration in the work of laborers based on close to personal demand, direct inspiration and payment, fit for making material elements in labor.