NATIONAL ECONOMICS UNIVERSITY SCHOOL OF ACCOUNTING AND „ AUDITING > x. Qa BACHELOR THESIS Major: Accounting ACCOUNTING PROCEDURES FOR PAYROLL AND PAYROLL DEDUCTION AT BINH MINH JOINT STOCK COMPANY Student : Nguyen Thi Thuy Linh Specialty : Accounting Class : Accounting CFAB2 Student’s : 11182812 ID Supervisor : Assoc.Prof Nguyen Thanh Hieu if HANOI 2022 ACKNOWLEDGEMENTS | would like to express my deepest thanks to my instructor, Assoc.Prof Nguyen Thanh Hieu Who supports and guides me enthusiastically. She provided me a lot of useful knowledge about the topic of accounting for payroll, followed me step by step in the process of conducing this thesis. She also carefully reviewed each part of the thesis and gave me a lot of high valuable advice.
In addition, | want to give my thanks to National Economics University and School of Accounting and Auditing. With the knowledge | have learned, | had ability to complete the internship course. AS an accounting student, | have an opportunity to approach the reality in Binh Minh Joint Stock Company. During the accounting Internship, | can apply the theory in practice to have a better understanding about the accounting work of enterprises ina specific business sector.
Finally, | would like to express my sincere thanks to the Board of Director and the accountant at Binh Minh Joint Stock Company for letting me do as an internship in the company as well as guiding and supporting during my internship at the company. Although, it is not a long period, | have chance to learn more about accounting for payroll, which helps me to develop my career ladder in the future. TABLE OF CONTENTS ACKNOWLEDGEMENTS se LIST OF TABLES. iv LIST OF DIAGRAMS.
srerrerereW INTRODUCTION 1 CHAPTER |: FEATURE OF LABOR AND PAYROLL AND MANAGEMENT OF LABOR AND PAYROLL AT BÌNH MINH JOINT STOCK COMPANY.1 Features of labor and payroll at Binh Minh Joint Stock Company Set rrsevvev 2) 1.1An overview of the company and company human resources.2 Employee classificaHon by age and Ø€ñđeT. cà chen nhớ Hư 4 1. Employees classification by educational level. cece eee ee esee sees enenenereneees 5 1.4 Employees classtfieation by nature OfWOFK.
cà nhe He 5 1.2 The forms of payment for salaries and wages applied in Binh Minh Joint J0) 8.1 The form of salary payment 7 1.3 The days off with full salary vee ll 1.3 Policy of payroll deduction applied at Binh Minh Joint Stock Company T 1.4 Feature of management of labor and payroll at Binh Minh Joint Stock Company vee 14 1.1 Binh Minh Joint Stock Company organization structure.2 Labor management organization at Binh Minh Joint Stock Company. 16 CHAPTER II CURRENT SITUATION OF ACCOUNTING PROCEDURES FOR PAYROLL AND PAYROLL DEDUCTIONS AT BÌNH MINH JOINT STOCK COMPANY.1 Accounting for payroll at Binh Minh Joint Stoek Company,.1 Accounting OCufm€HIẨ6.--- + nành nh nh HH re 17 2.2 Method applied for payroll calculation 29 2.4 Accounting procedure for Payroll at Binh Minh Joint Stock Company 2.2 Accounting for payroll deductions at Binh Minh Joint Stock Company.4 General accounting of salary and payment situation with CITIPIOYV COS. eee ce cse se scuse s e s ecs e se isetanies 45 2.5 Accounting for deductions for social insurance, health insurance, unemployment insurance, trade union fees. 45 CHAPTER III: IMPROVEMENT OF ACCOUNTING PROCEDURES FOR PAYROLL AND PAUROLL DEDUCTIONS AT BINH MINH JOINT STOCK COMPANY.1 Assessing the current accounting procedures for payroll and payroll deductions at Binh Minh Joint Stock Company.
co con nen He Hee 35 BLL Strength.2 Suggestions to complete accounting procedures for payroll and payroll deductions at Binh Minh Joint Stock Company,. cách He re 58 3.1 Management of payroll and deduetiOTIS.-: 25s 2 2 2x22 x2 xe se vrec 38 3.2 The organization of the accounting GDDGFQH.3 The of labor.4 Accounting documents and documents HfGHSÍĐF.àà cà ehHHhrreo 60 k2.6 Conditions needed for impl ing proposed solutions. 63 iil LIST OF TABLES fablel_1: Number of employees at Binh Minh Joint Stock Company Tablel. 2: Labor’s age ender classification of BM.
3: Employee’s educational level classification at BMJSC Tablel. 4: Employee’s classification by nature of work Tablel. 5: caleby job title Table_1.6: The employee's 13" -month salary at BMJSC Table1. 7: Proportion of salary deductions from 1/1/2021 to 30/6/2021 fable 1.8: Proportion of salary deductions from 01/07/2021 to 30/09/2021 Table 1.9: Proportion of salary deductions from 01/10/2021 to 30/6/2022 fable 1.10: Proportion of salary deductions from 01/07/2022 to 30/09/2022 / rBi : int § 4 Table 1.12: Timesheet in December 2021 Table 1.13: Timesheet in October 2021 Table 1.14: Monthly overtime timesheet in October 2021 Table 1.15: The payroll sheet in October, 2021 Table 1.16: Statement of salary and salary deductions allocation in total Table 1.17: Bonus payment sheet for new year vacation Table 1.8: Salary slips in March 2022 Table L19: Detailed books of account number 334 Table 1.20: Certificate of sick leave Table 1.21: Social Insurance payment voucher Table 1.22: Social insuran heet Table 1.23: Detailed book of account number 3382 Table 1.24: Detailed book of account number 3383 Table 1.25: Detailed book of account number 3384 Table 1.26: Detailed book of account number 3385 Table 1.27: Extract of General Journal for entry related to account number 338 Table 1.28: Ledger of account number 338 LIST OF DIAGRAMS Di 1: Labor’s age ender classification of BM.
Diagram 2: Employee’s classification by nature of work Diagram 3: Chart of firm organization Diagram 4: Procedure of salary calculation and payment Diagram 5: Accounting Procedure for payroll 1. Format các đề mục, chữ nghiêng thì nghiêng hết, giống nhau chứ 2. Em đánh lai sé cho Diagram nhé. Phải là 2 chữ số giỗng như Table INTRODUCTION In an economy, people are important factors, who are the main driving forces to create the productive forces.
People are also considered a decisive factor affecting the speed and sustainable development of the economy, bring a lot of value to the businesses. One of the ways that the businesses commonly apply to attract and retain talents is to set a reasonable salary and regime, suitable to the capacity of employees. For employees, salary is a factor that helps to maintain employee's motivation to work, helps them to preserve and to work more effectively. For businesses, accurately calculating and allocating wages and salary deductions to production costs will help businesses offer more reasonable product prices, thereby creating competition in the market.
Therefore, accounting for payroll and deductions play an important role in accounting practices in any businesses. From these points of view, | realize the importance of the accounting for payroll and deductions. | decided to choose the topic “Accounting procedures for payroll and payroll deductions at Binh Minh Joint Stock Company” for my thesis. The thesis includes three main parts as following: Chapter 1: Features of labor, payroll and management of labor and payroll at Binh Minh Joint Stock Company.
Chapter 2: Current situation of accounting procedures for payroll and payroll deductions at Binh Minh Joint Stock Company. Chapter 3: Improvement of accounting procedures for payroll and payroll deductions at Binh Minh Joint Stock Company. CHAPTER I: FEATURE OF LABOR AND PAYROLL AND MANAGEMENT OF LABOR AND PAYROLL AT BINH MINH JOINT STOCK COMPANY 1.1 Features of labor and payroll at Binh Minh Joint Stock Company 1.1An overview of the company and company human resources. Labor is an essential element in the process of production and business activities of enterprises.
If an enterprise doen't take care of managing its labor which causes production and business activities inefficiently. Binh Minh Joint Stock Company (Binh Minh JSC) was established on 14" June 2007. Binh Minh Joint Stock Company has its head office at the address: Group 8, Le Hong Phong ward - Phu Ly city - Ha Nam province, main business lines are: mining and processing stone under business license number 0700249761 was first registered on June 14, 2007, and changed for the 5th time on January 25, 2018, by the Department of Planning and Investment of Ha Nam Province. Up to now, there are 40 employees divided into different departments suitable for each specialist.
Employees at Binh Minh Joint Stock Company are stable and work full-time in accordance with Vietnamese law. Each labor contract between the company and the employee is required to last for at least one year, if there is any termination of the labor contract before the signed time between the two parties, the employee and the employer will have to pay 2 compensation according to the terms of the contract. The labor at the company is quite young and have good health. The quarry manager must have a university degree or higher in the technical discipline: chemical, ammunition, chemical technology in propellants, explosives, engineering, mining, mining engineering, geology, construction.
Furthermore, miners must have worked in blasting service for at least 6 months. In general, workers and employees are eager to work, and comply with the regulations of the company. In recent two years, the Covid-19 epidemic has affected the operation of the company. Therefore, the revenue and the profit have slowed down significantly.
However, the firm also tried to pay and maintain the salary for employees. The detail of employee numbers is represented as below: No |Department Number 1 Board of director 4 2 General director 2 3 Accounting department 4 4 Production Engineering | 15 Department 5 Safety committee 5 6 Delivery department 10 Total 40 Tablel. 1: N 1 of empl: Binh Minh Join k Com The classification of department plays an important role in operating and managing. Each department will work more efficiently and make better use of human resources.
In addition, the division of specific department will help the board of directors to manage the business more effectively.1 above, we can see that the division of labor is based on the nature of the firm's operations. The enterprise 3 operates mainly in the field of mining minerals for construction materials. Therefore, the number of employees at production engineering department are largest when comparing with other departments in the company. The proportion of the numbers in delivery department stands at the second position with ten workers.
The employees working in these two departments are the workers working at the quarry. They are the main workforce to generate revenue for the business. All of them need to have practical experience and to be strong enough to work in a harsh environment like a quarry.2 Employee classification by age and gender All employees at Binh Minh Joint Stock company are enough age to work according to the prescribed law. Age Male Female From 18 to under 30 years old 15 2 From 30 to under 40 years old 10 2 From 40 to under 50 years old 5 1 From and beyond 50 years old 5 0 lablel.
2: Labor's age and gender classification of BMJSC Labor's age and gender classification 8 6 4 0 LÌ 18 to under 30 LÍ 30 to under 40 mm 40 to under 50 LỊ 50 and beyond eg Male @ Female Diagram I: Labor's age and gender classification of BMJSC According to the table 1.1, the workforce at Binh Minh Joint Stock Company is quite young which is mainly under 40 years old. In which, the number of men is up to 87.5% of the total number of employees. In contrast, the proportion of the female is small, standing at 12. They are mainly work in accounting department.
It is easy to understand that the company operates in the field of stone mining, so it mainly needs male workers. The workforce beyond 50 years old occupies small percentage as 12. They are all the men who have professional experience and long- term commitment to work. Employees classification by educational level People University College degree | Intermediate degree Male 35 10 10 15 Female 5 3 1 1 Total 40 13 11 16 Proportion 32.
3: Employees educational level classification at BMJSC From the table 1.