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BUSINESS ACCOUNTING STUDENT: LE CHUNG KHANH LINH CQ54/21.04 INTERNSHIP REPORT THESIS – SALARY AND RELATED SALARY COMPENSATIONS Faculty : Accounting Faculty Major : Business Accounting Major code : 21 Msc : Nguyễn Thị Hồng Vân Ha Noi - 2020
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Thesis – salary and related salary compensations Academy Of Finance MY PLEDGE I assure you that this is my research. The data, the result and the research results stated in the thesis are honest and come from the real situation fact of the internship unit and has never been used in any thesis. Student Lê Chung Khánh Linh Student: Le Chung Khanh Linh 1 CQ54/21.04
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Thesis – salary and related salary compensations Academy Of Finance TABLE OF CONTENTS MY PLEDGE i TABLE OF CONTENTS ii LIST OF ABBREVIATIONS v THE LIST OF TABLES vi THE LIST OF DIAGRAMS vii THE LIST OF PICTURESINTRODUCTION viii CHAPTER 1: GENERAL THEOPRY OF ACCOUNTING FOR SALARY AND SALARY COMPENSATION IN BUSINESS 5 1.1 Overview of salary and salary compensation 5 1.1.1 Labor concept, salary and salary compensation 5 1.1.2 Labor, salary, salary compensation 7 1.2. Forms of salary and salary compensation 10 1.2.1. The form of salary 10 1.2.2. The form of salary compensation 14 1.3. Accounting of salary and salary compensation 19 1.4 Salary accounting and salary compensation 23 1.4.1 Vouchers used in accounting for salary and salary compensation 23 1.4.2 Accounts used in salary accounting and salary compensation 24 1.4.3 Common transactions in salary and salary compensation 28 1.5 Accounting book used in salary accounting and salary compensation 29 1.6 Information about salary accounting and salary compensation 34 1.6. 1. In the balance sheet. 34 1.6.2 In the income statement 35 1.6.3 In the cash flow statement 35 1.6.4 On the notes to the financial statements 35 Student: Le Chung Khanh Linh 2 CQ54/21.04
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Thesis – salary and related salary compensations Academy Of Finance CHAPTER 2: ACCOUNTING FOR SALARY AND SALARY COMPENSATION AT NHAT MINH BUSINESS MANAGEMENT CONSULTANT LIMITED COMPANY 36 2.1 General information about Nhat Minh Business Management Consultant Limited Liability Company 36 2.1.1 The information of internship company : 36 2.1.2 Internship company’s basic features and operating activities: 36 2.2 Company structure 38 2.2.1. Function of each department: 39 2.2.2. Organizational characteristics of the accounting apparatus at Nhat Minh business management consultant co., ltd 45 2.2.2. Form of accounting applied at the company 48 2.2.3 Organizing the accounting reporting system: 51 2.3 Actual salary accounting and salary compensation at NHAT MINH BUSINESS MANAGEMENT CONSULTANT CO. 52 2.3.1 Characteristics of salary, salary compensation at NHAT MINH BUSINESS MANAGEMENT CONSULTANT CO. 52 2.3.2 Salary accounting at Nhat Minh Business Management Consultant Limited Liability Company 56 2.3.3. Calculate salary and payables for employees 59 2.3.4. Accounting of salaries and salary compensations 73 2.4 Review the status of salary accounting and salary compensations at Nhat Minh Business Management Consultant Limited Liability Company 91 CHAPTER 3: PERFECT SOLUTIONS OF ACCOUNTING WORK STATE AT NHAT MINH BUSINESS MANAGEMENT CONSULTANT LTD.CO 95 3.1 The need to improve salary accounting in the company 95 Student: Le Chung Khanh Linh 3 CQ54/21.04
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Thesis – salary and related salary compensations Academy Of Finance 3.2 Requirements and principles of finalizing eel accounting at the company 97 3.2.1 Requirements of completing salary accounting and compensations Salary at Nhat Minh Business Management Consultant Limited Liability Company 97 3.2.2 Principle of finalizing salary and salary compensations at Nhat Minh Business Management Consultant Limited Liability Company 99 3.3. Some ideas to improve the organization of salary accounting in the company 99 3.4 Conditions for implementing salary accounting finishing solutions at the company 101 CONCLUSION 103 Student: Le Chung Khanh Linh 4 CQ54/21.04
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Thesis – salary and related salary compensations Academy Of Finance LIST OF ABBREVIATIONS STT Explanation Note Acronym 1 Financial statements FS Balance sheet or statement 2 BS of financial position 3 P&L Profit and loss statement 4 UI Unemployment insurance 5 SI Social insurance 6 HI Health Insurance 7 BD Business Department 8 OD Office Department 9 FM The finance ministry 8 PAT Profit after tax 9 PBT Profit before tax 10 Acc Account Student: Le Chung Khanh Linh 5 CQ54/21.04
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Thesis – salary and related salary compensations Academy Of Finance THE LIST OF TABLES Table 2.1: Timesheets in May of 2019 (excerpts) 58 TABLE 2.2: OF GENERAL SALARY SALES IN MAY OF 2019 (excerpt) 62 Tabe 2.3: Voucher for enjoying social insurance benefits 68 Tabe 2.4: Payment voucher of social insurance benefits 69 Table 2.5: Payment schedule of social insurance 70 Table 2.6: Salary and social insurance payment table in May of 2019 at Nhat Minh Business Management Consultant Limited Liability Company 71 Table 2.7: Summary of salary compensations in May 2019 72 Student: Le Chung Khanh Linh 6 CQ54/21.04
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Thesis – salary and related salary compensations Academy Of Finance THE LIST OF DIAGRAMS Diagram 1: Accounting for payroll 28 Diagram 2: Accounting for payroll related compensation 29 Diagram 3: Diagram showing salary accounting and salary compensation in the form of general diary: 30 Diagram 4: Diagram showing salary accounting and salary compensation recorded ledger in the form of ledger diary 31 Diagram 5: Diagram showing salary accounting and salary compensations in the form of bookkeeping vouchers 32 Diagram 6: Diagram showing salary accounting and salary compensations in the form of Journal – Document 33 Diagram 7 : Diagram showing salary accounting and salary compensations in the form of machine accounting 34 Diagram 8: The structure of accounting sysytem 42 Diagram 9: Organizational characteristics of the accounting apparatus at 45 Diagram 10: Organization chart of bookkeeping system: 50 Student: Le Chung Khanh Linh 7 CQ54/21.04
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Thesis – salary and related salary compensations Academy Of Finance THE LIST OF PICTURES Figure 1: List of accounts (extracted) 74 Figure 2: Interface for importing other business documents 75 Figure 3: List of accounts 338 76 Figure 4: Account list 642 78 Figure 5: Interface for importing other business documents 79 Figure 6: Interface for selecting working time 80 Figure 7: Salary accounting for employees in May 2019 81 Figure 8: Interface for accounting of account payables 83 Figure 9: Payroll accounting for employees 85 Figure 10: Accounting of payment of reduction insurance 86 Figure 11: Interface for performing an ledger view of an account 87 Student: Le Chung Khanh Linh 8 CQ54/21.04
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Thesis – salary and related salary compensations Academy Of Finance INTRODUCTION 1. Urgency of the subject In our country the appearance of a market economy has created opportunities for many companies. However, it also forces companies to want to develop stably in the market. In order to manage production and business, it is necessary to make maximum efforts. In this new trend, companies must mobilize on their own, must operate on their own production and business on the principle of revenue and expenditure and profitable business but not subsidies of the State as before. From there, the top target of the company is increasing profits within the prescribed legal framework. In the production process, three factors can not be shortage is living labor, private production materials and labor subjects. In three factor, living labour plays the most important role. Because without workers it is impossible make material wealth, want a product whether it's a physical product or a production intellectual property is in addition to the cost of materials, the cost of fixed assets ... The company must also take into account labor costs (living costs). Expenses this fee is not small in the price of the product, it is also directly determined quality products. Because the employee is the one who directly decides to the quality of the company's products, which the company operates effectively whether or not there is competition in the market or not, it needs to be created the products are of good quality. For employees, salaries have an extremely important meaning because it is the main source of income to help them ensure their own life and family. Therefore salaries are the driving force for employees to pay attention labor time, labor productivity if they are paid according to the labor force they spend. Student: Le Chung Khanh Linh CQ54/21.04
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Thesis – salary and related salary compensations Academy Of Finance On the contrary, it can also reduce labor productivity the production process slows down, ineffective if the salaries they receive not worth the labor they spend. On the whole economy, salaries are more specific of the process distribution of material wealth made by workers. Therefore, the construction of the salary scale, payroll, select the appropriate form of payment so that salary is the income for the employee to work better and be responsible more tasks than real work is needed. Recognizing that urgency, and passing time through practical research at Nhat Minh Business Management Consultant Limited Liability Company , continued I was exposed to the accounting work at my company that saw the importance of accounting salary and salary compensations should have been deeply studied and selected the theme for his graduation thesis is: “Completing salary and accounting salary compensations at one-member limited liability company for project exploitation Nhat Minh irrigation work " 2. Object and research purpose - Subject of research is: Salary and accounting Salary compensations of trade companies, which go into depth form of salaries and salaries deducted from one member limited liability company exploitation of Nhat Minh Business Management Consultant Limited Liability Company - Research purpose of the topic: + Present systematically and clarify the theoretical issues The table applies to salary accounting and salary compensations at public places ty in general. Student: Le Chung Khanh Linh CQ54/21.04
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Thesis – salary and related salary compensations Academy Of Finance + Study on the current situation of salary accounting and salary compensations at Nhat Minh Business Management Consultant Limited Liability Company + Based on theoretical and practical surveys at the Company to propose these Proposals to improve salary accounting and salary compensations 3. Research scope - Salary accounting research project and current salary compensations at Nhat Minh Business Management Consultant Limited Liability Company . Time was selected the research topic is January 2019 and 2018 figures. 4. Research methodology My research topic is based on the method of problem analysis theoretical and practical problems in a scientific and logical way, combining interpretation and interpretation inductive, between words and tables, preliminary illustration. 5. The structure of theory Note 3 chapters: Chapter 1: General theory of accounting for salary and salary compensation in business. Chapter 2: Accounting for salary and salary compensation at Nhat Minh Business Management Consultant Limited Liability Company Chapter 3: Improvement to accounting for salary and salary compensation at Nhat Minh Business Management Consultant Limited Liability Company. Due to the short internship at the Company, awareness of reality is limited so my thesis cannot avoid defects. I look forward to it get input from teachers and siblings in Nhat Minh Business Management Consultant Limited Liability Company. My essay is more complete. Finally, I would like to sincerely thank the Department of Planning and Finance, Management board and other functional departments in Nhat Minh Student: Le Chung Khanh Linh CQ54/21.04
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Thesis – salary and related salary compensations Academy Of Finance Business Management Consultant Limited Liability Company exploited Nhat Minh project was enthusiastically helpful, providing necessary data to help me complete this thesis. I would like to thank the teachers of the Accounting Department Special Academy of Finance is the teacher: MSc. Nguyen Thi Hong Van was dedicated to guide and help me complete this thesis. Thank you sincerely! Student Lê Chung Khánh Linh Student: Le Chung Khanh Linh CQ54/21.04
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Thesis – salary and related salary compensations Academy Of Finance CHAPTER 1: GENERAL THEOPRY OF ACCOUNTING FOR SALARY AND SALARY COMPENSATION IN BUSINESS 1.1 Overview of salary and salary compensation 1.1.1 Labor concept, salary and salary compensation * Labor: is the consumption of labor force in reality. Labor is purposeful, conscious operation of people to create products for the needs of social life. Labor is the most special activity human creative activity. * Employees are those who work for salaries and labor or the mind that makes physical or mental products for others. * Salary: labor cost is formed by agreement between employee and employer are in accordance with the relations and regulations laws in a market economy. In Vietnam during the period of central planning, salaries are understood as a part of national income is used to offset the inevitable labor costs due to the House water distributed to officials and employees in the form of currency, in accordance with regulations labor distribution law. Currently under Article 55 - Vietnam Labor Code Regulations on salaries of employees are agreed by the two parties in the labor contract and paid for by labor productivity, quality and efficiency. Salaries are part of the social product represented by paid money for employees based on the number and quality of workers of all users to offset labor costs of all users to offset labor costs this is a practical issue for employees properly regulated, is the strong stimulus of production, it stimulates like workers who strive to produce and work, improve skills and reform advanced techniques to improve labor productivity. Laborers after using their labor create products pay a certain amount of salaries. In terms of phenomena, we see the labor force brought trade for salary. So it can be considered labor is a commodity special chemistry. And salary is Student: Le Chung Khanh Linh CQ54/21.04
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Thesis – salary and related salary compensations Academy Of Finance the prices of those special goods, the goods labor force. Because goods of labor need to be traded in the market labor based on agreement between buyer and seller, is subject to impact of the law of value, the law of supply and demand. Hence labor prices will vary. According to the prices of the constituent factors as well as the supply-demand relation of labor, when salary are considered the value of labor, this price will form on basis of agreement between the employee and the employer. Price labor dynamic or remuneration may increase or decrease depending on the supply and demand of goods labor. So salary often fluctuates but it must rotate around the value of labor as well as other common goods, it requires objectively ask for its correctness and validity. Price on the Student: Le Chung Khanh Linh CQ54/21.04
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Thesis – salary and related salary compensations Academy Of Finance other hand how salaries fluctuate must ensure a minimum standard of living the employee can stay and continue working. Salary compensaction include: Social Insurance, Health Insurance, Trade union funds, unemployment insurance Social insurance: Under the current regime, social insurance is formed by appropriation The rate of 25.5% of the total salary must be paid to employees in each period math, where: Employers must bear 17.5% of the total salary and salary included in operating expenses. The employee must bear 8% of the total salary by compensation into their salaries. Health Insurance: - Health Insurance is a fund used to pay employees who contribute to the fund in medical examination and treatment activities, formed by prorating 4.5% of the total salary payable to employees, of which: Employers must bear 3% and be included in production costs business. Workers incur 1.5% by deducting from their salaries. Trade union fee: Trade union funds are funding for trade union activities at all levels. According to current regulations Union funds are deducted at the rate of 2% of the total amount salary must be paid for each accounting period and included in the business and production expenses, including 1% for the grassroots trade union and 1% for the upper union. Unemployment insurance: Unemployment insurance is the amount of money businesses pay to workers when they suffer lost a job. According to current regulations Student: Le Chung Khanh Linh CQ54/21.04
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Thesis – salary and related salary compensations Academy Of Finance Unemployment insurance is deducted at a margin of 2% of the total salary must be paid for each accounting period in which the employer pays 1% is included in the cost of production and business, the employee bears 1% how to deduct their salaries Funds on enterprises must be established and fully collected and paid quarterly a part of the expenditures of the enterprise social insurance fund is agency management authorized households on the basis of original documents, but must pay final settlement when submitting those funds quarterly to the agencies that manage them the above expenses only support at a minimum to help the laborers in sickness, labor accident. 1.1.2 Labor, salary, salary compensation Labor is an indispensable factor in production and business activities. This is a decisive factor to the quantity and quality of products of a business as well as decide on the business results of each enterprise. Salary is closely linked to the interests of workers. It is the driving force like creative capacity, labor consciousness on the basis of which promote increased labor productivity. Therefore, salaries on the one hand are closely linked to people's practical interests labor and on the other hand it confirms the position of the employee in company. Therefore, when receiving adequate salaries, the salary payment of the business fair and equitable industry will motivate the production process Student: Le Chung Khanh Linh CQ54/21.04
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Thesis – salary and related salary compensations Academy Of Finance and thus increase labor productivity will increase, product quality will be improved, thereby revenue and business profits are constantly increasing. Management requirements for labor, salary, salary compensation: Salary is the main source of income for workers and businesses enterprises use salary as economic leverage to encourage the spirit of accumulation extreme labor, is a motivating factor to increase labor productivity. For salary, businesses have to pay employees one elements that constitute the value of products or services created by businesses. In other words, it is the factor of production cost to calculate the product cost. Therefore, businesses must use labor force effectively to save expenses labor costs in the product unit, service work and goods flow. Salary management is an important content in the work production and business management. Well- organized labor and salary accounting for the labor management of enterprises to go into order and motivate labor observes labor discipline well, increases labor productivity, and at the same time it is basis for calculating salary according to the labor distribution principle. Therefore, the correct calculation of labor remuneration both full and timely payment for the employee is very necessary, it stimulates the employee to be devoted to the labor work, improve labor quality. On the other hand, the calculation is correct and accurate labor costs also contribute to the correct part of the cost of the business and calculation correct cost and product cost. To do so , this work must be based on management and monitor the process of mobilizing and employing employees in production and business activities of enterprises. The employer mobilization is considered reasonably when different types of labor require management measures and different uses. Student: Le Chung Khanh Linh CQ54/21.04
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Thesis – salary and related salary compensations Academy Of Finance So the labor classification is very necessary for every business, depending on the different types of businesses and different labor classification. In short, the organization of the work of salary accounting and compensations salary helps businesses manage salary fund well, ensure salary payment and social insurance allowances are in principle, in accordance with the regime, and stimulate employees to return into the assigned task, at the same time creating a basis for the allocation of multiplication costs which do the cost of the product to be accurate. Enterprises must have policies about reasonable salaries to save labor costs for businesses but not so that reduce salaries of workers. Well organized accounting work salary workers help businesses manage salary fund well, ensure the payment salaries and social insurance allowances are in principle, in accordance with the regime and incentives the employee completes the assigned task, at the same time creates the basis for the job accurately allocating labor costs to product prices. Duties of salary accounting and salary compensations Salary accounting tasks include the following basic tasks: - Organize to record, reflect and synthesize data on the number of employees, time of labor results, salary calculation and compensation of salaries and allocations labor costs are in accordance with the subjects of employment. - Instruct and check the accounting staff in the production and business departments, the departments fully comply with the initial records labor, salaries in accordance with the regime and the right method. - Organize to record, reflect and synthesize data on the number of employees, time of labor results, salary calculation and compensation of salaries and allocations labor costs are in accordance with the subjects of employment. Student: Le Chung Khanh Linh CQ54/21.04
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