Accounting for Accounts

Wage Payable Accounting

(1) Accounting for wages payable is carried out through the "wages payable" account. This account accounts for the total amount of wages payable to employees. Included in the total wages of various salaries, bonuses, allowances, etc., whether or not paid in the month, should be accounted for through this account. Payments to employees that are not included in the gross wages, such as medical expenses, welfare benefits, retirement payments, etc., are not accounted for in this account. The debit side of this account reflects the actual amount of wages paid during the period and the various amounts deducted from the wages payable; the credit side of the account reflects the amount of wages to be distributed during the period. Debit balance at the end of the month, reflecting the amount of overpaid wages, credit balance reflects the payable but not yet paid, should be accounted for through the "wages payable" account. Not included in the payroll, payroll time to send the money, such as medical expenses, welfare subsidies, withdrawal fees, etc., does not belong to the composition of the total payroll, should not be accounted for through the "wages payable" account.

(2) the end of this account should generally have no balance, if the company's actual wages this month is calculated according to last month's attendance records, the actual wages and attendance records calculated according to this month's wages payable, the difference between the end of the balance of this account. If the difference between the company's actual wages paid and wages payable is not significant, the company can also allocate the actual wages paid for the month as wages payable, so that there will be no balance at the end of the period for this account. If the payable wages are greater than the actual wages not caused by the above reasons, the closing credit balance is reflected as the wage balance.

2, the main accounts of wages payable

Monthly payroll before the financial accounting department should be "payroll" for the summary, the preparation of "wage summary table", in accordance with the required procedures to withdraw cash from the bank, debit "Cash" account, credited to the "bank deposit" account. When wages are paid, the amount of wages paid should be debited to the "wages payable" account and credited to the "cash" account. Deductions from wages payable (e.g., rent, medication for family members, personal income tax, etc.) should be debited to "wages payable" and credited to "other receivables" and "accounts receivable" according to the amount deducted in the "wage summary table". Other receivables" and "Taxes payable - personal income tax payable" shall be debited according to the amount of withholding in the "Wages Payable" account. Salaries not received by employees within the specified period shall be returned to the financial accounting department by the issuing unit in a timely manner, and shall be debited to the account of "cash" and credited to the account of "other accounts payable". At the end of the month, the wages payable for the month should be allocated, according to the "wage cost allocation summary table", debit "production costs", "manufacturing costs", "Product sales costs", "other operating expenses", "construction in progress", "benefits payable" and other accounts, and credit to "wages payable" and so on. The credit will be credited to the account "Salary Payable".