How to do the accounting treatment of over-accrued social security?

Social security is a kind of protection for employees, many companies will withhold and pay the social security costs of employees, if more social security costs, generally more social security through the accounts payable, administrative expenses and other subjects, how to do the relevant accounting treatment?

Accounting entries for over-accrued social security

Borrow: Employee Compensation Payable - Social Security

Credit: Administrative Expenses - Social Security Fees

Selling Expenses - Social Security Fees

Sales Expenses -Social Security Fee

Manufacturing Expenses - Social Security Fee

Accounting Entries for Accruing Social Security

Borrow: Production Costs/Manufacturing Expenses/Administrative Expenses/Selling Expenses/Projects in Progress/Research and Development Expenditures

Loan: Employee Compensation Payable --Social Insurance Premiums

For social insurance premiums borne by individual employees:

Borrow: Employee Compensation Payable --Social Insurance Premiums

Loan: Other Payables -- Social Insurance Premiums

Credit: Other Payables -Social insurance premiums

Accounting entries to pay social security

Borrow: payable employee remuneration - social insurance premiums (unit part)

Other payables - social insurance premiums ( Individual portion)

Credit: Bank Deposit

What is employee compensation payable?

Employee compensation payable refers to the various forms of remuneration or compensation given by an enterprise to obtain the services provided by employees or to terminate the labor relationship.

Employee compensation includes: short-term compensation, post-employment benefits, termination benefits and other long-term employee benefits.

What are other accounts payable?

Other payables are payables and provisional receipts incurred by enterprises other than the business of commodity trading, specifically including rent payable for operating leased-in fixed assets and packaging; wages not received by employees on time; and deposits made on security deposit.

What are administrative expenses?

Administrative expenses are expenses incurred by an enterprise for the organization and management of its production and operation. Such as the start-up costs incurred during the preparation of the enterprise.