How to make accounting entries for the company to pay social security?

Enterprises are generally required by law to buy social security for employees, although not fully paid, only need to bear the part of the enterprise, for the company to pay social security for employees accounting entries how to write?

Company accounting entries to pay social security

1, for enterprises have implemented the new accounting standards:

Payment:

Borrow: payable compensation - social insurance (unit part)

Other accounts payable - -Social Insurance (Individual Part)

Credit: Bank Deposit

When accruing:

Borrow: Administrative Expenses/Selling Expenses/Manufacturing Expenses/Production Costs,

Credit: Employee Compensation Payable - Social Insurance (Unit Part)

2. If the enterprise is not implementing the new accounting standards:

Borrow: administrative expenses/selling expenses/manufacturing costs (unit portion)

Other payables-social insurance (individual portion)

Loan: bank deposits

What is the cost of production?

Production costs are the costs of production activities, i.e. the costs incurred by a company to produce a product. Production cost is a monetary representation of the utilization of various resources in the production process, and is an important indicator of the technical and management level of the enterprise. Including various direct expenses and manufacturing costs. Direct expenditures include direct materials, direct wages, other direct expenditures; manufacturing costs refers to the enterprise's sub-factories, workshops for the organization and management of production costs incurred, including sub-factories, workshops, management personnel wages, depreciation and other manufacturing costs. The debit balance at the end of the period indicates the cost of products not yet completed in the production process, i.e. the cost of products in process at the end of the period. The detailed ledger of this account should be set up separately by product type.

What is the other accounts payable account?

Other accounts payable refers to amounts payable to or temporarily received from other units or individuals that are not directly related to the main business of the enterprise, such as rents payable for leased fixed assets and packages, deposits, co-ordinated pensions payable, and wages not received by employees on time.