Installation Fee Entries for Installers
1. Accounting Entries for Installation Fees for External Installers
Borrow: Labor Costs
Loan: Bank Deposits
Borrow: Cost of Main Businesses
Loan: Labor Costs
2. Accounting Entries for Installation Fees for Internal Installers
When accruing:<
Borrow: labor costs
Loan: employee compensation payable
Carry forward:
Borrow: cost of main business
Loan: labor costs
Payment:
Borrow: compensation payable
Loan: bank deposits
Components of the payable employee compensation accounting include employee wages, bonuses, allowances and subsidies; employee benefits; medical insurance premiums, pension insurance premiums, unemployment insurance premiums, industrial injury insurance premiums and maternity insurance premiums and other social insurance premiums; housing provident fund; labor union funds and employee education funds; non-monetary benefits; compensation for the termination of the labor relationship with the employee and so on.
What is labor cost?
Labor cost belongs to the cost category.
Labor cost refers to the costs incurred by the enterprise to provide labor services. Enterprises should set up the "labor cost" account. This account for the production costs incurred by the enterprise production, including the production of various products (finished products, self-made semi-finished products, etc.), self-made materials, self-made tools, self-made equipment. Enterprises (real estate development) can change this account to "development costs" account.