Diagram 19 : Accounting diagram of direct labor cost collection for the fourth quarter of 2012.
Account 334 Account 622 Account 154
1,378,275,523
Account 3382
27,565,511
Account 3383
234,306,839
Account 3384
41,348,265
Account 3389
13,782,755
2.2.1.6 General manufacturing cost accounting.
• General production costs are management and production service costs and production costs other than direct material costs and direct labor costs incurred in workshops and production teams such as: workshop staff costs, fixed asset depreciation costs, material costs, production tools and equipment costs, and other cash costs.
• Documents used:
+ Fixed asset depreciation table.
+ Invoice for purchased services.
+ Payment voucher, bank debit note, advance payment sheet.
...
• Books: General journal, ledger account 627, detailed book account 627, related books...
• Account used: The collection of general production costs is done on account 627. Account 627 is opened in detail into level 2 accounts:
Account 6271 – Workshop staff costs. Account 6272 – General production material costs. Account 6273 – General production tool costs. Account 6274 – Fixed asset depreciation costs.
Account 6277 – Cost of outsourced services. Account 6278 – Other expenses in cash.
• General production cost accounting procedure:
Based on the original documents generated at the production workshop such as VAT invoices, payment vouchers, etc., the accountant will summarize and check the validity of the documents. Then, enter the data into the accounting software. The computer will automatically update the General Journal, General Ledger, Detailed Ledger, and related books.
Diagram 20 : Accounting sequence for general production costs at Than Uyen Tea Joint Stock Company.
Accounting documents (warehouse delivery notes, payroll...)
Detailed book account 627
General journal
Costing card
Ledger account 627
Balance sheet of arising numbers
Financial report
Note:
Daily Record
Record periodically or at the end of the month
* Accounting for factory staff costs.
Reflects salaries and allowances payable to workshop and production department managers; mid-shift meal allowances for workshop and production department managers; social insurance, health insurance, union fees, and unemployment insurance deductions calculated at the current prescribed rate on salaries payable to workshop employees, etc.
Social Insurance deduction rate: 24% (7% deducted from employee's salary, 17% included in business expenses of the enterprise).
Health Insurance deduction rate: 4.5% (1.5% deducted from salary, 3% calculated into business expenses).
KPCCĐ deduction rate: 2% (2% included in expenses)
Social insurance deduction rate: 2% (1% is calculated on salary, 1% is calculated on expenses)
Based on the payroll, related accounting documents have been checked for reasonableness and validity, the accountant enters data into the accounting software. Create accounting vouchers as a basis for updating the General Journal, General Ledger, Detailed Ledger, and other related books. Monitor, at the end of the period, transfer to Account 154 to calculate cost price.
Employee costs are reflected by the following entry: Debit account 6271
Have account 334
Salary deductions:
Debit account 6271
Have accounts 3382, 3382, 3384, 3389
* Cost of materials used in the workshop.
Material costs include costs of materials used in general for the workshop such as the value of materials for repairing machinery, equipment, workshops, architectural objects, etc.
Based on actual requirements and purposes of material use, accountants will aggregate the above cost items into general production costs.
Material costs used for workshop management are reflected in the following entry: Debit account 6272
Have account 152
For example: on December 28, 2012, fishing nets were exported for the production workshop: Debit account 6272 3,480,000
Credit account 152 3,480,000
Accountants reflect transactions into accounting software. At the end of the period, collect material costs and transfer them to account 154 to calculate cost price.
* Cost of production tools.
Production tool costs include costs such as vehicle usage costs.
Carriages, improved vehicles, bulldozers, etc. Tools and equipment usually exported at the beginning of the period are used for the whole period.
At the end of the period, allocate to production costs. Allocation data will be based on the accountant's assessment of the allocation rate.
Reflects the allocated CCDC costs used for workshop management:
- For direct use of fixed assets, it is reflected by the following entry: Debit account 6273
Have account 153
- For tools and equipment released from warehouse awaiting allocation at the end of the accounting period, it is also necessary to collect and make a list and make the following entries:
+ When exporting tools and accounting instruments, record:
Debit account: 142 ''Cost awaiting allocation'' Credit account: 153
+ When allocating to production costs: Allocation data is based on the accountant's assessment of the allocation rate and provisions as follows:
Account Debit: 627
Account: 142
* Fixed asset depreciation costs.
Fixed asset depreciation costs under general production costs include depreciation costs at the tea processing workshop such as machinery, equipment, factories, means of transport...
The company depreciates fixed assets using the straight-line depreciation method. Fixed asset depreciation costs are automatically calculated by the computer through initial declaration with full information in the fixed asset list. After depreciation, the accountant proceeds to allocate depreciation to each product based on actual production output.
The average annual depreciation is calculated by the formula:
NG
MAverage annual revenue =n
n: number of years of use NG: original price of fixed assets
= NG * % annual depreciation
The average monthly depreciation is calculated by the formula:
NG
MAverage monthly revenue =t =
t: number of months of use
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12( t )
Final
Annual depreciation rate= | NG | - | Accumulated KH up to the previous year before the last year |
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And allocated to the using departments:
+ For fixed assets used directly for processing factories, depreciation is calculated directly.
+ For shared assets after calculating fixed asset depreciation, allocate to departments according to ratio.
The estimated useful life of the asset is as follows:
+ Houses and structures: 5 – 25 years.
+ Machinery and equipment: 7 – 12 years.
+ Means of transport: 6 – 10 years.
+ Office equipment: 3 – 8 years.
+ Perennial plants: 6 – 40 years
Fixed asset depreciation costs are included in Production Costs and are reflected by entries. Debit account 6274
Have account 214
* Cost of outsourced services:
Are the costs of outsourced services for the operation of the workshop and production department such as: repair costs, outsourcing costs, electricity, water, telephone costs, etc.
Based on payment vouchers, invoices, ... accountants record and monitor to collect at the end of the period, serving the purpose of calculating costs.
Outsourced service costs are included in general production costs and are reflected in the following entries:
Debit account 6277
Debit account 133
There is account 111,...
For example: Electricity costs for production at the Company: the actual amount of electricity consumed in the month is based on the electricity bill of the Lai Chau electricity branch. This amount of electricity is used for the production workshop, administrative area, these departments are all installed with separate monitoring meters.
Based on the data collected from the meters, the total electricity cost the company has to pay, the accountant allocates the electricity cost to each department.
* Other cash expenses:
Other cash expenses of the enterprise include: expenses for guests, reception, bonuses, newspaper money... are collected according to specific content and then based on the established allocation criteria, allocated to products.
The entry reflects other cash expenses that are included in CPSXC.
Debit account 6278
Debit account 133
There is account 111,...
Summarizing the details of account 627, we get ledger account 627. At the end of the accounting period, collect, allocate, and transfer to account 154 to calculate cost price.
Example: Collect and allocate production costs for the fourth quarter of 2012.
Operation on computer: From the Fast accounting interface screen, select:
Cost accounting and pricing -> Manufacturing company cost -> Select transfer entry -> Cost transfer interface
Select accounting account: TK 627
Select time: From date: 10/01/2012 To date: 12/31/2012
Table 2.9: Extract from calculation and depreciation allocation table for the fourth quarter of 2012
Unit : Than Uyen Tea Joint Stock Company
Address : Tan Uyen Town - Tan Uyen District - Lai Chau Province
DEPRECIATION CALCULATOR AND ALLOCATION
Quarter IV 2012 Unit: VND
STT
Target | KH rate (%) or usage time use | Enterprise-wide use | Account 627 – production costs | Account 642 – business management costs | ||
Original price of fixed assets | Number of customers | |||||
01 | I. Number of previous period's deductions | 32,967,274,764 | 390,879,621 | 312,037,654 | 78.841967 | |
02 | II. Number of fixed assets increased during the period | 235,510,000 | 1,635,486 | 1,635,486 | ||
03 | III. Number of fixed assets decreased during the period | |||||
04 | IV. Number of customers deducted this period (I+II+III) | 33,202,784,764 | 392,515,107 | 313,673,140 | 78.841967 | |
Add | ||||||
December 31, 2012
Chief Accountant
(Signature, full name) (Signature, full name)
(Source: Accounting and Finance Department of Than Uyen Tea Joint Stock Company)