How do you account for overtime meal subsidies?
The accounting treatment for overtime meal allowance is as follows:
1. When accruing overtime meal allowance:
Borrowing: administrative expenses and so on (according to the employee's department into the corresponding account)
Loan: payable employee compensation - welfare expenses
2. When paying overtime meal allowance:
Borrowing: administrative expenses and so on (according to the employee's department into the corresponding account)
Credit: payable employee compensation - welfare expenses
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Borrow: Employee Compensation Payable - Welfare Expenses
Loan: Bank Deposits
Management expenses refers to the costs incurred by the enterprise for the organization and management of the enterprise's production and operation. Including: start-up costs incurred during the preparation of the enterprise, the board of directors and administrative departments in the operation and management of the enterprise or should be uniformly borne by the enterprise company funds, labor union funds, board of directors fees, litigation costs, business hospitality, property tax, vehicle and ship tax, land use tax, stamp duty, technology transfer fees, and so on.
The main content of employee compensation payable
Employee compensation payable belongs to the liability type of accounting account, employee compensation payable accounts for all kinds of remuneration payable to employees in accordance with the relevant provisions of the enterprise. Remuneration payable to employees should be accounted for in accordance with wages, bonuses, allowances, subsidies, employee benefits, social insurance premiums, housing fund, trade union funds, employee education expenses, compensation for termination of employee labor relations, non-monetary benefits, and other expenditures related to the acquisition of services provided by the employee payable to the employee payable items.
Employee compensation payable includes short-term compensation, post-employment benefits, termination benefits and other long-term employee benefits. Benefits provided by the enterprise to employees' spouses, children, dependents, survivors of deceased employees and other beneficiaries, etc. are also classified as employee benefits.
Is the reimbursement of meal expenses deductible before tax?
Meals expenses are deductible before tax if they are business entertainment expenses.
According to Article 43 of the Regulations for the Implementation of the Enterprise Income Tax Law of the People's Republic of China, business entertainment expenses incurred by enterprises in connection with production and business activities shall be deducted in accordance with 60% of the amount incurred, but the maximum shall not be more than 5 ‰ of the current year's sales (operating) income.