Accounting 70 account. Postings, Credit, and Balance

70 account is intended to summarize all data on the remuneration of employees. It takes into account various bonuses, benefits, reflects operations on the issuance of pensions, as well as on the payment of profits from the company's securities. In this publication, the reader will find out a lot of interesting information about the account “Payments with employees for pay”, his correspondence, balances, and examples will help to master the material.

Which reflects a score of 70 on the loan

Credit 70 of the account “Payments with employees” records the following operations:

• payroll for employees;
• funds accrued due to the formed reserve for vacation pay (D96 / K70);
• assessment of contributions due to transfers to the social security fund of citizens and other similar amounts (D69 / K70);
• profit arising from participation in the capital of the company (D84 / K70).
  

Debit Account 70

70 debit account reflects cash paid, which may include benefits, bonuses, salaries, as well as profit from investments in the capital of the enterprise. In this case, taxes, payments on executive documentation and other deductions are taken into account. The amount of money accrued but not paid on time due to the non-appearance of the recipient is recorded (D70 / K76.3). Analytical accounting for the account in question is maintained for each employee of the organization.

Debit Correspondence

70 the account “Payments to employees” interacts with the debit with the following accounts:

• Cashier (50);
• Settlement Accounts (51) ;
• "Currency accounts" (52);
• Special Bank Accounts (55);
• "Calculations on taxes and fees" (68);
• "Calculations on social insurance and security" (69);
• “Settlements with accountable persons” (71);
• “Settlements with personnel for other operations” (73);
• "Settlements with various debtors and creditors" (76);
• “On-house settlements” (79);
• “Gaps and losses from damage to values” (94).

Business Example

To better understand what you can make using account 70, postings, you should familiarize yourself with a few examples.

Credit Correspondence

Account 70 interacts on credit with the following accounts:

• "Investments in non-current assets" (08);
• "The main production" (20);
• "General production expenses" (25);
• General expenses (26);
• "Serving industries and farms" (29);
• “Costs to sell" (44);
• "Calculations on social insurance and security" (69);
• "Settlements with various debtors and creditors" (76);
• “On-house settlements” (79);
• “Marriage in production” (28);
• "Retained earnings (uncovered loss)" (84);
• “Other income and expenses” (91);
• Reserves for future expenses (96);
• “Deferred expenses” (97);
• Profit and Loss (99).

Examples of business transactions on a loan

In accounting practice 70 account is used in different cases. The table considers some of them.

Account balance

In most cases, the account balance is 70 credit and means the debt of the enterprise to the staff. By structure, in the general case, the account is passive and is reflected in the corresponding section of the balance sheet. However, in practice, there are situations when the advance payment is greater than the accrued salary per month. This may be the result of a combination of special circumstances or arithmetic errors (incorrect accrual and transfer of salary), then the employee will have to return the money, and the remaining funds are recorded in the debit.

Calculation of staff remuneration in the 1C system

It is possible to calculate the correct salary in the 1C: Salary and Personnel program subject to a certain sequence of arrangement of all the required data in the information database. The results of the calculations are recorded in the payroll. Some organizations issue salaries for cash-desk warrants, which are issued for each worker. To avoid errors, users of the 1C system are recommended to calculate all the numbers in the payroll, and issue money according to the required documents.

To compile a calculation sheet in 1C program, open the “Reports” menu and select the appropriate item. The document can be compiled as a whole for the enterprise or for a specific unit, as well as for a group of employees. The order of reflection of data in the payroll:

1. Put the serial number of the entry in column No. 1.
2. Columns No. 2-5 enter information about the employee. It can be viewed from the "Directories" section (personnel number, surname and initials, position or profession, tariff rate or salary).
3. Based on the time sheet, column No. 6 contains data on the number of actually worked days in the period, and in No. 7, those worked during the holidays and weekends.
4. Information is displayed on the charges for the current month by type of payment (section No. 8-12), as well as the calculation of deductions from the amount.
5. Column No. 13 sets the amount of tax payable in the current month.
6. Data on other deductions from the worker’s salary are entered (column No. 14): repayment of a loan, alimony, union membership dues, etc.
7. Column No. 15 summarizes.
8. Column No. 16 shows the enterprise debt (employee debt) based on the results of previous calculations.
9. If there is a difference between the results of column No. 12 and No. 15, it is shown in column No. 18 “Amount to be paid”.

The article was considered in detail 70 account "Settlements with employees for remuneration." Knowing its features, young specialists will be able to correctly perform the required financial operations.