Gifts to employees is the interest in welfare policies, reward of the business, contribute to encourage teamwork, promote dedication of the staff. Besides choosing meaningful gifts, enterprises should also pay attention to the invoice for the gift this to manage finances effectively. So, how to invoice gifts for employees how? Let's Accnet find out right under article later!
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1. Gifts for employees have to produce an invoice?
The answer is Yes!
Under the provisions of Vietnamese law, gifts for employees are considered an expense of the business. When business gifts for employees, if this gift has a value, businesses want to acknowledge this cost on bookkeeping, it is obligatory to invoice (According to the Decree 123/2020/ND-CP and circular 78/2021/TT-BTC)
So when do not need invoice? - Answer:
In some cases, if the gifts of small value or of the welfare program periodically (such as gift, new year, festival), the business can't invoice separately for each gift. However, these costs should still be recorded in the accounting records, tax returns in full.
2. Guide how to export invoice gifts for employees
Step 1: Determine the value/content of gifts for the staff before the invoice
Before proceeding invoice gifts for employeesbusinesses need to clearly define the value of the gifts for employees. This includes the detailed list of factors:
- Name of goods/services
- Number
- Unit price
- Total value
Step 2: billing gifts for employees before the invoice
Once you have identified the value/content of gifts, business conduct invoicing according to the information below:
- Specify product name, or service is donated.
- Record the specific number of each item/service.
- Record the value of each unit of goods/services pre-tax.
- Calculate the total value of the goods/services (quantity x unit price).
- Applicable VAT, according to current regulations (usually 0%, 5%, 10% depending on the type of goods/services).
- The total value after the addition of VAT.
Step 3: Record the cost in the accounting records after the invoice gifts for employees
After invoice gifts for employeesbusinesses need to recognize the cost gifts on bookkeeping. Gifts for employees is often considered as cost benefits, are recorded in cost management/cost of sales.
- Recorded value of gifts (including VAT).
- Recorded the VAT number of gifts (if any).
- If the gift is a product from the inventory of the business, need to record inventory reduction.
Step 4: tax declaration after the invoice gifts for employees
Giving gifts to employees, that may arise obligations tax, including value added tax (VAT), corporate income tax (CIT). Businesses need to pay attention declare these taxes in accordance with the regulations to avoid penalties.
- Declare the output VAT: Businesses need to recognize and declare VAT from invoices gifts in the tax declaration is in
- Declaration of corporate INCOME tax: the Cost of staff gifts can be deducted when calculating the corporate INCOME tax if they meet the conditions as prescribed by law.
Step 5: note about the time of invoice gifts for employees
Businesses need to ensure invoice gifts right at the time giving gifts to employees. The delay in invoice can lead to fines, is considered a violation specified on the invoice.
Businesses also need to check thoroughly the information on the invoice prior to release, ensuring invoices enough information.
3. Accounting after the invoice gifts for employees
After invoice gifts for employeesbusinesses need to make the accounting entries accounting to record charges, gift tax, VAT related in bookkeeping. Below is the accounting details:
- Accounting cost gift - Debt TK 641 (Cost of sales) or Debt TK 642 (Cost business management): the Total value of gifts (including VAT).
- Accounting output VAT - Have TK 3331 (VAT payable): the amount Of VAT payable is recorded on the invoice gifts.
Suppose business invoice for a gift with value of 10 million, 10% VAT is 1 million, accounting would be as follows:
- Debt TK 641/Debt TK 642: 11 million
- Have TK 3331: 1 million
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The gift will bring value to the business, pay attention to the steps guide invoice gifts for employees in accordance with the regulations in content on. Please ensure that every gift to employees are recorded, accounting processing in the right way, to bring the maximum benefit for both the business and employees.
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