Account Information

Account Type Statement of Financial Position
Normal Balance Credit

Definition

GOSI contributions payable by both the company and employees

Common Journal Entries

Record monthly social insurance

Dr. Social Insurance Expense
Cr. GOSI Payable

Pay social insurance

Dr. GOSI Payable
Cr. Bank Account

Record employer and employee shares

Dr. Social Insurance Expense
Dr. Salaries Payable
Cr. GOSI Payable

Adjust GOSI after salary increase

Dr. Social Insurance Expense
Cr. GOSI Payable

Record monthly social insurance

Dr. Social Insurance Expense
Cr. GOSI Payable

Pay social insurance

Dr. GOSI Payable
Cr. Bank Account

Record employer and employee shares

Dr. Social Insurance Expense
Dr. Salaries Payable
Cr. GOSI Payable

Adjust GOSI after salary increase

Dr. Social Insurance Expense
Cr. GOSI Payable