GOSI Employee Share

Code: 2161
👁 Views: 249

Account Information

Financial Statement Statement of Financial Position
Normal Balance Credit

Definition

GOSI contributions deducted from employee salary

Common Journal Entries

Deduct employee GOSI share from salary

Dr. Salaries Payable
Cr. GOSI Employee Share

Remit employee share to GOSI authority

Dr. GOSI Employee Share
Cr. Bank Account

Adjust employee share after salary review

Dr. Salaries Payable
Cr. GOSI Employee Share

Year-end settlement of employee share

Dr. GOSI Employee Share
Cr. Bank Account

Deduct employee GOSI share from salary

Dr. Salaries Payable
Cr. GOSI Employee Share

Remit employee share to GOSI authority

Dr. GOSI Employee Share
Cr. Bank Account

Adjust employee share after salary review

Dr. Salaries Payable
Cr. GOSI Employee Share

Year-end settlement of employee share

Dr. GOSI Employee Share
Cr. Bank Account

📐 IFRS vs US GAAP Accounting Treatment

IFRS IAS 19 Employee Benefits
US GAAP ASC 710 Compensation - General

❓ Frequently Asked Questions

Q: What is the employee's share of social insurance?

A: A percentage of the employee's salary (e.g., 9% in Saudi Arabia) deducted from salary and remitted to the insurance authority.