It needs to be seen that you are the client's fee collector. The agency payment service is that the Agricultural Bank of China accepts the client's entrustment and transfers the funds in the client's bank account to the client at the agreed time according to the amount payable in the current period. account.

Take the accounting of agency salary as an example to briefly introduce the accounting procedures of withholding business.

Accounting entries when a business outlet is entrusted by a customer to issue wages:

Debit: Unit demand deposit - ×× unit account

Credit: Sub-branch jurisdiction Internal transactions - ×× account

On the specified salary day, the money will be transferred to the savings account of the employees of the entrusted unit. The accounting entries are:

Debit: transactions within the branch's jurisdiction - ×× account

Credit: current savings deposit - ×× account

Extended information

Take Agricultural Bank of China and Inner Mongolia Mengniu Dairy (Group) Co., Ltd. as an example: Agricultural Bank of China provides centralized payment services to Mengniu Group.

The online centralized payment service, which distributes corporate payments through the Agricultural Bank of China, not only meets the needs of Mengniu Group to pay dairy farmers’ milk payments and employee wages, but also supports cross-bank and cross-regional payments across the country.

On the premise of clarifying the amount and details of their own payments, Mengniu Group’s various business divisions will allocate their respective funds to the internal account for payment through the application system, and the Agricultural Bank of China will make payments based on the payment details, effectively increasing the company’s funds. Management efficiency.

Baidu Encyclopedia - collection and payment services

People's Daily Online - Inner Mongolia Channel - Agricultural Bank of China and Mengniu Group deepen financial informatization cooperation