LSL changes

Sarah JohnstonSarah Johnston Member Posts: 38
edited September 2019 in Accounts Hosted

HI,  With the LSL changes coming into effect on the 1st November 2018, you will now be able to take LSL at half pay.  Can you please advise if there will be an update for QB for this?  Thanks Sarah

Comments

  • ZappyZappy Accredited Partner Posts: 4,460 ✭✭✭
    edited August 2019
    Sarah Reckon doesnt track lsl specifically so your answer is it depends. Thanks for asking. Oh and its Reckon, not QB.
  • Sarah JohnstonSarah Johnston Member Posts: 38
    edited September 2019

    Thanks Kevin, depends on what?  Because this is new legislation I would have thought that Reckon would do an update to keep up with the change?  Thanks Sarah
  • ZappyZappy Accredited Partner Posts: 4,460 ✭✭✭
    edited August 2019
    Hi Sarah. It depends on how you are using Reckon to track lsl right now. Most of us dont do it.
  • Sarah JohnstonSarah Johnston Member Posts: 38
    edited August 2019

    HI Kevin, Yeh we don't either :) 

    LOL thought you might have something up your sleeve you were going to tell me.

  • ZappyZappy Accredited Partner Posts: 4,460 ✭✭✭
    edited October 2018
    I always have something up my sleeve. My arm. You can accrue lsl based on 1/60 of ordinary hours if you insist. I think its pointless given it most likely wont be paid out. In 20 years I think Ive paid it five times. Not worth the effort imho
  • Sarah JohnstonSarah Johnston Member Posts: 38
    edited October 2018

    Thanks Kevin, appreciate your time.
  • Acctd4Acctd4 Accredited Partner Posts: 891 ✭✭✭
    edited October 2018
    Hi Sarah

    I do choose to track LSL in RA. 

    In WA, the standard LSL accrual works out to be 0.01667 hours per hour worked. 
    Of course the entitlement to TAKE this LSL doesn't kick in until the minimum service years have been worked but I have it set to accrue by default anyway for convenience.  If the employee leaves before that, it is just adjusted out in RA.
    You can still choose to edit the rate when paying LSL so that's not an issue.

    NB Obviously, the accrual calculation is dependant on any applicable award/agreement or in absence of that, your relevant State's LSL entitlement.

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    Reckon Accredited Partner (AP) Bookkeeper * Regd BAS Agent (No: 92314 015) *

    ICB-Certified Bookkeeper * Seasonal Tax Consultant since 2003

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    [email protected]

    https://www.accounted4bs.com/

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