leave liability report

Hi, please advise how to run leave liability report at a specific date? and how to updated LSL as the LSL balance is nil.

Comments

unknown

This content has been removed.

John Graetz

Whilst there might not be an obligation to pay LSL before 7 years, it is not uncommon for the LSL to be accrued and, for some business, they pass an accrual entry for deferred LSL. Wherever I have been, LSL has been accrued for employees to see - the setup for this is in the same place in the Employees Record section as the setup for Personal and Annual Leave, Becky.
On another point, I do not rely on the accrual information produced by Reckon and run a separate spread sheet instead. Unfortunately, Reckon has restrictions on the number of decimal places that can be used, in other words it is not finite enough, whilst, to make matters worse, there are instances where Reckon refuses to accept the input of an accrual rate and overrides the input and changes it to something different instead.
John L G

Acctd4

I agree with John in that I too always set this up to accrue accordingly.

If the employee leaves before it’s payable it can easily be zeroed out, otherwise it’s already calculated for you upon payout.

Can’t say I’ve really had issue with the accuracy of leave calculations/accruals – Yeah, Reckon does sometimes round them off (particularly with Personal Leave accrual!) but I’ve always found the minor variance negligible ?

Regarding the Leave Report, if you need to change the dates rather than report on current status, you could generate the Leave Accrual Summary.

(Unfortunately, you can’t add any further columns - for $ values etc - but it does give you the same Used v Available hours for each leave type you have set up)

NB You need to set up the LSL in the employee's Leave tabs though (just like other Leave) in order for it to accrue & report correctly.

Shaz Hughes Dip(Fin) ACQ NSW, MICB

Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

Accounted 4 Bookkeeping Services

Ballajura, WA

0422 886 003

shazinoz2@bigpond.com

www.accounted4bs.com

unknown

This content has been removed.

Acctd4

It's the liability provision that's recorded in the balance sheet, it's not claimed as an expense (unless it's taken/paid of course)

John Graetz

The accrued leave on pay slips is a non value entry, giving an indication of the leave which is available and this in turn would be reflected in the Liability Report. As such, this information in itself, does not generate any entries on the balance sheet, unless this is done manually. Consequently, accruing the information on the pay slip or payroll records, is totally different from accruing it on the balance sheet e,g, 1/60th of the wages bill.
John L G

unknown

This content has been removed.

Acctd4

Kevin, I meant it's not claimed for tax purposes in the tax return but yes, the provisional amount is often accounted for in the Bal Sheet & P&L, particularly in larger businesses:

Accounting Definition: A provision is an amount set aside for the probable, but uncertain, economic obligations of an enterprise. A provision is an amount that you put in aside in your accounts to cover a future liability. ... When accounting, provisions are recognized on the balance sheet and then expensed on the income statement.

unknown

This content has been removed.

Reckon Accounts Hosted Announcements & Important Info

Check out the latest important info & announcements for Reckon Accounts Hosted

Button

View all Reckon software categories 🗃️

Each Reckon software has its own dedicated category on the Community. Click below to browse all categories.

Explore all categories