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Balance Sheet and accrued annual & personal leave
Is there a way that accrued annual leave and personal leave shows on the balance sheet?
Iki, Good Question.
Small Entities prepare Special Purpose Financial Reports.
Normally, the Business Owner/BAS Agent/Tax Agent are the only parties using the information.
A Bank can request the Reports they require - I understand Open Banking is in progress.
A Business Owner should review the Leave Balances say quarterly.
It is best practice for Accrued Annual Leave to be less than 4 weeks for an employee.
Annual Leave is a Tax Deduction when paid.
Duncan
