I think it would be great if AccountRight could produce the journal entry required to be processed to record the value of the entitlements on the balance sheet e.g. a just like the journal entry that...
The $ value of Annual leave liability should be able to be posted during the preparation of payroll directly to the liabilty account rather than having to do a manual journal every month to update.
Hi Hannah
This just cannot work. If you have an employee that has annual leave of say 10 days and earns a salary of $60K and then receives an pay rise to $100K how would you account for the difference in 10 days accrued at $60K which if leave was taken would now be 10 days @ $100K. Great idea but the practicality of it all is not there.
This has been suggested elsewhere on the idea exchange so perhaps the moderators can combine the ideas to centralise the votes.
I believe it can work and is practical to do, i.e. and avoid having to do manual journal entries at EOM.
MYOB already tracks the number of leave hours which you can print from the payroll summary entitlements report. It has a dollar value on it, based on current rates of pay. MYOB can check the existing balance of the "Provision for Leave" account and does a journal for the difference - to make it agree to the total of the report. This is what we currently have to do manually. This would therefore take account of any changes in pay rates etc.
There may be some finer details about separating how and where it gets coded (ie if you have direct/indirect wage accounts), who/which payroll categories are journalised, when they are journalised (auto vs click a button) and/ if on costs are/are not added on.) I believe this would be useful feature.
