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I have another quick question regarding accruing provision for annual leave.
1. I need to know how to accrue provision for annual leave. I know the journal entry but what I am trying to find out is, if I should expense individual employee (P&L) or just use one account as a whole.
2. I read the instruction to add up the accruals but couldn't find instruction on how to adjust once the employee takes the leave.
3. Also, does sick leave need to be accrued or just annual leave and long service leave?
3. Is it easier to keep track of it, if done monthly or quarterly or semi-annually?
Thank you for your kind help on this matter.
February - last edited February
I am assuming that AO has a payroll module. Unless in it AO works differently than in Plus/Premier you are going to get into all sorts of problems using journal entries into the accounts. Among other things you not be able to accrue leave and will not be able to create a Payment Summary at year end. I would suggest that you seek out some training in Payroll. If you select a Certified Consultant in your area or online they will setup your file correctly and address the multiple facets that must be addressed before you run a pay. They will also be able to bring existing leave accruals, setup wages correctly and take you through the treatment of super.
Many thanks for your reply.
I cannot believe it would be that complicated. I have been advised that it is pretty much straightforward stuff. Can't I just get some MYOB notes on it and learn myself.
Of course you can do self training - but one problem with payroll is that some errors/ lack of setup do not become apparent until some way down the track. There are some who have visited this forum with horror stories at year end when they go to Payment Summaries and are unable to reconcile their pays to the GL.
Most problems are easily rectified but it is a matter of knowing where to look and what to look for. Entitlements are a world of their own and if you read through a few queries here you will see some of the issues. They generally relate to exemptions of different payroll categories.
Thank you very much, Ron. Much appreciated.
Many thanks, Clover. Much appreciated.
Sorry to get back to you again on the same topic. I read the help article and have few questions to ask.
1. Do I need to create a separate expense account for each employee or can I do as one account? For eg: Annual leave, Sick leave.
2. I have 1 employee annual leave on a negative figure. How shall I include this in the provision figure?
3. Also, I have time in lieu accrual. Is it no different than other leave (annual or sick).
If you could help me with this, will be very grateful.
I am a bit concerned about PAYG summaries at end of financial year as told by Ron and want to set up properly so that there are no errors.
Many thanks for your kind cooperation on this matter.