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Saturday, 26 May 2012

Leave entitlements calculation in Quickbooks

QuickBooks can accrue up to four different types of leave. By default these are Personal Leave, Annual Leave, Other 1 and Other 2. Other 1 and Other 2 can be edited to incorporate the businesses’ individual needs. For example, these leave types are often changed to RDO (Rostered Day Off) and LSL (Long Service Leave). It is really important that the payroll items Other 1 and Other 2 are not changed to rates such as overtime, because these items are special QuickBooks items set to accrue.

Every Pay
To work out the accrual rate for this option, divide the total leave hours entitled by the amount of pay periods. For example, Bobby Brown works 40 hours per week and is entitled to 4 weeks annual leave per year (Total of 160 hours per year). Bobby is set up in QuickBooks to be paid monthly. Therefore Bobby’s annual leave calculation would be 160/12, which is 13.3333 hours accrued per pay.

Every Hour
To work out the accrual rate for this option, a calculation must be performed dividing the total entitlement by the total amount of hours worked in a year. Because this calculation is based on hours worked, the accrual rate remains the same; however the entitlement increases the more hours that are worked. Simply, an employee who works 10 hours a week is entitled to 4 weeks x 10 hours, whereas an employee who works a 40 hour week is entitled to 4 weeks x 40 hours. In the annual leave example below, each employee accrues 0.07692 hours annual leave for every (normal) hour worked.



Beginning of Year
Some employees have the leave entitlement added as a bulk amount at the beginning of the year. If this option is chosen as the preferred accrual method, the user can nominate a month and date for the accrual hours to be added to the employee’s record. Popular dates are hire dates, anniversary dates, end of calendar year and end of financial year. Then, the entitlement will reduce as the employee takes leave
throughout the following twelve months.

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