Page 30 - Participant Guide - Unanet GovCon Closing a Fiscal Period (2)

Accrued Leave Reconciliation

Accrued Leave represents the amount of Paid Time Off (PTO) an employee has earned
based on the Company's accrual plans. The amount of this accrual is recorded as a
liability on the Company's balance sheet and should be reconciled periodically to
account for changes in employee rates and statuses. Reconcile Accrued Leave balance
to the Balance Sheet account 20.05.01 Accrued Leave balance.

Activity 4.2 Prepare and Post Adjusting Journal Entry - Accrued
Leave
Login as Glenda Manager (GL Manager) – glmanager / welcome

Activity Steps
1. Navigate: Reports > Dashboard > People Reports > Summary Reports > Accrual
Summary

2. Run People Accrual Summary Report on YTD Fiscal Year with the following
criteria:

REPORT ON All People I can see
DATE RANGE YTD Fiscal Year
REPORTING OPTIONS Show Cost & Liability
SORTING OPTIONS Sort by Person

3. Compare GRAND TOTAL LIABILITY to the GL Summary (Trial Balance) total of
account 20.05.01 Accrued Leave balance

4. View and compare the report totals to answer the following:

Questions Answers
What is the Total Liability on the People Accrual Summary report?

What is the Total of account 20.05.01 Accrued Leave on the Trial
Balance?

Compare the Totals above. Are they equal? YES or NO

What is the amount of the difference between the values?
* This amount is the CREDIT to Accrued Leave in the Adjusting
Journal Entry in order to reconcile the balances

LESSON 4: GENERAL LEDGER
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