Page 33 - UNANET GOVCON: CLOSING A FISCAL PERIOD

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

This is a recurring Journal Entry; therefore, the shell of this entry can be found by
searching the list of INUSE journal entries for the period.

Activity Steps:
1. Navigate to 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 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 Page 33
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