G/L Parameter Nominal Bond Rate

This window is used to set parameters for the calculation of a Bond sub total value for Long Service Leave only.

Prerequisites

  • No prerequisites

Rules and Guidelines

  • Nominal Bond rate is used to calculate a Bond Sub Total value. It uses the nominal bond rate for employee's last complete service year and service years rates up to and including the last maximum service year defined.
  • This parameter is part of the setup to calculate leave liability for Accounting Standard AASB119. If leave liability calculations are to be done by this method all 5 of the parameters windows must be completed, or the process will not be performed and no leave liability calculations at all will be done.
  • The five parameters are:
  • G/L Parameter Nominal Bond Rate
  • G/L Parameter Inflation Rate
  • G/L Parameter % to be Posted
  • G/L Probability Codes
  • G/L Parameter Probability Factor LSL
  • The Nominal Bond Rate for the last defined record will be used if the employee's completed service year exceeds the service records entered.

Field Information

Enter the number of Completed Service Years.

Enter a description of the Completed Service Years.

Enter the rate to be applied .