G/L Parameter Inflation Rate

This window is used to set parameters for the calculation of an Inflation Rate value for Long Service Leave only.

Prerequisites

  • No prerequisites

Rules and Guidelines

  • The inflation rate is used in the calculation of a Bond Value. This is based on the specified rate at the employee's last complete year of service and service years up to and including the last maximum service year.
  • The 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 this process will not be performed and no leave liability calculations at all will be done.
  • The inflation 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 .