G/L Parameter Probability Factor - LSL

This window is used as the second step in setting parameters for the calculation of Probability Factors for Long Service Leave only.

Prerequisites

Rules and Guidelines

  • 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 Probability Factors are used in the calculation of the leave liability value with the rate percentage applied for the employee's last completed service year level.
  • In various states of Australia there are varying entitlements for Long Service Leave. Preceda handles this by using a link between the LSL Probability factor and the Leave Accrual methods.
  • A Probability Factor can contain one or many Leave Accrual Methods, but a Leave Accrual Method can belong to only one Probability Factor.
  • The last Probability Factor is used if an employee's completed service year is greater than the maximum service year record defined.
  • If an accrual code has not been allocated to a Probability Factor, no liability will be calculated for an employee using the accrual code.

Field Information

Completed Service Years

This field displays the number of years of service that have been completed.

This field displays a description of the year of service, e.g. 5 years but less than 6.

This field displays the percentage rate to be applied to the years of service.

 

Accrual Codes

This field display the LSL Accrual Codes that the probability factors will be applied to.