Holiday Accrual Working Paper
The holiday accrual template comes in 2 options - either an account template which will need to be applied to the relevant nominal account (following these steps) or as a standalone reconciliation.
"So which one must I use?", you are probably thinking.
If you have a holiday accrual nominal code in the client's chart of accounts or if the accruals nominal code only consists of holiday accruals then you may choose to apply the account template. Alternatively, if there are multiple nominal codes or if you'd like to split out your standard accruals from your holiday accruals then you may opt to use the standalone 'Holiday accrual' reconciiation. As always, the choice is always yours.
Step 1: Apply the account template or select the standalone holiday accrual template.
The only difference in preparation is that the standalone template requires the user to pull in the relevant nominal codes using the # functionality in order to determine the value which must be reconciled, whilst the account template will be applied to a specific nominal code so the value to be reconciled does not need to be determined.
2. Select whether you'd like to prepare a 'simple' or 'complex' reconciliation.
The only details required to complete this reconciliation are:
- Employee names;
- Annual salaries; and
- The number of holiday 'days' the employee has accrued to date.
The fields in white are calculated automatically based on the above.
The complex reconciliation requires a bit more input.
- Statutory leave period;
- Working days per annum - note: this is defaulted to 260 days but can be overwritten;
- Employee names;
- Date the employee commenced their employment;
- The employee's annual leave entitlement;
- Any leave brought forward at the commencement of the period being prepared;
- Any holidays taken in the year (i.e. holidays to date); and
- Employee's annual salary.
Based on the above, the total holiday accrual is calculated and you can see whether or not it reconciled to the TB value.
If you already have the employee's holiday accrual (e.g. in Excel), you won't need to repeat your effort!
You have 2 options:
1) Import your holiday accrual schedule into the relevant Silverfin template.
On the template, select 'Actions' -> 'Import reconciliation data'->'Upload Excel File'
[Please ensure your schedule has the relevant headers and that commas are not used to separate 'thousands'.]
2. Apply a 'Standard default' account template to the nominal code, attach the holiday accrual schedule, provide the relevant explanation in the template and enter the value per the schedule attached.