GRAUTITY & LEAVE ENCASHMENT
This query is : Resolved
26 September 2019
plz suggest accounting entry for leave encashment and GRAUTITY
26 September 2019
Create the following ledgers in your software
Establishment - Gratuity ( Under establishment expenses group)
Establishment - Leave salary ( Under establishment expenses group)
Provision for leave salary - Current liability
Provision for gratuity - Current laibility
Establishment - Gratuity - debit
Establishment - Leave salary - debit
Provision for gratuity - Credit
Provision for Leave salary - Credit
The funding and non funding of gratuity and leave salary is separate subject and it is to be addressed accordingly
Establishment - Gratuity ( Under establishment expenses group)
Establishment - Leave salary ( Under establishment expenses group)
Provision for leave salary - Current liability
Provision for gratuity - Current laibility
Establishment - Gratuity - debit
Establishment - Leave salary - debit
Provision for gratuity - Credit
Provision for Leave salary - Credit
The funding and non funding of gratuity and leave salary is separate subject and it is to be addressed accordingly
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