Leave Processing: Step-by-step
The following step-by-step narrative outlines the necessary procedures for using Costpoint's leave processing function.
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You must add accounts to the general ledger, set up overall leave settings and leave types for the leave processing.
When tracking by hours, you enter an employee balance in hours when you initialize the Manage Leave Beginning Balances screen.
When you track by monetary amount, this value increase entry is not required. Enter the employee's beginning balance in monetary amount on the Manage Leave Beginning Balances screen.
It is the policy of most contractors to accrue vacation leave in the General Ledger and to expense sick leave as taken because unused vacation leave is generally paid to employees who terminate, whereas unused sick leave generally is not.
Because the policy on accruing types of leave is not universal, you define your leave policies in the system. You can do this by entering or not entering leave accrual and leave expense accounts on the Configure Leave Types screen. The table indicates how Costpoint handles the various options:
You need to perform multiple actions to complete the Costpoint Leave process.