Accrued Vacation Liability in ONE Minute #shorts

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Accrued Vacation Liability is the dollar value of what you owe your employees if they were to quit today. #shorts

Start by getting a list of your current employees from your payroll system
The list needs to include their annual salary, their current balance of vacation in terms of hours, And their hourly rate

Multiply the vacation balance times their hourly rate And this will give you the vacation liability per employee

Then you add up the dollar balance for all your employees and that's your total liability at month end

Next the journal entry will be debit to Vacation expense and credit to accrue vacation liability

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Accrued Vacation Liability accounting accruals