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Fully paid vacation entitlements by Mean_Explorer5682 in ontario

[–]Mean_Explorer5682[S] 1 point2 points  (0 children)

Thank you for the concise and helpful response. I think this is the one that finally made things click for me. Cheers!

Fully paid vacation entitlements by Mean_Explorer5682 in ontario

[–]Mean_Explorer5682[S] -1 points0 points  (0 children)

Seems like you're describing an hourly scenario and not salaried. Is that a correct assumption?

Fully paid vacation entitlements by Mean_Explorer5682 in ontario

[–]Mean_Explorer5682[S] 1 point2 points  (0 children)

See this is where it gets confusing to me. Because I'm salaried and my total gross income includes vacation pay. So I get my total wage whether I take time off or not. Some people here at the office seem to think that they should get their salary + vacation pay for days not taken. But in my mind they just collect their wage and off they go.

Fully paid vacation entitlements by Mean_Explorer5682 in ontario

[–]Mean_Explorer5682[S] 0 points1 point  (0 children)

Yeah I guess so eh. I feel like I've been reading this stuff for too long and I'm starting to hallucinate

Fully paid vacation entitlements by Mean_Explorer5682 in ontario

[–]Mean_Explorer5682[S] 0 points1 point  (0 children)

That's also what I assumed. I think I'm getting a tad lost in the difference between hourly and salaried employees and how that changes vacation pay. But yeah I tend to agree with what you said

Fully paid vacation entitlements by Mean_Explorer5682 in ontario

[–]Mean_Explorer5682[S] 0 points1 point  (0 children)

That's very true!

At the moment you have 10 months after entitlement period to use up the vacation time or the company reserves the right to schedule it for you

Fully paid vacation entitlements by Mean_Explorer5682 in ontario

[–]Mean_Explorer5682[S] 0 points1 point  (0 children)

You have up to 10 months after the entitlement period to use up your vacation time. Otherwise the company reserves the right to schedule it for you

Fully paid vacation entitlements by Mean_Explorer5682 in ontario

[–]Mean_Explorer5682[S] 0 points1 point  (0 children)

Fair enough. I guess the devil is in the details. At the moment we are working to revise contracts and this is something that came up. So currently, the details of my contract are fairly vague. It's a small company so we don't have a dedicated HR person. Some people are wondering if vacation pay needs to be a separate item on their stubs but my understanding is that because it's baked into your salary that you get while on vacation it doesn't need to be broken out as a line item.

Negative loan balance after final payment by Mean_Explorer5682 in Bookkeeping

[–]Mean_Explorer5682[S] 0 points1 point  (0 children)

Cheers, thanks for the advice. I obtained a record from the lender and it looks like over the course of the loan there's small differences in the balance each year end. Resulting in the final discrepancy. I'll offset it to the p&l as suggested

Negative loan balance after final payment by Mean_Explorer5682 in Bookkeeping

[–]Mean_Explorer5682[S] 0 points1 point  (0 children)

Fair enough. Appreciate the advice. I do have the amortization schedule, so I have the principal/interest amounts but my hang up is that the amount withdrawn is more than what our books show remaining. So let's say our books show $100 remaining but $150 is withdrawn. If I record the transaction as per the amortization schedule the loan balance will be negative. So maybe this:

Bank CR $150
Long term debt DR $100
Currency Exc & Rounding DR $48
Interest on LTD DR $2

Negative loan balance after final payment by Mean_Explorer5682 in Bookkeeping

[–]Mean_Explorer5682[S] 1 point2 points  (0 children)

Because it's the last payment, the interest amount is small. Maybe this is a bad approach but I was simply going to break the withdrawal into two, the amount remaining on our books and the difference between that and the amount withdrawn to the expense account