Element – A trade or cost allocation may compries a lot of different activities ie Bricklaying includes; Face Brick supply, Common Brick supply, Block supply, Sand, lime, cement, Brick sundries, damp course, brick laying, brick cleaning, expansion Joints, Cavity cleaning etc. So for tracking Purchasing and quality issues you need to be more specific hence the introduction of trade elements.
Employee RPC The code of employee for whom the timesheet is to be maintained. F3 will display 3 options:
All employees in Payrun
RPC – Responsible person for maintaining timesheets
Approver of entered timesheet (prior to process of payrun)and you may select the appropriate view by using the F2 key, which sets the ongoing viewThe Pay person may set a payrun as Active and then display the list of all employees in the payrun and those who have been reviewed by the Pay person.When the Pay person starts the payrun processing, go to Payrun Processing and nominate yourself as the payrun processor.You can only be active on one payrun at a time.
Encumbance – Money that is constrained in its potential use.
Entry – An aspect of a transaction that’s recorded in a journal or ledger.
ETP Type – Emplyment Termination Payment Type. Different rules apply to different types of Employment Termination Payments.
The First type are payments that are one of the following:
a payment made under an early retirement scheme that exceeds the tax‐free limit* (only the amount in excess of the limit is an ETP).
a genuine redundancy payment that exceeds the tax‐free limit* (only the amount in excess of the limit is an ETP).
a payment made because of the employee’s permanent disability.
compensation payment for personal injury, or unfair dismissal, or harassment or discrimination
lump sum payments paid on the death of an employee.* The tax-free limit for the 2012-13 income year is $8,806 plus $4,404 for each year of competed service
The Second type are all other payments that are not listed above. They may include:
a ‘golden handshake’ whether paid under ; contract , industrial award obligation, or recognition of prior service.
a payment in lieu of notice
a payment for unused sick leave, or unused rostered days off
any other ETP payment not covered in the First type listed above.
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Equity – The owners’ share of a company. On a balance sheet equity represents the stockholders’ investment and retained earnings or losses. Or it represents the net worth of a company or person minus the total liabilities.
Escrow – Money that is held by a third party until the fulfilment of specified conditions have been met.
Event – An incident or situation, which occurs in a particular place during a particular interval of time.
Exclusions – Items which are excluded from a taxpayer’s gross income. Examples include gifts and inheritances. Exclusions are also known as excluded income.
Existing Note Template
Expect Pay Date
Expenditure – Anything that is purchased for a business –stock, payment of salaries, etc. Expenditure affects income and profits and usually involves cash transactions.