Holiday Pay Accrual

Guidance:

This is a really handy template to calculate the holiday pay accrual by each employee.

Step-by-Step:

The help guide from Silverfin on how to use the template itself is here

Explanation:

Holiday pay accrual is when you have staff holidays that have been accrued but have not yet been taken that need to be provided for at your period end.

Example:

Your financial year-end is October 2020 but the holiday year is the calendar year ending December 2020.  If an employee has an annual holiday entitlement of 28 days holiday and has taken 20, the holiday pay accrual would be the holidays accrued between January 2020 and October 2020 (so 28/12*10=23.33) less the actual days taken (23.33-20=3.33) therefore the holiday pay accrual would be 3.33 days for that employee.