Business, Legal & Accounting Glossary
Vacation pay payable is a general ledger account that records an employer’s obligation to pay employees for vacation time earned but not yet used. At the end of each reporting period, the balance in this account is updated to reflect additions to accrued vacation expense as well as employee use of vacation time. Typically, the account is classified as a current liability.
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This glossary post was last updated: 13th April, 2022 | 0 Views.