Each company follows a specific leave year for the purpose of granting leaves to employees and keeping track of all their leaves. A company can choose a leave year to be from January to December or April to March.
The Leave Year End process helps you to close, process, and open your leave year. With the help of the Leave year end process, you can close all the pending leave requests, create a new holiday calendar for the new leave year, carry forward the last year's leave balance, grant leave encashment, and grant the required leaves to the employees.
You must perform Leave year end process at the end of your company's leave year to avoid any errors in your financial accounting. Encashable leave types or LOPs have a direct impact on the payroll process.
- Product Update - To read the product updates related to leave year end, click here.