General
End of Service Benefit (EOSB) Payout
Recording the actual cash payment to an employee who has resigned or been terminated.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Provision for EOSB | Liability (-) | 4,500.00 | - |
| Cash in Bank | Asset (-) | - | 4,500.00 |
💡 Accountant's Note
This entry clears the liability that the company had been building up over the years. No 'expense' is recorded now because it was already expensed monthly via provisions.
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QA
Expert Analysis by Qusai Ahmad
General Accountant Supervisor & IFRS Specialist
Specialized in SAP GUI automation and Middle Eastern tax compliance. Building digital tools for the next generation of finance leaders.