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Chapter Summary

Section 12.1: Current Liabilities​

  • Obligations due within one year
  • Include accounts payable, VAT payable, salaries payable
  • Must be properly classified
  • PCN Class 4

Section 12.2: Paid Time Off​

  • Must be accrued
  • Record liability for unused PTO
  • Comply with labor law
  • Track accurately

Section 12.3: Short-Term Debt​

  • Notes payable due within one year
  • Must accrue interest
  • Current portion of long-term debt
  • Proper classification

Section 12.4: Luxembourg PCN Class 4​

  • 400000-409999: Suppliers
  • 430000-439999: VAT
  • 440000-449999: Social Charges
  • 450000-459999: Taxes
  • Must use proper accounts

Section 12.5: VAT Payable​

  • Collect VAT on sales
  • Pay VAT on purchases
  • Net VAT to authorities
  • File via eCDF
  • Track by rate

Section 12.6: Social Charges​

  • Employee and employer portions
  • Significant cost
  • Must be paid on time
  • Proper accounting required