Princeton Financial Glossary - L

LA (Labor Accounting)

The computer application that allocates salary expense to specific project grants based on information from the PeopleSoft HR system and departmental input.

Labor Accounting Default

If an employee has not been assigned to a project grant, then the labor expense for the period will be charged to the department in a default project grant, DPT1998.

Project grant DPT1998 has been designated to record salary payments to individuals with incomplete project grant or other data, but for whom a legitimate salary obligation exists. Departments are responsible for moving all 1998 charges to the appropriate project grant as soon as possible. In no case may charges remain on 1998 at the end of the fiscal year.

Labor Accounting Staff Class

A term used in the Labor Accounting system to identify a logical grouping of employees and students. For example the faculty staff class includes full professors, associate and assistant professors, lecturers, and visiting professors. One method of granting LA system access is by staff class.

Late Cost Transfer

A cost transfer onto a federally-funded sponsored project that is requested more than 90 days after the end of the month in which the cost was originally incurred (see Cost Transfer Policy).

Leased Employees

Employees of a personnel agency who are hired and trained for the client firm through the agency. Payroll withholding, depositing, and reporting responsibilities remain with the leasing agency.

Levy

An attachment to satisfy a tax debt or a court judgment.

Liabilities

Debits of a business that have yet to be paid.

Liquidation

Liquidation is the process of making the principal of an invested fund available in order to use it currently, for example, by "liquidating" a quasi-endowment fund.

Loans & Receivables

A department within the Office of Finance and Treasury responsible for maintaining management and financial control over student billing and the various University lending programs for students,  parents, faculty, and staff.

Low dollar purchase

Goods or services with a total transaction value less than $2,500.


 

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