The time off  does not start to accrue from the start date of the policy. For example: If the policy start date is set to 1st January 2011, the time off is getting accrued from 3rd June 2011.

This usually happens if the start date of the user in the user profile is set to a future date (In this case 3rd June 2011).

If the user's start date is wrong correct it, else change the start date of the time off policy.