Question / Issue

What are Accrual Banks and how do I use them?

Answer / Solution

Accrual Banks are used in v7 to store accrued hours for employee leave. This includes, but is not limited to, Vacation, Holiday, Sick Time, Bereavement, Comp Time and so on. Accrual Banks are configured to associate with Accrual Rules, and Job Codes.

Accrual Rules – The rules that specify how often and for how many hours Banks should be accrue. These need to be created prior to creating the Banks.

Job Codes – Each Job Code can be configured to help accrue, and take away, from accrued balances.

Accrual Cap – Based on configuration, an accrual cap can be placed on the amount of hours accrued or remaining during a period of time. As an example, someone can earn 4 hours a month, with a max of 40 hours a year.

Accrual Reset – This is the max number of hours that will reset. As an example, this can be set to 20, and an employee with 30 hours will reset to 20, while an employee with 12 hours will not have any change.

 

  • Creating An Accrual Bank
    • Log into TimeClock Manager
    • Choose Configuration > Accruals > Accrual Banks
    • Click Add
  • General Information
    • Enter the ID of this bank (starting from 1 and working your way up is fine)
    • Enter a Description for this Bank (Vacation, Holiday, PTO, etc.)
    • Click Next
  • Assign Accrual Rules
    • Click Assign
    • Choose the Accrual Rule(s) that apply to this bank
    • Click Assign
    • Click Next
  • Assign Accrual Usage Job Codes
    • Click Assign
    • Choose the Job Code(s) that apply to this bank
    • Click Assign
    • Click Next
  • Accrual Cap
    • If an accrual cap is desired, select whether it should apply to
      Hours accrued: This is the total number of hours accrued under the rule. A max number of hours one can earn during a given period.
      Hours remaining: This is the total number of hours available to the employee. A max number of hours to the employee at any given time.
  • Accrual Reset
    • If an accrual cap is desired, select whether it should apply to the individuals hire date anniversary, or a set date in the year
    • If an accrual cap was selected, specify how many hours the accrual should be reset to
    • Click Finish

Applies to

v7

What are Accrual Banks (v7)?