You can set up as many Time Banks as needed. There are three basic types of Time Banks; Vacation, Sick Time and Overtime.
Go to Setup->Time Banks. Once the Time Bank setup window appears, click on the Add button. The following screen will appear:
Enter a Time Bank code (maximum of 6 characters).
Enter a brief description for the Time Bank.
Enter the Start date of the bank (Companies/organizations usually have a calendar year in which employees have to use up their Vacation time etc. or cash it in).
Enter the End date of the bank.
If Negative Time Bank values are going to be allowed, click in the box labeled 'Allow Negative' to change the N (No) to a Y (Yes). Most companies/organizations do not allow this!
Enter the Maximum value of the Time Bank. i.e. If employee John Doe is allowed 20 vacation days (8hrs/day), the maximum value of his Vacation Time Bank would be 160:00hrs.
Put a check mark in the type of time bank you wish to set up. The default choices are:
Vacation Time Bank
Sick Bank
Overtime Bank
The settings for these banks are described at the end of this section (Front end Loaded, Accrued-Flat, Accrued-Worked, Default values, etc.).
From the Available Absent Codes tab. select the Absent codes that can be applied against the Time Bank. i.e. Can an employee use a 'Jury Duty' absent code against his/her Vacation Time Bank?
From the Payroll Export Setup tab, enter the Earning Codes and General Ledger Account Numbers for Regular time, Time and a half (1.5), and Double Time (2.0) (Optional). As explained earlier, these codes are for use with the Payroll Export, you may or may not require them.
Click the Save button.
Note: If you click Exit before clicking Save, the new Time Bank will not be saved!
Exit the window, the 'Time Bank' setup window will appear. At this point you can either Add /Edit / Copy / Delete a Time Bank, Renumber an existing Time Bank code or Exit the window.
Front-end Loaded
At the start date of the Time Bank, check the Front-end Loaded radio button, enter the amount in hours (00:00).
i.e. Load it with 160hrs if the employee has 20 vacation days (8hrs/day)
Accrual - Flat
Check this if the employee is to accrue Time Bank values . Front end load the time bank with whatever value the employee starts with. Works in conjunction with Time Bank Run.
i.e. If the employee works 20 days, he/she will accrue 1 vacation day etc.
Accrual - Worked
Check this radio button if the employee is to accrue Time Bank values based on how many hours have been worked. Works in conjunction with Time Bank Run. Generally used for Part-Time employees.
i.e. Employee has accumulated 300 hours worked, and is now entitled to 8 hours in his/her Vacation Time Bank.
Accrual - Percent
Check this radio button if you want to the calculation based on a percentage of the actual time an employee has worked in a specified pay period.
i.e. Employee has worked 80 hours in the pay period. His/Her time bank is calculated at 5% of actual time worked. 80hrs * 5% = 4hrs. When a time bank run is done for this employee, 4hrs would have been added to the specified time bank.
Amount
The amount the employee initially begins with at the start of the Time Bank.
Full Time Equivalent
This amount of time represents the number of hours a full time employee would work. Works in conjunction with Accrual-worked.
Follow the same procedure as described above for the Vacation and Sick Bank defaults
With an overtime bank, you can specify how you want to bank the overtime.
Check the 'Bank All Overtime' radio button if you want ETP to automatically bank all Overtime accumulated.
Check the 'Bank Premium Overtime' radio button if only Premium Overtime is to be banked automatically.
A Premium Overtime bank will only bank the time left after the employee has been paid for the entire shift at regular time.
e.g. An employee works a total of 11.5 hours in a day (12 hours -30mins for lunch). He/She is to be paid Time and a Half after 8hrs and Double Time after 10hrs.
|
Time |
Standard |
Multiple |
Calculated Reg Hrs. |
Banked Premium Time |
Remainder (Paid Out) |
|
Reg |
8.0hrs |
1 |
8.0hrs * 1.0 = 8.0 |
8.0 - 8.0hrs = 0.0 |
8.0 - 0.0 = 8.0 |
|
t1.5 |
2.0hrs |
1.5 |
2.0hrs * 1.5 = 3.0 |
3.0 - 2.0hrs = 1.0 |
3.0 - 1.0 = 2.0 |
|
t2.0 |
1.5hrs |
2.0 |
1.5hrs * 2.0 = 3.0 |
3.0 - 1.5hrs = 1.5 |
3.0 - 1.5 = 1.5 |
|
|
|
|
Total Reg hours earned = 14.0 |
Total hours Banked = 2.5 |
Total Reg paid out = 11.5 |
|
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|
|
|
|
|
|
|
|
|
|
|
Total Banked = 2.50 |
|
|
|
|
|
|
+Total Reg paid out = 11.5 |
|
|
|
|
|
|
Grand Total (hrs) = 14.00 |
If you want to manually bank the overtime, click on the check box labeled 'Manually Bank Overtime'. When in Edit Time & Attendance, a 'hyphen' will appear in the overtime column indicating that the overtime needs to manually edited.
The Lieu bank is used for employees who are allowed to take time off and make up the time by working overtime on other shifts. In order to use this type of bank, you must setup an absent code called "LIEU' ...
Go to Setup->Time Banks ... ADD a LIEU time bank as follows ...
The next step is to assign the time bank to the employees. This is done through the Employee Profile.
Every time the LIEU absent code is entered in Edit T&A, the LIEU time bank window will come up with all the current information.
Every time an employee works some overtime to 'pay back' the time he/she owes, a hyphen will appear under the 'Bank' column in Edit T&A. Double click on this hyphen to update the LIEU bank.
When using Percentage based time banks, enter the Percent value that the calculation is to be based upon.
If the Percentage based time bank is just to calculate based upon Regular time, put a check in appropriate box. If Time and a Half hours and/or Double time hours are to be included in the calculation, check the appropriate boxes.
See Operations->Time Bank Transfers
Note: This is enabled for Overtime Banks Only.
Enter the appropriate earning codes and G.L. Account Numbers for the overtime bank withdrawals.
Earning codes are optional here. If your payroll program keeps track of Banked and Bankable overtime, enter the appropriate earning codes.