Timebank and overtime policy

General support regarding TimeTrex, such as
configuring policies/taxes or processing payroll.
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its
Posts: 5
Joined: Mon Jul 18, 2016 1:48 pm

Timebank and overtime policy

Post by its »

Hi,

I would like to know how to modify the appropriate policy so that actual overtime hours worked (hours worked in excess of 8 hours/day) at 1.5 rate can be converted to timebank hours at 1.5 times. For example, if an employee works 2.5 over 8 hours, the time bank on the timesheet shows 2:30 but we would like it to be 2.5*1.5 = 3.75 hours deposited.

Our goal is to defer overtime payment using time bank instead of paying overtime at end of pay period. Which policy and how do I modify it to achieve this goal?

If later the employee would like to be paid for the timebank deposited hours, how do I pay out of timebank?

Thank you.
shaunw
Posts: 7839
Joined: Tue Sep 19, 2006 2:22 pm

Re: Timebank and overtime policy

Post by shaunw »

Please see the Administrator Guide regarding Pay Formula Policies:
https://help.timetrex.com/v9.0/communit ... s%7C_____4

The general idea is that in the Pay Formula Policy you would set the "Rate" to 0, but define an "Accrual Account" and "Accrual Rate" of 1.5x, that deposits to your Time Bank accrual account. You can then create an Absence Policy (which links to a Pay Code, which itself links to a Pay Formula Policy) for withdrawing from that same Time Bank accrual policy, using a "Rate" of 1.0, and an "Accrual Rate" of -1.0 (note the minus sign), coming from the same Time Bank accrual account.
its
Posts: 5
Joined: Mon Jul 18, 2016 1:48 pm

Re: Timebank and overtime policy

Post by its »

Thank you for the detailed explanation.

I get the idea and modified the policy and timebank accrual account accordingly.

Would I also need to set the timebank withdrawal accrual rate at -1.5 since the timebank deposit accrual rate has been set to 1.5 to accrue overtime hours at 1.5 times?

Thanks
shaunw
Posts: 7839
Joined: Tue Sep 19, 2006 2:22 pm

Re: Timebank and overtime policy

Post by shaunw »

You could do that, but you may want to set the pay rate to 1.5x if you do that too, otherwise for every hour they withdrawal from the time bank to get paid for, 1.5hrs actually comes out. In most cases if you deposit at 1:1.5x, the withdrawal is at 1:1.
its
Posts: 5
Joined: Mon Jul 18, 2016 1:48 pm

Re: Timebank and overtime policy

Post by its »

Thank you!
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