TimeTrex Time and Attendance

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.

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.

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

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.

Thank you!