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How does Accruals work with Paid Time Off - Part II

by Admin 16. July 2018 11:40

Companies offer paid time leave to employees as part of their benefit. Most of these vacations are given as a credit of time worked. For example, a company can give an employee 12 hours of sick time every month. If the employee does not get sick on a particular month, the leave may get accrued into an account that can be used later. There are various possibilities:

  1. Employees accrue PTO that can be cashed out at the end of the year (if not used).

  2. Only a certain number of PTOs can be transferred to the next year.

  3. If PTO is accrued at the beginning of the month or end of the month. If the employee joins in the middle of the month, it could be prorated.

 

PTO Accrual Scenarios:

  1. John joined the company on Jan 15, 2018, and is allocated 1.5 days of sick leave every month that expires at the end of the year.

If we assume the following:

    1. John has not claimed any sick leave so far

    2. Leave is accrued at the beginning of every month

    3. It is prorated

On July 1, 2018, John will have 0.75 days of leave accrued for January and 1.5 days of leave from February to July totaling 9.75 days (78 hours).

  1. Mary gets vacation leave of 2 days every month and only 10 days of such leave can be rolled over to the next year. If we assume that:

    1. Mary already had 5 days of vacation rolled over from last year

    2. Leave is accrued at the end of the month

    3. Mary has already taken 3 days of vacation in this year

On July 1, 2018, Mary will have 5 days from the last year, 2 days for every month from January to June and 3 days subtracted totaling 14 days of vacation accrued.

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Tutorial - Time Off and Accruals in OfficeClip

by SK Dutta 31. January 2017 22:17

I got a few questions from some of our customers on proper use of the OfficeClip Time Off and Accruals. OfficeClip Time Off application has many features that can manage your employee's vacation, leaves and paid time off. I decided to create a tutorial video to make it simple. Let me know if you liked it or have any questions.


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How to use Accruals in Timesheet

by SK Dutta 27. August 2013 16:48

According to Wikipedia, the definition of accrual is: Accrual of something is, in finance, the adding together of interest or different investments over a period of time. In OfficeClip Time-off module, accruals can keep track of various time-offs your employees use and save as per company policy.

 

Your employees may belong to various accrual groups. This means your senior employees may be able to acquire more time-off than your new hires. There are also various types of time-off and accruals such as jury duty, family emergency, sabbaticals etc.

Whenever an employee requests time-off, the system calculates the amount remaining and gives warning to the employee if he/she has used up all the hours in a particular category. Each employee can be set with an accrual policy and the system calculates the amount of time remaining in hours.

 

Employees can also check their own time-off when requesting them.

 

Time-Off module is a part of the OfficeClip Web Timesheet. The Time-off module is available at no cost with the Timekeeping software. Let me know if you have questions.

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