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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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OfficeClip Products

How to control access of OfficeClip Reports

by SK Dutta 29. July 2016 16:30

After getting a query from one of our customers, I decided to do this quick video on how to:

  1. Provide OfficeClip Report Access to certain members (or roles) of your team.
  2. Manage Access at the Reports level. For example, do not allow some reports to be shown to an employee.
Note: Make sure you exercise caution when you expose your reports to non-administrators of your organization. Depending on their access they may be able to see some information that you may not want them to see!



Please reply with your questions or comments

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OfficeClip Tips

New! OfficeClip Release 10.4

by SK Dutta 13. February 2016 19:22

This is a major release after about 5 months. We fixed more than 150 issues and made lots of enhancements to OfficeClip. This article discusses the enhancements we made in various applications of OfficeClip:

More...

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OfficeClip News

OfficeClip Products Now Offered on AWS Marketplace

by SK Dutta 15. July 2014 15:07
Starting today the OfficeClip suite, consisting of the Customer Relationship Manager (CRM) and HR Management module, will be available on Amazon Web Services (AWS) in AWS Marketplace with hourly and yearly subscriptions.

OfficeClip Suite provides small businesses with the ability to manage customers, employees, and projects with one suite of applications. The software solution provided by OfficeClip under one platform includes Contact Manager, DCAA compliant Timesheet, Expense Management, and Project Tracking and Issue Tracking system. OfficeClip customers enjoy an integrated software experience and can avoid having to acquire and manage multiple products to run their business.

"The AWS Cloud is a secure, scalable, and cost effective platform for our customers. In addition to our SaaS and local installation solution AWS can provide our customers with the benefits of preinstalled software and having full control of their own data." says SK Dutta, President of OfficeClip LLC.

“We are excited to have OfficeClip offer their software with annual subscriptions on AWS Marketplace.  Many customers want the flexibility to purchase software in a way that allows them to forecast expenses ahead of time,” said Barry Russell, Head of Business Development for AWS Marketplace, Amazon Web Services, Inc. “Annual subscriptions on AWS Marketplace enable customers to do that.  With the OfficeClip suite available in both hourly and annual pricing, customers can quickly expand or launch new initiatives without large up-front costs, while taking advantage of material savings for steady-state, long-term workloads.”

OfficeClip will be available in AWS Marketplace in two editions. The basic edition will be free for all AWS Marketplace users, and the enterprise edition can be purchased hourly, or yearly at a significant discount. AWS infrastructure charges apply.

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OfficeClip News

Share timesheet and project information with your customers

by SK Dutta 18. April 2014 16:04
Your company may work on various projects and track time and expenses for them using software like OfficeClip. Today I am going to show you how to give limited access to your customers so that they can track information related to their own projects.

This process includes a few steps:
  1. While creating a report, click on the Filter tab and set the filter to a particular customer or project. You may also use the filter to restrict the number of employees that works in the project.
  2. Now click on the Filter Permission tab and only check mark those fields that you want to allow your customers to change.
  3. Once the report is created, create a secured share for this report for your customer.
That's it! now your customer can access this report in a restricted fashion and will be able to view his/her own project information. The video below shows how to set this up.


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OfficeClip Tips

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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OfficeClip Tips

OfficeClip 10 - Updated with New Enhancements

by imran 12. February 2013 03:26

OfficeClip Release 10.1

Welcome to the major release of OfficeClip. In this release we have closed more than 100 issues and also did numerous enhancements. The most important enhancements are given below:

See full release notes here

More...

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OfficeClip News

Controlling Costs in a Tight Economy: Hosted Web Software

by Admin 28. August 2008 16:08

As banks make it more difficult for small and medium sized businesses to take out loans, expenditures for improving internal business processes can rapidly shrink or disappear altogether in an economic slowdown. Customers reign in spending, businesses suffer and look for ways to streamline their business with cost-effective solutions, only to find that the bank will no longer give them the loan to make it happen...and so the cycle continues....

The New York Times notes that the witholding of credit comes as the economy tightens and joblessness grows, making it difficult for companies who would be able to grow to secure the funds to do so. By mid-June 2008, the credit that banks were giving was decreasing at the rapid rate of more than 6 percent. In dollar terms, that's about $150 billion dollars that companies at present (and very likely for awhile into the future) cannot get for their business needs. Imagine wanting to do internal restructuring to be more cost effective and needing to make a large expenditure for the softwares, etc. to accomplish it....and then not being able to get the money for the investment.

 
So one question certainly becomes..."What do in a tight economy when I want to improve my business?" The answer is to be creative. If improving customer relations, employee management and project management to reduce costs and increase flexibility are what you want to do, consider the benefits of hosted web software. Hosted web software is a way to do these things without using a large captial expenditure or taking out a loan from the bank for expanding your business and in times like the present, you may not be able to get the loans even if you want/need them.
 
According to Jeff Pyden of OmniVue Business Solutions, hosted online software has many benefits for companies who find themselves in these kinds of situations. First, hosted software is done on a pay-as-you-go basis and can be done monthly, yearly, etc. This allows you to easily add or remove users as your business changes and there are no upfront software costs, but there is always the ability to get premanent licenses later if you need them. In general, since no money has been spent on internal resources, there is less risk and more affordability and flexibility which can be ideal for the current economic situation.
 
Hosted web software, like OfficeClip, are internet based solutions, giving you the ability to access your data anywhere, anytime, anyplace with just a web browser. Data and applications such as Web Timesheet, Contact ManagerOnline Calendar and Document Sharing are managed easily and quickly, and the hosted version allows you to add or remove applications as your needs change. If you have financial concerns, are worried about the economy or simply want to try something new to improve important aspects of your business, hosted web software may be perfect for you.

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