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May 14, 2008
Setting Up Yearly Accruals
A user asked an interesting question last week, and one that had me stumped for just a few minutes. Can Time Clock MTS handle yearly accruals of Vacation and Sick Time? Yearly accruals work by crediting the employee with the full allocation of their sick or vacation time upon the anniversary of their employment or the start of the fiscal year. Typically this sort of accrual scheme will credit the employee with their full amount at the start of the yearly period and allow them to deplete it during the year. Here's how to set it up:
- Create a new accrual scheme called yearly accruals (or whatever you like).
- Set the accrual delay to zero to start accruing at hire date.
- Set the starting balance to the yearly allocation to allow accruals in advance or leave it at zero to not give them any accrual until 1 year of service.
- Set the accrual amount per unit to the yearly allocation and the accrual period to 12 months.
- Check the Use Hire Date not Fiscal Year checkbox to use the anniversary of hire to reset accruals (if you need them reset).
That's all there is to it. As always feel free to ask any questions you might have.
Posted by mnemtsas at May 14, 2008 10:57 AM