To continue to provide value to the ExakTime offering. We are including a new accrual type for the ExakTime Time Off feature. The Annual Accrual Type will allow employees to accrue a set amount of time off hours per plan on a specific calendar date once a year.
Enhancements
Annual Accrual
Configure Time Off Plan
Annual Accrual will be a new Accrual Method drop-down option available for selection when creating a new time off plan
Annual Accrual will run on the morning of the calendar date or hire date per plan. This accrual will be independent of the pay period closing and will apply to employees' balances at 2am EST / 5am PST the morning of the accrued date.
All standard plan options will be supported, such as Balance Reset, Partial Days, Negative balance, and unpaid time.
Time Off Accrual Configuration
The Time Off Accrual Configuration for the Annual Accrual will contain the following settings.
Standard setting of Configure Tiers by Years or Months.
Accural Date. Setting to have the annual accrual date by a specific calendar date such as 1/1 or by the employees hire date
Annual Accrual and Balance Reset
A company can have the Annual Accrual date and Balance Reset date by the same calendar day such as 1/1. In this scenario the order of operations is as follows:
- Balance Reset will be performed first, to bring employees balances down to the balance reset value per tier
- Annual Accrual will be performed second, to bring employees balances up to the earnable time off value per tier
In this Tier 1 Scenario. Employees on 1/1/ will have their balance rest to 0 and then their balance accrued to 40 hours on 1/1/
Leap Years – By Hire Date
If an employee with a hire date of Feb 31st (leap day) is assigned to a Time Off Plan with an annual accrual and is set to accrue on the hire date.
On non-leap years, employees with a hire date of Feb 31st, will accrue on Feb 30th. On lap years employees with a hire date of Feb 31st will accrue on the 31st.