Balances are used to track employee benefits, such as vacation time, sick and personal days, so that as employees record their time or make time away from work requests, the appropriate benefit is deducted automatically. To configure overtime banking, a balance must be configured in Pay Setup to track the banked hours.
Before You Begin: Configuring balances involves several steps, including setting up units, conversions, cascades, and transaction types. These settings should already be set up in Dayforce before configuring overtime banking. See Balances.
To configure a balance to track overtime banking:
- Go to Pay Setup > Balances and click the Balances tab.
- In the sidebar, select the balance used to track overtime banking.
- Click Add.
- In the General section, enter a name and, optionally, a description of the balance.
- (Optional) In the Reference Code field, enter a cross-reference code. This code must be unique and must not contain special characters.
- In the Options section, select a unit in the Units drop-down list.
- Select the Time Bank checkbox to use the balance for overtime banking.
- In the Pay Adjustments section, select the adjustments you want to associate with the balance. The pay adjustments selected should match the pay codes configured for overtime banking. See Configure Pay Codes.
- For example, say that you select the Deposit and Withdraw pay adjustment codes. In this scenario, the Deposit pay adjustment is used to bank time, while the Withdraw pay adjustment is used to deduct it when it is paid out.
- Note: Ensure that the pay adjustments associated with the overtime banking balance aren’t associated with any other balances, so that when they are recorded on the employee's time and attendance records, they increment and decrement only the overtime banked balance.
- Click Save.