Need to be able to record a liablity for the dollar value of the banked time. This should be calculated when the hours are put in times the current wage rate.
by: Wendy V. | over a year ago | Payroll
Votes
40
Banked Time accural - need to record both hours and dollars
by: Wendy V. | over a year ago | Payroll
Comments
Very badly needed.
Agree very strongly. If an employee banks 5 hours @ $20/hr at the beginning of the year, they should be paid $100 when they request payment for banked hours. Not 5 x $21 (if they get an increase during the year). I would rather see banked wages (in a dollar amount) rather than banked hours. It would be set up like vacation pay where the payout would be limited to the dollar value of the banked wages. Banked wages would show up as a liability on the balance sheet and paid out by the year end.
I would love to see this! It would save me so much time when I run payroll.
I agree that it would be nice to be able to bank time by entering the hours and the dollars. The way that we do it now is that we have set up an accrual and we record the dollars which has to be manually calculated and then when we pay it out we put in the hours.