There are several things you will need to do before you can start banking, using and tracking your employees’ Comp Time. Use the following steps to get started.
Programs you need to run
1. Run Payroll Constants: Bank Types
Set up a new bank called Comp Time. You can use any code you’d like for the bank – C, CMP, etc. The bank will have no calculation type because all updating to this new bank will be accomplished in PR Post. You do not need to enter any information on the PR/PRS Parameter Titles screen. Just set up the bank type and save it. Your screen should appear similar to the one below.
2. Run Payroll Constants: Payroll Types
Set up a new payroll type called Comp Time. You can use any code you’d like for the type – C, CT, CMP, etc. The Payroll Type screen shown below will help you.
The only things you should be aware of are:
Enter your Comp Time expense account number
Check the Comp Time box
Enter the Payroll Bank Code you set up for your new comp time bank. The PR Factor will be “1”
DO NOT check the “Is Amount” box.
Don’t forget to assign the next available number in the PR Type Index box. Click SAVE to save the new Payroll Type. Your screen should appear similar to the one below.
3. Run Employee Maintenance. Add the new Comp Bank code you set up for each employee eligible for comp time. Be sure to make the bank active by adding a capital “A” to the bank’s status.
You’re now ready to start banking and posting comp time usage for your employees.
How it all works
When an employee’s time is to be added to his Comp Bank, you will post his normal earnings information (e.g., payroll type, account number, hours, and any equipment). To bank the time, you will check the box next to COMP TIME and the hours corresponding to this payroll type will be added to his Comp Bank. For example:
- Regular payroll type will multiply the hours worked by 1 and add them to the Comp Bank
Regular payroll type will multiply the hours worked by 1 and add them to the Comp Bank
Overtime payroll type will multiply the hours worked by 1.5 and add them to the Comp Bank
Double-time payroll type will multiply the hours worked by 2 and add them to the Comp Bank
When an employee wants to use the hours in his Comp Bank, use the payroll type you set up in step 2 (above), do not check the Comp Time box, and enter the hours being used.
As with all bank codes, you can make adjustments to the hours in the bank using the “Make Adjustment” option on the employee’s bank screen in Employee Maintenance.
Two reports have been updated to allow you to audit comp time banked and used. They are PR Audit and PR Audit with Equipment. A new option on the parameters screen allows you to show comp time only.
You can also continue to use the various Payroll Bank reports and any of the payroll reports that ask for “Low” and “High” Payroll Types to track comp time balances, liability, and usage.