- A special benefit category named “Banked Hours” allows for overtime hours to be banked to later be used for time-off requests.
With the Bank Hours module, an employee’s accumulated overtime hours will automatically be assigned to a special benefit category named “Banked Hours.” As a result, in the timecard, overtime hours will be displayed not in the Overtime column, but in the banked hours column.
These accumulated banked hours can later be used for providing time-off to employees. Also, you can use those banked overtime hours for adjusting timecard hours if an employee has worked less than the scheduled amount of hours in the current pay period.
Banked hours can only be used during the current banking period, which can be one of the following types: yearly, semesterly, quarterly, monthly, biweekly, weekly, and daily.
At the end of the pay period unused banked hours can either be paid to the employee, or balanced to 0 based on company policy.