Time Bank is a leave option that allows salaried employees to 'save' any hours they work additional to their contracted hours, enabling them to redeem later in the form of time off.
For example a salaried employee, Jane, who is contracted for 40 hours a week ends up working 45 hours. Those 5 extra hours worked will end up in her Time Bank. Later Jane is able to work 35 hours in a week and redeem the 5 hours saved in the Time Bank to meet her 40 contracted hours.
Creating a Work Type
In order to redeem or spend these hours you'll first need to set up a new Work Type. Our support article on Work describes how to create a new Work Type. Using the 'Time Bank Taken' Pay Item your new work type should be set up similar to the following:
Turning On Time Bank
To enable Time Bank for a particular employee, go to Manage > Employees, select the appropriate employee and view their Leave tab. Scroll to the bottom and there will be a Track Time Banked checkbox, selecting this checkbox will activate Time Bank for this employee.
Any salaried employee who is using Time Bank will need to enter their standard hours into the timesheets. Whenever the sum of their time entries for the week exceeds their contracted hours, the additional hours will automatically be added into their Time Bank.
If you've set up custom Pay Items for your Work Types you will need to ensure they're set to 'Exclude From Salary' to ensure your employees aren't paid twice.
Redeeming Time Bank Hours
Redeeming the accrued balance is as simple as a normal time entry. The employee can enter their hours under the 'Time Bank Taken' work type you created.
Processing a Pay
For an employee using Time Bank nothing different will need to be done when processing a pay. When you create a draft pay the Time Bank Taken pay item will automatically be included if it was used in the Timesheets and will display similar to the image below. The employee's salary for the pay cycle will be reduced by the dollar value of the Time Bank Taken so they still get paid the exact same amount overall.