Accrual policies offer many configuration options for the needs of different companies. Having so many options can easily make this policy type appear dense and overwhelming. To make it a little easier, we offer predefined accrual policies for many states and municipalities.
What is an accrual policy?
Accrual policies are a way to automatically track the amount of time employees have available to use towards specific kinds of absences from the workplace. Most commonly, this is applied to concepts such as Paid Time Off (PTO), Unpaid Time Off, Sick Leave, Vacation Leave, and FMLA/PFML.
Accrual policies allow you to decide on how many hours towards a specific bank (or balance) an employee has access to at any given time. These hours can be accrued as a certain amount per hour worked (for example, 1 hour for every 30 hours worked) or front-loaded all at once at a specific date. It also offers tools such as year-end rollovers and payouts and filtering of specific employee groups.
In short, an accrual policy is a set of rules that determines how many hours of "absence credit" an employee accrues and how often they accrue it. Note that it does not automatically come with a way to "use" those hours. For that, Create an Absence Policy after you create your Accrual Policy.
Set up an accrual policy
Select the SETUP tab > Policies > Accrual Policies.
The page lists any existing accrual policies for your company.
Click Add from template.
A list of pre-defined accrual policies slides out.
To add a pre-defined policy:
Click Add next to the policy you want.
Review the information in the pop-up window that appears.
(Optional) Select Apply to all new hires.
This applies only to future new hires and not to existing employees.
Click Continue.
You will get a conifrmation pop-up
Review the information and click OK.
Add a custom accrual policy
Didn't find your state listed in the templates? Then you may have to create a custom accrual policy. You can define your own policy beyond the templates; you can set up a custom accrual policy. Learn How to Create and Assign a Custom Accrual Policy here.
How to view an employee's accruals
Go to the EMPLOYEES tab and open the profile of the employee.
Under Personal, click Accrual Policies.
Click the active links under Allowed Hours or Used to view more details.
