So, the first accrual period window will be 1st Jan to 7th Jan. Let’s enter First Accrual Period Begin Date as Jan 1st, 2020 (this is user input). When we think of accrual periods, we have to think of a window with a start date and an end date. Employee’s Annual PTO accrual rate is 120 hours and that is accrued weekly. In this example, the employee’s hire date is Jan 1st, 2020. Weekly PTO Accrual Example Inputs for Template Let me use a Weekly accrual example to demonstrate. In order to discuss the next two terms, we need to take an example. PTO Accrual Frequency and Annual PTO Accrual Rateġ20 hours will be given to the employee at 10 hours each month for 12 months.įIRST ACCRUAL PERIOD BEGIN DAY and ACCRUAL TIMING Let’s see how a Monthly scenario would work. PTO Accrual Period Options – Weekly, Every 2 Weeks, Monthly, Twice a Month, Quarterly and Annual We have 6 options here: Weekly, Every 2 Weeks, Twice a Month, Monthly, Quarterly and Annual. Continuing with the above example of 120 hours per year, how will the employee receive these 120 hours. This is to inform how we accrue the annual PTO rate. For example, a company may offer 120 hours of PTO per year. If we choose Days, we can just enter PTO dates (which we will discuss later) and ignore hours taken off.Īnnual Accrual Rate is the PTO that an employee accrues in one year. If we choose Hours, we have to enter PTO taken by employee in Hours. We can choose to track employee PTO in units of days or hours. Tenure (how long an employee has been with the organization) is calculated from the hire date and companies may have tenure based increase in PTO. Even if you have been tracking PTO using some other tool and now want to use this template, enter the actual hire date of the employee. Enter name of employee for whom we will be tracking and calculating PTO balance.Ī lot of the calculations for employee’s PTO balance depends on the Hire date of employee. Though the template is very simple to use, there are quite a few terms to understand and several calculations that happen behind the scenes. Step 2: Configure the Input Entries Monthly Accrual PTO Calculator – Inputs to Template Step 3: Review the PTO policy and first accrual Window details Monthly Accrual PTO Calculator – Review PTO Policy Step 4: Enter PTO info Enter Vacation rates in PTO Calculator Step 5: View PTO Balance and Balance Trend View PTO Balance calculated by Template Components of the PTO policy Once copied, it can also be shared with your colleagues to collaborate as needed. You can save the copy in your own google drive for your use.
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