Tip Tuesday – Time Off Balance Transfer

Tip Tuesday – Time Off Balance Transfer

Welcome back to Tip Tuesday! This week we will be talking about balance transfer for a time off account. This is helpful for companies that use a time off balance for each employee for a specific time off account. The balance transfer feature allows for managers to move over every employees time off balance from one time off account to another. Here is what the balance transfer page will look like:

Effective date: This is the day that the transfer will occur. You can schedule the transfer for a future date.

Account to transfer from: Choose the account that you want the time off days transferred from (subtracted from).

Account to transfer to: Choose the account that you want the time off days transferred to (added to).

Max # of days to transfer: You can specify here the maximum number of days to transfer. For example, some companies only carry over 10 days from one year to another, if an employee has more than 10 time off days available, not all of them will be transferred. If you leave this field empty, all days will be transferred.

For an example, if a company allows each employee 15 days each year for time off and they also allow for rollover of these time off days then they will want to use the balance transfer. Let’s also assume that this company will only allow a max of 10 days to transfer. If an employee uses 3 of his/her 15 days, then only 10 days will transfer over. However, if they use 8 of their 15 days, then only 7 days will transfer over.

Once you fill in the necessary information and hit submit, it will automatically transfer or schedule the transfer of every employees time off balance to the new time off account. This feature simplifies the process of transferring time off and saves employers time and stress from having to manually do this for every employee.
