Leave Bank Rollover Process for the new fiscal year

OVERVIEW

This document provides a guide of how the leave bank fiscal year rollover works. It will show the process of setting up the next fiscal year and demonstrate the expected results for a few common scenarios.
We have received feedback from our customers that the rollover process and deposit allowance and adjustments were not clear to employees and approvers. The old process kept a running balance year over year and would apply a negative adjustment for any unused hours over and above the maximum fiscal carry over limit.


The new process will zero out the current fiscal year balances then start the new fiscal year at zero hours, then apply the base yearly allowance and any eligible carry over hours from the previous fiscal year.


Take the following example:
• Current Date: January 2nd, 2020
• Current Fiscal Period: January 1 – December 31, 2019
• Next Fiscal Period: January 1 – December 31, 2020

 

PREPARING FOR THE ROLLOVER PROCESS

Checklist to complete prior to running the leave bank fiscal year rollover:
• Ensure all pending leave requests for the current fiscal year, in our example January 1 – December 31, 2019, have been approved or declined
• Confirm employee leave account maximum carry over totals applicable for the 2019 to 2020 rollover
• Optionally, adjust employee leave account base yearly allowances for 2020, but ensure that you have deselect the Apply to current fiscal year option. Alternatively, base yearly allowances can be adjusted after the fiscal year rollover with the option Apply to current fiscal year selected.

RUNNING THE ROLLOVER PROCESS

SchedulePro > Home > LeaveBank
1. Click the View Fiscal Year Setup button

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2. Click Close Fiscal Year

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FISCAL YEAR ROLLOVER SCENARIOS

Maximum Carryover Zero, Employee Balance Zero

Employee balance is zero at the end of 2019, maximum fiscal carryover is zero
• No adjustment transaction on December 31st, 2019 as balance is already zero
• Base Yearly Allowance transaction on January 1st, 2020
• No adjustment transaction on January 1st, 2020 as no hours carried forward

 

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Maximum Carryover Zero, Employee Balance of 5 Hours

Employee balance is negative 5 hours at the end of 2019, maximum fiscal carryover is zero. The approval manager allowed the employee to take an additional 5 hours in 2019 but owes it from their 2020 bank.
• +5 hour adjustment transaction on December 31st, 2019 to set balance to zero
• Base Yearly Allowance transaction on January 1st, 2020
• -5 hour adjustment transaction on January 1st, 2020 to carry forward the owed hours from 2019

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Maximum Carryover 40 hours, Employee Balance of 35 Hours

Employee balance is 35 hours at the end of 2019, maximum fiscal carryover is 40 hours.
• -35 hour adjustment transaction on December 31st, 2019 to set balance to zero
• Base Yearly Allowance transaction on January 1st, 2020
• +35 hour adjustment transaction on January 1st, 2020 to carry forward the hours from 2019

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Maximum Carryover 40 hours, Employee Balance of 45 Hours

Employee balance is 45 hours at the end of 2019, maximum fiscal carryover is 40 hours. They will lose 5 hours.
• -40 hour adjustment transaction on December 31st, 2019, will be carried forward
• -5 hour adjustment transaction on December 31st, 2019, unused and lost
• Base Yearly Allowance transaction on January 1st, 2020
• +40 hour adjustment transaction on January 1st, 2020 to carry forward the hours from 2019

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