Financial Leave Accounting George Gomez 03/26/2014
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1 Financial Leave Accounting George Gomez 03/26/2014
2 Overview Background VACLAC Vacation Accrual Vacation Usage Operating Ledger Transferring Funds (PETs) Additional Considerations
3 Background Implemented over 30 years ago Relieves the need to monitor vacation reserves within various funding sources Eliminates cumbersome financial transfers to, from or between funds Eliminates financial hardship to departments when employees terminate with large vacation balances
4 How does it work? Leave code rate from 1 st lowest Appt. in PPS Utilizes Vacation Pool Concept Departments assessed for vacation monthly Vacation is reimbursed when taken Restricted Funds, Title Codes are not assessed
5 VACLAC Found in FinancialLink Reports - Payroll Reports Shows Accruals and Usage Identifies amounts to Ledger
6
7
8 VACLAC
9 Calculating Vacation Accrual Monthly Employees: Divide monthly salary rate by 174 (average monthly hours) and multiply result by hours earned for Accrued Pay Biweekly Employees: Use hourly rate and multiply by hours earned for Accrued Pay Multiply Accrued Pay by Benefits Code rate for Accrued Benefits
10 Accrued Pay = Rate X Hours Accrual Only (Monthly Rate / 174) 6, / 174 = X = Benefits = Accrued Pay X Benefits Code BC 04 = 22.89% X.2289 = Net to Sub 6 Financial Cost = Totals (Pay + Benefits + Used Benefits) Sub Account 1 ~ Net to Sub 6 5, , ( ) = 5,744.78
11 VACATION ACCRUAL LEDGER ACTIVITY SALARY ACCOUNT SUB ACCOUNT 0,1 or 2 Budget 6, Financial Salary Amount Reallocated to Sub Account 6 Vacation Liability Account + 6, (5, ,091.81) DOC PAS91XXX LEAVE ACCRUAL BENEFIT ACCOUNT SUB ACCOUNT 6 (668930) Budget Financial 5, Entire Amount (Cost of Salary Accrual and Benefits) Assessed Against Sub Account 6 and Credited to the Vacation Liability Account (Pool). DOC PAS90XXX LEAVE ACTIVITY 6, ,091.81
12 Calculating Vacation Usage Use actual hours when vacation was taken Monthly Employees: Divide hours used by actual hours in the pay cycle, multiply result by monthly salary rate for Used Pay Biweekly Employees: Multiply hours used by hourly rate for Used Pay Multiply Used Pay by Benefits Code rate for Used Benefits
13 Usage Pay = Rate X Hours Usage Only (Hours/Monthly Working Hrs) 16/176 = , X = 1, Benefits = Pay X Benefits Code BC 12 = 16.96% 1, X.1696 = Net to Salary Sub = Pay Total Sub 1 = 1,895.74
14 VACATION USAGE Vacation Liability Account - 1, LEDGER ACTIVITY SALARY ACCOUNT SUB ACCOUNT 0,1 or 2 (601850, , ) Budget Financial -1, Usage Pay Amount is Credited Back to the Department Salary Sub Account (0,1, or 2) DOC PAS90XXX LEAVE USAGE Pay Usage is Credited Back to Department (Benefit Portion Credited to Benefits Sub 6) The Credit or Debit to Sub 6 Depends on the Net Value of Usage Credit and Accrual Debit. DOC PAS90XXX LEAVE ACTIVITY BENEFIT ACCOUNT SUB ACCOUNT 6 (668930) Budget Financial
15 VACATION ACCRUAL VACATION USAGE LEDGER ACTIVITY SALARY ACCOUNT SUB ACCOUNT 0,1 or 2 Budget 6, Financial BENEFIT ACCOUNT SUB ACCOUNT 6 (668930) Budget Salary Amount Reallocated to Sub Account 6 DOC PAS91XXX LEAVE ACCRUAL Financial 5, Vacation Liability Account + 6, , If Accrual Cost is Greater Than Usage Reimbursement, Then Net to Sub 6 is a Debit. If Usage Reimbursement is Greater Than Accrual Cost, Then Net to Sub 6 is a Credit. DOC PAS90XXX LEAVE ACTIVITY LEDGER ACTIVITY SALARY ACCOUNT SUB ACCOUNT 0,1 or 2 Budget Financial BENEFIT ACCOUNT SUB ACCOUNT 6 (668930) Budget -1, Usage Pay Amount is Credited Back to the Department Salary Sub Account (0,1, or 2) DOC PAS90XXX LEAVE USAGE Financial , ,091.81
16 Ledger Activity Budget and Financial Totals for Applicable Sub Sub 0- Academic Sub 1- Staff Sub 2- General Assistance
17 From the VACLAC to the Operating Ledger Acct Acct Acct Acct
18 Sub 1 Usage Pay Sub 1 Usage Pay Sub 1 Usage Benefits Sub 0 Accrual Pay Sub 2 Accrual Pay Sub 1 Accrual Pay Sub 0 Accrual Pay Sub 1 Accrual Pay Sub 2 Accrual Pay
19 Fund Sources Contract & Grants Budgetary Reallocation General Funds Funding pre-determined based on FTE Usage Reimbursement drawn-off Accrual charges are automatically funded Termination payments cannot be projected, so reimbursements are journalized by Payroll quarterly
20 Transferring Funds with PETs Vacation usage can only be moved in timekeeping within a 12 month period.
21 Additional Considerations Employee Leave Code in PPS Employee must be below maximum accrual Timekeeping adjustment cannot exceed 12 months Retroactive adjustment Terminal Vacation uses Benefit Code 31
22 Vacation Accrual and Usage Accounting Policy
23 Questions?
24 Thank You George Gomez Payroll
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