Vacation Accruals calculated at a daily rate
robb1abrams
1 Post
Ok, call me a ding dong, (math not my fav subject in school) but I currently work in a small company that does EVERYTHING manually. The last few years I've been at larger co's which had HRIS systems calculate daily accruals. Can someone provide me with a formula?
Thanks.
Comments
Here's one way. Let's say the the full year vacation benefit for a person was 80 hours, and you wanted to calculate daily accrued vacation From January 1 through June 30.
1) Count the number of days between 1/1 and 6/30. You can count the number of days by using a calendar, or use the online calculator at http://www.timeanddate.com/date/duration.html that does it for you. In this case, it is 181 days.
2) Divide 365 (days in a year) into 181 (the number of day in the period 1/1 through 6/30). The result is .4958.
3) Now, multiply .4958 by the full year vacation benefit, 80 hours. The result is 39.66.
So vacation hours accrued 1/1 through 6/30 for an 80 hour benefit is 39.64 hours.
As a formula, it would read: number of accrued days divided by 365 (except in leap year 366 days), times the number of hours/days in the full annual vacation benefit. equals accrual.
max benefit hours divided by number of pay periods = potential per pay period
potential per pay period divided by days in pay period = daily accrual potential.
EXAMPLE:
80 hours in 26 pay periods = 3.077 hours per pay period
3.077 hours per pay period divided by 10 days in the pay period is .3077 per day.