A Time Bank allows salaried employees to take paid time off in compensation for work done in excess of their regular hours. For example, an employee may be paid for a 40 hour week, but actually work 45 hours. The additional 5 hours can be 'banked' to be taken as paid leave at a later date.
Time Bank is only available to salaried employees who have a week-based Pay Frequency, e.g. Weekly, Fortnightly, Three Weekly or Four Weekly. FlexiTime already has the Time Bank set up in place, but you will need to enable it for your company in order to use it.
The system standard pay code 'Time Bank' is used to pay an employee when taking time bank hours as leave.
To enable Time Bank for your company, go to Setup > Work and edit Employee Leave. Go to the Categories tab and select Show Closed Categories. The Time Bank category will be displayed.
Click Edit on the Time Bank category.
Remove the Category Closed tick to open the Time Bank, then click Save.
You can choose whether to display Time Bank hours on a employee's payslip by selecting Setup > Company > Payslips.
See this article for details on how to use the time bank.