Paycodes enable you to organize time or money that employees earn, and identify spans of time for payroll purposes.
- Time paycodes accrue hours and can be for worked (productive) time, or for unworked (non-productive) time. Regular and Overtime are examples of paycodes for worked or productive time. Vacation and Sick time are examples of paycodes used for unworked or non-productive time. A multiplier can be defined for time paycodes. For example, an overtime paycode could have a multiplier of 1.50 for time and a half.
- Money paycodes accrue monetary amounts. Bonus is an example of a paycode that holds a monetary amount. A special type of money paycodes called wage paycodes can be used for historical corrections.
In addition to these standard types of paycodes, the system uses several additional types of paycodes:
- Duration paycodes — Paycodes that are used in the paycode distribution assigned to a work rule that is used for a duration of time that employees are paid as worked even though the employee might have taken off-time. Also see, Duration paycode configuration options.
- Cascading paycodes — A cascading paycode is a paycode type that is set up to charge time across multiple accrual codes. A cascading paycode can be set up to charge time in a hierarchical flow through multiple accrual codes or it can be used to charge multiple accrual codes concurrently.