What is Forecasted Remaining Holiday
A Leave Overview report allows you to view holiday entitlement, adjustments, used as well as remaining holiday. Among the holiday figures in this report, the Forecasted Remaining section indicates the current forecasted accrual.
For salaried employees, the forecasted remaining holiday is the same as the current remaining holiday for the holiday year.
For hourly-paid employees, the forecasted remaining holiday is calculated by adding the future forecasted accrual to the remaining accrual.
How to calculate the Forecasted Remaining Holiday
The formula to calculate the forecasted remaining holiday is as followed:
Future forecasted accrual + Remaining accural = Current forecasted accrual
The future forecasted accrual is based on the current average number of days worked and the average shift length, while the remaining accrual refers to the amount accrued to date.
Here is an example:
Employee Details:
Contract type: Hourly
Hourly pay period default: 4 weekly
Pay periods remaining until holiday year end: 2
Average working day: 8 hours
Average number of days worked per week: 3
Holiday accrual percentage: 12.07%
Remaining accrual: 20 hours
Step 1: Calculate the total number of hours worked in the remaining pay periods
1 pay period = 4 weeks
Number of hours worked per week = 3 days × 8 hours/day = 24 hours
Total hours worked in 2 pay periods = 2 pay periods × 4 weeks/pay period × 24 hours/week
Total = 192 hours
Step 2: Calculate the forecasted holiday accrual
Future forecasted accrual = Total hours worked × Holiday accrual percentage
192 hours × 12.07% = 23.1744 hours
Rounded to the nearest hour: 23 hours
Step 3: Add the future forecasted accrual to the remaining accrual.
Current forecasted accrual = Future forecasted accrual + Remaining accrual
23 hours + 20 hours = 43 hours
Result:
This employee's current forecasted accrual is 43 hours by the end of this holiday year.
Did you know...?
To enable the system to generate the forecasted remaining holiday, the hourly pay period must be set up to allow for the calculation of accrued hours.
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