Comp Time

COMP Time

Notes:

Comp time processing is available to hourly employees and salary employees with proper hourly payroll items assigned.

Comp time hours will be included in rate calculations and invoicing as they are accrued.

Comp time hours taken are “unallowable” and will NOT be included in rate calculations and invoicing.

In QuickBooks^®

1.Create two HOURLY payroll items

a.CompTimeAccrued

b.CompTimeTaken

1.Add CompTimeAccrued to the employee using their regular pay rate. When an employee works on a task using this payroll item, hours are recorded and the contract will be charged.

2.Add CompTimeTaken to the employee using a zero $ pay rate. When an employee works on a task using this payroll item, hours are recorded and the contract will NOT be charged.

3.Create a charge number for Comp Time Taken. Employee will enter hours to this charge number when taking their comp time.

In eFAACT

1.Contract Setup: Allocate the charge number for Comp Time Taken to an Indirect task with a labor type of “Unallowable”.

2.TimeCard Authorization: To accrue comp time, authorize employee to a task using the CompTimeAccrued payroll item. Hours will be entered to this task as they are worked. Salary OT recognizes salaried payroll items.

3.TimeCard Authorization: To take comp time, authorize employee to a task using the CompTimeTaken payroll item. They will enter comp hours as they are taken.

4.Payroll Items: Set the display field for CompTimeAccrued and CompTimeTaken to a display that will easily distinguish TimeCard authorizations setup for this purpose (i.e. ACT for Accrue Comp Time, and TCT for Take Comp Time.

In QuickBooks^®

1.Enter a payroll deduction for all hours using the CompTimeAccrued payroll item. Accrued hours are invoiced but NOT paid.

2.Enter a payroll addition for all hours using the CompTimeTaken payroll item. All comp time must be taken by end of year for the annual incurred cost submission to match with payroll.

Comp Time Example:

Brian is going to work extra comp time hours this period, and his hourly rate is $50.

oBrian has been authorized to accrue Comp Time when working on TaskOne.

oFor the pay period, Brian enters 80 hours to TaskOne and 10 hours to ACT TaskOne (where ACT is payroll item display for the Accrue Comp)

oBefore processing payroll, enter payroll deduction for the comp time accrued (10 hours * $50 = $500)

oThe full 90 hours are invoiced with this period.

Later, Brian takes his comp time:

oBrian has been authorized to the “Take Comp Time” charge number.

oFor this pay period Brian enters 70 hours to TaskOne and 10 hours to the “Take Comp Time” charge number (TCT TaskOne with $0 payroll item).

oBefore processing payroll, a payroll addition is entered for the 10 hours charged to the “Take Comp Time” charge number, which is 10 hours * $50 = $500

oThe 70 hours are invoiced this period (for all contract types other than Fixed Price).