Understanding the Vacation Buy/Sell Process
This section outlines the vacation buy/sell process, which enables employees to buy or sell vacation time.
To process vacation buy/sell earnings:
Enroll eligible employees into vacation buy/sell benefit plans using the Vacation Benefits page and enter their vacation buy and sell elections.
Employees normally elect to buy or sell vacation once at the beginning of the plan year. When an employee buys vacation, your PeopleSoft HR system spreads the cost over the plan year, deducting from employee pay based on the frequency that you define on the Deduction Table. The same is true for vacation sell. The system refunds the money over the plan year according to the frequency that you define.
Use PeopleSoft Payroll for North America during the first payroll cycle of the plan year to calculate the effect of the buy or sell transaction on the employee's leave balance.
Run the Leave Accrual process, which updates employee leave balances with the results of the buy or sell transaction.
Working with Mid-Year Buy or Sell Transactions
In the Manage Base Benefits business process, if an employee elects to enroll in a Vacation Buy/Sell plan at a time other than the beginning of the plan year, you have to calculate the buy or sell amount to be deducted from or added to employee pay, spread out over the remainder of the plan year. Enter this amount in the Vacation Benefits page.
In PeopleSoft Benefits Administration, the system calculates the per-pay-period amount based on the beginning of the plan year. If an employee buys or sells vacation at another time, you need to calculate the buy or sell amount to be deducted from or added to employee pay, spread out over the remainder of the plan year. Then override the amount calculated by the system on the Vacation Benefits page.