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Does Acumatica know to charge Overtime to a Production Order automatically when an employee works over 8 hours?
Unfortunately, it does not. At least as far as I know.
When you charge labor to a Production Order using the Labor (AM301000) screen, you have to choose a Shift manually:
This Shift that you choose has a setup on the Work Centers (AM207000) screen which determines whether or not the labor amount will get multiplied by the 1.5 Overtime factor. If you want to charge overtime, chose the 0002 Shift in the screenshot below: