Sage 300 CRE has accrual Pay ID's for things like sick leave, vacation time, or other things.  For an example, see:  https://support.na.sage.com/selfservice/viewdocument.do?noCount=true&externalId=107281&sliceId=1&isLoadPublishedVer=&docType=kc&docTypeID=DT_Article&stateId=3961&cmd=displayKC&dialogID=287324&ViewedDocsListHelper=com.kanisa.apps.common.BaseViewedDocsListHelperImpl&openedFromSearchResults=true

A certified consultant or Sage support could answer more specific information about what you want Sage Payroll to do for you.

How do companies generally handle the benefit approval process when using Sage to track the actual benefit time used?

We are instructed to use "Reports" or "Inquiries" to view the employee's benefits available.  Sage offers these reports to you.  See:  https://support.na.sage.com/selfservice/viewdocument.do?noCount=true&externalId=84767&sliceId=1&docLink=true&languageId=&isDocLink=true&currentmsID=MS_Customer&cmd=&openedFromDocument=true&ViewedDocsListHelper=com.kanisa.apps.common.BaseViewedDocsListHelperImpl 

OR

https://support.na.sage.com/selfservice/viewdocument.do?noCount=true&externalId=95968&sliceId=1&noCount=true&isLoadPublishedVer=&docType=kc&docTypeID=DT_Article&stateId=4752&cmd=displayKC&dialogID=343624&ViewedDocsListHelper=com.kanisa.apps.common.BaseViewedDocsListHelperImpl&openedFromSearchResults=true