ANC-3405066 error when running accruals after attaching Vacation payroll element to accrual plan

We created a new absence plan called Birthday Perk — a once-a-year benefit granting employees 8 hours of paid time off. We created a payroll element (category: Vacation) and attached it to the plan with the "Mark for Payroll Processing" flag enabled. The plan saves without issue, but when we run accruals we immediately receive error ANC-3405066: "The payment info couldn't be transferred for payroll processing. Contact your help desk."

Detailed description

Plan setup:

• Plan name: Birthday Perk
• Plan type: Accrual (8 hours awarded once per calendar year)
• Entitlement: 8 hours, frequency — once a year (on the employee's birthday)
• Linked payroll element category: Vacation