Can an element be created that will update prior year balances without a balance adjustment?

Summary:

Our payroll team has requested an element be created that they can enter in the current year, that will update the prior year's balance without a balance adjustment.

Content (required):

The payroll team wants to refund prior year voluntary deductions, by entering an element into the current year pay period and have the prior year balance updated. Is this possible?

They have been advised to make balance adjustment to the prior year, and issue the payment in the current year. They do not agree with this approach and would like another option.

Version (include the version you are using, if applicable):