Bi-Weekly Payroll Calculation Support This section provides information regarding the calculation of pay on a bi-weekly payroll. Related Topics:Pro Rata and Base Salary Rate Method Updates The Pro Rata Method field for compensation agreements is not mandatory for all agreements. Payout Days for Compensation Agreements The Payout Days field in the Compensation Agreement workspace specifies the days of the week on which a daily or hourly-based compensation agreement pays out. Custom Weekend Days The Compensation Model has fields that specify which days are considered weekend days. Gross Pay for Compensation Agreements with Day-based Time Units This feature allows Maconomy to support daily time units on compensation agreements. Bi-Weekly Payroll Cycles To setup a bi-weekly payroll cycle, you must first setup a 14 day (two weeks) time unit in system setup, which can be used to specify the number of days in the agreement pay period. Calculation of Group Agreements with Day-based Time Units Compensation agreements using a percentage-based calculation type are defined as a percent of the sum of the amounts of a group of selected compensation agreements. Gross Pay for Compensation Agreements with Hour-based Time Units Maconomy calculates compensation agreements using hourly time units in a similar fashion to day-based time units. Calculation of Group Agreements with Hourly Pay Periods For cases in which the time unit of group agreements is measured in hours, overlap is measured similar to group agreements with a daily time unit. Base Salary for Agreements with Daily and Hourly Pay Period Base salary for agreements with a time unit measured in days or in hours is calculated in the same way as gross pay as described above. Threshold and Limit for Base Salary Rate Calculation For base salary calculation, it is possible to set up limits and thresholds both annually and for a pay period. Parent Topic: Gross Pay HomeFinanceGeneral Ledger ConceptsPay and Pay PeriodsGross PayBi-Weekly Payroll Calculation Support
Bi-Weekly Payroll Calculation Support This section provides information regarding the calculation of pay on a bi-weekly payroll. Related Topics:Pro Rata and Base Salary Rate Method Updates The Pro Rata Method field for compensation agreements is not mandatory for all agreements. Payout Days for Compensation Agreements The Payout Days field in the Compensation Agreement workspace specifies the days of the week on which a daily or hourly-based compensation agreement pays out. Custom Weekend Days The Compensation Model has fields that specify which days are considered weekend days. Gross Pay for Compensation Agreements with Day-based Time Units This feature allows Maconomy to support daily time units on compensation agreements. Bi-Weekly Payroll Cycles To setup a bi-weekly payroll cycle, you must first setup a 14 day (two weeks) time unit in system setup, which can be used to specify the number of days in the agreement pay period. Calculation of Group Agreements with Day-based Time Units Compensation agreements using a percentage-based calculation type are defined as a percent of the sum of the amounts of a group of selected compensation agreements. Gross Pay for Compensation Agreements with Hour-based Time Units Maconomy calculates compensation agreements using hourly time units in a similar fashion to day-based time units. Calculation of Group Agreements with Hourly Pay Periods For cases in which the time unit of group agreements is measured in hours, overlap is measured similar to group agreements with a daily time unit. Base Salary for Agreements with Daily and Hourly Pay Period Base salary for agreements with a time unit measured in days or in hours is calculated in the same way as gross pay as described above. Threshold and Limit for Base Salary Rate Calculation For base salary calculation, it is possible to set up limits and thresholds both annually and for a pay period. Parent Topic: Gross Pay HomeFinanceGeneral Ledger ConceptsPay and Pay PeriodsGross PayBi-Weekly Payroll Calculation Support