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Use this form to create the different frequencies of pay used at your company, in order to define the amount of pay entered for an employee. You can also set up conversion factors to convert compensation between annual, monthly, hourly, weekly, and biweekly pay frequencies into an annual rate.
When you set up compensation plans you can define a conversion factor that matches the pay rate of the plan.
In the form, you can view the annual, monthly, and hourly equivalents of an employee's pay rates which are calculated using these conversion factors.
Task that
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Navigating
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The following tables provide descriptions for the controls in this form.
Tabs
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Tab |
Description |
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View and edit details about conversion factors. |
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View and edit details about the selected conversion factor. |
Fields
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Field |
Description |
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Identification of the conversion factor. |
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Description of the conversion factor. |
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Set up conversion factors to convert pay frequencies. The pay frequency setup enables you to see an employee's compensation converted into different frequencies. The following example is based on a 40 hour working week, that is, 2040 working hours per year. For a monthly pay frequency and, assuming a 12 month year for pay purposes, you would enter the following.
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Select the period type. The period type is used for reporting purposes. |
