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Pay schedules play a crucial role in managing your company's payroll efficiently. This article will guide you through creating pay schedules and assigning them to your employees according to your company's requirements.
Creating a pay schedule:
To create a pay schedule, follow these simple steps:
1. Navigate to Settings > PeopleHr > Compensation > Pay Schedules.
2. Click the "Add" button in the upper right corner.
3. Fill in the ''Name'' field and save the new pay schedule.
Please note that this section is for informational purposes only and does not directly affect the calculation of employees' salaries.
Assigning a pay schedule to an employee:
Assigning a pay schedule to an employee is a seamless process. Here's how you can do it:
1. Open the profile of the desired employee.
2. Go to the Job tab and access the Compensation section.
3. Click the "Add" button to begin the assignment process.
The system offers two options to choose from:
a. Fixed Salary: For regular salary payments.
b. Additional Compensation: For any extra payments or bonuses.
Select "Fixed Salary" and complete the necessary details in the opened form:
- Specify the effective date of the record.
- Enter the amount and currency of the salary.
- Determine the frequency of the salary payments.
- Finally, select the created payment schedule for the employee.
By following these steps, you can effortlessly manage pay schedules and ensure your employees receive their salaries accurately and promptly.