Annualised Tab

This tab contains a table displaying all the pay lines for an employee and enables users to enter an annual amount for each transaction type. The annual amount is converted to a rate and updated to the pay lines when you click the Update button.

Pay lines that can be updated have to be selected as a rate line and can only be for transaction types of Rate or Amount.

The annualised value displayed is based on this calculation:

Employee Rate x Std Hrs/Pay x Pay Group Maintenance ÷ Annual Conversion Factor

Example

An employee who is paid fortnightly has a rate of $36.6237 and works 76 hours a fortnight.

Where Annual Conversion Factor is 26:

36.6237 x 76 x 26 = $72,368

Where Annual Conversion Factor = 26.089285 (26.09):

36.6237 x 76 x 26.089285 = $72,619

Annualised table

All fields, except for New Amount, are read only.

• SOURCE - This field displays the source of the rate. Person indicates that the rate is from the default pay line and Contract is from the default contract classification.
• TRANS TYPE - This field displays the transaction type that defines ordinary hours from the default pay line or contract classification.
• DESCRIPTION - This field displays the description of the transaction type.
• QTY - The quantity of hours from the default pay line or contract classification.
• RATE - The rate value from default pay line or contract classification.
• EXTENSION - This monetary value is an extension of the Rate x Qty.
• ANNUALISED - This monetary value is an extension of Rate x Std Hrs ÷ Pay x Pay Group ÷ Annual conversion factor.
• NEW AMOUNT - Use this field to enter an annual amount against a pay line that has the rate checkbox selected. When entered and you click the Update button, the annual amount updates the rate and the extension amount. If there is more than one pay line for the same transaction type, the annualised amount is calculated and spread across all lines.

Update

Click this button to save the new amounts entered on the Annualised table.