Calculating Daily Rate for Salary Employees
[Pages:1]Calculating Daily Rate for Salary Employees
The daily rate for salary employees can be calculated automatically using an Excel based tool or it can be calculated manually.
Microsoft Excel Daily Rate Conversion Tool Two one-time set up procedures in Microsoft Excel must be completed to use the Microsoft Excel Daily Rate Conversion Tool.
Once these steps are completed, to run the conversion tool, open the conversion tool workbook file and the data entry window should display. If not, select Tools > Macro > Auto_Run Macro > Run. This will bring up the data entry window where you can calculate the daily rate by entering the Contract Begin and End Dates and Contract $ Amount.
TASK 1: Download and Use Excel Daily Rate Conversion Tool
STEP 1: GOTO
Use any web browser.
STEP 2: Select Availability, Downloads, & Support
STEP 3: SELECT Software Downloads
Bottom left of page
STEP4: SELECT Daily Rate Conversion Tool
STEP 5: FOLLOW the instructions provided
Setup security to enable macros and add add-ins
STEP 6: TYPE dates and $ amount as indicated
Daily rate will be calculated.
Manually Calculate the Daily Rate The daily rate can be calculated by hand by following the steps below.
TASK 2: Manual Calculation of Daily Rate STEP 1: GATHER required information.
STEP 2: CALCULATE number of Contract Work Days
STEP 3: CALCULATE Regular Daily Rate
STEP 4: CALCULATE Pays STEP 5: ASSIGN Factor
Contract $ Amount = Total amount to be paid Contract Begin Date = First day of work Contract End Date = Last day of work Days per Pay Period = 10 (Always) The number of work days (M-F) including all holidays between (inclusive) the Contract Begin Date and the Contract End Date Contract $ Amount/Contract Work Days Round up to the third decimal place even if the 4th decimal place value is less than 5. Contract Work Days / Days per Pay Period (10) Factor = Pays
1 Extract from MODULE 4: Processing EPAFs (Employee Personnel Action Forms)
Revised May 22, 2007
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