In this article, you will learn about the different ways to forecast hourly or custom payroll amounts over time.
Salary based on a Fixed Hourly Rate x Fixed Hours Each Month or a Fixed Amount:
For this example, my employee will work 30 hours a month at a $20 per hour rate.
Step 1: On the employee's / contractors section, Click + Add Employee:
Step 2: Fill in the employee/contractor details such as department, role, job title, and name. (If the name isn't available enter TBD)
Step 3: For Salary, select "Custom Formula" this will allow you to create a custom formula to forecast your employee salary on a monthly basis.
Step 4: Fill in the remaining details such as Start Date, Load Multiplier, Bonus/Commission, etc. then click Add Employee.
Please note: For a fixed salary amount each month such as $3000.00 per month, enter 3000 into the fx variables bar.
Salary Based on a Custom Amount Each Month:
Step 1: Start in the fx variables section and click + add custom variable:
Step 2: Enter the name of the variable, as shown below:
Step 3: Select the Function, for this example I will use a $ (Currency):
Step 4: Scroll to the month of the employee's start date and enter the employee's payment details. This will calculate the salary based on the value entered into the month.
Step 5: Navigate to the Employee / Contractor Section and follow Steps 1 & 2 from Salary based on a Fixed Hourly Rate x Fixed Hours Each Month or a Fixed Amount:
For salary, click Custom Formula. In the fx variable bar enter Custom.SalaryforEmployee1 (name of custom variable)
Once all the employee details are entered, click Add Employee.