Cloud Payroll - Tools : How to set OT calculation rate formula for basic rate max cap at certain amount?
Question : How to set OT calculation rate formula for basic rate max cap at certain amount?
Overtime formula = Basic salary rate max cap at RM 2,000.
When calculate OT rate, if salary is more than RM 2,000, the maximum of RM2,000 will be used.
If salary is less than RM 2,000, actual basic salary amount will be used.
1. Go to Tools > General Maintenance > Overtime > Add New (as in Figure 1)
2. Type in Code, Description, Rounding Method
Key in Type, Unit, Quantity, Statutory Contribution and rate ( as in Figure 2)
3. Click on rate, then key in the formula : MIN (Basic rate,2000)/26/8*1.5 (as in Figure 3)
4. Click on Save button to save the changes (as in Figure 4).
Remark: do the same for all details under this Overtime code.
5. A new OT rate formula is set (as in Figure 5)
6. Then go to Employee > Employee Maintenance > Select employees that you wish to change his/her OT rate formula > Edit > Employment Detail > Overtime > Select Rate 2000 and Save . (as in Figure 6)
7. Now, this employee will be using new OT rate formula when calculating OT.
Prepared By : ChenOng 200413, Azirah 200414, P200423
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