Pay formulas are the rules used by Track calculation engine to transform time on-site into net billable time.
Net billable time is composed of straight time, overtime, and double-time. Pay formulas have a set of variables and functions that assist in calculating the straight time, overtime, and double-time.
Basic pay formulas are included with Track. However, custom pay formulas can be created. The custom pay formulas are designed by Track users through a custom language of formulas, functions, and cases (if…then) where time on-site is derived by its different parts: net time, straight time, overtime, double-time, or lunch deductions.
The Pay Formula Wizard has been integrated as an option within the base Track application. Using this option, a Track user can perform the following functions:
Add a new pay formula to the Pay Formula drop-down list.
Modify information on the existing pay formula displayed in Track, such as the pay formula name, formula text, and description.
Remove reports from the Pay Formula list.
A pay formula can be set up at a resource, a group, an organization, a location, or a system level. A pay formula setup at a more detailed level overrides a pay formula setup at a more general level. Thus, the pay formula assigned to a group level overrides the pay formula assigned to an organization level. The pay formula assigned to a resource level overrides the pay formula assigned to the group level.
In order to perform these functions, Track users must be able to add a pay formula. Thus, Track Administer must make sure that in the Track user's profile rule, the CNF.ADM: User can add Pay Formula is selected.
Related Topics
Create a Pay Formula Using the Pay Formula Wizard