In MYOB salaried employees are paid by the day, not the hour. This may seem a little confusing so let's go through an example together.
Tom works 5 days a week and earns a salary of $52,000 per annum. The picture below outlines how you would enter that data.
You may be wondering what you would do if Tom only worked part-time, for example only 2 days a week.
The salary on the MYOB software is based on a 5-day week so this means you need to work out what the employee's salary would be if they worked 5 days a week. You do this by calculating the Annual Full-Time Equivalent Salary.
Let's go through an example together:
Tom's annual salary is $52,000 per year but only works 2 days a week.
1. Divide the 5 by the number of days worked:
5 days / 2 days = 2.5
2. Multiply the salary by 2.5 to work out the Annual Full-Time Equivalent Salary:
$52,000 x 2.5 = $130,000
3. You would then enter $130,000 as the annual full time equivalent salary (third row in the picture above).
4. The system will then automatically calculate the employee's normal daily rate.