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Thursday, January 1, 2015

Check the Number of Pay Periods BEFORE your first pay.

You may need to update the number of pay periods in PayMaker before you process your first pay for the year.

The number of Pay Periods is important because it is used in FRCA’s formula to calculate the PAYE.

The number of pay periods in a year can vary, particularly for weekly or fortnightly pays depending on the week-ending day.

How to calculate the number of Pay Periods

This has to be done manually. Use a calendar to work out the number of pays that you will be paying this year.

For weekly pays, this number will usually be 51, 52 or 53. For fortnightly pays, the number will usually be 25, 26 or 27.

Where to update the number of Pay Periods in PayMaker

Start PayMaker.
Click the Administration button on the main menu.
Open the Standard Payrolls screen (double click Standard Payrolls on the menu).
Move to the relevant payroll and ensure that value under Total Pay Periods THIS year is correct.

You need to do this for all the different types of pay paid out by your company!