Before you can build individual employee profiles, you must establish your company-wide payroll defaults. The very first step in this process is defining your organization’s standard Payroll Frequency.
In FastFund Payroll, payroll is processed in batches, and these batches are controlled entirely by the payroll frequency you assign to your employees. Setting this up correctly from the start ensures that your salaried employees’ per-pay-period wages and hourly rate conversions are calculated accurately throughout the year.
Important Security Note: Access to the system’s foundational payroll defaults is highly restricted. Only users with Company Administration permissions can access the setup menus to configure or edit this data.
Accessing Payroll Setup To set up your company’s payroll frequency:
[INSERT SCREENSHOT: The ‘Payroll Settings’ tab within Payroll Setup, highlighting the ‘Payroll Frequency’ drop-down menu and the ‘Default Hours Per Week’ text field]
Supported Payroll Frequencies FastFund supports four standard payroll frequencies. From the Payroll Frequency drop-down menu, select the option that matches your organization’s pay cycle:
Default Hours Per Week Directly beneath the frequency drop-down, you must enter your organization’s Default Hours Per Week (e.g., 40.00 or 37.50).
This field works in tandem with your Payroll Frequency to perform critical automated calculations in the system. Specifically, the standard hours per week is used to calculate the converted hourly rate paid to employees who are salaried. FastFund uses this underlying hourly rate to accurately calculate overtime rates, other hourly pay rates, and vacation or sick time accruals for your salaried staff.