Equal Monthly Payments

There are instances where there is a monthly transaction that needs to be processed weekly, on a weekly payroll.

In order to spread the deduction equally over the month select 'Equal Monthly Payments' when setting up the Transaction Code.

To do this :

- Go to the 'Edit', then 'Transaction Codes' menu options

- Select the Transaction Code that is to be deducted monthly

- Place a tick in the 'Equal Monthly Payments' checkbox 

- Click 'Ok' to save changes

This will enable you to deduct the total monthly contribution over the number of payroll periods in the month. E.g., If the monthly contribution is $750 on a weekly payroll with 4 weekly periods in the current month then the Equal Monthly Payment will be $187.50.  

This prevents an over or under recovery in months where there are 4 or 5 payroll periods.  The drawback is that the deduction amount will vary from one month to another.

For further information on how to process Equal Monthly Payments for Medical Aid, NEC and Pension click this link.