Paycircle applies a default setting of 37.5 hours per week for all companies. This is based upon a standard work week, Monday to Friday, with a 9am to 5.30pm work pattern (or similar). This is 7.5 hours per day.
If your company operates different working hours you can change your standard work hours in the Work patterns section in your Company Settings.
Effective hourly rates are calculated by taking an employee’s annual salary and dividing it by 52 and then by the number of hours in a standard work week.
The standard work week hours setting for your company will not affect your salaried employee’s day rates but it will affect how their effective hourly rates are calculated. Day rates are calculated by using the standard payroll 260 day calculation method. This can also be edited in the Work patterns section in your Company settings.