Create Rate Definition

Before creating the element using the element template, you need to create a rate definition. The rate definition for the absence payment and deduction of CAGR needs to be created. The same rate can be used for payment or deduction.

To create a new rate definition for CAGR:

Navigation: My Client Groups > Payroll > Rate definition

1. Click Create.
2. In the Create rate Definition window, select the appropriate Legislative Data Group.
3. Enter the basic details. Category should be Derived Rate.
4. Select Calculate Live Rate.
5. In the Return Rate Details section, enter the Periodicity as Calendar Months, the Periodicity Conversion Formula Standard Rate as Annualized, the Currency and the Decimal Display.
6. In the Rate contributor section, select the Rate Contributor as Balance, and add:
   • Balance Name:Basic salary
   • Reference Date:This Month End Date
   • Dimension:Relationship Period to Date
   • Periodicity: Calendar Month
7. Click Save.