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April - last edited April
We are changing our pay frequency from monthly to fortnightly. Our first pay on the new frequency will be for 1 week to line up the dates of our fortnightly pays with our other company (who already pay fortnightly). We have changed the 'Pay Frequency' in Maintenance to fortnightly. Is this all we have to change? (the accruals are set as percentages so should be ok as is??). Is it ok to process the first pay for one week when the frequency is set as Fortnightly?
If we do, I can see we will need to adjust the tax so it only taxes for 1 week, but will the student loan amount be correct? Will the annual leave/sick leave accrue correctly? Or do we need to change the pay frequence to Weekly for the first pay and then to Fortnightly thereafter?
You will firstly need to change your pay frequency to weekly to line up the dates and then change the pay frequency to fortnightly. This will cause the tax, student loan, kiwisaver etc to calculate correctly. It's absolutely fine to do a payrun in the weekly pay frequency and then change it to fortnightly.
If you change the pay frequency from monthly to weekly to then fortnightly, you won't need to manually adjust the tax, student loan, annual leave and sick leave. The payroll system will adjust the figures itself.
Let me know how you get on.