The amount of money/ salary paid to an Employee a specified duration that is selected.
Pay frequency is the amount of time between an employee’s paydays (how often you pay employee.). This is also indicative of the number of paychecks an employee receives. They can be paid weekly, monthly, per quarter, or yearly. It determines
A cost center is a department that generates costs but doesn’t produce any revenues. You can think of this as a necessary department that consumes resources but doesn’t contribute to the production, sales, or profitability of the business. Examples of cost centers include the human resource department, the IT department, the accounting department, and so on. The manager and employees of a cost center are responsible for its costs but are not responsible for revenues or investment decisions.
Pay groups are portions of your organisation that you group together for the purpose of payment processing which contains payees who share pay characteristics. All payees in a pay group will most likely have the same pay frequency and payroll calculation process.
Payment methods are the ways in which Employers pay for their Employees. An Employee can choose a payment method based on their company’s list of preferred payment methods.