Here's the formula to compute daily rate and hourly rate:
Monthly Rate x 12
DAILY RATE = -----------------------------------
Days Considered Paid
Daily Rate
HOURLY RATE = -----------------------------------
8
NOTE: Days Considered Paid can be found in Employee Information - Payroll Settings.
DAYS CONSIDERED PAID:
261 - employees who are required to work five days a week (with 2 rest days)
313 - employees who are required to work six days a week (with 1 rest day)
