Salary

How to set Employee salary

The method of compensating an employee is also used by Costlocker to calculate costs and allocate them to projects. This setting can be changed at any time.

• Monthly Salary: regular monthly salary and workload.

• Hourly Rate: payment for hours worked, ideal for freelancers.

Example

In our example, we have the following colleagues with their salaries.

Name	Role	Type of Employment	Salary and Workload / Hourly Rate
Arthur Smith	Employee	Salary	$6,400; 80h / month
Jessica Miller	Employee	Hourly Rate	$120 / hour
John Jackson	Employee	Hourly Rate	$80 / hour
Margaret Collins	Admin	Salary	$16,000; 160h / month

How to set up salary

1. In the People tab, select the person whose salary you want to set.

2. In the details, click on Edit Person.

Edit person

1. Go to the Salary tab.

Salary tab

1. Add Monthly Salary or Hourly Rate. For example, a salary of $12,000 and 160 hours per month.

1. Click Save and return to the list of all people using the top tab People.

2. In the list, you will see each person and their set salary, or hourly rate.

List of people

We recommend setting the most accurate salary possible, including all deductions etc, and updating it regularly. This way, you will have more precise data in project reporting.

In Costlocker, we always calculate a salary that is valid from the first day of the given month. This salary is used in all overviews and reports.