Before changing your employees’ pay cycle (for example, from weekly to monthly), it’s essential to understand the obligations and considerations that apply. In Australia, employers should consult with employees and ensure any agreed changes are documented in writing before updating pay cycle settings in MYOB. It is recommended to seek independent advice from an MYOB Partner or other qualified tax professional, lawyer, accountant or licensed financial advisor.
To change the pay cycle, you need to open each employee's record and adjust the pay cycle as necessary.
Things to consider when changing a pay cycle
Choose a pay cycle that works for your business and employees: Ensure the new pay cycle works with your payroll processes and cash flow planning.
Employee leave balances will change at a different rate: Changing an employee's pay cycle can cause their leave to accrue more slowly or more quickly per pay period. Of course, their entitlements won’t change, but you might need to explain this to employees if they notice the difference on their pay slips.
Payroll reports: Leave transactions and balances will only be updated in reports after a pay run is processed with the new pay cycle settings.
To change an employee's pay cycle
In the Payroll menu, choose Employees.
Click the employee's name
Go to the Payroll details > Salary and wages tab.
In the Pay cycle list, choose an option.
Click Save.
Repeat for any other employees you need to update.
Before changing your employees’ pay cycle (for example, from weekly to monthly), it’s essential to understand the obligations and considerations that apply. In Australia, employers should consult with employees and ensure any agreed changes are documented in writing before updating pay cycle settings in MYOB. It is recommended to seek independent advice from an MYOB Partner or other qualified tax professional, lawyer, accountant or licensed financial advisor.
To change the pay cycle, you need to open each employee's record and adjust the pay cycle as necessary.
Things to consider when changing a pay cycle
Choose a pay cycle that works for your business and employees: Ensure the new pay cycle works with your payroll processes and cash flow planning.
Employee leave balances will change at a different rate: Changing an employee's pay cycle can cause their leave to accrue more slowly or more quickly per pay period. Of course, their entitlements won’t change, but you might need to explain this to employees if they notice the difference on their pay slips.
Payroll reports: Leave transactions and balances will only be updated in reports after a pay run is processed with the new pay cycle settings.
To change an employee's pay cycle
In the Card File command centre, click Cards List.
Click the Employees tab.
Click the zoom arrow next to the employee.
Click the Payroll Details > Wages tab.
In the Pay Frequency list, choose an option.
Click OK.
Repeat from step 3 for any other employees you need to update.