Yes, you can create as many pay cycles as you want. To create new pay cycle, follow the path Master Configuration -> Payroll Configuration. Add name for the new pay cycle and complete remaining details to setup the new pay cycle.
- Name: This represents the Pay Cycle. This can used to multiple pay cycles for the payroll
- Period: Select the first month for start of payroll from this dropdown section
- Year: Select the first year for start of your organization’s payroll with HivePayroll
- Month Start Date: This is required to mark the first month start date for payroll
- Amount Rounding Off: This has four options available for the selection of one option from radio buttons. This is used to configure the fraction amount in payroll processing and to rounding off / rounding up / rounding down the amounts for payroll processing
- Tax Calculation Mode: This configuration is required to define the base for calculation of TDS for the payroll
- Days in Payroll Run: This is required to calculate the day for processing of next pay run
