I’m trying to process a Termination for a fixed term academic employee, but the final pay information isn’t coming out right. What should I do?
The formula used to calculate final pay for an academic employee is: (Weekly Rate of Pay times the number of Weeks Completed on Contract) minus (Amount Already Received in Pay) plus (Daily Rate times odd days) equals Final Pay. However, if the employee had a salary change in the midst of the appointment period, then the final weekly rate of pay will not be accurate because that rate applies only from the point it was awarded – not to the entire contract period. We strongly recommend that before doing the calculation, the user check to see whether there were any salary changes during the appointment period. Then, a spreadsheet can track the actual total contract pay amount, which can be divided by the total contract period to come up with an accurate weekly rate, and the actual amount already paid to determine the balance owed. The user can check the Disable Formulas box and enter the adjusted data to come up with the accurate final pay. Note that for any academic final pay calculation
