The primary use of a payroll time conversion chart is to translate an amount of time in minutes into a decimal to determine the exact amount of billable hours, either to charge a client or to pay an employee. It may also be possible to use the chart to determine the total hours an employee works according to payroll records.Continue Reading
Most employees that do not work on a salary or stipend rate obtain payment through hourly tracking, wherein they turn in a time sheet that includes the total number of billable hours during a given pay period. In most cases, the employee works a full number of hours each period, with any amounts less than a full hour rounded to a 15-minute interval. However, some scenarios require the employee to calculate the exact number of minutes she works in order to find the payment amount due, as when the payment comes from another party such as a client.
In these cases, the employee may use a payroll time conversion chart to easily translate the number of minutes she works into a decimal value, from which she may calculate the corresponding portion of her hourly rate earned during that period. Most charts outline the decimal values for each minute, which enables the employee to quickly find the decimal value and multiply it by the hourly rate to find the payment amount. The employee could also divide the payment by the number of hours and use the cart to convert decimals back into minutes.Learn more about Accounting