How Per Day and Per Hour Rate work in creating Payslips?

Following Fields are considered while calculating Pay on Per Day Rate Type and Per Hour Rate Type.

1. Days
2. Hours
3. Minutes
4. Rate 
5. Hours in Day

Per Day Rate

Suppose Days = 29, Hours = 2, Minutes = 30, Rate = 500, and  Hours in Day= 8. 

= [(Days*Rate) + {Hours*(Rate/Hours In Day)} +  [Minutes*{(Rate/Hours in Day)/60}] ]

= [(29*500) + {2*(500/8)} + [30*{(500/8)/60}]]

=[14500+125+31.25]

= 14,656.25 round off = 14657/-.

Per Hour Rate 

Suppose Days = 29, Hours = 2, Minutes = 30, Rate = 125, and  Hours in Day= 4. 

= [{Days*(Rate*Hours In Day)}+(Hours*Rate)+{Minutes*(Rate/60)}]

=[{29*(125*4)} + (2*125) + {30*(125/60)}]

=[14500 + 250 + 62.5]

=14812.5 round off = 14813/-