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Queries on Periodicity in element with Rate value

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Summary

Queries on Periodicity in element with Rate value

Content

Hi ,

We have an element setup with

1. Calculation Rule - Hours*Rate 

2. default periodicity - Weekly

3. Periodicity Conversion rule - Standard Rate Annualized

When we enter only Hours and Rate input value, system divides the Rate by 40 and then calculates the pay value. As per my understanding, system should divide the amount if entered and not rate value.

Please help to understand if this understanding is correct ?

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