The Payroll subtab allows, you guessed it, editing of employee payroll information.  When you click on this tab, your screen will appear as follows:
You will notice two big blue buttons on this screen, New Rate, and New Compensation History.  Although you can use these, we do not recommend that you do if you simply want to change one rate.  Sometimes employees will have two pay rates if they work for two different departments, etc.  But if you just want to increase or decrease the hourly rate for an employee who only has one rate, follow the instructions below.  

The most typical scenario we see with rate management is an employee with only one hourly rate needs an adjustment.  For example, if my current pay rate is $10.00 per hour and my employer wants to give me a raise to $11.00 per hour, you merely edit the existing rate instead of creating a new one.

Below is a zoomed in view of the Pay Rates section of the Payroll subtab.  Notice the blue edit link is circled in yellow:

Click the edit link.  This will bring you to the edit screen:

As you can see, the previous hourly rate was $12.00.  The new rate amount is $13.00.  The system will automatically populate that Previous Hourly Rate field for you.  

These changes should be kept, so click the Save button.

To enter more information regarding pay history, just click the edit link next to the date (in this case the most recent change was made on June 6, 2013, so click the blue Edit link next to the 06-06-13 date).