What is Average Monthly Wage

Regarded Months = Regards Days (past 12 months) / 365 (or 366) x 12 (round to 2 decimal place)

Average Monthly Wage = Regards Wage (past 12 months) / Regarded Months

For Hourly Rate employees, 

Regarded Days are the Regarded Days entered in Payroll Amendment, Salary tab

Regarded Wage is the sum of the Pay Amount of the Pay Types (defined in Payroll Module Setup, PayType tab or Pay Type Table) that the Full Pay Wage check box is turned on.