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Please explain what do you mean by: "there will be a few modifications to the script as well just to enhance it a little and make it more user friendly".
While "making a script compatible with PHP5" is a strict objective, using "a few", "a little", and "more user friendly" makes things more complicated . Better details about needed modifications (or even better - splitting this project into two) will make this more clear and help estimating time/effort needed for this task.
Then I will be able to place my bid more accurately.moreless
not sure with what is expected, source code doesnt appear to be functioning with install.php or with default index page
It apperas to be online payroll system. Please do specify what is expected. Bids may fall as I c most of the code is already donemoreless