Pay Periods
Sugarbomb
Member Posts: 7
Hello!
I'm wondering if anyone else is have trouble with their pay period syncing up with the time they need to approve said period.
For example pay period May 26th - June 8th
withdraw needs to happen june 4th therefore i need to be approving dates that have not yet passed.
the only work around is to manually change the pay day. However i am finding this very inefficient and easy to mess up.
Anyone else having the same problem?!!
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Comments
Hi Sugarbomb,
Jordan here from Wave's Support Team and I'm happy to help out as best as I can!
If I'm understanding the issue correctly here, the timesheet withdrawal date is defaulting to a date earlier than the end of your pay period.
For some insight, the withdrawal date is directly related to the pay date, as specific processing time needs to occur for the direct deposit to be delivered on time. If your pay day is set to be on the same day as the end date of the pay period, this will inevitably cause the withdrawal to need to be done earlier than the end of the period.
One of the most commonly reported issues, in this regard, is if you have hourly employees. If this is the case, some employers opt to do the following. You can approve the time sheet prior to the end of the period, assuming that employees would be working all the hours that they are scheduled to work. In the event that the employee works more or less hours than scheduled, an adjustment can be added to the next payroll to add or deduct from the employee's pay to cover this.
Obviously moving forward this can be time consuming, and for this reason, many employers opt to change their pay date to reflect a date after the end of the pay period. Alternatively, the pay day will adjust itself if the withdrawal date has already passed. This means that if you wait until the end of the pay period to approve the pay roll, then the pay day will adjust accordingly to allow for processing time.
Hope that this was helpful!
Hi yes this is exactly what is happening.
Is there no way to set the dates so that i don't need to manually change this every two weeks?
Its kind of a hassle, as i recently miscalculated a payroll recently because of this issue.
Is this a wave wide hourly employee problem?
or is it unique to me?
have i set up my payroll with the wrong dates? or does this happen to anyone who uses wave payroll?
thanks in advance
Hi Sugarbomb,
It's fairly difficult for me to assess if you have created your pay period correctly enough due to lack of information. Having said that, if you are looking to pay your employees on the last day of the period, this is a process that will effect any employer with hourly employees throughout Wave, and likely on other platforms. This is due to the fact that direct deposits to take time to process from your account, to the bank, and then into the employee's account, and in turn must begin before the pay day occurs (typically 4 business days for Canadian employers, and 3 business days for US employers).
As I previously explained, the best way to workaround this, would be to continue adjusting your Pay Day to a date after the final day of your pay period, and ultimately, when you know all of the hours worked by your employees.
While I understand that this can cause inconvenience, this would be the best workaround at this point as the processing timeline is something that is determined by multiple external factors and cannot be adjusted.
Let me know if you have any additional questions.
@Sugarbomb
Thank you very much for bringing this up and for detailed explanation of your experience and challenges.
Having default configurable delay built into our payroll runs is definitely something we are looking at. I feel your pain; having to update the date every other week is not ideal and I understand that you don't always know the number of hours worked by your employees before the pay period ends.
Thanks you for sharing your experience with us; definitely useful for us as we constantly look to make our software better.