If you typically only use Payroll by Wave and not other Wave features and services, you may find that your experience is largely unchanged following this update. Most of the work is done behind the scenes - you should see that your experience is generally smoother and easier, and the way things are organized in relation to your accounting is easier to understand.
The biggest change to be aware of is that now, you will find that whenever you approve a payroll, a journal transaction will be posted directly to your Transactions page.
Previously, if you had automatic journal transactions enabled, this would have generated a journal transaction in the Journal Transactions page for each payroll you approved. With the upgrade, we've removed this page and consolidated this information within your Transactions tab.
Following the update, all approved payrolls will automatically generate an associated journal transaction. If you didn't have payroll linked to your accounting before, We've added the ability to create a journal transaction for any payrolls that were approved before the update with the touch of a button. Just navigate to Approved Payrolls, click on an approved payroll and select Update accounting now.
Now that Payroll by Wave journal transactions are imported directly to the Transactions page, you can find everything all in one place. To locate a specific transaction, simply filter by date range at the top of the page, and set the range to the final day of the pay period for the approved payroll you’re looking for. That's it!
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