Running your payroll is just a button away! Before you run your payroll, please ensure you've completed the previous steps:
Step 3: Enter Payroll History (Not required if your first payroll of the year will be in Wave.)
Step 4: Direct Deposit Application (Not required if you will be paying your employees by check.)
Once you're confident you've done the above you're almost at the finish line, continue on with the below and pay your employees! There are a few areas of the dashboard you will want to consider before approving payrolls.
Before you run your first payroll you must decide which pay frequency you want to use. To change your frequency, click the Change Frequency button on the dashboard next to your current frequency. The system currently defaults to biweekly when you create a payroll account. Weekly, Biweekly, Semimonthly, and Monthly are the available options.
Weekly and biweekly are more flexible in that you can select the finish date. Weekly and biweekly are preferred by many employees as it makes budgeting simpler. Monthly is the simplest as you only need to approve payroll once a month, the downside being your employees are paid less frequently and must be better at budgeting.
Please note that once you have run payroll you are unable to change your frequency.
From your Home page you will see a calendar with the Start Date, End Date and the Payday. You can edit the pay period by using the Edit link on the End Date, and it will automatically adjust the start date based on your pay frequency.With Semi-monthly and Monthly you will not be able to alter the end date as we use a fixed schedule. Semimonthly is paid on the 15th and final day of the month, and monthly is paid on the final day of the month.
Please note that in order to pay employees via direct deposit, the funding cycle requires your payday to be at least four business days in the future.
Things to do
Check out the Things to do list we've created for you. If you've completed all the steps in the guide this should be empty at present. Going forward, payroll tasks other than approving payroll will be listed here as important dates arrive.
We will alert you to any additional information we need with Notices, and you can address them by clicking on Review this payroll. If you have already completed the first five steps of setup you should not have any notices at this time.
These notices let you know if we need any additional information to run your payroll, make sure to review these notices. We want to make sure you run an accurate payroll, so you must address notices before you can run you first payroll.
Approve this payroll
It's time! You're ready to Approve this payroll, and this will run your payroll!
Congratulations, you've just completed the getting started guide and run your first payroll with Wave!