If you're switching to Wave mid-year, you need to enter your historical payroll data. This helps ensure that employee tax forms and pay stubs are accurate, and allows Wave to calculate the appropriate amount of tax to withhold. Entering this information makes year end filing a breeze!
Select the gear icon and click Year-to Date Prior Payrolls.
To begin, click Start the year-to-date process.
- Step 1: Enter the start date of the first payroll of the year, and the end date of your most recent payroll. If your pay period crosses the New Year, enter January 1st as the start date. For example, if you ran two payrolls, one from December 16th-31st, and paid on January 2nd, and another payroll from January 1st-15th, and paid on January 17th, you would put the start date as January 1st, and the end date as January 15th.
- Step 2: Input the total wages paid to each employee per quarter, as well as all taxes that were withheld. If you are migrating from another payroll provider, they will typically have a report that details all the wages and withholding by employee.
Once you have saved this year-to-date information, Wave will provide a summary for you to compare to your records.
What's next? If you'd like to go paperless and pay your employees via direct deposit at no additional charge, it's time to complete the Direct Deposit Application.
If you prefer to pay your employees by check, you can skip ahead to Entering Employee Hours.