When do I have to approve payroll by if I am using direct deposit?
The funding timeline is three business days from the date you approve the payroll, if you approve it before 3:00 PM Eastern. For example, if you want your employees to be paid on Friday, you must approve the payroll on Tuesday before 3:00 PM Eastern.
If there are bank holidays between the date of approval and payday, the timeline will be affected. Learn more in Bank holiday payroll direct deposit timelines.
What if I don’t approve my payroll on time?
If you miss the deadline for the payday, you can still approve your payroll. Approve it as soon as possible, and the funds will be paid out via direct deposit on the new payday shown in Wave.
Wave may be able to expedite your direct deposit with the help of our Support Team. To request this, open Mave, Wave’s automated chatbot, and type human support payroll expedite, then provide the pay period dates.
Alternatively, you can pay your employees outside of Wave. When you attempt to approve the payroll past the approval deadline, you will be prompted to pay manually. Once you select “yes”, the system will allow you to run the payroll without direct deposit.
To ensure the payroll's information is recorded in Wave, approve the payroll and then transfer the funds to your employees outside of Wave. If paying by cheque, you can print employee cheques through Wave. Resume your next payroll run as usual.
When can I change my funding account?
You can change your funding account (the bank account where the payroll withdrawal is made), as long as the current date is after the payday of the last payroll you approved. Once you approve a payroll with direct deposit, your funding account information is locked until the day after payday. This is to ensure the payroll is processed correctly.
How do I add my funding account when I can't find my bank?
If the bank you are trying to add is not available, it is not currently supported by Plaid. Instead, add your bank account manually.
Entering your details manually is only an option for Wave's payroll and online payments features. To add transactions manually into Wave, use Wave Connect or upload statements instead.
If you bank with TD:
TD business accounts are generally added to the same TD credentials you use to log in to your online personal account.
This means you may not see your TD business bank account when you're connecting to Wave. Instead, you'll see the primary accounts associated with the login, which are usually personal chequing and savings accounts.
To connect to your TD business account, enter 000 into the search bar, then select Use your bank transit, institution, and account numbers. Manually enter these details, referring to a void cheque or pre-authorized debit form.
Your five-digit TD transit number comes from your branch number, and the last digit is based on the province of the main branch. Visit TD’s website for more information on your transit number, or call your main branch.
Is my information secure?
The security of your information is important to us. Rest assured that your direct deposit information is protected by our security policy.