Originally posted by Lance
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Reply to: Changing payroll schedule to monthly
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Previously on "Changing payroll schedule to monthly"
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Changing payroll schedule to monthly
Originally posted by Spoiler View PostIt's their accountant doing the payroll, so you'd think they'd have more to offer, but no it seems not.
Originally posted by Spoiler View PostSo, the 4 week period ends, hours/bonus info gets sent over to payroll people (3rd party), and 3 days later salary is paid.
Best advice then is to sack them. Immediately.Last edited by Lance; 9 April 2019, 19:45.
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Originally posted by WordIsBond View PostYou could do the cutoff the 4th Friday of the month and run payroll on the 3rd, that would give plenty of time.
But it's dumb to do a weekly bonus for a monthly payroll. Change the bonus computation to be on a monthly basis and save yourself a lot of grief. Then, cut it off on the 25th every month. Or, cut it off on last day of the month and do payroll on the 3rd.
I don't have a payroll experience, but I've done various things with employee incentive/bonus structures. Can't imagine running a weekly incentive on a monthly payroll. What a pain that would be.
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Surely the 3rd party payroll company are best placed to provide the advice?
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You could do the cutoff the 4th Friday of the month and run payroll on the 3rd, that would give plenty of time.
But it's dumb to do a weekly bonus for a monthly payroll. Change the bonus computation to be on a monthly basis and save yourself a lot of grief. Then, cut it off on the 25th every month. Or, cut it off on last day of the month and do payroll on the 3rd.
I don't have a payroll experience, but I've done various things with employee incentive/bonus structures. Can't imagine running a weekly incentive on a monthly payroll. What a pain that would be.
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Changing payroll schedule to monthly
So ... asking for a friend, a friend that has already asked their accountant - who didn't help much, which says a lot.
They run a small company with 5 employees.
Currently they get paid every 4 weeks (so 13 paydays a year).
Employees also get a weekly attendance bonus, for turning up to work!
So, the 4 week period ends, hours/bonus info gets sent over to payroll people (3rd party), and 3 days later salary is paid.
Now, they want to go to a monthly payroll schedule.
It looks like most monthly payrolls pay salary on the last working day of the month. So this looks easy enough, but they're just trying to figure out how to include the hours/bonus calculations in this.
Assume they could do the period cutoff on the last Friday in the month, and then pay salary on the last working day of the month, needing a few days in between to get payroll calculated. And if the last Friday is too close to the last day, have the cutoff the Friday before?
Any suggestions from those with payroll experience ?
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