How to Make a Timeline for Payroll Dates
When you have employees, you will need to prepare a schedule for paying them. Employees need to know their paycheck dates so they can pay their bills, just as your company has to count on accounts receivables to be able to pay corporate bills. Setting up a schedule for when you will issue payroll checks can help you and your employees plan more effectively.
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Instructions
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Create a spreadsheet or post a large 12-month wall calendar on which you can write payroll dates. You can use a simple software program such as Microsoft Excel to create columns and rows to indicate dates and days of the week.
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Determine how often you will pay your employees. Weekly, biweekly or monthly pay dates are common among most businesses. The most common day of the week for paydays is Friday.
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For 26 paydays a year, set up payroll dates every two weeks. Note that when using this method, some months will have two paydays and some will have three.
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For monthly paydays, choose a specific date, or choose the last day of the month. The date should be no later than the 28th to ensure that the date will apply each month. The last day of the month will vary from the 28th to the 30th to the 31st, depending on the month.
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On your spreadsheet or calendar, mark the dates you have chosen for payroll dates. If you require timesheets to be submitted for payroll, back the date up as far as you need from the payroll date, and indicate the timesheet dates on your spreadsheet or calendar.
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Tips & Warnings
Once you have determined dates for timesheet and payroll, post or distribute a copy to all employees so they will be informed.
Spread your payroll dates far enough apart to enable you to calculate payroll from timesheets.
