Payroll Periods (Setup)
Payroll Period (Definition) - The period during which an employer makes payments to the employees, and during which any authorized deductions are made.
TIP: Businesses that pay on a fortnightly basis process three (3) payrolls, two months out of the year. It is best practice to choose two months that will allow sufficient time for NIC contributions to be made after a 3rd payroll.
CUBE can accommodate multiple payroll periods:
Go to Control Panel
Select ‘Add New’
You can setup multiple pay periods (Monthly, Bi-Monthly etc.)
1. Enter Pay Period Year (E.g. 2020)
2. Enter Month (E.g. January). This helps group statutory/other deductions (NIC/PAYE/Medical etc)
3. Enter Start & End Date of the Pay Period
4. Enter Name of Pay Period – E.g. January FT1
5. Fortnight – select the period/fortnight number being added (e.g. Fortnight 1). This is important in helping to calculate employee deduction amounts (e.g. NIC)
6. Fortnight Number – The period number (e.g. A year contains 26 fortnights, January FT 1 will be set as ‘1’ and the last fortnight in December will be set as ‘26’. This is important to help calculate payroll YTD information.