I am on Quickbooks Online trial. Our company pays some staff on twice a month basis but, there is only 2 options from the dropdown menu. How can I change/create a new pay schedule in payroll settings?
To create a forthnightly bases on the payroll schedule, you just need to go to Payroll Settings > Pay Schedule > Add and the frequency has 3 options for you: Weekly, Fortnightly and Monthly.
If there are changes on the schedule as you do the payrun, you can always manually chance the date range if you would like to.
Thank you for your reply. Much appreciated.
My question was about creating a totally new pay schedule which is not on the dropdown list.
I would like to create "Twice a month(bimonthly)" schedule. Twice a month is slightly different from fortnightly as twice a month payroll pays 24 times a year and fortnightly pays 26 times.
Is there anyway to create customised pay schedules?
You can set the pay schedule for fortnightly, but this doesn't dictate how often you pay your employees, or what period you pay them. This is only used to help you make sure you don't miss any days of pay.
For example, if you have a pay that is from the 1st of April (with pay schedule set to 2 weeks), you can still choose to pay from 1st to the 15th (15 days), not 1st to the 14th (14 days). The pay schedule is really just trying to make sure that you don't forget to pay someone :).
Is that helpful?
Thank you so much for your reply. Just one more question.
I am testing Quickbooks out before our business moves to it.
So, if an employee's annual salary is $24,000 ($1,000 per payroll) and the employee's payroll schedule is set to 'fortnightly'. Can I set up the payroll profile to automatically calculate the amount($1,000) to be paid correctly? i.e. 1/24th of $24,000 but not 1/26th of it
Many thanks in advance
Hi Pillee, when you create the payrun and choose the payrun period, Keypay will calculate the correct pay based on how long the pay period is. So to answer your question, yes, it will calculate correctly. Is that helpful?