Please confirm last day to process Direct Deposit on Full Service Payroll.
We do weekly payroll. So if last week of work is 12/23-29/18 what is the last day to process that payroll? From what I am finding I would need to process payroll before 12/31 7am PST. That is not possible. I am CTS and that means 9am. I start work 9am. Will I need to complete payroll on Sunday to make sure in on time?
Thank you for reaching out to the QuickBooks Community. I'll be happy to explain what the last day to process payroll would be.
The lead time for direct deposit payroll is generally two (2) banking days. This means that the payroll must be approved, and the funds available in your company bank account, no later than 5:00 p.m. PT two banking days before the pay date. For example, if your pay date is on a Friday, the payroll must be approved by 5:00 p.m. PT on Wednesday. However, if either Wednesday or Thursday were a federal holiday, the payroll would need to be approved by 5:00 p.m. PT on Tuesday.
In some cases, a payroll account will be placed on a five (5) banking day lead time for direct deposit. (This will be clearly indicated when payroll is run.) Using the above example, if the pay date is on Friday, an account on a five day lead time would need to approve payroll no later than 5:00 p.m. PT on the previous Friday (assuming there is no intervening federal holiday).
Some QuickBooks Online Payroll customers are now at 0-day/1-day lead time. See 24 hr direct deposit for more details.
Which day should your employees be paid for 12/23-12/29 and what lead time are you on? Once I have this information I'll be able to provide a more accurate answer for what date you need to have payroll processed in order for your employees to receive it on time.
I look forward to your reply to ensure this gets resolved.