Running Payroll
Once all invoices and expenses are added and everything is approved in the Accounts Payable screen, your account is ready to run payroll.
It's okay if not everything has been approved or handled in your production. Wrapbook doesn't charge any per payroll run fees, so you have the flexibility to run payroll on your schedule.
Regardless of your administrative role in your company, you'll be able to prepare and batch payroll for the Company Admin to fund.
When you are ready to run payroll, navigate to the panel on the left hand side and select Run Payroll.
You will notice that it will bring you directly to a screen showing batches that have already been drafted and the option to Run New Payroll containing payables currently approved by your team but not yet run. At the bottom of the page you'll see information about Past Payrolls that have already been funded or that are in process. To run a new payroll, click Run New Payroll.
Step 1: Invoices and payments
On the Run Payroll page, all timecards and expense requests that are presently not part of payroll and approved will be available to add to the next payroll run. You do not need to pay everyone at once and you can run multiple weeks of timecards on a single payroll.
Uncheck the box in the upper left hand corner to deselect all and select only the items you wish to include in this payroll.
Next, scroll to the bottom of the page and select Go to Review.
Step 2: Review payroll
Review Payroll is a great opportunity to get one last check on your payroll run.
Employee Wages
Here you'll see the recipient, payable, gross pay, pay frequency, deductions, and net pay.
- Anyone listed here will be paid as an employee (and taxed and reported like one too!). If there is an employee on this list who is a loan out or contractor simply cancel the payroll to adjust the worker type.
- Double-check the work week of the timecard. Click on the timecard to review the details. If you need to edit the timecard should you find an error, scroll to the bottom of the page and click cancel payroll. Adjustments to the timecard can be made from the Run New Payroll page.
- Using pay frequency, adjust the cadence with which the payroll will be taxed. More weeks will result in lower upfront taxation, less weeks will result in more. best practice is to not adjust this column unless explicitly asked by the worker as it could result in under taxation. To view the impact of a change to pay frequency, click Recalculate Net Pay.
Contractor & Loan-Out Payments
If your project has contractors or loan outs, this is where you'll be able to view recipient, payables, work location, and gross pay. Make sure nothing in this list should be a wage vs. an expense.
Reimbursements
Here you'll be able to view the recipient, payables, and gross pay. Make sure nothing in this list should be a wage vs. an expense.
- To view the worker profile, click on their name.
- To view the details of the expense, click on the payable.
If you decide to not run the batch, scroll down to the bottom, and select Cancel this Payroll.
Note: You will not lose any of your approved items. You are just moving the items back to the approved list to rebatch.
To actualize your budget, click Payroll Log and select your preferred 3rd party budgeting tool.
Once you are ready to fund the payroll, scroll to the bottom of the page and click Continue to Fund Payroll.
Step 3: Fund payroll
Now it’s time to fund your payroll by clicking on a blue button at the bottom of the page.
The button you see will be based on how you have chosen to fund your payroll.
- If you have already connected your business account, you will see Debit Bank Account with the full payroll amount.
- If you have chosen wire transfer, you will see I have sent and the amount.
- If you have not linked your business account, click Link Business Account.
In addition to funding your payroll, you now have the ability to view an invoice for this payroll by clicking, View Invoice. This invoice will provide a breakdown of your company fringes for this particular payroll, a full list of workers included in this payroll, and the worker cost. Utilize this invoice for tracking payroll batches or helping to estimate how to bill your own clients for a job well done!
Note: Union payroll will require you to send the payroll to one of our dedicated union paymasters to be reviewed and calculated. We’ll then send it back to you for final review and funding.
Step 4: Complete
On this final page you will see a summary of what has been paid in this payroll and at the top you will see Congratulations! You have submitted your payroll confirming this payroll has been funded.
You will also notice a date for when workers who have set up direct deposit should see their payments. Please note workers who elected to be paid by check will see their payments after this date, depending on the timeline for US Post.
