What is a Pay Schedule?
A pay schedule is a recurring structure that determines how frequently employees are paid and how often payroll is processed. It outlines the specific intervals at which employees receive their paychecks, such as weekly, bi-weekly, semi-monthly, or monthly. This schedule is crucial for managing cash flow, ensuring compliance with payroll laws, and providing employees with predictable income. It typically includes two key components: pay periods, which define the time frame for which an employee is paid, and pay dates, which are the actual dates employees receive their paychecks.
3rd party payroll
Eddy is a great way to run payroll for your business. If you have another payroll provider you will still want to create a pay schedule in Eddy if your workers track time or have paid time off in Eddy.
Adding a Pay Schedule
Payroll and Time & Attendance both revolve around pay schedules. In order to add employees to time-off and time-tracking policies, they first need to belong to a pay schedule so that accruals and approvals are done in an accurate way.
To add a pay schedule, sign in as a Payroll or HR Admin in Eddy and go to the Admin Settings area. Click the Payroll page and select Pay Schedules in the list. On this page you can click the Add a pay schedule link.
The first step is to name the pay schedule. This name is especially helpful when you need to distinguish multiple pay periods.
Then select the pay frequency associated with the schedule.
Once you've selected the frequency, you'll have a few more questions to answer about when your pay periods begin and end, and what days are "pay days" for employees.
On the right side of the screen, you'll see a visual that highlights the information you input. This should help you see whether or not the pay schedule you're creating in Eddy aligns with the one your company is using today.
