What are the guidelines for processing payroll at the end of the pay period?

Processing payroll at the end of each pay period correctly ensures timely and accurate compensation for employees and compliance with financial regulations.

1. Ensure all time entries and approvals are completed before the payroll processing deadline.
2. Run preliminary payroll reports to verify hours, pay rates, and deductions for accuracy.
3. Address any discrepancies or issues identified during the preliminary check.
4. Finalize the payroll calculations and prepare the funds for disbursement.
5. Distribute paychecks or direct deposits on the scheduled pay date, and issue payroll reports to management and accounting.