A payroll cycle is the period between two consecutive salary payments to employees. It typically spans one month.
Let’s take an example where the payroll cycle runs from the 26th of each month, with the salary payment on the last day of the month.
Components of a payroll cycle:
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Cycle start: The date from which employee consumption starts being counted (in our example, the 27th of each month). On this day, tax limits for benefit usage are reset, and recurring benefit packages are delivered.
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Cycle close: The date up to which consumption is calculated and payroll reporting and invoicing are generated (in our example, the 26th of each month).
Payroll cycles are defined in the Settings section, under your company’s scheduled closing day. On that day, in addition to closing the payroll cycle, payroll adjustments will be sent automatically between 6:00 and 8:00 a.m. to the email addresses configured on the platform.