Setting Up Payroll

To enable payroll, navigate to Settings in the left-hand panel, click Payable & Payroll Settings, and select the Payroll settings tab. From there, click the Enable payroll button:

Payroll will be enabled, and you'll be able to adjust the default settings as needed:

Expected Pay Date

Select one of the options below for how often payroll runs occur. You'll set your payroll schedule by defining the day(s) of the month when your contractors will be paid (Expected pay date).

Monthly: Payments will be received on the last day of each month.
Semi-Monthly: Payments will be received on the 15th and last day of each month.
Everyday: Payments will be received daily.
Weekly: You decide which day of the week and the weekly frequency.

Weekends and US Bank Holidays

By default, payroll will accommodate for weekends and US bank holidays.

If the Processing date falls on a weekend or a US bank holiday, it will run on the preceding business day. For example, if it falls on Saturday, the payment will run on Friday.
If the Expected pay date falls on a weekend or a US bank holiday, it will be deposited on the prior business day. For example, if the 15th is a Sunday, the Expected pay date will be Friday the 13th.

Upcoming Payroll Runs

Under the Upcoming payroll runs section, you will see upcoming payroll runs, along with dates for each. The Processing date is the date when the payroll will run, and the Expected pay date is when a contractor will receive the payment. You also have the option to Edit or Skip a payroll run:

Creating and Approving Payables

Creating Payables

When you create payables manually, you will have the option to:

Open invoice (keep unpaid): This will place the payment in the To Approve tab of your Contractor Payables dashboard for later approval.
Approve payment: This will approve the payment immediately and place it under the Scheduled tab of your Contractor Payables dashboard. It will be processed on the next payroll according to its due date.

Approving Payables

In order to include payables in a payroll run, go to your Contractor Payables dashboard and approve the payables in the To Approve tab by 12 PM EST on the day of the payroll run. The payable will be moved to the Scheduled tab and paid during the payroll run.

In order for the contractor to receive payment, they must have their digital payment enabled. You can, however, approve and run the payables if their digital payment method is not enabled. Velocity Global Contractor Management will still debit the funds from your payment account, and will keep it available to disburse to the contractor as soon as the contractor's digital payment method is enabled:

Payment Timing

Approved payables can either be paid at the next payroll run or at the payroll run closest to the payable's due date. The second option allows you to approve payables for future payroll runs.

If Pay approved payables only when due is selected, approved payables will be paid at the last possible payroll to ensure the payment arrives before the Due Date.

If this option is not selected, all approved payables will be paid in the next payroll run.
You can override the Due Date and set a custom Pay Date by editing the payable.

Track and Monitor

Once all payments are approved, you can track the process in the tabs of your Contractor Payables dashboard:

Scheduled: Displays approved payments that will be processed when the payroll runs.
Paid: Lists the payments that were successfully paid.
Payroll Runs: Lists each past payroll process that took place, and shows who, when and how much each contractor was paid.
All Payables: Provides a consolidated list of all past payments.

Off-Cycle Payroll

If you need to send payments outside of your normal payroll schedule, you can create an off-cycle payroll run. Once you've created the payable, click Run off-cycle payroll:

On the next screen, you'll be shown all payables included in the off-cycle payroll run and the amount and pay date of the payable. To process the payables, click Run off-cycle payroll: