Running payroll on a biweekly schedule is one of the most common payroll frequencies used by small and medium-sized businesses. With QuickBooks, managing payroll becomes more efficient, especially when you have a clear understanding of your payroll calendar. A QuickBooks biweekly payroll calendar for 2024 helps business owners and HR teams maintain accurate and timely salary disbursements, while also aligning tax payments, benefits contributions, and timesheet submissions effectively. Knowing your payroll dates in advance avoids errors, missed deadlines, or employee dissatisfaction due to late payments.
Understanding the Biweekly Payroll System
Biweekly payroll means employees are paid every two weeks, typically resulting in 26 pay periods per year. However, depending on the day of the week when payroll is processed, a biweekly schedule can sometimes lead to 27 pay periods in a year. In 2024, this is something employers using QuickBooks Payroll should be aware of when preparing their budgets and tax documents.
The QuickBooks biweekly payroll calendar 2024 starts with setting a consistent payday usually a Friday and then calculating every second Friday from there. This type of payroll is ideal for both hourly and salaried employees as it provides consistent cash flow and aligns well with standard work weeks.
Benefits of Using a Biweekly Payroll Calendar in QuickBooks
- Automation: QuickBooks automates payroll runs based on the calendar, ensuring employees are paid accurately and on time.
- Compliance: Staying on a defined schedule helps maintain tax compliance and meet state or federal labor laws.
- Financial Planning: Knowing your payroll dates in advance allows better cash flow management for businesses.
- Employee Satisfaction: Regular paydays build trust and stability for employees.
QuickBooks Biweekly Payroll Calendar Dates for 2024
Assuming the first payday of 2024 falls on Friday, January 5th, here’s how the biweekly payroll dates unfold through the year:
- January 5, 2024
- January 19, 2024
- February 2, 2024
- February 16, 2024
- March 1, 2024
- March 15, 2024
- March 29, 2024
- April 12, 2024
- April 26, 2024
- May 10, 2024
- May 24, 2024
- June 7, 2024
- June 21, 2024
- July 5, 2024
- July 19, 2024
- August 2, 2024
- August 16, 2024
- August 30, 2024
- September 13, 2024
- September 27, 2024
- October 11, 2024
- October 25, 2024
- November 8, 2024
- November 22, 2024
- December 6, 2024
- December 20, 2024
This schedule assumes payroll is processed on Fridays. If your company processes payroll on a different weekday, adjust the dates accordingly. Some years also have a 27th pay period due to the way calendar days fall. In 2024, depending on the company’s first payday, a 27th payroll may apply, especially if your last 2023 payroll fell on December 29th, and your 2024 cycle begins January 1st.
Setting Up the Payroll Calendar in QuickBooks
To fully take advantage of the 2024 QuickBooks biweekly payroll calendar, businesses must configure their payroll schedule correctly within the software. Here’s a step-by-step outline:
Step 1: Access Payroll Settings
Navigate to the Payroll Settings tab in your QuickBooks dashboard. You will see an option for Pay Schedules. Click on this section to either edit an existing schedule or create a new one.
Step 2: Choose Biweekly Frequency
Select Biweekly as your preferred pay frequency. QuickBooks will prompt you to enter the date of the next payday. Input the correct date, and QuickBooks will generate subsequent pay periods accordingly.
Step 3: Confirm Pay Periods
QuickBooks will show you a list of pay periods with start and end dates along with the corresponding pay dates. Make sure these align with your chosen schedule. Once confirmed, save the settings to lock in your biweekly payroll calendar for 2024.
Step 4: Assign Employees
Link the appropriate employees to the biweekly schedule. This is especially important if you have multiple pay frequencies for different departments or teams within the same organization.
Accounting Considerations for Biweekly Payroll in 2024
While the consistency of biweekly payroll helps manage employee expectations, it introduces complexities in accounting, especially in years with 27 pay periods. Employers need to adjust salary budgeting and consider:
- Annual salary divisions: A salaried employee on a $52,000 annual package normally receives $2,000 per paycheck in a 26-period year. In a 27-period year, that would need adjusting to maintain correct compensation.
- Accruals: Proper tracking of accrued benefits like vacation and PTO should align with each pay cycle.
- Deductions: Benefit deductions (like insurance premiums) should be reviewed to ensure they’re deducted correctly even in a longer year.
Adjusting for Leap Years and Holidays
2024 is a leap year, which adds an extra day in February. While this doesn’t directly impact the biweekly calendar, it may affect hourly payroll or time tracking. Additionally, when paydays fall on national holidays or weekends, QuickBooks allows users to adjust pay dates manually to ensure timely deposits and avoid delays.
Common Mistakes to Avoid with Biweekly Payroll Calendars
To ensure a smooth payroll experience in 2024, avoid these common errors:
- Not verifying pay periods and cutoff dates: Mistakes in defining work periods may lead to underpayments or overpayments.
- Failing to budget for a 27th pay period: Always verify if 2024 will include an extra payroll run and adjust your payroll funding accordingly.
- Missing tax deadlines: Aligning payroll schedules with tax due dates is crucial for compliance. QuickBooks can help by setting reminders and automation.
Integrating Timesheets and Leave Management
To get the most from your QuickBooks biweekly payroll setup, integrate employee time tracking and leave management systems. Whether using QuickBooks Time or third-party apps, syncing accurate timesheets ensures that payroll calculations are exact. For hourly workers, this avoids overpayments. For salaried employees, it ensures PTO and sick leave are applied properly.
Best Practices for 2024 Payroll Management
To ensure that your payroll operation runs smoothly in 2024, consider the following practices:
- Run payroll early around holidays to avoid bank delays.
- Use direct deposit to eliminate manual check errors and delays.
- Set up reminders in QuickBooks for payroll and tax filing deadlines.
- Review payroll reports monthly to identify any discrepancies.
Managing a QuickBooks biweekly payroll calendar in 2024 requires attention to detail, from setting accurate pay dates to ensuring tax and benefits compliance. With proper setup, QuickBooks simplifies the entire process, automating calculations and ensuring timely payments. Planning for potential 27th pay periods and aligning all financial and HR elements with the payroll calendar allows businesses to operate smoothly. As the new year progresses, having a clear and organized biweekly payroll calendar will support efficient cash flow management and employee satisfaction two critical goals for every successful business.