Timekeeping Lag between Cut-Off and Payday
Paul, in setting up accounting systems, I always recommend that the company have a lag between the timesheet cutoff date and the payday, so that the employee’s hours can be collected and paid based on timesheets. However, if a company chooses to keeps its payday, and if all their employees are salaried, are they technically forecasting time. Example, they have to send payroll data on Friday, August 10 for hours thru August 15th. So to me, they are forecasting Monday Aug 13 to Wednesday August 15.
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