Overview

A payroll contribution is the process of moving funds from an employer to an employee's account based on their selected plan design. How you process these contributions depends on which of the three payroll models your company uses.

How to process payroll by model

Payroll processing steps vary depending on your plan's payroll model:

• Wealthsimple Centric
• Bicentric model
• Sponsor Centric

Wealthsimple Centric model

In this model, Wealthsimple calculates contribution amounts automatically based on employee elections.

1. Wait for the reminder email: Administrators receive an automatic email 4 business days before your payroll date.
2. Review calculated amounts: Wealthsimple calculates employee and employer contributions per account type based on your plan design.
3. Cross-reference data: Compare the Wealthsimple calculations with your own payroll software to ensure the data is consistent.
4. Finalize amounts: Make any necessary adjustments directly in the dashboard.
5. Click Submit: Confirm the final amounts to initiate the transfer.

To process payroll through the Wealthsimple Centric model:

1. Log in to Wealthsimple on the web
2. Select the Payroll tab
3. Select the payroll period needing finalization
4. Open the Review contributions section
5. Download and review the Preview Contributions CSV
6. If necessary, select Upload contribution changes and follow the steps to upload a CSV with the changes
7. Select Finalize payroll and create CSV to trigger the debit and contribution process

Bicentric model

This model requires you to download election data from your Wealthsimple dashboard to update your internal systems before uploading a final file to Wealthsimple.

To process payroll through the bicentric model:

Step 1: Upload CSV

1. Log in to Wealthsimple on the web
2. Select the Payroll tab
3. Select the payroll period needing finalization
4. Download the election file from Wealthsimple
5. Upload a templated CSV file with the final contribution amounts for each employee. You can also download the CSV template from this section.

Step 2: Review and finalize

1. Select Review payroll
2. Review the displayed summary of the uploaded data
3. Select Finalize payroll to trigger the debit and contribution process

Error handling and corrections

Use the guidance below if you encounter an error or need to make a correction:

• If the CSV format is incorrect or if any required information is missing or invalid, the system will display an error, and the upload will fail. You'll need to download our provided template, ensure your data matches the required format, and re-upload the file.
• If you finalize a payroll period with the wrong file, you can use the Edit button on the payroll summary screen to reopen and make changes (like uploading a new, correct file). You have until the pay date to make edits.

Sponsor Centric model

In this model, you manage all employee elections internally and provide the final data to Wealthsimple.

1. Capture elections: Collect contribution elections from your employees through your internal processes.
2. Prepare the CSV: Use the Wealthsimple template CSV to input your employees' contribution amounts and employer contribution amounts (if applicable) in the appropriate columns.
3. Upload the file: Click on Review contributions, then on Upload contribution changes. Drag and drop of browse your files to browse and upload the CSV document. Then click on Upload CSV.
4. Click Confirm: Verify the total amount before finishing the process.