Account setup -- New to Wagepoint? Start here with guided onboarding!

In this guide, we'll walk through each step of the Account setup process, which consists of six steps:

1. Add company details
2. Create a pay group
3. Set up source deductions
4. Add banking information
5. Add authorized signatory
6. Submit account verification

When you log into your new Wagepoint account, you'll be automatically directed to the Account setup workflow.

On the Account setup page, you'll notice your next step is highlighted at the top of the page. Underneath, you can see the full Account Setup checklist. If you get lost on any page, look to your navigation bar -- there's a shortcut to your next step here as well!

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Step one: Add company details

1. Let's start the first step! Click on Add company details.

2. On this page, enter your company details, including your company's Legal name, Company phone number, and Headquarters address. Optionally, you can enter a Doing business as name as well.

Note: You might notice that only certain characters are allowed in the fields. These characters are determined by the CRA's guidelines and include only the following symbols: hashtag (#), hyphen (-), dollar ($), period (.), ampersand (&), asterisk (*), and comma (,). You'll also note that PO Boxes are not accepted as a Headquarters address, as per the CRA guidelines.

3. When you've entered all your company details, click Save.

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Step two: Create a pay group

In this step, you'll create your first pay group.

A pay group is simply a group of individuals who are paid on the same payroll frequency. 👯

A pay group frequency refers to how often those in a pay group are paid. This is typically Weekly, Bi-Weekly, Semi-Monthly, or Monthly.

Tip! New to pay groups? That's what we're here for! Our Guide: Pay groups has some helpful questions to ask yourself before you create your first pay group.

1. In the navigation menu, click Create a pay group.

2. Under Pay group details, enter the details for your pay group.

• Under Payroll frequency, select Weekly, Bi-Weekly, Semi-Monthly, or Monthly.
• (Optional) Under Pay group name, enter a name for the pay group. This field will auto-populate with the payroll frequency you’ve selected, but you can rename it.
• (Optional) Select Customize to edit the working hours for this pay group. If you make no changes, the system defaults to the standard working hours for the payroll frequency you’ve selected.

3. Under Pay period set up, enter the relevant information to set up your pay period schedule. These details are used to set up your pay period and pay date schedules.

Tip! The pay period is the date range during which employees work. This is the timeframe for collecting hours worked or salary owed. The pay date is when employees actually get paid for the work done during a pay period.

The pay period and the pay date are related, but not the same. There is often (but not always) a gap between the end of a pay period and the pay date. This allows some time for hourly employees and contractors to record their hours for the relevant pay period before the pay date.

The fields here will be different depending on which pay frequency you selected:

• Weekly or Bi-Weekly: Enter a start date. The end date will automatically populate for you. Then, input your desired pay date.

• Monthly: Input the cycle end date and the corresponding pay date. Indicate if the pay date falls within the pay cycle, or outside of the pay cycle. Example: If your cycle is 1st to month-end and you pay on the 1st of the following month, your pay date falls outside of the pay cycle.

• Semi-Monthly: Input the first cycle end date each month and the corresponding pay date. Then, input the second cycle end date of each month and the corresponding pay date. Example: If your first Semi-Monthly pay cycle is 1st - 15th, pay on the 15th. Choose the 15th as your cycle end date, and 15 as the corresponding pay date.

4. If prompted, select your preferred treatment if your pay date falls on a weekend: 

• The Friday before

• The Monday after

5. Click Create a pay group to confirm your details.

6. Based on the information you've provided, Wagepoint will generate a schedule for your pay group. When you've confirmed that the pay schedule reflects the correct dates, click Confirm, create pay group.

• Be sure to review the dates here and check that they align with your expectations. When you create your pay group, your schedule for the whole year is generated based on these details. If you require changes to these details, it can impact your reports and you'll need to reach out to our support team for assistance. For this reason, we highly recommend that you double-check these dates when you first create the pay group to avoid stress later.
• If needed, click Continue editing to revise your pay group details.

Second step complete! On the Pay groups page, a card has been created for your Pay group.

If you would like to create additional pay groups now, you can click the Create pay group button to add another pay group using the same process.

If you'd rather finish setting up your account first, you can always come back to this later.

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Step three: Set up source deductions

1. In the Account setup widget, click Set up source deductions.

2. On the Source deductions page, enter your federal tax information:

• Enter your CRA payroll account number
• Select your remittance schedule. Your remittance schedule is assigned by the CRA. Please reach out to them if you are unsure about your schedule.

3. When you've entered your information, click Save.

You will now see your Tax remittance details saved on the Source deductions page.

That was simple, right? Let's move onto the next step.

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Step four: Add banking information

1. In the Account setup widget, click Add banking information.

2. On the Banking information page, enter your company's banking information:

• Select your Account type.
  • If you would like a 3-day processing time, you must use a Business account.
• Select your Bank from the drop-down list
  • If you don't see your bank on the list, select Other. You can then enter your Bank's information manually, including the Bank Name, Institution Number, Brand/transit number, and Account number.
• Enter your Branch/transit number and Account number
• Upload a Bank verification document. This is a void cheque, direct deposit form, or pre-authorized debit payment form from your bank.

3. When you've ensured that your information is correct, click Save.

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Step five: Add authorized signatory

1. In the Account setup widget, select Add authorized signatory. 

2. Enter the information for your authorized signatory.

• Select your authorized signatory from the drop-down menu. This will automatically populate with the name of the Account owner.
  • If the Account owner is not the authorized signatory, use the drop-down menu to select Create administrator. The signing officer must be an administrator. If you have not yet created an account for the person who will be your Authorized signatory, you'll need to do that before you can make them your Signing officer.
• Enter the Authorized signatory's SIN, date of birth, and home address.

3. Next, upload images of a government issued photo ID for your authorized signatory. You'll need to upload one image of the front and one image of the back.

4. Under Pre-authorized (PAD) agreement, e-sign or upload a copy of the signed pre-authorized debit agreement.

• To e-sign, click Sign. This option is only available to the Authorized signatory.
  

  • If you select the e-sign option, Adobe Sign will open in a new tab. Complete the form and then click Click to Sign. Return to the Wagepoint tab.

• To upload a copy, click Download, acquire the needed signatures, and then Upload the document here.

5. When you have either e-signed or uploading the agreement, click Save.

The Banking page will now show your Banking information and Authorized signatory information.

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Step six: Submit account verification

In this step, you'll complete and submit account verification using one of the following methods:

• Instant verification: Instantly verify your bank account information using Plaid. You will need online banking access to complete this step. 
• Manual verification: A Wagepoint Risk Ops agent will review your bank account information. You will need to both complete the micro-deposit verification and send the account validation request form to your bank.

If you are able, we recommend that you use instant verification to fast-track your set up!

If you need to use manual verification, you can skip to the steps for Option B.

 

Option A: Submit account verification using instant verification

1. In the Account setup widget, click Submit account verification.

2. On the Account verification page, click Verify with Plaid.

3. When Plaid opens, click Continue.

4. Select your institution from the list.

5. Enter your card number or username and password.

6. Select the relevant bank account and click Continue. If you have multiple accounts, be sure to select the correct account. If you verify the incorrect account through Plaid, you will be prompted to re-do this step.

7. Review the financial data sharing settings and click Allow.

8. Your information will be instantly verified or rejected by Plaid. 

• If rejected by Plaid, an alert will display on your account letting you know the information provided by Plaid does not match what you have entered. You can resolve this by changing your banking information or by trying the Plaid verification again. If this still does not work, try the manual verification method instead.
• If verified by Plaid, you will receive a message that your information has been submitted for review to the Wagepoint Risk & Compliance team. This can take up to 5 business days to complete.

Once successfully verified, you will see both verification steps displayed as “Verified” along with a green check mark.

 

Option B: Submit account verification using manual verification

This verification option is two-fold:

• first, you'll need to verify your bank account information using a micro-deposit confirmation
• then, you'll need to download, sign, and submit an account validation form to your bank

1. In the Account setup widget, click Submit account verification.

2. On the Account verification page, click Use Manual verification instead.

 

3. Under Micro-deposit verification, click Send micro-deposit. 

4. We'll send a micro-deposit (less than $0.50) to your bank account within 1-2 business days. Click Save & Exit for now, and return to your account when you've received this micro-deposit.

5. After you've received your micro-deposit, log into your Wagepoint account.

In your Account setup widget, click Submit account verification to return to this step.

Then, enter the micro-deposit amount you received in your bank account and click Confirm.

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6. The last step in the Manual verification process is to sign and send the Account validation form to your bank.

IMPORTANT! The account validation form must be signed by you or your authorized signatory and then sent to your bank for them to confirm the info and reply to us directly. Whether you download and sign the form or utilize the e-sign feature, you still must provide the form to your bank.

• If you download the document, sign it and provide it to your bank. Your bank will then confirm the information and send it to Wagepoint directly.
• If you e-sign the document, you will still need to download and provide it to your bank. Your bank will then confirm the information and send it to Wagepoint directly.

7. Click Submit. Your verification status will now be Pending. Your information will be sent to the Risk & Compliance team for review. This step can take 3 to 5 business days.

8. Review the reminder and make a plan to send your signed account validation request form to your bank. Then, click Got it.

9. The Account Verification tab will show Bank account verification and Risk Operations verification as In progress until completed.

10. To check on your status, log into your Wagepoint account. In the navigation menu, select Company Account verification. When your Bank account verification and Risk Operations verification say Verified, you're ready to go!

11. You've completed the Account setup process, so what's next? Most likely, now is a good time to add your people!