Payslip is a document given to an employee upon receiving their pay which includes all necessary pay details like; basic salary, bonuses, awards, deductions, tax and the works. This document is issued to avoid any and all ambiguity for the employee and to create a crystal clear record for the employer.
To create an excel template for your standard payslip will save you a lot of time and energy for that time of the month when your accountant, or if it a small business, you, calculate your employees pay.
Before browsing for the perfect template or setting out to create it yourself, take some time to analyze what your situation requires as each company or business is unique. You need to understand what you need to include in that template for example:
- if it is a small business all you have to calculate is the basic salary, bonuses (if any) and tax
- If it is an intermediate business, you will need to factor in deductions for any insurance you provide your employees or any charities you support as well.
- If it is a large business than you will no doubt need an accountants input on what else you require in the template.
Employee Payslip Tracker Template
Once you have understood the elements you require the payslip to have than you can easily select the most appropriate template online or create your own. If you decide to create your own, then follow these instructions:
- First, create a header with the company or business name, logo, and anything else you deem necessary.
- Create a table each for the following
- Employee information
- Employee basic pay
- Employee overtime bonuses and rewards
- Un-taxable deductions
- Tax deductions
- Add the appropriate formulae to calculate sums or percentages where necessary.
- Customize the template to your liking.
- Save the template as “Excel Template” and your good to go.
Here is a breakdown of what should be in each table:
This table should include all information required to identify the employee that can include employee number, employee name, employee phone number etc.
Employee Basic Pay:
If the employee is paid by the hour than you need to include the number of worked hours, hourly rate, and the total amount of basic pay. While, if the employee is charged per assignment then you will need to include the number of assignments, amount per assignment and total amount earned. This should also include the pay period from start date to finish.
Employee overtime, bonuses, and rewards:
Even if the employee doesn’t qualify for any of these, there should be a place for it in the payslip template for record purposes and transparency.
These includes premiums you take from your employee’s pay for insurance and for any money your employee has set aside for any charities they wish to donate to. These are not taxed by the government, if you wish you may speak to your accountant for more details.
Usually this is all you need to include in the payslip. You can talk to your accountant or attorney for any more information or if you require anything else. You can also opt for adding a signature line for the director or manager to sign to attest the payslip.