A payslip is a document that you have to send your employees when you pay their salary. The payslip shows how much the employee made, when the salary was paid, and any other details concerning their pay. It can also be called a paystub or salary slip.
The payslip is important because
Create payslips quickly and easily with the free payslip template
Tailor the fields, the layout, and the design to match your branding and your needs.
Print easily or save the payslips as PDF and send to your employees via email
This payslip template clearly shows you where to fill in the information so that you can include all the necessary details.
You should include your business’ name, organization number and address at the top of the payslip.
You should include the employees name, employment status, as well as their annual salary or hourly rate. You also include their bank name and account number to show where payment was, or will be, made.
Include the period the payslip covers, as well as the date the payment was made.
While showing leave balances is best practice, it’s not legally required. However, if you don’t include it on the payslip, you have to provide it upon request.
This includes the pay rate, the entitlements, the gross and net pay and any applicable bonuses or overtime. Remember to include reimbursements, for example travel costs.
If the employee is paid an hourly rate, the payslip should include the hourly rate and number of hours the employee has worked. The payslip should also include any allowances, bonuses, incentive-based payments, or other entitlements separate from the ordinary hourly rate.
You should also add information about any deductions from the employee’s pay, for example income tax, unpaid leave, pension payments and so on.
Yes, you should definitely adjust the payslip template so that it’s suited to your payroll runs. That means adjusting the employee details, adding fields for specific entitlements or deductions, and adjusting the payslip frequency.
Payslips are part of your business records. They show what was paid at what time, and are important for filing taxes and for auditing purposes. Additionally, you’re legally required to supply employees with payslips.
You can create a payslip template with pen and paper using a payslip pad. You can also use an online payslip generator, so long as it’s tailored to your needs. Additionally, you can set up your own payslip template in Excel, Word, Google Docs or Google Sheets, or you can download a payslip template.
Finally, you can use payroll software to generate payslips for your employees.
You can set up your own payroll template in Excel, but you have to make sure that you include all the necessary details. You can also download a payslip template for Excel, that you can make adjustments to as necessary.
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