Free Payslip Template
Payslips or salary slips are issued by every organization to its employees as and whenever the latter’s salary for the period is cleared by the former. A payslip offers a breakdown of the earnings and deductions of an employee in detail. Companies can now also use this template for designing payslips for their employees and can save a lot of time by offering information that is necessary and skipping on information that is just not required.
The particulars of an ideal payslip template are company logo, company details, month and year (for which the pay slip document is prepared), employee name, employee id, designation, PAN, bank name and account number, days paid, leave balance with respect to earned leaves, casual leaves as well as sick leaves, location details, earnings (basic salary, conveyance non-taxable, house rent allowance, city allowance, overtime, performance pay, sundry medical, night shift allowance, etc.) and deductions (provident fund, professional tax, and labor welfare).
About the Payslip Template
- A payslip is more or less a kind of a comprehensive document that projects the calculation of an employees’ salary for the month or a designated period, which makes it easy for the employee to evaluate his various types of allowances, deductions, overtime, arrears, and tax as well.
- It is highly resourceful for organizations as it can help them save a lot of time as compared to creating normal payslips. It is a comprehensive document that would require employers to offer information that is just required instead of wasting a whole lot of time in providing unnecessary information.
The elements and particulars are attached in this article as discussed:
#1 – Company Details:
The payslip template even offers the users the segment where they can fill up their company’s details, such as its name and address.
#2 – Time Frame:
The time frame segment enables the employers to mention the month and the year for which the salary is supposed been paid, and the payslip is required to be generated.
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#3 – Employee Details:
The employee segment will enable the users to mention the details of the employee for whom the current payslip is being processed. The users will need to provide employees’ details like his or her full name, employee id, designation, and PAN number too.
#4 – Bank Details:
The bank details segment allows the employers to mention the bank details of its employees in which the latter is supposed to receive his or her salary. These details must include the bank’s name as well as the account number.
#5 – A number of days paid and unused leave balances:
The number of days for which the employee is paid must be mentioned along with the current status of his or her unused leave balances in earned leaves, sick leaves, and casual leaves.
#6 – Location Details:
The location segment enables the users to provide the location details of the company. However, this segment is optional and can be skipped.
#7 – Earnings:
The earnings segment offers an extensive breakdown with respect to the overtime, house rent allowances, night shift allowances, basic salary, sundry medical, conveyance non-taxable, city allowance, performance pay, etc. The earnings segment can be divided into arrears and current. The arrears balance with respect to any earning must be accordingly noted, and the same is applicable for current balances too. The total of both arrears and current balance will be the total earnings inclusive of deductions, which will be done in the next step.
#8 – Deductions:
The deductions section will have a provident fund, professional tax, labor welfare, other deductions displayed respectively. The sum of all these deductions shall be the total deductions.
#9 – Net Pay:
The net pay for the month can be further calculated by taking the total earnings and deducting total deductions from the same.
How to Use this Template?
There is no hard and fast rule for using this template. The users can even customize the attached template as per their needs, requirements, convenience, and suitability. The users of this template are supposedly employers. Below are the steps that can be followed while using this template:
- The users must start with downloading the template and filling up all the details as and wherever asked.
- The users will need to proceed with providing their company’s logo, name, and address.
- In the next step, the employers will need to mention the month and year for which the template has been generated.
- The employers will then need to proceed with providing the employee’s details, such as his or her name, employee id, designation, and PAN number.
- The users will then need to fill up the employee’s bank details like its name and account number.
- In the next step, the users will need to mention the number of days based on which the salary is calculated and paid along with the remaining leave balances. The users might also need to mention the location details. However, this segment can be skipped.
- The users will need to mention all the earnings of the employee and will also need to mention the deductions on his or her salary. The employers will also need to ascertain the total earnings and total deductions for the employee.
- In the last step, the users will need to determine the total pay for the employee by reducing total deductions from total earnings.
This article has been a guide to Payslip Template. Here we provide you with a free downloadable payslip template that projects the calculation of an employees’ salary for the month. Also, you can download and use this template in Excel, Google Sheets, or in PDF format. You can also take a look at our other useful articles-