Calculating the payroll template for a company’s employees is an important task that you should always take the time to make sure has been done properly. After all, when it comes to paying employees, you should always ensure that everything has been corrected in order to be certain that payments are delivered smoothly and efficiently. Of course, you can always use check templates and pay stub templates to make the job much easier for yourself.
Tools like salary paycheck calculators can definitely help to save you time in making sure that the calculations are correct. Of course, it would still pay to know exactly how to make your own pay stub templates, for example. This can be a less daunting task than it sounds as Excel is an excellent tool for such a purpose in the first place.
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Steps to Create a Pay Stub in Excel
If you did want to make your own pay stubs in Excel, then it would pay to know about the steps you would have to take to do so. This is exactly the kind of knowledge that can pay off in the long run, given the importance of pay stubs. In any case, following these steps should make your work much easier since you can find a fairly consistent system to use for all your personnel.
First, make a basic table.
The first step to making your own pay stubs is making a table on which you can add all your necessary fields. You can use templates like free pay stub templates to make the task considerably easier since a template can give you a basic format that you can edit as necessary. In any case, having a basic table provides you with all the space to place all your categories as needed.
Include space for employee details and the dates.
At the top of your table, you need to place fields so that you can include the specific employee’s names and other information. This section is also where you place the relevant dates for that particular pay stub. This includes the actual payday, as well as the pay period. This information is needed for your pay stub to be able to contain specific information pertaining to that particular employee sheet and payday.
Divide the table into two sub-tables.
When making the table and listing all the specific details for payday, you need to be sure to divide the table into two parts. This might already have been done for you if you used payroll templates to help make the pay stub. In this case, the two sub-tables are for a given employee’s earnings and deductions. Arranging the pay stub in this way allows you to compare data from both tables so that you can get a more comprehensive idea of the entire payment amount that is due for that period.
Under the earnings table, place all the incomes from the job.
The earnings table of a simple pay stub template should list all the income an employee receives. At its most basic, this includes the salary, but it should also include other payments that might be owed to employees. This can include bonuses, incentives, overtime pay, holiday pay, and so on.
Under the deductions table, including all the costs incurred by employees.
The pay stub also needs a table to list all the deductions that the company might make from a given employee’s payment. This can include things like taxes, employee insurance, medical payments, and deductions due to absences. This is important information to include on all employee payroll templates due to the fact that this allows you to take such deductions into account when listing employee payments.
Place a cell for the total for each sub-table.
For the sake of simplicity, you can include a cell for the totals for each sub-table. This allows you to find out how much the totals for each category are, which should make the task of tallying the total payment invoice for the pay period easier.
Designate another cell for where you can place the net pay.
Once you do have the totals for each table, then you can subtract them in order to get how much the employee is actually receiving. After all, the earnings table only shows the gross payment schedule, not the actual amount, for which you would need to subtract the deductions in order to give the employee the actual amount. This can provide the most simple information for employees as this tells them how much they actually make.
Tips for Making a Pay Stub in Excel
In order to be sure that you really are making the most of your payroll templates, you may want to make use of some tips that could improve how you make the pay stubs.
Make sure to include each employee’s personal information correctly.
Since each paycheck stub template corresponds to a specific employee, it would help to make sure that the information for each employee’s own stub is correct. This can make it much easier for you to be sure that you are sending the right stub to the right employee, which can help avoid any issues related to payments.
Always include the pay period and payment date.
While some of your employees might just be interested in reading the totals you write on the payroll templates, you should take the time to include pay periods and pay dates just to make it possible to inform your employees of the actual dates for which they are being paid. After all, employees should be given the chance to examine the period for themselves to be sure that they are receiving the correct amounts.
You may also want to include the year-to-date in the pay stub.
Your employees might also benefit from the inclusion of the year-to-date, which provides the complete look at their payment plans and deductions since the beginning of the fiscal year. This allows them to determine how much they have received and how much has been deducted all year round so that they can have a complete look at their actual salaries or earnings.
With this, you should have an easier time of making pay stubs, particularly if you want to create a consistent system that can be used for all employees to make your work considerably easier.