What Is Corporate Salary Slip?
Salary slip is a business document issued by the employer to the employee every month upon receipt of salary. It is also known as Payslip. Salary Slip is an HR/Payroll document. Payslips are an important part of the Payroll process.
Salary slip consists of all earnings (fixed and variable) and deductions (fixed and variable) along with the mandatory tax deductions like TDS and FBT.
We have created a Salary Slip Excel template with predefined formulas. It automatically calculates the Gross earnings and deductions.
You just need to enter a small amount of data and our salary slip is ready in a few minutes. This template can be useful for HR professionals, HR executives, Administrative staffs etc.
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Let us discuss the components of this template in detail.
Components of Corporate Salary Slip Excel Template
The template consists of 5 major sections.
1. Header Section.
2. Employee Details Section.
3. Salary Bifurcation Section.
4. Summary Section.
5. Approval and Notes Section.
1. Header Section.
2. Employee Details Section.
3. Salary Bifurcation Section.
4. Summary Section.
5. Approval and Notes Section.
1. Header Section
As usual, the Header Section consists of the company logo, document heading, and the company name.
2. Employee Details Section
Employee details section consists of following employee details:
Name.
Designation.
Department.
Employee Number.
Designation.
Department.
Employee Number.
3. Salary Bifurcation Section
Salary detail section is further divided into 2 subsections; Earnings and Deductions.
3.1 Earnings
The major components of earning section are basic salary, allowances, Employer contribution to PF/ESI and reimbursements.
Basic salary is the amount which an employee is eligible without any additional allowances or any kind of deductions.
HRA stands for House Rent Allowance. It is either fixed or variable.
Conv. All stands for the conveyance allowance.
Trans. All stands for Transport allowance.
CEA stands for Child Education Allowance.
Spl. All stands for Special Allowance Category.
Gross salary = Basic + Total of all Allowances.
The Employer contribution consists of Provident Fund (PF), Employee State Insurance (ESI) and Exgratia (bonus).
Employer contribution to the Provident fund is the total 12 % of the basic salary.
Employer Contribution to ESI is 4.75 % of the basic salary. A formula has been setup which calculates the amount by itself.
ESI is applicable if the salary of the employee is less than 15000.
Thus, if the basic salary is above that amount template will automatically display 0.
Exgratia or bonus is the sum of money paid with no obligation or liability to pay it back.
Reimbursements items depend on the designation of the employee.
CTC/PM is the total salary of an employee without deductions.
One thing is to be kept in mind it also includes the employee contribution, which is not payable every month but is a part of the salary.
CTC/PM (per month) = Gross salary + Employer Contribution + Reimbursements.
CTC/PA (per annum) = CTC PM X 12 months.
3.2 Deductions
Generally, the deductions consist of employee contribution to PF and Employee contribution to ESI.
The Employee contribution to Provident fund is total 12 % of the basic salary.
Employee Contribution to ESI is 1.75 % of the basic salary. A formula has been set up which calculates the amount by itself.
4. Summary Section
The summary section consists of the final calculation of the net receivable salary amount.
Net salary transferred Amount = Gross Salary + Reimbursed Allowances – Deductions – TDS – FBT – Loan EMI.
5. Approval and Notes Section
The last section consists of Approval and Notes section.
Approval section includes the signatures areas for those who prepared it, checked it and authorized/approved it.
The Notes include the instruction of the company if any for the employee.
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Working in an organization, you may have often come across a slip addressed directly to an employee indicating their salary and allowances for a particular month. This slip is known as a payslip. Payslips are issued every month and to every employee. A pay slip is a statement showing how much an employee earned in a gross amount less the deductions for Special funds such as Providence and pension funds. Payslips are commonly used in organizations big or small.
In older days, pay slips were printed and given to employees as hardcopy. This practice is still common in some organizations. Many organizations also choose to email the payslips to employees.
Large organizations usually have online portals for their employees to manage their profiles, file online applications, and manage other administrative duties. These organizations also use the employees’ portal to upload payslips. So, each employee can log in into the portal and access their payslip online. Uploading on the online portal saves considerable paper and expense.
There are several benefits of payslips. Payslips are a way of communication about the salary between the organization and its employees and it works to effectively minimize any misunderstandings. Payslips can also prove helpful during external and internal account audits. Payslips are useful in comparing discrepancies that may arise when calculating provident or pension funds.
Every organization, big or small, issues payslips to its’ employees. A payslip is a statement of income and deductions for a particular employee. Each payslip is unique to a particular employee with their name on it. The payslip for one employee cannot be given to another since it is addressed to the employee with his/her name and employee ID.
Payslip and payroll both refer to two separate concepts. A payslip shows the salary and deductions for a particular employee only. On the other hand, a payroll is the list of all the employees working in an organization. The payroll not only lists the employees but also their salaries, bonuses, and any taxes withheld. Thus, the payroll is the total amount of salaries paid by an organization, and a payslip is for an individual employee.
In terms of importance, a payslip is important for the employee, so they are aware of the breakdown of their salary. Similarly, the payroll is critical for the HR department in the organization since any discrepancy in the payroll may cost the organization a huge loss. It is the responsibility of the HR department to ensure that the payroll is accurate and timely.
Both payroll and pay slips are generated at regular intervals. These intervals can be weekly, bi-monthly, or monthly. The most common duration is monthly.
A payslip generally includes:
- name of the organization
- name of the employee
- employee ID
- gross salary for the month
- any allowances such as housing, travel or communication allowance
- bonuses if applicable
- deductions for providence fund, pension funds
- taxes withheld
- net salary
A payslip may also include the past few months’ histories of gross and net income. The net salary is the take-home salary that the employee can spend.
A payslip is an internal, yet binding document issued by an organization. If someone wants to apply for a loan or credit card, they can use previous payslips as proof of salary. Moreover, by law, every organization must provide payslips to all its employees every time a payment is made to the employees. Thus, an organization that pays bi-monthly, must provide bi-monthly payslips. Thus, payslip is a legal document.
See the templates below.
Preview
MS Excel [.xls] | Download
Weekly Payslip template
MS Excel [.xls] | Download
Biweekly Payslip Template
MS Excel [.xls] | Download
Monthly Pay Slip Template
MS Word [.docx] | Download