Payroll is accounting system for employees list and their monthly payment. It can help to organize payment on time accurately. This document also records the related information of employees. Such as department name, provident fund amount, loan amount, advance payment etc. Actually, human resources department can create this document to monitor, update and arrange the payment of each employee as payment cycle.
Actually, it is not easy task to calculate employee’s wages, taxes and other deductions such as loans, advance payment etc. Hence, its needs to specific software or excel type application can help to manage those tasks. Generally, readymade software for payroll system is available in the market. But it may be costly for small businesses. Hence, you have to needs payroll template may help to manage this calculation with simple form.
Contents |
What is Payroll?
A payroll is an accounting process system for list of employees and their pays. The system may calculate of all employee’s incomes such as wages, bonus, and overtime. It will also deductions such as provident fund, loan, advance, and taxes from employee’s income. The payroll system can manage the total amount of payable to employee and also maintain detailed records such as salaries, bonuses, and deductions from salaries. Generally, payroll is common requirement of every business.
For the human resources department, the payroll system is very critical, because employees are much sensitive to payroll errors and irregularities. Hence, they expecting the payment could be received from company on timely and accurately. So, it is payroll department’s responsibility to ensure all employee are get paid timely and accurately with correct calculations. Generally, every business is managing their payroll system with specific application, that may be programing software or excel based application. Even, excel application based payroll can simple and can save money. Hence, here some simple payroll templates that can calculate all employee’s incomes and deductions:
Types of Payroll Templates
If you are finding a simple solution for the payroll system, here you can get the unique information and excel templates. The payroll templates may include information which able to tracking individual employee information, schedules, calculations and earning statements. Sample template can provide simple structure that easier for enter the values, and accurate outputs can get as require for payroll management. This bunch of templates have a wide variety of free payroll templates that are easier for customization and flexible for remove or add values.
Making a template for payroll system can be very tough if you don’t know use of application, or formulas for calculations. Hence, before making an excel payroll template, you have to clear about the template what type of template you need to make. Even, making a template is also time consuming job, and it can waste your time and money. Hence, here we make some variety of payroll template that easier for you to customize and modification as your business needs:
Payroll Register Template
When human resources department dealing with thousands of employees for its regular salaries and payments. It is obvious that the minor mistakes and irregularities can disturb the cycle of payroll system. Hence, this is the primary requirement of payroll management to establish proper system that avoid payroll error and any irregularities. The best cost free and easy solution is payroll register with excel application. Most of the small and medium scale businesses are using this application to making a payroll simple and effective for their accounting of pays. A payroll register template helps you to manage listing of various employees and their payment details, including payment calculation. Hence, here you can find above the payroll register template designed specifically for maintain payroll details.
Payroll Time sheet Template
This is unique payroll template that calculating time of individual employee for the week. The template may include the daily in-time and out-time, as well as overtime of the employee. Generally, this type of payroll time sheet templates is used by supervisors for calculate unregistered workers or temporary manpower. Payroll time sheet template is widely used for maintain individual employee weekly records of time. Supervisors will provide this records to human resources department for verification and payroll at end of the month. Actually, this is very important document for payroll system because, in some cases organization might needs extra manpower from outside. That manpower is mostly not regular; hence it must maintain with separate records for pays.
Payroll Calculator Excel
Actually, whole payroll system is depending on calculations. Some of the businesses are using special software for maintain records and calculations of pays. But for small and medium scale businesses, special software can be costly hence excel formatted payroll sheet is best option for them. A payroll calculator in excel is easy, flexible and free for everyone. Even you can make the special formulas, auto calculation in excel for maintain accurate and advance payroll management.
Payroll Calendar Excel Template
Generally, employee get paid their salaries on weekly, biweekly, semimonthly or monthly. Hence, it is very important to remember individual or group schedule for payment. The best solutions can use a payroll calendar template to handle each employee payment date or any other details. Because it is very necessary to pay to each employee on right time with accurate amount. Time in sense of schedule of individual payment, that can be different for each employee or group of employees. The system or payment cycle can be varying of each business.
I personally experienced that the manufacturing units are paying the salaries to their employee on before 7th of the month. But some construction projects are paying randomly, which are depends on contract dates and time of project completion. Hence, employee calendar template can manage those various dates and schedule on single platform.
Excel Payroll Template
An excel based payroll template is one-time formulation and designing process. Later on you have to just modify some information and enter values on require for new month. Generally, in the excel payroll template, needs to one-time setup and then after you have to change month, new employee details, and other variable details about employees, it will be automatic calculate the pays. The advantage of this excel payroll template is you can copy the information of previous month, add or remove information as well as change the formulas in case of any update get from government or company administration. In short, this is very flexible application which is easy for any computer operator.
Payroll Stub Template
Naturally pay stub is a document provides by human resources department to employee. Payroll stub may include a payment information such as information of wages, benefits, tax details and other related details may useful for employee. This is the proof for both the parties that payment received by employee from employer. Actually, in businesses payroll stub may be referred to as pay advice, check stub, Payslip or paycheck etc.
Free Payroll Sheet Template
This is simple payroll sheet template widely used for calculating payment for each employee. Actually, this is the best payroll calculator which you may manage all employee of the organization. This template able to calculate hourly wage, regular hours, overtime hours, withholding tax, Social taxes, and it will show auto net pays for individual employee.
How to create payroll template in excel?
Creating a payroll template is very simply and easy. You have to just open the excel application, make the simple table with columns and rows. In the table, you have to include following information about individual / group of employees:
As you can see the excel formatted simple table, you have entered values in rows (which are in green), Auto calculating rows (in Red) make as it is.
- Employee Name – Enter value (Exp. John Smith)
- Department Name – Enter value (Exp. Production)
- Date / Month or period – Enter value (Exp. Jun’ 2018 – Month of payment calculation)
- Total Working Hours – Enter value (Exp. 8 hours’ x 14 Days)
- Basic Wages (Wages / Hour) – Enter value (Exp. $ 110)
- Basic Wages Amount – Auto Calculate (E6 x F6 = G6)
- Employee’s Incomes:
- Bonus – Enter value
- Overtime – Enter value (Exp. 5 hours’ x $110 – Basic Wages)
- incentives – Enter value (Exp. $110)
- Awards (Awards is Optional) – Enter value
- Sub-total of payable amount – Auto Calculate (G6+H6+I6+J6+K6 = L6)
- Deductions:
- Provident fund – Enter value (Exp. $862.40 = 7% on Basic Wages Amount (G6))
- State Tax – Enter value (Exp. $129.80 = 1% on Sub-Total Amount (L6))
- Central Tax – (Exp. $97.37 = 0.75% on Sub-Total Amount (L6))
- Advance – Enter value (Exp. $150)
- Loan Amount – Enter value (Exp. $300)
- Deduction sub-total amount – Auto Calculate (M6+N6+O6+P6+Q6 = R6)
- Net Pays – Auto Calculate (L6-R6= S6)
Simply, all above details are common for payroll template, even you can add or remove fields as require for your business needs. Actually, this is standard structure which may need to incorporate for creating payroll template.