A Pay Slip is an important part of information that an employee would required from his/her employer at every month end. Usually, such slips are issued before paying salary or transferring it into employee’s bank account. However this policy may differ from company to company to fulfill their specific requirements and circumstances. Here is a useful Pay Slip Template created using MS Word to help anyone in the process of creating professional Pay Slips for their staff. It contains all the useful information required to be present in a standard pay slip such as basic salary, allowances, deductions etc. You just need to download this pay slip template from the link (given at the end of this page) to start using it. Since it is created using MS Word so anyone can easily edit it to suit his needs with little to no knowledge of MS Word.
Key Elements of any Pay Slip:
Here are some useful tips and key elements to be kept in mind while creating Pay Slips,
=> Make sure it is an accurate document with all correct facts & figures.
=> Don’t over load this document with too many colorful graphics or images. It is meant to be professional and should look like a professional document.
=> Provide information regarding Basic Salary by which all allowances are going to be calculated.
=> Include all the details of allowances or bonuses
=> Include all the details of deductions or any other related information that will have an effect on Net Payable Salary.
=> Don’t forget to mention Employee Particulars such as his full name and employee number for cross reference.
=> If you are paying through Bank Wire transfers, mention all the details of bank account that you have in your records. Such as bank account number, ABN, Swift Code, Branch etc.
=> Also, mention the date of payment either in cash or through bank transfer.
=> At the end, provide a contact information as to whom employee should contact in case of any discrepancy or inaccuracy of data.
Free Pay Slip Templates
Here is a collection of free Pay Slip Templates to help you in preparing your own Pay Slip quickly and effectively. Before creating an official Pay Slip, you need to understand its professional layout first. Please download and review as many Pay Slip samples as you can to study it and create your own checklist as what elements do you need in your own Pay Slip. Once you are clear about your requirements, step up and start editing the most suitable or near to your requirements Pay Slip from the list bellow.
Checkout previews and download links for these Pay Slips.
Common Mistakes in Pay Slip
There are several common mistakes that almost every official staff do while preparing their Pay Slip to issue to their employees. Here are a few of them to help you avoid such mistakes quickly.
- Forget to mention Working Days
- Missed to separately mention Residence Allowances
- Mentioning validity of your issued Pay Slip document? Where your employee can use this Pay Slip such as in Banks, Govt. Departments and/or on Courts.
- Mention Based Salary clearly as it is the amount where all Govt. Taxes will apply.
- It is also important to clearly mention how much Tax you have deducted if applicable.
- If you are bulk printing Pay Slips then it is important to mention that this is an electronic document and doesn’t require an official’s signature.
- Print your employee’s color photo on top of Pay Slip if possible as it will make it very transparent.
- Also, mention Provident Funds you deducted and if possible a little explanation of your PF Policy for your employees.
Using Pay Slip Templates
Here is a list of benefits of using Pay Slip Templates other than saving your time.
- It provides you expertise to create market standard Pay Slip Designs in a very short period of time.
- It enables you not to miss any important piece of information that can cause trouble later on when an auditing team inspects your work.
- By following market standards, you also build up your company repute when your issued Pay Slips are being used in other organizations as well as in Govt. Departments for day to day usage.
- Employees need it to file their tax returns so its really quite handy to print official Payslips before worrying about legal issues.
- Reviewing several free Pay Slip Templates allows you to choose a good design among so many options and you rock from it.
- While filling in the information, use of existing templates free you from the hassle of taking care of its print preview. Its quite common problem that once you are done with your professional design, it prints different than it looks like in your Desktop or Laptop Monitor.
- Don’t miss any important fund or deductions that you have to do as per your local laws.
Finally, you can also look at our collection of Salary Slip Templates as well as they are quite a similar as these Pay Slips.