Getting to Understand your Excel Pay Stub Template Format
The quantity of financial calculations involved in running a business are many, from the usual outgoing orders calculations, the sales slip calculations, and the enormous calculations involved in preparing your employees’ payroll and offering them their pay checks. However, with the advancement in computer technology, how we do business with people have become much easier. Doing business financial calculations on computer saves time greatly and it also guarantees better accuracies. Therefore, the days of giving employees hand written pay stubs is over with many businesses going the way of using an excel pay stub template for their payroll management.
There are many reasons why an excel pay stub template should be preferred to any of the old methods of doing payroll; one major advantage is the opportunity of doing your payroll calculations on a computer which greatly provides better accuracy and reduces human errors. Another advantage is that it keeps your records in an organized and centralized manner on the computer in such a way that makes them easy to access and interpret without the hassle of rearranging or spending hours to keep them in the right order.
It is very important for you to have an idea of what to put on an excel pay stub template before you even go for one. The content of this payroll instrument varies from state to state and most of the available template software will provide you with the template that is specifically meant for your state.
An ideal excel pay stub template will provide you with stubs that must have all the important personal information of your business and also the information of all your employees; specifically, their names and addresses must be put on each employee’s respective pay stub. Next to this is that each paystub must have a place created for date, and a place for when the check is being issued. A section for gross earnings, including over time earnings if any and the record of all the regular man-hour work done within this period of each employee’s payroll calculations must be created on the stub provided by the template.
The next thing is to create sections for all deductions for taxes taken out of your employee’s check as provided by your state tax law and the federal. Here, you would need to also consider making provisions for any township or local deductions if applicable to your location. Each deduction should provide for what it is for as well as the amount that applies. All of your paystub boxes should have a year to date in focus and that will provide you and your employees a good record of total income and total deductions that have been made to the present time in the year. The final thing is the net earnings section and that is the amount you will put on each employee’s check as the total pay net all deductions.
Finally, when you have an excel pay stub template to do your business payroll, you are very sure of having all your financial records kept properly and your employees will also know the accurate amount that goes to them each month as net pay. It is obvious that that alone is capable of making your employees happy and then you will have a good business sense.