Download Employee Payslip Free Excel Template

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A payslip is a note that is given to an employee when they have been paid. It displays the amount of pay given to the employee, as well as the tax and insurance is that deducted, if any.
Your payslips can useful as an evidence to show as proof any earnings to get, the tax you have paid, and any pension contributions you have made. It also provides an additional way for both the employer and employee to keep a record of their finances. In many countries, a payslip is required by law.
It is typically easier and recommended to use an accountant or payroll company for your business’s employee payments and payroll fulfillment. The payslip is also known as Paycheck, Employee Slip and many other nomenclature as per the geographical regions.

About Payslip or Employee Slip Excel Template

This Payslip or employee slip or paycheck excel template comes with various fields and functionalities. Primarily, it includes very distinct sections like –

  • The top is for company and employee details.
  • The top right is for payment details as well as a message section where you can include additional details like how many vacation days your employee has left.
  • The Earnings section lists the hourly pay and the other payment amounts, broken down by category.
  • The Deductions section lists the taxes, insurance, and other amounts withheld or deducted from the gross pay.

The bottom of the payslip shows the Net Pay (Total Earnings – Total Deductions). The Net Pay should be the amount on the paycheck. Some information in this payslip template that are specific to companies based in the United Kingdom include:

  • Tax Code
  • Employee Payroll Number
  • National Insurance (NI) Number
  • UK related earning & deduction types
Using and Customizing this Employee Slip Template

Note that : Your country or location may have different payslip and pay stub requirements. So, we highly recommended that you contact a professional accountant to advise you on those requirements and to learn what categories of earnings and deductions you should be using.

Use the tutorials below along with the template to customize it as per your requirement – 

  1. Edit the Company and Employee information in the header and footer of the Payslip tab.
  2. Edit the Earnings and Deductions categories in the YearToDate worksheet
  3. If you need more options for different types of earnings and deductions, unhide the hidden rows in the Payslip worksheet and the hidden columns in the YearToDate worksheet.
  4. Instead of entering amounts directly into the Payslip, you will update the YearToDate worksheet with the hours, rates, and payment amounts. Then, you select the Pay Date in the Payslip worksheet to update the amounts in the Payslip.
  5. To make the YearToDate worksheet more concise, you can hide the columns that you aren’t using.
  6. Enter a new row in the YearToDate worksheet. Enter the Pay Date, Pay Period, Hours, and Pay Amounts.
  7. Select the new Pay Date from the drop-down at the top of the Payslip worksheet. The hours and amounts should update automatically (using lookup formulas).
  8. Verify, print, and send the payslip with the check.
  9. This spreadsheet does not calculate taxes or other deductions automatically. Reason being, there might be some variable component as per the specific case which cannot be assumed. Hence, you will require to compute the taxation yourself here.

How to download and use Employee Slip, Paycheck or Payslip free excel template ?

To use this free Employee Payslip or Paycheck excel template, you should have Microsoft Office/ Microsoft Excel installed in your system.

After installing Excel or Spreadsheet, download the zip file of this template, extract the template using WinRAR or 7Zip decompressing software. Once extracted, you can open the file using Excel and start entering data or customizing the template.

If payments are made electronically via ACH (Direct Deposit), then you may want to send the payslip via email as a PDF (if that is acceptable according to local laws). You can create a PDF of the Payslip worksheet in Excel by going to File > Save As and selecting .pdf as the file type.

 

Click the button below to Download Employee Payslip Excel Template

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