How to Make a Payslip? (Template Included)

Payslips are a critical piece of your payroll process. They include a ton of valuable information so your employees know exactly how much they earn each pay period. As well, they include information about different amounts that get deducted from their overall pay.

In most payslips, you’re going to see things like the payment details, gross pay, net pay and general employee information. But, there can be a ton of other information that gets included depending on an employee’s role.

Here is everything that you need to know for how to make a payslip, including a template for you to use.

Here’s What We’ll Cover:

• What Is a Payslip?
• How to Make a Payslip
• Key Takeaways

What Is a Payslip?

A payslip is an informational document that you provide to each employee for a specific pay period. It’s going to include their earnings and any deductions that get taken out of the gross pay and the amount of those deductions.

Every type of payslip is going to contain some basic information, which can include:

• Your businesses name and contact information
• An employees name and identification number
• An employees pay rate, either hourly or salary 
• An employees gross pay, which is the total amount before any deductions get taken out
• The types of deductions and their amounts 
• An employees final net pay, after deductions 

It’s important to provide accurate payslips to your employees each pay period. Since your business largely relies on your employees to be successful, you want to make sure they’re paid what they deserve. And little mistakes here or there can cause payment delays.

How to Make a Payslip

If you have a lot of employees, you might benefit most from using online payroll software. It can make things a lot easier. However, there are some easy ways for you to make your own payslips.

The easiest way is to use something like Microsoft Excel. The spreadsheets allow you to create a custom payslip. And once you figure out how you’re going to create them, it becomes as easy as inputting a few details each pay period.

Here is a list of some of the most common details you’re going to include:

• The date and the pay range
• Pay rate (hourly or salary)
• Total hours
• Overtime hours, if there are any
• Overtime pay rate
• Individualized deductions, such as taxes
• Gross pay
• Net Pay
• Year to Date (YTD) pay

These are the basic elements that most payslips will include. Yet, there can also be other things included depending on the role and responsibilities that each employee has. Things like pension contributions, health insurance and public holiday pay can also get included. 

Let’s take a look at a template for you to use to make a payslip. Make sure to create distinct sections and include employee details. 

Company Name
Employee Name:		Pay Period:		Pay Date:
Employee ID:		Pay Cycle:
Hourly Rate (or Salary):		Tax Code:

Earnings	Hours	Rate	Current	YTD
Standard Pay
Overtime Pay
Holiday Pay
		Gross Pay

Deductions			Current	YTD
Pension
Health Insurance
		Total Deductions

Net Pay

Key Takeaways 

The basic payslip template above only includes some of the most common areas. But, it gives you a sense as to how to set it up and where you will include any other details. If you have additional earnings or deduction types to include, simply plug them into their dedicated cells. 

You can also do a little bit of research into some Excel formulas that you can use. This will make it easier for you to input all the important details every pay period. As well, using dedicated payroll software or a payslip generator can also make your entire payroll process run smoothly. 

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