All you need to know about Payslip

Payslip, as the word suggests is like a receipt of the pay or the amount the employee is entitled to get every month. This slip includes the bifurcation of the CTC and also the amount that the employee has got as an incentive, bonus. This is proof of payment given to employees to understand their compensation for the month in a better way! Gross pay, net pay, fixed, allowances, deductions everything in included in this. A lot of companies that carry their tasks manually give them in paper with a company stamp. But most of the companies nowadays have started publishing them digitally. 

For instance, users of HROne issue automatically generated payslips to the employees. Otherwise, put o remiss even a single zero and the hours you would waste on finding and corrective it would be immense. This is also known as salary slip. Let’s look at its format now!

There is no one single way to process the salary, you have to generate it after understanding what you company follows. But here are a few things that would remain in the salary slip irrespective of how you would like to make it.

So, a payslip typically includes the following-

• Taxes
• Insurance
• Social security
• Pension

Now the way you want your simple salary slip format to be is for you to decide. You can keep it complex or simple. But, the common practices for it are here-

• Make sure the gross pay is at the top
• Deductions and net pay should reflect in the bottom
• You can also make a miscellaneous column to add and mention small amounts or perks

Some companies create the salary slip format in word and some create it in excel. We suggest you chose excel in case you don’t have software like HROne to help you generate the payslip automatically.