What Is Corporate Salary Slip?
Salary slip is a business document issued by the employer to the employee every month upon receipt of a salary. It is also known as Payslip. Salary Slip is an HR/Payroll document. Payslips are an important part of the Payroll process.
Salary slip consists of all earnings (fixed and variable) and deductions (fixed and variable) along with the mandatory tax deductions like TDS and FBT.
We have created a Salary Slip Excel template with predefined formulas. It automatically calculates the Gross earnings and deductions.
You just need to enter a small amount of data and our salary slip is ready in a few minutes. This template can be useful for HR professionals, HR executives, Administrative staff, etc.
Let us discuss the components of this template in detail.
Components of Corporate Salary Slip Excel Template
The template consists of 5 major sections.
1. Header Section.
2. Employee Details Section.
3. Salary Bifurcation Section.
4. Summary Section.
5. Approval and Notes Section.
1. Header Section
As usual, the Header Section consists of the company logo, document heading, and the company name.
2. Employee Details Section
Employee details section consists of following employee details:
3. Salary Bifurcation Section
The salary detail section is further divided into 2 subsections; Earnings and Deductions.
The major components of the earning section are basic salary, allowances, Employer contribution to PF/ESI and reimbursements.
Basic salary is the amount in which an employee is eligible without any additional allowances or any kind of deductions.
HRA stands for House Rent Allowance. It is either fixed or variable.
Conv. All stands for the conveyance allowance.
Trans. All stands for Transport allowance.
CEA stands for Child Education Allowance.
Spl. All stands for Special Allowance Category.
Gross salary = Basic + Total of all Allowances.
The Employer contribution consists of Provident Fund (PF), Employee State Insurance (ESI) and Exgratia (bonus).
Employer contribution to the Provident fund is a total of 12 % of the basic salary.
Employer Contribution to ESI is 4.75 % of the basic salary. A formula has been set up which calculates the amount by itself.
ESI is applicable if the salary of the employee is less than 15000.
Thus, if the basic salary is above that amount template will automatically display 0.
Exgratia or bonus is the sum of money paid with no obligation or liability to pay it back.
Reimbursement items depend on the designation of the employee.
CTC/PM is the total salary of an employee without deductions.
One thing is to be kept in mind it also includes the employee contribution, which is not payable every month but is a part of the salary.
CTC/PM (per month) = Gross salary + Employer Contribution + Reimbursements.
CTC/PA (per annum) = CTC PM X 12 months.
Generally, the deductions consist of employee contribution to PF and Employee contribution to ESI.
The Employee contribution to the Provident fund is a total of 12 % of the basic salary.
Employee Contribution to ESI is 1.75 % of the basic salary. A formula has been set up which calculates the amount by itself.
4. Summary Section
The summary section consists of the final calculation of the net receivable salary amount.
Net salary transferred Amount = Gross Salary + Reimbursed Allowances – Deductions – TDS – FBT – Loan EMI.
5. Approval and Notes Section
The last section consists of the Approval and Notes section.
Approval section includes the signatures areas for those who prepared it, checked it and authorized/approved it.
The Notes include the instruction of the company if any for the employee.
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