What is a Timesheet?
Weekly Timesheet records the working hours of your employees on daily basis for a particular week. In simple terms, timesheet is a document that records the number of hours spent by the employee on the job. Timesheet is the summary of hours worked by employees during the pay period.
Earlier, timesheets were sheets of paper with data arranged in tables. Currently, these timesheets have been turned into digital documents or spreadsheets.
Types of Timesheets
Timesheets can be:
Weekly Timesheet With Payslip Excel Template
We have created a ready-to-use excel template for Weekly Timesheet With Payslip. Now you can manage in and out times of your employees and prepare their payslips at the end of the month without any hassle with our Weekly Timesheet With Payslip Excel Template.
Benefits of Weekly Timesheet With Payslip Excel Template
- You don’t need to input any data multiple times and you also don’t need to do any manual calculations in this template. Just enter the daily In and Out Timings of your employees and it will automatically calculate the hours, overtime and basic pay for you.
- Additionally, if you have any allowances, deductions, bonus, loan deductions etc you can enter into the payslip. Just as you needed All-in-One Weekly Timesheet.
- It will help you identify the team members that might work well for your next project.
- Helps to identify the areas of expertise of your employee as an individual.
- Highlights weaknesses of your team and help us to decide the areas which require extra training.
- Resource Management.
Contents of Weekly Timesheet With Payslip Excel Template
Weekly Timesheet with Payslip Excel Template consists of 2 worksheets:
- Weekly Timesheet and
1. Weekly Timesheet
This sheet consists of 3 sections
- Header Section
- Hourly Summary
Usually, the Header Section consists of the Company name, the Title of the Sheet and the company logo.
Timesheet consists of the following:
Month: Month for which the Weekly Timesheet is prepared.
Day: When you will enter the date it will automatically update the name of the day of the week. Text function has been used for this
Date: Enter only the first date, with the help of formula it will automatically display dates of whole 7 days of the week.
Name of Employees: You can enter names of employees up to 40 individuals.
Designation: Designation of the Employee
Employee ID: A unique number to identify the employee.
In: Time when the employees will enter the organization. Time should be entered in 24 hours format. For example, “1:00 PM” will be entered as “13:00”.
Out: Time when the employees will exit the organization. Time should be entered in 24 hours format. For example, “1:00 PM” will be entered as “13:00”.
Hourly Summary consists of the following:
Regular Hours: Total hours of the week except for Sunday (the weekly day off/holiday).
Hourly Rate: Hourly Rate for Regular Hours. Usually, the hourly rates are different for regular hours and overtime.
Overtime Hours: Total hours worked on Sunday (the weekly day off/holiday).
Overtime Rate: Hourly rate for overtime hours.
Total Hours: Total hours are the regular hours plus the overtime hours.
Total Hours = Regular Hours + Overtime Hours
You will maintain the time of each employee for a whole week and at the end of the week, you can start preparing the Payslip for all the 40 employees.
Start Date, End Date and the month will be automatically updated from the timesheet.
In the payslip template, just select the name of the employee from the dropdown list created with the help of data validation function.
When you select the name of the employee, it will automatically update following details in the Payslip:
No. of Days
With the help of predefined formula, it will calculate the total amount of money for regular as well as overtime hours.
Furthermore, you can add allowances and bonus. Additionally, you can deduct the deductions, taxes, loans etc if applicable in your organization.
You can select the mode of payment from the dropdown list viz; Bank Transfer, Cheque or Cash. If selecting The Bank Transfer mode you need to enter the employee’s bank name and bank account number.
Lastly, enter the remarks and print the document. Then get it signed by the authorized signatory.
This template will help you save a lot of time. Apart from general businesses, this template can also be useful to those allocate their project/works to freelance on an hourly basis.
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