Payslips Key Terms

Find out the payslip options available to you

If you own a company with at least one employee, you will need to know how to create payslips. Each employee will need a payslip, also called a pay stub, every pay period. Fortunately, you have many options based on the time and money you are willing to put into this. Before you decide whether to create your own from scratch, get some basic help or rely on a program to make your payslips, you first need to know the key terms. You might be surprised by the number of payslip-related definitions you do not know, but once you learn them, you can choose just how much time and effort to expend in creating payslips.

 

Payslip

A payslip is proof of payment. Having a payslip is helpful to employees when it comes to proving how much they earn, and it also protects companies from being sued for nonpayment.
Try: ClearPoint Financial Solutions explains what a payslip is, and lists the information to be included on each one.

Payroll

Payroll is a record of each employee's salary, deductions and bonuses. A payslip shows a summary of these numbers for a particular employee each pay period. Every company needs paystubs to represent the payroll to each employee.
Try: West Bend Mutual Insurance Company discusses the information normally found on payroll.

Payslip template

A payslip template will help you make your own payslips. You can find free templates online or on popular software, such as Microsoft Excel. You can simply fill out a template with your company's payroll data and print it out for an easy, customized payslip.
Try: BusinessKnowledgeSource.com explains what a pay stub template is, and where to find one.

Payroll software

Another way to obtain payslips is to use payroll software. This type of program will make sense of any data you enter regarding payroll, and will print out pay slips for you based on those numbers.
Try: Get an overview of payroll software at wiseGEEK.

Sample payslip

You can use a sample payslip to create your own payslip. You can simply look at the information listed on the sample, and delete any information that does not apply to your company. A sample payslip is a helpful tool when you need inexpensive payslips.
Try: SurePayroll defines a sample payslip, often called a sample paycheck stub, and lists the information it should include.

Electronic pay stub

An electronic pay stub is an alternative to the paper pay stub. It is typically emailed to the employee, who can decide whether to print it for their records.
Try: MyPayStub.info explains electronic pay stubs and lists their benefits.

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