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A Salary or Payroll sheet is a document that includes complete details of the amount payable to a11 employee for work done during a particular month. It includes details like Payable Day, Basic Pay, Fixed and Variable allowances, Deductions, PF, ESIC, Income Tax, Net Amount, etc. of all employees. Usually, the payroll sheet file should be in the excel file or any spreadsheet format.
A Salary Payslip or Salary Slip is a document that contains a detailed list of various components of salary along with specific details of employment. It is issued every month by an employer either in the form of a printed hard copy or an electronic copy. A payslip should contain a company logo along with the company name and address.
What is a Payroll sheet and what is the purpose of it?
Every company at end of every month must prepare a payroll sheet, also known as a salary register. The payroll sheet contains details of all employees and the net salary paid to them. Usually, most companies prefer to have a payroll software which covers detailed payroll compliance setting. With payroll software employer is free from keeping updated on the latest amendments on statutory changes. But those employers who cannot afford to opt for payroll software would prefer to use PayHR Payroll sheet and Salary payslip.
What is the advantage and disadvantage of using PayHR payroll sheet?
With PayHR Payroll sheet, you will have to just follow the below process;
- Enter your employee master data(limited fields)
- You have to enter payable days
- The earned amount is calculated based on CTC and payable days entered
- Every month prepare a new sheet
- PF and ESIC calculation is auto calculated
- Calculate net take home accurately
- Payroll for an employee not covered under the income tax bracket is possible
- Generate payslip
Following is the disadvantage of using a manual payroll sheet;
- Difficulty in keeping updates on the latest statutory amendments
- Professional tax and LWF calculation is difficult
- Chance of error in payroll calculation when an employee resigns
- Not possible to manage Income tax calculation
- Arrear calculation is not possible
- Accuracy level is 50%