Most small businesses lack knowledge of salary slips and find it complicated to understand what should be included in a salary slip and which format needs to be adopted. If you happen to be one of those businesses, you have reached the right article to deepen your knowledge and clear your doubts about salary slips.
What is a salary slip?
A salary slip is a document which contains a detailed list of the main pay items in an employee’s salary along with specific details of an employee relevant to the employment such as the employee’s name, employee ID, employee’s bank, and the pay date etc.
Accordingly, a salary slip is issued by the employer every month in the form of a hard copy or a soft copy generated to the employee’s email. It’s important to note that generating a salary slip in a hard copy or soft copy is based on the business’s preference.
What is the difference between a salary slip and a payslip or pay slip?
According to CiteHR, there is no difference between a salary slip and a payslip. Most people fail to understand this as it’s interchangeably used among people, which leads to confusion. Similarly, there is no difference between writing the word payslip and leaving a gap between the terms pay and slip (payslip), as it’s still the same meaning.
What is a general salary slip format?
Businesses adopt a general salary slip format regardless of whether it is from Excel, Word or PDF formats.
Following is the standard information found in a general salary slip format:
- Company name
- Company logo
- Employee name
- Employee’s designation and department
- Employee’s ID number
- Unique Identifier
- Employee’s bank account number
- Number of leaves taken by the employee
- Number of days worked by the employee
- Employee EPF number
- Earnings and deductions
- Gross salary and net salary
Apart from this, the employee’s NIC number and signature certifying the payment are optional requirements based on the company’s preference.
Therefore, remember that the general pay items mentioned above are essential for any salary slip format. However, based on your company’s policy, pay items such as overtime, bonuses, and allowances can be added.
Is there a specific salary slip format in Sri Lanka?
Our research discovered that some companies in Sri Lanka don’t follow a general salary slip format. They have a customized salary slip based on their payroll, preferred salary slip format and other customized requirements.
However, regardless of owning a small business or big business, most companies lack common knowledge of the standard salary slip format to be followed when generating salary information for their employees.
Based on different types of company policies, the salary slip format changes. For example, some businesses use a simple salary slip format where employees’ total earnings are counted as basic salaries. On the other hand, some use a detailed salary slip format with basic salary, benefits, allowances, overtime, and different incentives recognized by company policy, which count as the employee’s net salary. However, remember that regardless of your salary slip format, the Employee Provident Fund and Employee Trust Fund are mandatory elements to be included when calculating an employee’s salary.
To broaden your understanding of the salary slip format, we have attached a simple Excel salary slip format and a salary slip template which can also be adopted in your small business.
Here’s a simple Excel salary slip format
If you would like to adopt an excel salary slip for your small business, do feel free to download our simple Excel salary slip by visiting https://www.gethumanised.com/payslip-template-and-salary-slip-format-in-sri-lanka/. This Excel salary slip format doesn’t have to necessarily be the same. You can make changes to it by editing it in the Excel sheet itself.
Here’s a quick salary slip template to download
You can visit https://www.gethumanised.com/payslip-template-and-salary-slip-format-in-sri-lanka/ to download a standard salary slip template for your business.
Therefore, we hope that this article will be a helpful salary slip guide for your small business. Feel free to contact us if you have any further clarifications on the topic, and we will get back to you in no time!
If you would like a much more thorough understanding, click https://www.gethumanised.com/payroll/sri-lankan-payslip-guide-and-payslips-template/ and expand your learning on an excellent salary slip guide for your small business.