Employees are paid for the work they do. The payment is paid to them through a paycheck which is a clear sign that the employee is being compensated for the time and effort he has invested in. The payment through the paycheck has also been named the salary or wages of the employee.
When there are so many people working in an organization, a company looks for a smooth working of the system. Managing more people becomes a challenge especially when there is no such tool that you can use to handle your day-to-day tasks. Those who deal with the salaries and paychecks of the employees have all the records with them and due to this, they are often asked to prepare a report in which the paycheck details are summarized.
What is an employee paycheck summary report?
It is a report in which detailed information on the paycheck of the employee is provided. This report gives a complete overview of the information regarding the paycheck that is issued to the employee.
What information is provided by the employee paycheck summary report?
The main details that are added to this professionally used document are:
The total amount of earnings of the employee:
This part of the report tells how much money an employee has earned in a specific time period. This information is not for the employees who are paid fixed salaries every month. Rather, it is for people who are paid on an hourly basis. Their wages are calculated depending on how much they spend working.
Every employee pays taxes from the salary. Usually, companies deduct a specific amount from the salary as tax and also document it in the report so that it can be kept as proof that the company and its employees pay the tax regularly.
Details of other deductions:
There are types of deductions from the salary of the employee. Usually, these deductions are not shown on the paycheck and therefore, they are recorded in a report. Whenever any person wants to know about the deductions from the paycheck of the employee in a particular time period, the employee paycheck summary report can be checked.
Details of the bonuses and other grants:
Some employees are also paid with rewards and bonuses every month. These details should also be specified in the report so that it can be seen that the employees are being rewarded every month when they are showing good performance.
How to make a report?
The paycheck report is required to be made when there is a need to document the paycheck details that can be seen later also. These details are useful for the company because they can prove that multiple people are working in the company and all of them are being paid regularly. Here are the tips to make a report:
Collect the details to be entered in the report:
When you are asked to make a report, the first thing you need to do is collect the information that you would like to share through the report. You can contact the HR department to collect the information regarding the paycheck.
Add every detail regarding the paycheck:
There are many characteristics of the salary of the employees as well as the paycheck issued to the employee. So, make sure that you are well aware of each aspect so that you don’t miss any. Even if you have to skip any of them, you should be confident enough to skip them deliberately and you should have a reason to do it.
Use the readymade tool:
To get a report that surrounds the paycheck of the employee, you can create it either yourself or get a tool that will provide you with a ready-made report. When you have an access to the report which is ready to use, you can easily customize it, add your details and then use it.
The best part of having a readymade report is that no matter how many times you would like to use this report in the future, it will always be helpful for you to use it after changing the information mentioned in the report that was used previously.
MS Excel 2007/+ Template
File Size 97 KB
- Doctor Notepad Templates for Word
- Business Report Cover Pages
- Stock Count Sheet Template
- House Renovation Checklist Template
- Envelope Templates Editable with MS Word
- Purchase Order Template for Excel
- Home Renovation and Decoration Budget Worksheet
- Daughters Wedding Budget Worksheet
- Summer Shopping Budget Worksheet
- Birthday Budget Worksheet
- Eid Shopping Budget Worksheet
- Daily Expense Report Worksheet for Small Business
- Vehicle Mileage and Fuel Consumption Log
- Employee Paycheck Summary Report
- Personal Ledger Statement Template