Payroll Processing Checklist, Download our Payroll Processing Checklist

payroll processing checklist template excel

Below you can see the previews of the payroll templates which have each and every important element that you may need to create payroll easily. Calculations will be made automatically with the help of built-in formulas and formats. In this way, the calculation of employee payments will be very easy and accurate. You can use a downloaded payroll template to make payrolls for all upcoming months in the year.

payroll processing checklist template excel

There’s only one “Other Deductions” column in the 13 payroll tabs, and the data that reflects here is the sum of columns N and O in the “Set Up Employee Data” tab. If you need to add more columns for deductions in the “Set Up” tab, follow the directions above for adding columns.

Employee Training Checklist Template

This takes all the major legwork out of calculating payroll. After you have reviewed your payroll taxes, deductions, and wage calculations for the pay period, you’re ready to pay your employees. To do this, you can choose to either print checks online, deposit money to employee pay cards, or work with your bank to process direct deposits. To help you be more confident with your payroll processing, we’ve created this payroll processing checklist. The last tab, titled “Year-to-Date Payroll,” in our payroll Excel template lists all your employee payroll details for the year. It’s linked to the monthly payroll tabs, so all employee payroll expenses should be reflected. If you decide to provide pay stubs—some states require you to do so—this tab will give you the YTD information you need to fill them in.

As an employer, you are responsible for withholding federal income taxes from your employees’ paychecks. You might also have to withhold additional amounts—depending on the state.

Time Tracking & Invoicing

This basic weekly timesheet breaks down hours by day and type, and also calculates daily and weekly earnings. Save the template to your Google Drive account, and share with team members for easy collaboration. To create a biweekly timesheet, simply copy and paste the template onto the Google spreadsheet.

Hiring a professional accountant may seem out of reach, but the costs could be worth the return. Collect employee financial information like W-4 and 1099 forms. Once you’ve calculated net pay for each employee, pay each one payroll processing checklist template excel by their preferred payment method, if you can. The IRS issues this number so it can identify your business. You can read about how to apply for an EIN and learn more about the EIN program and process on the IRS website.

For the Office

After inputting your employee information, you just need to enter the actual hours worked, and then the template will automatically populate the applicable payroll data. Move over to the “payroll calculator” tab once you have all your employees’ information in the spreadsheet. Here, you can enter all the hours worked in the specific pay period, including regular hours, vacation hours, sick hours, overtime hours, and overtime wages. As you type in the information, Excel automatically calculates your employee’s net pay.

  • If you have employees earning more than that, you need to stop withholding the 6.2% tax once their YTD earnings exceed that amount.
  • Once you have the total hours for a pay period, multiply that by the employee’s hourly rate, and you’ll have that employee’s gross pay.
  • Then, input the actual regular hours worked, overtime hours, PTO hours taken, and other income details in the applicable columns.
  • Employee Schedule TemplateKeep track of employee shifts at your workplace with this free employee schedule template.
  • When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time.Try Smartsheet for free, today.
  • Although there are two “Other Deduction” columns in the “Set Up“ tab, the monthly payroll tabs sum them in one column.

Doing payroll in Excel is best for businesses needing to pay 10 or fewer employees and operating in states without complex labor and tax laws. Since it is a completely manual approach to payroll, it does take time compared to other methods but can definitely be cost-effective for growing businesses. Using a template can help with time and efficiency because it contains prefilled information like tax rates and overtime formulas.

Reconcile internal payroll records with tax forms

Employee Referral TrackingTrack employee referrals online with our free Employee Referral Tracker spreadsheet. Learn about the pros and cons of using direct deposit payroll... Applying is free, and the IRS prefers that you apply online, though you can also apply by fax or mail.

How to Run Payroll for a Small Business -

How to Run Payroll for a Small Business.

Posted: Wed, 02 Oct 2019 12:51:56 GMT [source]

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