The template payment sheet is editable and can be adjusted anytime. Insert payment periods according to the frequency of payments which could be every week, every two weeks, twice a week, or monthly. It will be better if you choose the 1 st day or the 28 th day of every month as the starting date and the 5 th day of every month as the ending date. For example, if you choose the 31 st of every month as the payment date, February will never have salaries paid as well as months that have 30 days. Owing to the difference in the number of days per month, chose a date that will work for every month. The process works the same for daily, weekly, fortnight, and monthly payments. Insert the date when the first payment is made and the date when the last payment is made. Use the payment recurrences as the name which could include the names of the teams like Lab techs, managers, support staff, errand runners, and so on.
If the company has bills to pay, they can be captured in the bill payment schedule template.ĭivide the schedules according to the dates the payments are made which could be daily, weekly, fortnight, or monthly and match them with the names of the employees who receive payments on each specific date.Īfter your draft is ready, open your payment schedule template and begin keying in information by following these steps. The employee will get their net payment on time. Next, write down how much is the agreed payment for each employee according to the letter of employment.įill in the payment date for each employee and capture other details like overtime accrues, social security deductions, loan deductions, advances, among others. If it is employees, write down the name of every employee and note the date they joined the organization. Start by drafting all the payment details the company is committed to. Once that day falls due, the payment is processed and the worker paid. Next, their salary is entered and the date they will be paid. For example: if employee X joined company Z on the 20 th of June, their information is entered into the template, starting with the date of employment. It is favored by employers who make payments to large numbers of employees and are also useful to people who manage loans, or bills at close intervals.Įmployers capture the details of their employees so that none misses a payment on the date they should be paid. The schedule keeps records of your payments and shows the payment dates and amount.
Download 51 KB #10 Why is the payment schedule template important?