Whether an employee receives paychecks via direct deposit, physical check, or payroll card, a pay stub is typically provided as documentation of payment received. A pay stub may show the amount earned for the immediate pay period as well as total year-to-date earnings. Depending on the workplace, this document may be referred to as a payslip, pay advice, check stub, or simply paycheck. Regardless of the name, this important document provides employees with information on wages and benefits for accurate record-keeping, tax filing, and proof of income or employment. Paystubs also help protect employers by creating a record of accurate and timely payments.
As mentioned above, employees receive payment in a variety of ways. Many employees prefer to receive electronic paychecks so funds are deposited directly into their bank account each month. For employees without a bank account, companies can issue payroll cards that they can use like a debit card. Some government agencies pay employees or vendors with payroll warrants, which look like regular paychecks but issue funds from an associated treasury department rather than a bank account. With the increase in electronic payments, some companies provide employees with an electronic pay stub as well, which can be printed to create a hardcopy. But for small businesses and organizations that issue both electronic and physical paychecks, a pay stub template is a great option to help save time and streamline payroll management. In this article, you’ll find a variety of pay stub templates in Word, Excel, and PDF formats that are free to download.
To help with the payroll preparation, we've also included a time card template in Smartsheet, a spreadsheet-inspired work management tool that makes time card management easier and more collaborative than Excel, Word, and PDF template formats. The pre-built time card template includes an automated approval process that eliminates manual steps and ensures no request is missed.