A salary log template is defined as a financial record slip which is usually generated by the human resource department to make sure salaries of all employees are being transferred into their accounts on the described date. To do so, there are certain checks which need to be confirmed before executing payroll transactions. As part of general practices, every employee must sign a salary slip in order to get paid before a certain date. No matter whether you own a large enterprise or simply running a small business, whenever it comes to managing the salary-related matters of employees, you have to establish a payroll system. A system which supports you to place crucial checks whenever you are going to pay payroll payments. Due to a salary log, it has become easier for management to have checks on various crucial elements. These elements can be number of working days, total leave during a month, deduction of loan amount, deduction of taxable amount, and any other deduction. This salary log template can be used as evidence and can be presented in any court of law. Thus, the accounts payable officer must need to maintain a record of salaries on a salary log every month.
What to Include in a Salary Log?
As I have mentioned above, the salary log is maintained by the employees of the company at the time when salaries are being paid to all employees. Seemingly, this precise log book will record the facts about the payroll system. To enable salary transaction at a given time, a salary log entry must confirm the following information; the person who is receiving the salary is eligible for it? Salary account title is accurate? Description of job is true? Deduction of fines made? Taxes paid? Correct designation is mentioned? Total payment is within the actual amount? Outstanding dues are paid? All allowances like medical, traveling, household, rental, over time are calculated accurately? The main reason for keeping a salary log is to put employee financial details in one place. Furthermore, this slip will prove that employees have taken their previous salaries without even getting in trouble.
The Process of Maintaining a Salary Log
After completing a certain time period, usually a month, the account department of a company generates all salary slips, which includes payment of salary amount along with the signature of each employee as a record of payment. If you also want to create this log to track the salary payments, then you can get help through our salary log templates. No doubt, this log was created by our professional team on Microsoft Excel and Word. Moreover, it will offer you benefits to keep checks on the financial records of your business with ease. In addition, here you can further customize this log as per the requirements of your business.