According to a recent QuickBooks survey, 25% of employees said they have received a paycheck with errors. A good check stub template helps ensure that doesn’t happen to your team members, in addition to enabling you to keep an accurate and transparent payment record and a simple and cost-efficient payroll process.
In this article, we’ll break down what a check stub is and why it’s a must-have for any business, no matter the industry. Most importantly, we’ll show you how to make your payroll prep a breeze using our customizable check stub template.
What is a check stub template?
When you think of a check stub, you’re likely to conjure up an image of a perforated bit of paper attached to a cheque, full of tiny numbers. It looks a little something like this:
A check stub template is a simple and efficient way to create a check stub, which is a financial record of an employee’s payment details for the current pay period and year to date. The typical information listed in a check stub template includes wages, hours worked, as well as deductions like taxes or insurance, and other important details we’ll look at more closely in a bit.
Physical check stubs printed on standard check paper are becoming a thing of the past. More than 95% of organizations pay employees via direct deposit, so most check stubs are now created electronically, using a check stub template or a pay stub maker or paystub generator. Often that means you can simply check your email on payday, and you’ll see the check stub in your inbox.
Why use a check stub template?
A check stub is much more than a black and white piece of paper you hand to employees when payday rolls around. It’s an important part of the payroll process, and it’s essential when it comes to employee-employer relationships.Using a check stub template helps ensure that this important document meets employee expectations, while simplifying payroll administration for employers.
- It encourages accuracy. QuickBooks’ survey found that 1 in 6 respondents would consider quitting their job after a single inaccurate paycheck. Check stub templates help business owners avoid these costly mistakes and ensure everyone on their team is rewarded for their hard work. Using a template with built-in formulas makes it easier to calculate wages, taxes, bonuses, and everything else that determines an employee’s earnings, reducing the risk of making an error. An error-free paystub is equally important for business owners. For example, when tax season rolls around, they ensure W2 forms are completed with accurate information.
- It saves time and boosts productivity. Imagine creating a new pay stub document for each employee, every payroll period. The manual labor that entails is not a good use of your time and resources. A premade template makes the payroll process quick and effortless. Formulas — and on some platforms, automations — save you from doing repetitive work, so you can take back your time and focus on more important projects.
- It provides consistency. Using a template helps ensure every aspect of your check stub is consistent every time. For example, each check stub sent to employees will have the same formatting and design. Consistency demonstrates professionalism and attention to detail.
What are some examples of check stub templates?
Check stub templates come in many shapes and forms. Let’s get more familiar with different examples, so you can get a better idea of which one fits your unique needs.
Simple check stub template for full-time employees
If your business is small, your check stub won’t have a lot of details. However, it should contain the basic required information. This includes company details, employee information, and payment details. Doing payroll properly is not only important for employee satisfaction and retention, but it’s a fundamental part of your tax planning. Failure to make paying and keeping track of your labor costs easy is one of those things that can bring headaches come tax season.
In this case, a simple check stub template for full-time employees is just the right tool you need. Let’s explore what makes up each section of this check stub template in a bit more detail:
- Company name
- Company contact details like the address and phone number
- Employee name and ID
- Employee address
- Social security number if applicable
It’s the most important part of the check stub. While the information may look different from one pay stub to another, you’ll typically find:
- Pay period and pay date
- Earnings — gross pay, net pay, hours worked, rate of pay
- Deductions — federal and state taxes, contributions, allowances
Here’s a basic sample pay stub to help you visualize this information.
If you’re a bigger business, this check stub template will be even more detailed. Don’t forget to include all the necessary information. If you have any local taxes that need to be paid, you’ll need to add those in. The more thorough and descriptive you are, the better.
Self-employed check stub template
Almost 10 million Americans are currently self-employed. While being your own boss comes with many perks, you don’t get bi-weekly or monthly check stubs from your employer.
In this case, a check stub template designed for self-employed individuals comes in handy — it makes tax filing easier and helps you keep track of your earnings. Since you technically work for yourself, the company and employee information on your check stub would be one and the same.
Hourly wage check stub template
This check stub template is designed for hourly employees that work shifts. Besides the standard required information, it outlines an itemized list of hours worked, overtime pay, holiday pay, and the hourly rate earned for each shift.
monday.com’s Check Stub Template
Each company is different. That’s why our paycheck stub template is entirely customizable and flexible to fit your unique payroll needs.
monday.com’s template is also intuitive and easy to use. The template makes calculations simple with built-in formulas, so you can avoid costly mistakes and say goodbye to number crunching.
Creating check stubs doesn’t need to be a difficult, mundane process that takes up hours of your time. It can be as easy as filling in a few blanks.
That makes your payroll operations more efficient and agile, so you can focus on projects and tasks that matter. By freeing up time for other projects, you boost your productivity in the long run.
Who said pay stubs have to be boring? Like all our templates, the check stub template is visually appealing and easy to use. It makes the number-heavy information enclosed in the check stub easier to understand, eliminating any confusion. Visual cues also help employees easily locate any information they’re looking for when they scan the page.
Here are a couple of related templates that you might find useful for managing your workforce and payroll.
HR Requests Template
From vacation requests to payroll questions, the human resources department has a lot of responsibilities. Using monday.com’s intuitive HR Requests Template, you can easily manage all incoming requests in a centralized workflow.
You can sort requests by priority, assign them to the correct person, and track each one in real time until it’s completed, as shown here:
With the monday.com Work OS, you and your team can access all the necessary information, share documents, and provide feedback. This keeps the HR team on the same page, so things get done quickly and efficiently.
Finance Requests Template
Our Finance Requests Template helps your finance team easily collect and manage all incoming requests in a centralized location.
Using monday.com’s automations, you can keep each employee updated on the status of their request. So if someone requests an expense reimbursement, for example, they will receive automatic emails letting them know when their request is completed.
FAQs about check stub templates
How can I make my own check stubs?
You can easily make a personalized and professional check stub using a customizable check stub template, also known as a pay stub template. If you use monday.com’s Work OS, you can customize all columns, labels, and more with recommendations based on real-world use.
While some online providers give you access to free pay stubs, they lack the functionality and features of a premium check stub template like the one offered by monday.com.
How do I make check/pay stubs for my employees?
As a business owner or manager, you can use a pay stub template or a pay stub generator to create real pay stubs that your employees can use for any purpose.
To reduce the risk of an employee creating a fake pay stub, make sure that you include unique identifying codes on every check stub you create.
Does Microsoft Word have a pay stub template?
No, Microsoft Word doesn’t have a specific pay stub template. However, you can use monday.com’s pay stub template to create a pay stub that fits your specific needs. If you’d like a paper copy, monday.com makes printing your pay stub quick and easy.