The template is built to improve the organization and tracking of payroll calculations. It is designed to be used with actual data. Each tab is a self-contained calculator where the user can enter data based on two payee types. The first type contains standard hourly workers (user enters pay rate per hour, hours worked in the period, and up to three percentage calculations (for payroll taxes / benefits / etc…). The model then outputs the total employee pay (before taxes) as well as the total employer payroll expense (including taxes).
The second payee type is for salary workers that have an entry for a base salary and a second entry for bonus/commissions. This worker type also has three percentage inputs for payroll taxes / benefits/ insurance / etc…). If you need to override the formulas, you can simply enter a hard-coded $ value for each of the three add-on inputs that represent the employer expense side. Final output calculations include employee pay before taxes / insurance and total employer payroll expense after taxes/insurance/etc.
Each employee line item (30 for each of the two categories) will have its own budget vs. actual analysis and the total payroll for the period will then have a budget vs. actual analysis, including a visualization.
The template is designed to expand for as many pay periods as you want to track in the workbook. It is suggested to use it for 1-years’ worth of data at a time, but you can do as you wish with it. Follow the instructions tab and video to see how to do this, but basically, it is as easy as setting your base template and then every time you need to do another pay period, go to the template tab and create a copy of that tab. This is very easy to do in Excel for entry-level users.
Finally, there are conditional formatting features integrated with the budget vs. actual logic and this will automatically transfer over as new tabs are duplicated from the base template tab.