A payslip is traditionally a paper document issued by an employer to pay an employee for services rendered. Recently the physical paycheck has been increasingly replaced by electronic direct deposit to bank accounts.
In most countries with a developed wire transfer system, using a physical check for paying wages and salaries has been uncommon for the past several decades.
A pay stub, paystub, pay slip, pay advice, or sometimes paycheck stub, is a document an employee receives either as a notice that the direct deposit transaction has gone through, or as part of their paycheck. It will typically detail the gross income and all taxes and any other deductions such as retirement plan contributions, insurances, garnishments, or charitable contributions taken out of the gross amount to arrive at the final net amount of the pay, also including the year to date totals in some circumstances.
The payroll card account usually is held as a single account in the employer's name. That account holds the payroll funds for all employees using the payroll card system. Some payroll card programs establish a separate account for each employee, but others do not.
Companies typically generate their payrolls on regular intervals, for the benefit of regular income to their employees. The regularity of the intervals, though, varies from company to company, and sometimes between job grades within a given company. Common payroll frequencies include: daily, weekly, bi-weekly (once every two weeks), semi-monthly (twice per month), and to somewhat of a lesser extent, monthly. Less common payroll frequencies include: bi-monthly (once every two months), quarterly (once every 13 weeks), semi-annually (twice per year), and annually.
In the United Kingdom, some payroll professionals are represented by the
Institute of Payroll Professionals.[1]
or the Institute of Certified Bookkeepers.
