If you have decided to pay employees or contractors through electronic funds transfers (EFT), you may have some questions, like “How do I create a pay stub for an EFT transfer?” and “Do I really need to create a pay stub for an EFT transfer?”
Keep reading to learn why you need to create pay stubs regardless of the payment method and how you can easily create one for an EFT transfer.
When you initiate an EFT transfer, the money goes directly from your bank account to your employee’s or contractor’s bank account. Most people refer to this type of payment method as a direct deposit. By paying people through EFT transfers, you create a backup record of the payment. However, that doesn’t mean you shouldn’t still provide a pay stub. There are several reasons why you should always provide a pay stub to both employees and contractors.
Nowadays, for most everything, people need to provide proof of income. Whether it be for renting a house or apartment, buying a car, or getting a loan, this is why you need to provide both employees and contractors with a pay stub. It is also a legal requirement in most states.
While you may have a record of the payment through your bank statement, it is essential to always have backup records. Especially when it comes to payroll. By keeping a copy of all pay stubs you issue, you will have backup records to turn to if something was to happen to your accounting software.
Providing and keeping a copy of all pay stubs also benefits you in the case of an audit. Having pay stubs is the perfect way to show that your business is compliant with both state and federal tax laws. Using our pay stub generator, your taxes will be automatically and accurately calculated. This is a big help for small businesses, especially those that are just starting out as taxes can be confusing. We take the work and worry out of the equation.
Creating a pay stub for EFT payments is almost identical to creating a regular pay stub. Use these steps for using our software to easily generate pay stubs for EFT payments.
Ready to generate pay stubs for your employee? Check out our simple, but accurate, and easy to use pay stub generator. We also offer the ability to create a W2 and 1099.
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