Excel Timecard Template (Table of Contents)
Introduction to Excel Timecard Template
Excel is a spreadsheet by Microsoft for calculations, graphical solutions, and macro programming (Visual basic). Different formulas are used for the calculation of data. Even the company’s important data and records are maintained in Excel for future reference. The timecard template is an electronic time entry & time out and payment solution in Excel for employees in the corporate world. Nowadays, organizations use biometric systems and access cards for recording their presence in the office. So, those data need to be calculated for validation. In order to do that, data should be downloaded and imported to excel for calculation. This is an automated solution for maintaining each employee’s attendance and working hours.
How to Create and Use a Time Card Template?
When an employee enters through a biometric or access card, his time in and when he leaves, his time out is tracked through software and is updated in the Timecard template.
To create a time card, the following steps are as follows:
Step 1 – A time card template is made with month, regular time, in, and time out at the top. A drop down for the month is created using validation which helps in changing the date every month.
Step 2 – The below table shows the daily date, employee name, time in, time out, break time, working time, OT time, regular payment, OT payment, and total payment.
Step 3 – Next, we have to create a drop-down for the month row in cell B3. For that, we have to go to Data > Data Validation, as highlighted below.
- Data validation helps in creating a drop-down menu to view or select a particular set of data.
Step 4 – Now, we have to select a source where all the 12 months are there, then select OK. I have manually entered all the months for convenience, as shown below, selected those cells under source in data validation > settings, and press OK, as shown in the image below.
- Finally, the drop-down menu is created, as shown below.
Step 5 – We have to select the current month and standard” Time In” and “Time out” below the month as per the office timings.
Step 6 – Then, we need to enter a date, employee name, and In time and Out time of those employees. Dates can be set per week or month using data validation.
Step 7 – Suppose, standard break time is 30 mins for all employees. So, we need to enter in the timesheet as follows.
Step 8 – Now, the working time of each employee is calculated as (Time out-Time in)-Break time. For 3rd December, Rohit’s working time is (D8-C8)-E8 which is shown below. Similarly, the rest of the days can be calculated by simply dragging the cursor from F8 to F17 without calculating using a formula for each day.
- Overtime for a respective employee is entered as per their time of leaving. OT can be calculated by “Working Time-Standard Out Time”. Hourly overtime is fixed at 1.5 times of hourly income. Regular Payment is based on salary and hourly based. Let Rohit’s hourly income is 125 INR. Then his daily income becomes 125*8, i.e. 1000 rupees. Regular wages are calculated as per working hours. If Rohit works for 8 hours or more, he earns 1000 rupees, and if he works less than 8 hours, he will earn half of the day’s income.
Step 9 – Now, we need to calculate Total Payment, which is the sum of Regular Payment + OT Payment. The total Payment of each employee every day is shown below.
- Finally, the Timecard sheet is ready for use. After that, we can calculate their sum total of payment of week using pivot or sum function as follows:
Most of the corporates today use Timecard for keeping time records of employees and project details. It helps in ensuring business growth and stability.
Things to Remember About Excel Timecard Template
- Functions and calculation methods should be known before creating a Timecard sheet.
- Holiday if any, should be adjusted manually.
- A pivot table should be applied at the end of the Timecard for keeping weekly/monthly payments and time records of employees.
- Any bonus or extra payments should be calculated and recorded outside the timesheet.
- Latecomers’ time and details should be adjusted manually.
Conclusion
When Timecard was introduced, it was only used for payroll calculation, but later on, it went to be used as a time tracker for employees as well, i.e. in technical terms known as management accounting. Client billing, estimation, management, employee performance, etc., are services that can be used in the Timesheet. One of the important aspects of the Timesheet is planning cost versus actual cost. It reduces the cost of the company by efficient payroll processing, visible cost, and automatic billing, etc. Overall it helps in increasing the revenue of the organization.
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