Financial instruments are the records of actual payments, liabilities, or payments received that have been issued or received by the organization. Financial instruments are recorded for financial instructions. For example, a payment instrument is recorded when a payment instruction is issued for a person.
A payslip is a physical record of the financial instruction line items that pertain to a particular payment or liability instruction used for record keeping purposes. They can be issued to a participant, case nominee, or third party. Each payslip contains a header with recipient details, payment or liability details, and a section containing instruction line item details for each instruction line item in the payment or liability.