Setting up Loan Management

Purpose: The Loan Management screen was specially developed to deduct loan repayments from monthly salary and interest if any. 

Step 1

Navigate to Payroll (1) > Transaction (2) > Loan Management (3) as in the below image. Then, click New Loan (4) to add a loan entry to an employee. 

Step 2

Once click New Loan, you will be prompted by the below screen. 

You may notice of few fields that you need to fill up to add a new loan entry.

a) Employee Name: Select one of the employee names from the drop-down list

b) Loan Type 

• Preset: You may choose one of the Loan templates you have created in the system. The Payroll Item, Loan Amount, Loan Period, and Interest Rate will automatically follow as per your chosen Loan Template

    To learn more about setting up a Loan Template, head over to the link: How to create Loan Template: Knowledge Base (freshdesk.com) 

• Custom: You may create your own customized Loan entry  The Payroll Item, Loan Amount, Loan Period, and Interest Rate need to be filled up manually.

c) Loan Template: Choose one of the Loan Template you have created in the system if you choose your Loan type to be Preset (b) 

d) Pay Cycle: Choose one of the pay cycles that you wish to deduct the loan from

e) Reason: You may choose one of the reasons that you have created in the system. 

    Navigate to Settings > General > System Labels to add new, edit and delete the reason list.

f) Remark: Fill up the remarks column ( optional)

Step 3

Once you have created the Loan entry, you may view the particulars in a summary display. You may click on the arrow button on each loan entry to view the transaction details.