A loan is when the employee borrows an amount of money from the company, and repay it back in installments.
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Loan Information
Pending Payroll Cycle
Hint: To delete loan in a pending payroll cycle, there should be no installments paid for it in any other payroll cycle.
Calculated Payroll Cycle
Hint: To delete loan in a calculated payroll cycle; reset the cycle, delete loan, then re-add a new one if needed.
To view loan installments.
To Add Loan:
- Click on “+ Loan” button.
- A dialog box will appear.
- Fill in the required data.
Hint: Once you select an employee, his loan constraints fields will be automatically filled.
Loan Constraints
- Gross Salary: The employee’s salary before insurance and tax deductions.
- Join Date: The date in which the employee has joined work.
- Entitled for new loan: Whether the employee is capable of having a new loan or not.
- Eligible to loan: Whether the employee is capable of having more loans or not.
Hint:
- The mentioned constraints do not prevent HR user from adding loan to any employee, however, he gets notified that employee did not fulfill those constraints, yet.
- You can only edit the loan installment value (It is the only editable value).