Adding a Loan to an Employee

You can record the loans that employees received, and set their basic details, repayment information, and repayment method, and whether the loan is repaid in one payment or in installments. Loans in the system are the advances given to employees; both names mean the same thing. To add a loan, follow these steps:

How to add a loan

1. From the main menu, click Payroll.
2. Click Loans.
3. Click New Loan.
4. Enter the loan details as follows:
   • Employee: Type the name of the employee you want to add a loan to, and select it from the dropdown list.
   • Application Date: Select the loan application date from the calendar.
   • Amount: Type the loan amount, and select the amount currency from the dropdown list next to it.
   • Installment Amount: Type the installment amount that will be deducted from the employee, and the system calculates the number of installments automatically. Note: The installment amount must be less than or equal to the loan amount.
   • Period of Installments: Select the loan repayment period from the dropdown list, and choose from (Monthly, Quarterly, Yearly).
   • Installment Start Date: Select the loan installments start date from the calendar.
   • Treasury Account: Select from the dropdown list the treasury that the loan transactions will be made from.
   • Repayment From Pay slip: Click the checkbox to pay the loan installments from the payslip.
   • Note: Type the required notes about the loan, its amount, and its installments.
5. Click Save.