Deducting Loans from Extra Salaries

Modified on Mon, 31 Jan, 2022 at 1:33 PM

Deducting Loans from Extra Salaries 


Through this feature HR admins are now allowed to “deduct employee loan payments from their extra salaries”.

 

TABLE OF CONTENTS

How To Activate This Feature


First, you need to activate the option that allows the admins to deduct the loan from the extra salary, by following the below steps:


User Menu à System Preferencesà Financial Setup à Loan Types


 

Turn this option to Yes

 

 

How To Add New Loan


Now its time to add the loan

 

Main Menu à Payroll à Financial Setup à Loan Types




A new function has been added to this page allowing you to add the details of the loan installments to be deducted from extra salaries by clicking the button “Deduct from extra salary”.



After that, the below fields will appear so you can add the details of the extra monthly salary and the installment amount, noting that the number of payments and the original amount of the installment will be affected accordingly.


 

After adding the extra salary installment, you will be able to check the payment status in the loan details page.


 

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