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.
