Admins can add Employee Loans after the employee's request has been approved. Click here to learn how Employees can make loan requests.
Admins can add loans in two ways. Admins can add loans through the Employees page. Click here for more information.
Another way is through the Employee’s 201 file. Click Employees>Select Employee>Loans.
Click Add Employee Loan. The Add Employee Loan box will pop up.
Fill out the necessary details.
Note: Loan Types will need to be created by going to Company Setup>Payroll>Loan Types before they can be selected here.
In the example above, the Employee applied for an SSS Loan with Reference Number 541424, approved 11/15/2015 with an Equally Per Pay scheme, deducted from the employee every time he is paid. The principal amount of the loan is Php15000 with a Remaining Balance of Php15000 when the loan was entered into the system. The term for the loan is 36 months.
Once you have set everything up correctly, Click Add.
You will be led back to the Employee's 201 File. Click Loans to view the Loan you have added.
Note: When you click the Loan, you can check how many times the Loan will be deducted from the Employee based on the scheme.
Note: On the Loan Detail page, the Loan status will only switch to Paid once payroll has been closed.
Note: To get amortization amounts per period, divide the loan amount by the number of amortization dates between the loan approval date and the loan period. The number of amortization dates will depend on the loan scheme.
Deleting the Employee Loan in the 201 File Page
Admins can delete Loans after they have been created in the Employee's 201 File page. You can delete the Loans you assigned one at a time or simultaneously. To delete the Loans one at a time, tick the box to the left of the Loan you want to delete and click the Trash Button that appears next to the Add Loan button. . Click the Trash button.
A warning prompt will pop up.
Click Yes to delete. Otherwise, click Cancel. You will be led back to the Employees page and the deleted loan will no longer be visible.
If you want to delete several Loans simultaneously in the Employee's 201 File, click Loans. Click the tick box at the first column and a Trash button will appear next to the Add Employee Loan button. All of the boxes will be ticked. You can untick the boxes for the Loans you do not want to delete.
Click the Trash button to delete the selected Loans. You are now ready to add a new Loan for the Employee.