Summary

Employees may request the repayment of a loan to be included in their pay. Deduction codes are used to display these types of transaction.

Fields on the Details tab

Quantity:

Enter the number of units of the deduction to be paid.

Rate:

Enter the dollar value of the payment unit.

Transaction total:

This field is system generated so leave it as 0.00 unless you want to override the Transaction total. When you save the transaction, the total is calculated (Quantity * Rate) and displayed in the Drill Down View Totals column.

Recalculate:

This field is normally set to 'Yes'. If you entered an override in the Transaction total field above, then change Recalculate to 'No'.

WAP Code:

Enabled when Company Settings | Payroll | Processing | Transactions | Edit WAP codes = Yes.

PayGlobal uses the Work Area Position Code attached to this employee. If the default is incorrect for this transaction, then you can change this WAP Code.

Transaction start date:

The period start date or an effective transaction start date.

Transaction end date:

The period end date or an effective transaction end date.

Super Fund Code:

This field is used for Employee Superannuation Deductions.

The following fields are enabled for loan deductions when Direct credit = 'Yes' on the Deductions - Details (ii) tab.

Bank account:

The bank account the loan will be repaid to.

Bank branch:

This field is system generated and is displayed only if your organisation uses the Bank Branches entity. 

Reference:

The reference that will appear on the bank account holder's bank statement.

Bank code:

The bank code that will appear on the account of the direct credit account holder.

Account name:

The name of the account the loan will be repaid to.

Particulars:

The bank particulars that will appear on the account of the direct credit account holder.

See also

Employee Loans

How to set up a reducing balance loan deduction