Summary

The Loans tab page displays:

• Loan details between an employee and an organisation.
• Loan principal.
• Interest.
• Repayment start and end dates.
• Repayment amount.
• Loan balance.
• Deduction code used to deduct loan from employee's pay.
• Bank account and bank references.

Reducing Balance Loans

For a reducing balance loan, the loan balance reduces as payments are made.

Setting up a loan

1. Ensure you are on the Employees | HR | Misc | Loans tab.
2. In Edit mode, press Insert.

   Alternatively, right-click the Loans grid area and select Add Record.

3. Complete each Employee Loans tab page.
4. Click Save + Close.

   Note: If you want PayGlobal to automatically create a payment transaction every time you open a pay (similar to permanent transactions), then Auto-pay must be set to 'Yes' on the employee record.

Loans summary

A summary of all loans advanced by an organisation to employees is displayed in the Employee Loans makeup table.