How do you use loan management?

Once you have set up your Loan Types, you can head on to the Loan Management section to add the loans your employees will apply for and manage these loans for your payroll.

1. Click the Loan tab on the Dashboard menu. A dropdown menu will appear. Click on Loan Management.
2. If an employee needs a loan, click the Create Loan button.
3. Fill in the needed information: the employee’s name, the date the loan will be acquired, the start date of collection for the loan, the loan amount, how many terms the loan will be paid for, and the loan type.
4. If the employee is availing of a government loan, click the Loan Collection Period / Government Loans. The system will process how much will be paid per term for the loan, but you can also choose how much will be paid per term by setting a custom value. Click the Set Custom Value button and enter how much the employee will pay per term.
5. Once completed, you can click the Generate bar at the bottom. It will automatically be put in the system and a factor in the employee’s payroll.
6. You can keep adding loans whenever your employees need them by repeating the process.
7. You can see all the loans you created in the Loans Management table. The table will show the employees’ names, the type and amount of the loans they availed, when they acquired them, the start and duration of the loan collection, and whether the loans have been paid already.
8. If you have any corrections to your created loans, click the pen icon under Actions. Provide the changes to the loan, and once you are done, click on the Generate button. Click the Save button once you have checked the loan details and everything is in order.
9. Some fields may be turned off during editing once the system detects the payment has been made.
10. If there are loans you want to delete from your records, click on the trash icon under the Actions column in the Loans.