Reducing balance loan

This feature allows you to enter an initial amount and an amount to take each pay period, until the balance is zero.

To set up a reducing balance loan:

1. Check you have a Pay Code set up for the deduction, if required.

   

2. Go to Employees and select the individual.

3. Select the Pay Options tab.

   

4. Select the Loans tab.

   

5. Select + Add Loan.

6. Enter the Issue Date.

7. Select the Pay Code from the dropdown.

8. Enter the Loan Amount and, in the Period Amount, the amount to be deducted each pay run.

9. If you are moving from another system, and the loan is partially paid, enter the amount in Previously Paid.

10. Select Create Loan. During the pay run, the loan deducts until the Balance value is zero.

    

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