A3.249 : How to record if employee pay cash for the loan settlement
Question : One of the employees has loan from company and the loan repayment is deducted from monthly salary. Now he wants to make a payment for full settlement. How to record in the system for the loan repayment by cash?
Answer :
1) Go to Human Resource > Loan.
2) Select the employee loan and click on the "+", to expand the details.
3) Then click on Cash Settlement.
4) Key in the Remark and Check the checkboxes of Is Paid against the relevant months to be covered by the loan repayment amount, then click on Save.
If it is a full settlement, then check all the months. If it is just repayment for few months, check those few months so that when running payroll process, the system will not make loan deduction for the selected months.
For early settlement, you may maintain the interest discount to the employee.
When run June payroll process, system will not deduct loan repayment amount from the salary.
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