How to Set Up Different Loan Categories




Overview: 

In Loan Categories Maintenance you can set up Other types of loans apart from the SSS and HDMF loans.

 

Scenario:

One or some employees have been granted a loan(s) being offered by the company (e.g. Car Loan, Emergency Loan, etc.) and this shall be included in processing of payroll.

 

Procedure:

1. In the Ribbon Menu, go to Maintenance > Loan Categories.




 

The system, by default, allows 10 other loan categories, LC01 - LC10, that can be maintained and can be shown on the Payslip or Payroll Summary Report through report customization.





2. For the first 10 loans being offered by your company, use the existing 10 loan categories and just simply edit their Category Codes and Category Names. For instance, to add a Car Loan, select LC01 and click Edit.


 



 

Edit the Category Code (e.g. CL) and Category Name (e.g. Car Loan) and click Save.








3. If the 10 existing loan categories are already all in use and you wish to add more, click the New button.



Note: Excess of the 10 existing loan categories are not readily available to be shown on the Payslip or Payroll Summary Report through report customization.

 

 


4. Type the Category Code (e.g. PL) and Category Name (e.g. Product Loan) and click Save.




 

The Product Loan is the 11th loan category on the list.






Application:

 

1. In the Ribbon Menu, go to View > Employee Files > Employee Loans.

 

2. Select the Employee, select ‘Others’ for the Loan Type, and click New.

 



 

3. Click the Other Loan Type drop-down button to see the list of all loans set up in Loan Categories Maintenance. Select the loan that has been granted to the employee.

 



 

4. Fill in all the fields and click Save.

 



 

  • Date Granted - the date the loan was granted
  • Date Started - the date the loan will start to be deducted in the payroll
  • Installment Count - the number of times the loan will be deducted per payroll cut-off
  • Amount - the total amount of loan
  • Interest - the total interest amount on the loan (leave blank if none)

 

 

NOTE:



For further concerns regarding this matter, please contact support to assist you or create ticket thru this link https://support.qne.com.ph