Managing Employee loans

How to view and manage employee loan requests

This section allows to view and manage all the loan requests raised by employees.

Access loan management

As an HR and Super Admin, you will see a section under the Finance tab i.e. Employee loans. When clicked on it takes you to the pending loans requests screen by default. The other columns are,

• Pending requests

  • Displays all pending loan requests

• Approved

  • Displays all approved loan requests

• Rejected

  • Displays all rejected loan requests

• Added to payroll table

  • Displays all loan requests that have been added to the payroll table

• Paid

  • Displays all loan requests that have been disbursed

• Users will see the latest loans at the top of the table.

Approve loan requests

• When you are on the “Pending requests” table view there will be a button to accept. This will approve a loan and move the loan to the approved column.

Create automated loan disbursement - Addition and Deduction

• Once a loan is approved and added to the payroll an automated approved addition should be made for the loan amount as “Loan disbursement”

• “Loan disbursement” will be the default addition type that will be associated with the additions

• It will be made available if the employee loans feature is enabled

• Once a loan is approved and added to the payroll an automated approved recurring deduction will also be created as “Loan repayment”

• This deduction will be applied to the open payroll cycle

• “Loan repayment” will be the default deduction type that will be associated with the deductions.

• This addition and recurring deduction cannot be deleted or changed.

Reject loan requests

• While a loan is in the pending requests column you can reject the loan by clicking on the Reject button.

  • This will reject a loan request and move the record to the rejected column.

  • Rejected loans can be deleted.