This screen is used to create and maintain details of loans, for the set employee, which are repaid through payroll deductions. The balance of the loan, as remembered by the system, reduces as deductions are made in each payroll. The final deduction is adjusted to write the loan down to zero.

Enter a unique descriptive name for the loan. This is a mandatory field.

From the drop down select the nominal ledger account in which the loan is held and to which the deduction is applied. This is a mandatory field.

Enter the amount which is to be deducted at each payroll run. This is a mandatory field.

Enter the amount of the starting balance of the loan. This is a mandatory field.

Enter any amount that has already been paid to date by the employee. As deductions are made at each payroll run, this figure will be updated and display the total amounts deducted to-date. This is a mandatory field.

Enter the amount still to be paid off the loan. Usually this is starting balance less paid to date. As deductions are made at each payroll run, this figure will be updated and display the balance still to pay. This is a mandatory field.