How can I add a new loan details for an employee?

To add loan details for an employee, perform the following actions:

1. Navigate to Payroll > Payroll Inputs > Loan. The Loan page appears.
2. From the search an employee search box, select the employee for whom you want to add the loan details.
3. Click Create New.
   Note: You can create a new loan only for an employee who does not have an existing loan. 
4. Under Loan Details, from the Date of Loan dropdown calendar, select the date on which the loan is being issued.
5. In the Amount text box, enter the amount of the loan issued to the employee.
6. From the Deduct From dropdown calendar, select the date from which the amount will be deducted from the employee's salary.
7. In the Interest Rate text box, enter the rate of interest applicable on the loan.
8.  In the No. of Installments text box, enter the number of installments required to pay the loan.
9. From the Loan Type dropdown list, select the type of interest being issued to the employee.
10. In the Loan Account No text box, enter the loan account number, if any.
11. Click Save to create the new loan.

Related Links:

• Product Update - To read our product update, click here.
• Video:
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