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