Loan
Loan
The Loans module in Exxforce Payroll helps you manage all the loans that you’ve provided to your employees. You can deduct repayments from the employees’ salaries each month, and record manual repayments as well.
Recording Loans
The Loans module in Exxforce Payroll helps you manage all the loans that you’ve provided to your employees. You can deduct repayments from the employees’ salaries each month, and record manual repayments as well.
Recording Loans
To
Record a Loan:
|
Steps |
Actions |
|
1 |
Go to the Loans module |
|
2 |
Click Record Loan. |
|
3 |
Select a Loan Type |
|
4 |
You can create loan types by clicking Add Loans Type. |
|
5 |
Loan type name |
|
6 |
Enter interest type from the dropdown |
|
7 |
Enter interest rate |
|
8 |
Click Save and Continue |
To Add Loan:
|
Steps |
Actions |
|
1 |
Select the employee for whom you’re recording the loan |
|
2 |
Enter the Loan amount and Loan type |
|
3 |
Start date of repayment and repayment duration (months) |
|
4 |
Add monthly deduction |
|
5 |
Reason for loan (optional) |
|
6 |
Click Save. |