Loan

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

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.

Recording Manual Repayments

Once you’ve recorded a loan, the repayments will be automatically deducted from the employee’s income each month. You can also record manual repayments by following these steps:



How to record manual repayment:



Steps

Actions

1

Go to the Loans module

2

Click on the more option

3

Click view details

4

Click Update Repayment

5

Enter the Repayment Amount

6

Select a Repayment Date

7

Enter the Note (optional

8

Click Update Repayment

EDIT LOAN
How to edit a loan




Steps

Actions

1

Go to the loan module on the left side of the dashboard

2

Click on the eclipses > Edit loan

3

Make the changes e.g. loan amount, repayment date etc.

4

Click Save Changes

PAUSE LOAN
How to pause a loan





Steps

Actions

1

Go to the loan module

2

Click on the eclipses > View details

3

Click on the eclipses > Pause loan

4

Select the pause type, start date, resume date and reason for pause

5

Click Pause loan

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