Loans
Loans
When a loan is provided to an employee, this folder is used to record and create an adjustment that is included in the payroll automatically. To create a loan record, please follow the following
- Once you have logged into your SARALWEB admin account, select
Loans folder. The folder will open on your screen.
Previously created loan records will be listed on your screen - You will see Actions button on the top left hand side. Click on it
and you will find Create Loans option - As the name suggest, Create Loans is used to create a loan record.
Creating a Loan Record
Click on Actions and select Create Loan . A create loan
screen tab will open up on the your screenFill in the following details
Employee Id : Select the employee ID of the employee to whom the loan is being granted using the drop down menu.
Loan Amount: Type in the amount of loan that is being granted
Loan Reason: Select the reason for which the loan is being granted
Disbursement Date: Select the date on which the loan would be disbursed to the respective employee
Repayment Start Pay Period: Select the dates, i.e, the starting date and the ending date, in which the loan would be recovered from the employee. Please note, that this would be automatically adjusted in payroll according to the dates selected.
Recovery Cycle: Select the recovery cycle of the loan. You may select from the following options
- Monthly : Repayment amount would be calculated and collected every month
- Yearly : Repayment amount would be calculated and collected once in a year
- Half-Yearly : Repayment amount would be calculated and collected twice in a year
- Quarterly : Repayment amount would be calculated and collected four times in a year
Number of instalments: The total number of instalments in which the loan would be repaid by the employee.
Click on the "Create Loan" button available on the top right hand corner of the screen. The payroll adjustment would be created and will be reflected in the payslips.
