Recording loans & advance setup
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Select "Record Loans & Advances Setup” from the left pane.
The "Record Loans & Advance Setup” page appears. The system will display the following field at the top right of the page.
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Date Format |
The date format that is applicable to the login user. |
Select the following field.
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Department |
From the drop-down list box, select the department for which you want to define the loans and advances setup. The drop-down list box displays all the departments for which you have access permissions. |
Enter the following fields to identify the loan / advance.
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Loan Code |
The unique code identifying the loan / advance. Help Available |
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Loan Description |
The short description for the loan / advance. |
To define eligibility for loan / advance
Enter the following fields in the “Eligibility Period / Rules” group box.
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Eligibility Rule |
The eligibility rule for the loan/advance. To compile a new rule, click the "Define Eligibility Rule" link. |
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Loan Recovery Rule |
The loan recovery rule for the loan/advance. To compile a new rule, click the "Define Loan Recovery Rule" link. |
Enter the following fields in the “Pay Element Mapping” group box.
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Principal Recovery |
The pay element by which the principal of the loan / advance is recovered. The pay element you specify must be classified under the "Loan Deduction" category. Note that this pay element cannot not be used for the recovery of any other loan principal or interest or penal interest. Help Available |
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Interest Recovery |
The pay element by which the interest on the loan / advance is recovered. The pay element you specify must be classified under the "Loan Deduction" category. Note that this pay element cannot not be used for the recovery of any other loan principal or interest or penal interest. Help Available |
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Penal Interest Recovery |
The pay element by which the penal interest on the loan / advance is recovered. The pay element you specify must be classified under the "Loan Deduction" category. Note that this pay element cannot not be used for the recovery of any other loan principal or interest or penal interest. Help Available |
Enter the following fields in the “Account Mapping” group box.
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Finance Book |
From the drop-down list box, select the book of finance related to the loan / advance. |
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Disbursement |
The account to which the loan or advance is debited. |
Enter the following fields in the “Installment Details” group box.
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Min. No. of Principal Installments |
The minimum number of installments through which the employee must repay the principal amount of the loan / advance. |
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Max. No. of Principal Installments |
The maximum number of installments through which the employee must repay the principal amount of the loan / advance. |
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Min. No. of Interest Installments |
The minimum number of installments through which the employee must pay the interest amount on the loan / advance. |
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Max. No. of Interest Installments |
The maximum number of installments through which the employee must pay the interest amount of the loan / advance. |
Note: The values that you specify in the ”Min. No. of Principal Installments”, “Max. No. of Principal Installments”, “Min. No. of Interest Installments” and “Max. No. of Interest Installments” fields will override the values defined by the Eligibility rule.
Select the "Save" pushbutton.
Select the loan/advance that you want to delete in the Loan Code field.
Select the "Get" pushbutton.
The system displays the details of the selected loan/advance.
Select the "Delete" pushbutton.
Hyperlinked topics below
Use this page to define eligibility for travel and tour for a specified group of employees.
What you can do in this activity
To define eligibility for loan / advance