The payroll allows you to process loan deductions taking into account simple or reducing compound interest. The system automatically computes an amortization schedule which shows the value of instalments over the life of the loan.
The system allows you to effect loan deductions for the following types of loans:
- Car/Vehicle Loan
- Educational Loan
- Housing Loan
- Medical Loan
- Personal Loan
- University Loan
- Other Loan Types
See this link for further information on how to setup the Loan Transaction Code.
See this link and select the heading 'Loans' for further information on how to process a loan for an employee.
See this link and go to 'Step 5' for further information on how to set up the Libor Rate that determines the loan benefit.
See this link for loan reports.
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