Loans - Change Repayment Periods

Modified on Fri, 12 Apr at 5:08 AM

It is possible to change the number of repayment periods of a loan during the life of the loan.

To do this:

- Go to the 'Process', then 'Payslip Input' menu options

- Select the employee whose loan repayments are being changed

- Select the Loan Transaction Code

- Change the 'Repayment Periods' field as necessary.

- Notice the 'Payment' amounts for the remaining periods of the loan change automatically to take into account the number of remaining periods of the loan.

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.