LOAN - Process Flow in Application

"In the application, we have implemented an automated loan process to facilitate employee advances, allowing for deductions from their salary through either automated EMI payments or a one-time deduction."

Follow the below mentioned steps to process of loan process

1. Set Up the configuration for Loan Process:

    A. Loan Type configuration: 

• Navigate to Setting List >>General Master >> Masters >> Under onboarding, Cosultant & BGV choose the Loan tye option.
• Craete the Master title with Loan name( Personal , Advance Loan etc..) and map the appropriate Title Type and same the details. Refer the screenshot.
  
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B. Salary Header configuration for auto matted loan deduction / Advance deduction

• Navigate to Setting List >>Staffing Master >> Choose the Salay Header & create the salary hader for Loan auto deducton from the employee salary. Use the Item type as Loan Recovery , Header Type as deduction & Header group as General deduction. Salary header should be enable with not part of the salary structure option ( As freeheader ).
• Created salary header should mapped under specific client- contract level Salary reimbursement option.

2.Loan Item creation for the employee :

•  Choose the specific employee and navigate to employee profile >> NAvigae with extension option  &  choose Assosciate Loan 
• Navigate to loan page>> choose the Loan option & click on the + Symbol to create the employee loan details with updating the all inputs. Loan Type  : Choose the loan type which has been configured in Master.

            Loan Date : Mentioned the date of advance loan processed to employee.

            Installment Start date : Mentioned the date from which payroll onword loan amount should auto deduct from                                                               employee salary process.

            Loan Amount - Mentioned total advance loan amount of the employee you have paid.

           Intrest of rate - Mentioned as zero.

           Installment Amount -Mentioned very month deduction amount / EMI amount .( If required one shot deduction                                                         mentioned all loan amount)

• Once you filled with all details click on verify and prepare to generate the installment details.
• Save the generated installment details andmodifiy if required any changes using edit option.
• Once save with loan details , we can performs loan details modification ,Against loan payment status updation & Skip the loan  amount in particular month.

3. Payment initiation of Loan amount and Loan Status Update:

A. Loan Payment initiation for Payout.

• Once created with Loan details initiate the loan amount for payment release using payment update option.
• Click on view option (attached screenshot) and Navigate to Loan payment status update option and release the amount for the payout to employee using mark for release status. Once released the Loan amount for payout same details are available in Employee Payments tab under mark for release for further bank statments. 

B. Loan Status Updation:

• Once loan amount deducted by the employee with complition of all instalment , We can able to update the status in the application .
• Navigate to Edit option and will find the update status option and update status based on the istalment collection.
• We do have an optionto indivusual month instalment status update option. Its a additonal option to purform the status against Installment month. Default each month installment status will auto updation based on the payroll proess with auto deduction of loan amount.
• Naviagte to installment details and select specific month update status mark as completed.

4. Installment details Skip for the slected  month & Loan amount auto deduction 

• Any particular month loan deduction need to skip using skip option . Navigate to selected month installment and use skip. Using this function employee installment month skip in this particular month deduction And Installment month will increased default in the application.
• Once Loan amount payout , Based on the installment start month loan deduction will happens in the employee salary automatically. Loan deduction in installment /  direct one time will depends on the installment amount.

5. Loan Reports:

• Navigate to Reports >>Employee Reports >> choose the Loan summary & Loan Outstanding report & Loan recovered report

6. Loan Access needs to enable with user to performs the loan activity.

• Navigate to setting list>>Comapany set up  >>User roll template >> choose the Bank /Loan section >> enable the loan applicable option which has high lighted in screenshot.