This section allows to view and manage all the loan requests raised by employees.
Access loan management
As an HR and Super Admin, you will see a section under the Finance tab i.e. Employee loans. When clicked on it takes you to the pending loans requests screen by default. The other columns are,
Pending requests
Displays all pending loan requests
Approved
Displays all approved loan requests
Rejected
Displays all rejected loan requests
Added to payroll table
Displays all loan requests that have been added to the payroll table
Paid
Displays all loan requests that have been disbursed
Users will see the latest loans at the top of the table.
Approve loan requests
When you are on the “Pending requests” table view there will be a button to accept. This will approve a loan and move the loan to the approved column.
Create automated loan disbursement - Addition and Deduction
Once a loan is approved and added to the payroll an automated approved addition should be made for the loan amount as “Loan disbursement”
“Loan disbursement” will be the default addition type that will be associated with the additions
It will be made available if the employee loans feature is enabled
Once a loan is approved and added to the payroll an automated approved recurring deduction will also be created as “Loan repayment”
This deduction will be applied to the open payroll cycle
“Loan repayment” will be the default deduction type that will be associated with the deductions.
This addition and recurring deduction cannot be deleted or changed.
Reject loan requests
While a loan is in the pending requests column you can reject the loan by clicking on the Reject button.
This will reject a loan request and move the record to the rejected column.
Rejected loans can be deleted.