Company Management – Payroll- Adding a Loan Definition

Summary

Adding a Loan Definition on Sage 300 People

Loading a Loan on payroll will provide you with better record keeping and accurate reporting on Loan deductions.

On the Navigation pane

Expand Company Management

Expand Payroll Definitions

Double click Deductions

Select New

Loading the Payslip Definition.

On the Navigation pane

Expand Employee Management

Select Employees

Search Applicable Employee

Select Payslip Definition

Add the Loan Deduction Line so that the Savings and Loans is available.

On the Payslip Definition, the Savings and Loans screen will be available for input.

Field to be completed	Description
Savings Loan Type	Loan
Description	Custom Description applicable to the Loan
Reference	Custom Reference Number applicable to the Loan
Deduct via Payroll	Flag in order for the Loan to deduct on the Payroll
Emp Deduction Definition	Only the Loan Deduction Line will be available
Initiation Date	The Loan Start Date
Initial Value	Balance Owing
Installment	Monthly repayment amount
Interest Type:
None	No Interest Specified
Simple	Determined by multiplying the daily interest rate by the Amount and the number of days that elapse between payments
Compound	Calculated on the Initial Loan Amount and also on the accumulated interest of previous periods of a deposit or loan
FB (Fringe Benefit)	Should the Loan be a Low or Interest Free Loan according to SARS regulations, a Fringe benefit will exist and the Fringe Benefit also needs to be linked

Display on Payslip Detail.

On the Navigation pane

Expand Employee Management

Select Employees

Search Applicable Employee

Select Payslip Detail

Select Summary

Select Deductions

Select Savings and Loans

Printing the Loans and Savings Report.

On the Navigation pane

Expand All Reports

Double click Reports

Expand Payroll

Expand LOANSAVN

Double click Loans and Savings