You will learn how to assign loan/advance to the employee, creation installments, manage installment adjustment, export/import installments, add extra amount and out of payroll payment.
User Interface
Employee Details: Enter the employee code and press enter then employee details viz. Employee Name, Department and Designation are filled in the designated fields.
List of Loan / Advance Transaction:
Assignment of Loan/Advance: If you wish to assign loan/advance to the employee then first select the transaction date (This date is considered to calculate the perquisite amount.), select the type: Loan or Advance according to this selection the paycode dropdown list will get populated. If there is no paycode as loan or advance nothing will appear in the drop down list. If you select the loan then Loan type (Perk Map) is mandatory but it is optional for advance type. The loan/Advance is optional it is used only for reporting purpose.
Loan/Advance Details: In this portion you enter the loan/advance details, Loan Principal, Interest (Depends on paycode property set in paycode master creation Eg. Amount, Simple Flat or Reducing Balance. If paycode interest calculation is simple flat or reducing balance and user does not enter the interest percentage then system consider the 0 interest on loan/advance as 0.) Installments to be deduct (This option is used to inform Webpay that installments are to be deducted in salary on Monthly, Quarterly, Half Yearly, Yearly basis), No. of installments (Here you will enter the no. of installments the loan is to be deducted). Installment Amount (When you enter the no. of installment then system shows the calculated installment amount. If Loan/Advance Paycode interest calculation is reducing balance then user can’t edit the installment amount otherwise user can edit the installment amount according to the edited installment amount the system recalculates the no. of installment. If the “installment amount” * “no. of installment” is not equal to “Principal” + “interest” then system auto adjust the amount in last created installment.) Due installment and balance are shown as the remaining unpaid installment & remaining unpaid loan amount and lastly Start deduction from is used to select the start deduction month & year
(By this Webpay will create the installments according to the selected month and year.)
Validation On Save: In this form there are some validations when you try to save the loan/advance:
1. Selected employee should not be finalized or suspended.
2. Mandatory fields should be entered.
3. Transaction date should be in current financial year.
4. Start deduction month/year should be in current financial year and salary of that month/year should not be processed.
Click here to view Loan Assignment
Update Process, Change the Installments Or Adjustment
You can edit the Loan/Advance by selecting the select button as shown in the table of any unpaid installment of the particular loan/Advance. You can then adjust the installment by Adjust installment, Adjust the installment by Export/import, Add extra amount and Out of payroll.
Adjust Installment: Adjust installment is used to adjust the installment of the selected loan/advance installment. You can select the radio button of Adjust Installment as mentioned below in Fig:1.4. Here you can select the Adjustment Month/Year then enter the “Amount to be adjusted” (If the loan/advance paycode interest calculation is reducing balance then you can use ONLY the “suppress selected month’s installment”. If the paycode interest calculation is simple flat or amount then you can either suppress the amount partially or suppress the complete installment). Adjusted Mode (If the selected loan/advance paycode interest calculation is reducing balance then you can select the +ive option ONLY for adjustment. It means that the selected month installment amount is adjusted. If the interest calculation is simple flat or amount then you can adjust the unpaid installment amount which ever way you wish to). You then have to enter the remarks/reason in the Adjustment reason field. Shifting method means that the selected installment Amount is adjusted in new installment, next installment or all subsequent months. If the interest calculation method is reducing balance then user can only use the new installment option.
+ Ve Mode: Amount is subtracted from Adjustment month Installment and added to Next months.
- Ve Mode: Amount is added to Adjustment month Installment and subtracted from Next months.
Click here to view how to adjust an installment.
Adjust Installments (Import-Export Excel):
You can export the unpaid installments of the selected loan/advance and edit the installment amount and import that sheet to change the installment amount as you require. (If the selected loan/advance interest calculation is reducing balance then you can’t use this feature.)
Click here to view how to Export and then Re-import changed installments.
Add Extra Amount:
With this option you can add the additional amount in the selected loan/advance. (If the selected loan/advance interest calculation is reducing balance then you can’t use this feature.)
The interface would show the total loan/advance amount, paid amount, total installments, paid installments and remaining loan/advance amount.
To add the additional amount to the selected loan/advance enter in the field “Add amount to existing loan/advance”, “no. of installment increased” in the existing loan/advance, enter the calculated amount of interest in “Interest” field and “effective date” (This date is considered for calculation of perquisite on loan/advance. For eg. you add the 10000 on 01 Jun 2010 then the opening balance of that month is previous opening balance + additional amount). If you enter the no. of installment 0 (zero) then the added amount is divided into all unpaid installment equally.
[Note]: If you once add an amount to the existing loan/advance then you can’t revert that.
Click here to view how to add extra amount to an existing loan.
Adjustment (Out of Payroll): You can adjust the loan/advance by using Out of Payroll option also. With this you can adjust the employee loan/advance amount by subtracting the adjusted amount. Webpay would reduce the paid amount “Out of Payroll” from the remaining amount of loan/advance. It reduces the installment from the last installment onwards.
The interface would show the total loan/advance amount, paid amount, total installments, paid installment and remaining loan/advance amount.
To adjust the loan/advance using “Out of Payroll” method you need to enter the amount in Paid Amount field (Paid amount should not be greater than remaining loan/advance amount.), Adjust mode: Cheque, Draft or Cash, Paid Date (This date is considered for calculation of perquisite on loan/advance. For eg. If you enter 10000 on 01 Jun 2010 then the opening balance of that month is previous opening balance -adjusted amount). If you select Cheque or Draft as payment option then cheque/draft no. & bank details are mandatory and remarks are also mandatory.
Click here to view how to do Out of Payroll loan settlement.
Deletion of Loan/Advance & Adjustment: You can delete the employee loan/advance.
You can delete the loan/advance by selecting the delete button. You can ONLY delete the loan/advance if there is no installment marked as paid of selected loan/advance.
You can see the adjustment by selecting the “Adjustment Details”
You can delete the adjusted amount by selecting the delete option. (If the selected adjustment is due to “Out of Payroll” option and/or effective date or paid date month/year of the installment is already paid (salary processed for that month) then you can’t delete the adjustment.)
Click here to view how to show / hide installments
Blog by BBSPL , Webpay Payroll Software
Webpay Copyright BBSPL
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