Loan Deviation in Pocket HRMS Software

loan derivatives
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Loan Deviation in Pocket HRMS Software

 

There are often times when an employee needs some amount in advance and he may take some loan from his own office. The payment is usually made monthly on an EMI basis. While the repayment has started on a monthly basis, there might be times when the employee will need to deviate his loan for a month or so. I.e. he might need to tell the office to not deduct the month’s EMI and instead deduct more in the coming month since he needs money that time.

 

He might also need to change the number of installments to increase or decrease it. Such adjustments made are called Loan Deviations. The office needs to then keep a record of all thee EMIs and the loan deviations made. This small but important segment needs to be also taken care by the Payroll system.

 

Pocket HRMS payroll software provides us with a very useful configurable feature for loan deviation.

 

For this, the admin user would have to perform the below mentioned steps to do the loan deviation adjustments.

 

  • In payroll, a loan is a debit provided by organization to employee with or without an interest rate.
  • Loan being a variable component may deviate from the defined course because of several reasons.
  • Loan deviation entry screen helps to handle all such cases where a deviation has taken place or any change is necessary.
  • Go into the Transaction to Loan Deviation option as shown in below screen
  • Select the category (like Staff, Management, and Manager, etc.) from the category filter.
  • Press F1 & select the employee belonging to that category and for which you want to make loan deviation entry.
  • After the employee selection system will be display all the loan accounts created gets listed down below with necessary details.
  • Double click on any loan entry.
  • The respective loan details gets displayed refer below screen.
  • Make the necessary changes in the installment amounts
  • Installment can be increased and decreased as per necessity
  • Installments can even be nullified i.e., kept as ‘0’ for any month
  • Necessary updates need to be made for other consecutive months
  • Installments can be deleted if necessary.
  • Select the particular installment
  • Click ‘Delete’ to delete the same from the list
  • Click ‘Yes’ to continue
  • The installment gets deleted after click on the yes button.
  • Installments can also be inserted as per necessity using the insert installment button.
  • Use the scroll bar to see the newly created installments
  • Click save button to save the necessary changes made in loan entry.

 

Pocket HRMS is India’s first Complete Cloud based HR Software. Available in affordable pricing, Pocket HRMS comes with a PEPM Pricing model. To know more about the Cloud Features of Pocket HRMS, write to us at sales@pockethrms.com

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