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Assigning loans to employees

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An employee loan is an amount of money given to an employee to be repaid over a period of time. Within Sage 50 Payroll, you can use the loan option to set the total amount due and the rate at which the loan is repaid. You can set up a number of loans at once and give each one a unique description, for example, Season ticket loan.

Loans are assigned to employees in their employee record. The details of the loan can be changed at a company level, affecting all the employees using that type of loan. See Managing company loans.

Tip: To assign loans to a group of employees, it's easier to use the Global changes option.

How do I do this?

Tip: When you use the Enter Payments option to pay your employee, you can quickly assign a loan using the Add Loan button on the Loans tab. In these circumstances, you should follow the procedure from step 3.

  1. From the employee list, select the relevant employee > Employee > Employee Record.
  2. Employment > Pay Elements > Loans.
  3. You can:

Assign a loanOpen this section

  1. Click in the Description column > finder button .
  2. From the drop-down list, select the loan you want to assign > OK.

  3. The details of the loan are completed for you using the information set up at a company level and your current processing date.

    Tip: You can change this information for the selected employee if needed.

  4. To save your changes > Save.

Create a new loanOpen this section

  1. Click in the Description column > finder button .
  2. From the drop-down list > New. For more help, see Managing company loans.

Delete a loanOpen this section

  1. To save your changes > Save.

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