The Loan management feature allows you to record and track company loans or salary advances given to employees. The system handles the payment scheduling automatically based on the loan period you define. To set up a new loan for a team member, follow these steps:
1. Navigate to the Employee Profile
Go to the Employees tab.
Search for and enter the specific employee's profile.
2. Create and Configure the Loan
Locate and click on the Loan tab within their profile menu.
Click the Create Loan button.
Fill in the required configuration fields:
Loan Name: Enter a clear title for the loan (e.g., "Salary Advance" or "Equipment Loan").
Total Loan Amount: Input the full principal amount being disbursed to the employee.
Select Date: Choose the start date or the disbursement date for the loan.
Total Loan Period: Note: The system will automatically calculate and display the corresponding schedule details once you finalize your date selection.
Click Add Loan to save and activate the schedule.
Managing the Loan History
Once a loan is successfully added, it is saved directly to the employee's financial record for full transparency:
View History: You can instantly review the active loan, remaining balance, and historical payment tracks directly under the loan dashboard.
Modify Records: If you made a mistake or need to remove an entry, you can easily Edit or Delete the loan by clicking their respective icon buttons next to the log.
Loan Management Checklist
Action | What It Does | Best Practice |
Create Loan | Commits a new repayment schedule to the employee's monthly profile. | Double-check the total amount before saving to avoid affecting payroll draft calculations. |
Edit Icon | Allows adjustments to the loan name or tracking details. | Use this if the repayment terms are adjusted internally by HR. |
Delete Icon | Completely removes the loan history from the system. | Only use this if a loan was created by mistake; deleting an active loan will halt automated payroll deductions. |
✅ Loan Record Created: The loan has been added to the employee's history and will track automatically moving forward.