Manage employee loans

In the Admin Console, go to Accounting → Loan.

• General Settings – under Approval, set the receivable email, the sender name and reply-to address for loan emails, the Default Loan Due Date and the Loan Request Approvers. Tick Notify The User Manager to include each person’s manager.
• Personal Loan, Medical Loan, Car Loan and Debt-free Loan – each loan type has its own rules.

• Eligibility – the minimum employment period in months, the maximum loan amount, the maximum loan as a percentage of annual salary and the maximum monthly repayment as a percentage of salary. Turn on Accept Loan Requests so employees can apply, and choose whether people with an active loan can apply for another.
• Interest – the default interest rate, and whether it’s a Flat Rate (worked out on the original amount) or Reducing Balance (worked out on what’s still owed).
• Repayment – the minimum and maximum duration, and whether repayments are deducted from payroll automatically.
• Notes – the loan agreement wording.

Click Save Changes.

Open the Accounting menu and choose Employee Loans. The tiles at the top show total loans, pending requests, the total outstanding, overdue amounts and what’s been paid out this month. Use the Requests, Active Loans, Overdue, Completed and All Loans tabs to review new requests and follow each loan through to its last repayment.

The animation below walks through these steps.

• Request a loan
• Configure your finance settings