Loan foreclosure in Pocket Payroll
Pocket HCM provides us with a very useful configurable feature for loan Foreclosure. In our last blog we discussed about how to use loan deviation feature in Pocket payroll. In this blog we will see ‘Loan foreclosed feature in Pocket payroll.’
If we consider a real time scenario where if an employee leaves a company and he has taken a loan from the company, you must make sure that he has completely repaid the loan before he leaves. After the employee has left, payroll is no longer performed for him, which means that repayment cannot take place via payroll. Any outstanding debts must be settled in the Payroll system before he leaves.
Also there may be situation where user has created loan entry accidently for a wrong employee, for both these scenarios, we have developed an option of foreclosure to close that particular loan entry.
The admin user would have to perform the below mentioned steps to do the loan foreclosure.
- Go into the Transaction -> Loan Fore Close option as shown in below screen,
- Select the Category.
- Press F1 & select the employee.
- The loan details will be displayed in the box.
- Double click on the loan, a new window will pops up.
- Enter the foreclosure date.
- Click ‘Fore close’
- After the pop-up message click ‘Back’
- A foreclosed loan can be reversed and made a live loan again if necessary.
- Go into the Transaction à Loan Fore Close option as shown in below screen
- Select the category.
- Select the employee code.
- Double click on the loan once this will load the foreclosed loan details
- On the pop-up Click ‘Release’ to reverse the foreclose loan entry
- Other details can’t be changed
- Click on ‘OK’
There is much more to discover in Pocket Payroll; we will see some more features related to payroll in our upcoming blog.