Loan Management Software, Loans, Payroll, Pocket Payroll Software, Payroll Software, HRMS, Sage Software Solutions

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,
Loan Management Software, Sage Software Solutions, Pocket, Payroll
Loan Management Software
  • Select the Category.
  • Press F1 & select the employee.
  • The loan details will be displayed in the box.
Loan Management Software, Sage Software Solutions, Pocket Payroll, Payroll Software
Loan Management Software
  • Double click on the loan, a new window will pops up.
  • Enter the foreclosure date.
Loan Management Software, Pocket Payroll, Sage Software Solutions
Loan Management Software
  • 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
Loan Management Software, Loan Management, Pocket Payroll, Payroll Software
Loan Management Software
  • 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
Loan Management Software, Pocket Payroll, Payroll Management Software, Sage Software
Loan Management Software
  • 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.

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