Your employees may occasionally borrow money from you which is to be repaid in fixed instalments over a period. The system can handle the administration of these loans. The instalments will be deducted automatically from the employees' wages until the loans have been repaid. The loan amounts and repayment periods can be changed before the debts have been settled, and subsequent deductions will be adjusted accordingly.

 

There are three buttons on the menu relating to "Savings". You can operate a simple savings scheme on behalf of your employees whereby an agreed amount is deducted from an employee's wages every pay-day and the employee can make withdrawals or additional deposits at any other time. In order to begin operating the scheme, you need to define three item descriptions: a recurrent item which will handle the fixed deductions and two non-recurrent ones to deal with deposits and withdrawals. Give them names something like "Fixed deduction: Savings plan", "Savings deposit" and "Savings withdrawal". Once this has been done, you manually add the fixed deduction to an employee's payslip once, after which the deductions will be made automatically each time wages are paid. To end an employee's participation in the scheme, delete the fixed deduction from the first payslip on which it should not appear and save the payslip.