Add Loans for Employees in Harvester Payroll

ADDING AND MANAGING AN EMPLOYEE LOAN Go to Settings and select Employee Settings. On the Employee Settings page, open Edit Loans for Employees. You will first see a list of employees. Find the employee who requires the loan and click the employee’s Edit button. The selected employee’s loan page will then open. Under Add New Loan, enter: * The loan start date * The initial loan amount * The default loan repayment amount Then click Add New Loan. The default loan repayment amount is optional. When entered, it will automatically appear as the suggested loan repayment the next time you process the employee’s pay. You can still change this amount on the normal payment capture screen. You can also change the default repayment amount later by returning to the employee’s loan page. EXISTING LOANS BEFORE STARTING HARVESTER If an employee had already started repaying a loan before you began using Harvester, enter only the employee’s current outstanding loan balance. This allows Harvester to calculate the remaining balance accurately from the current payroll month onwards. You do not need to enter the original historic loan amount or previous repayments. ADD THE LOAN BEFORE PROCESSING PAY A newly added or edited loan will be reflected the next time the employee’s pay is processed. It is therefore best to: 1. Add or update the loan. 2. Process the employee’s payment for the current month. When using Offline Input, add the loan before preparing the payroll for offline input. If you already processed the employee’s current payment before adding the loan, open Edit Payments and submit the payment again so that the loan details are included. MULTIPLE LOANS Harvester allows you to add more than one loan issue for the same employee. Each new loan amount is added to the employee’s total loans issued. Harvester calculates the overall outstanding balance as: Total loans issued minus total repayments The employee’s loan page displays each loan issued, all recorded repayments and the total outstanding balance. LOAN PERIOD AND INTEREST Harvester does not currently calculate the repayment amount from a loan period or interest rate. The repayment amount should be entered as the amount you normally want deducted from the employee’s pay. You can change this amount during payroll processing whenever necessary.