An employee asks, an advance approver sets the approved amount and installments, a payment approver confirms the payment, and HR issues the loan. From then on installments are taken from pay.
Choose the loan type, enter the Requested amount, the No of Installments and a Requested note.
2
Save
What changes
The request is Pending. The screen refuses an amount of 0 or fewer ("Requested amount must be greater than 0."), or no installments ("Number of installment must be greater than 0.").
The request is refused if the amount is more than the company limit (the Loan (Max no of salary month) months of the employee's basic salary), if the employee has no basic salary on record, or if the branch has no advance approver (Messages you may see).
2. Approve the request
The advance approver opens Advance request approval, selects the request, and uses Approve / Reject:
Approve with an Approved amount (not more than the requested amount: "Approved amount must be lesser than or equal to requested amount") and the No of Installments (not more than the number asked for), with an Approval note.
Reject with Rejected remarks.
3. Approve the payment
The payment approver opens Advance payment approval, selects the approved requests and confirms ("Do you want to approve loan amount Rs … to …"; "Loan payment approved."). Only requests that were approved in step 2 can be confirmed.
4. Issue
On Advance loan issue the request shows Request Approved. HR opens it with Edit, checks the Approved by and Payment approved by, enters the Issue date and saves: the loan becomes Approved and the installments start with the first pay run on or after the issue date.
On this screen Reject request is available until the loan is Approved; Delete only before any approval.
