Loan is an amount that is lended by the employee from the employer. Hawk HR enables the admin to add the loans of the employees in the system. Once the loan has been approved, you will be able to select Disbursed Loan if the loan has been disbursed. You can also view the transaction details by selecting the option View Loan Transaction Details, or add the transaction by selecting Add Transactions.
Refer to the following steps to add the loan on behalf of employee:
Navigate to: Control Panel -> Payroll -> Loans
Click on +Create Loan button (given in the action bar). A window opens up, wherein you need to fill in the details about the Loan transactions for the employee
Select the Employee to which loan has been assigned
Select the Loan Amount to be assigned
Enter the Duration (in months) of repayment
Enter the Rate of Interest (in case, you want to make it not fixed, mark the check box Flexible/ Not Fixed)
Select the Payment Mode of giving the loan
Select the Status of application of loan (Pending/ Disbursed)
Enter the Payment Details
Select the Loan Date, this is date on which employee gets the loan from employer
Enter the description into the Notes field
Click on Create button to add the loan, option of Reset is also given to remove the filled details
The loan will be added to list of loans (to view the list, click on All Loans), under the Action column, you will see icons to Approve/Reject/Delete Loan. All the changes will be made instantly.
HawkHR also enables admin to provide access to the employees to fill in the details of the loan. In order to provide the access, click on Control Panel -> Settings -> Payroll. Enable the checkbox with the option to Allow Advance salary and Loan and Allow Managers to approve Advance Salary and Loan. Click on Update Option. Employees will be able to view the Loan option from Main Panel as well as update it for loan deductions.