Loan is an amount that is lended by the employee from the employer. Hawk HR enables employee to apply for loan in the organization. The request would be sent to the admin for approval. After approval of admin, the employee will recieve the loan amount.
The payroll automatically deducts the loan amount if any for the respective month. However, the dates of payment made should be of the month for which the payroll is run. The disbursed date or the active date loan should be for the month for which we want to run the payroll, else it will only deduct the loan from the month in which the payment has been made.
Refer to the following steps to apply the loans by employee:
- Navigate to: Main Panel -> Compensation -> Loans -> All
- Click on Apply Loan button (given in the page action bar), a new page will open up showing fields to apply for loan
- Enter the amount to be requested in Loan Amount field
- Enter the Duration after which the loan is to be paid back
- Enter the description in Notes field
- Click on Apply button to apply for loan, option of Reset is also given (to remove the filed details)
All the changes will be made instantly.