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Impacts of Loan Payment through Off cycle

What are the impacts that we face during loan payment through off cycle?

Iam planning to create a wagetype through 0267 and will configure Loan 45 to do rest of the processing.

Will there be any impact on Posting ?

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4 Answers

  • Best Answer
    Posted on May 11, 2015 at 10:36 AM

    Hi Priya,

    Its the basic process for loan payment through offcycle and deduction from regular payroll.

    After making loan payment through IT267 then make an entry in the IT45 with all the details that from ehich month onwards loan deduction will start.

    Regards,

    Sankarsan

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  • Posted on May 11, 2015 at 11:11 AM

    Hi Priya,


    As of now your processing off cycle payments postings (Loans and salary advance) through same Gl or different GLs for both???

    if same GL it will impact on postings, so that you need to create two for both.



    Thanks

    Sayini.S

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    • Hi Priya,

      If you will go with 5 wage type for loan payment and at the time of recovery loan recovery wage type will pass the recovery amount to custome loan recovery which will post the loan payment g/l of that loan type then what's is the problem.

      5 Loan payment wage type based upon the loan type and will link with 5 G/L. Which would be good for accounting purpose that from which loan amount book we are paying employee.

      5 Loan recovery wage type will be created and will pass the same G/L when recovery is done and also you will create 5 special repayment external and will be connected with specific G/L accounts.

      Hope so would be helpful to you.

      Regards,

      Sankarsan

  • Posted on May 11, 2015 at 10:42 AM

    Hi Priya,


    Can you explain your requirement clearly , as per your question loan off cycle payment will not reflect on posting, if required to post the off cycle payments also, you need to post the off cycle payment through special GL's. we are processing like that only for my clients.



    Thanks

    Sayini.S

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  • Posted on May 11, 2015 at 01:35 PM

    In Off cycle pay run,

    1. Functions / infotypes to be skipped

    a)As mentioned already, you can use IT 267 for payments

    b)Many infotypes are not to be processed - IT 14, 15, time infotypes, 2010.

    c)Several functions should be skipped - Much of sub-schema XT00, Loan repayments, much of XAL0, Superannuation, Deduction priority processing, etc.

    2. Schema

    You can use IF with par 2 SPRN to identify an off-cycle run and skip functions or PCRs. It may be easier to use a cut-down version of main payroll schema

    Loan repayment should be in main payroll run only.

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