on 05-11-2015 11:01 AM
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 ?
Experts share some knowledge
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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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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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 satish,
Thank you for prompt response. I have experience in configuration of Indian Payroll This is the first time Iam doing configuration for Internaltional Payroll Where as in case of International Payroll Only few steps are there for standard loan configuration Below are the steps Those steps are enough Are there any still steps required for configuration
Adjust value date
Maintain Loan Types
Country Assignment
Technical Attributes
Conditions
Thats it
Is that is enough Do I need to configure more
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
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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Hi Satish That is main concern
we are implementing payroll for Kenya we are processing loan through offcycle and We dont have limitation for Loan An employee is eligible to take 1 or 2 or 5 loans So Iam creating 5 loan types through 45 and one salary advance through offcycle
My main concern is Will there be any problem in posting How would i do that?
Key or name of the conditions for the calculation of interest and repayment for a certain loan type.
Enter a freely definable two-digit key for the loan condition that you want to define.
Key 01 for the condition 5%, monthly annuity
Key 02 for the condition 8%, monthly interest and installment
Key 03 for the condition interest and repayment exempt
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