Managing Loans & E-Payments

 Accessing the Loans & E-Payments Module

To access the Loans & E-Payments module:

1. Navigate to the Payroll section in the left-hand menu.
2. Click on Loans & E-Payments to view all active loans.

The loan list provides an overview of all loans assigned to employees, including details such as loan type, bank, payment history, and outstanding balance.

Adding & Editing a Loan

To add a new loan:

1. Click "New Loan".
2. Select the Employee.
3. Choose the appropriate Loan Type (See Loan Type section below).
4. Enter the Loan Amount and associated banking details:
   • Bank/Pay Company
   • Direct Deposit Bank (if applicable)
   • Account Type (e.g., DDA, Chequing)
   • Transit & Final Account Numbers
5. Set the Start & End Dates for the loan.
6. Enable Direct Deposit if the loan repayment should be processed through payroll.
7. Click Save to finalize the loan entry.

To edit an existing loan, select the loan from the list and update any required details.

Configuring Loan Payment Schedules

To set up a payment schedule for an employee loan:

1. Open the loan record.
2. Navigate to the Payment Schedule tab.
3. Click "New Payment Schedule".
4. Enter the Payment Amount and frequency (e.g., monthly, bi-weekly).
5. Ensure the Active and Pay? checkboxes are selected.
6. Click Save to apply the payment schedule.

Once configured, payroll processing will deduct the scheduled amounts automatically.

Reviewing Loan Payment History

To track loan repayments:

1. Open the loan record.
2. Navigate to the Payment History tab.
3. View past payments, including:
   • Payment ID
   • Loan Account
   • Amount Paid
   • Old & New Balance
   • Payment Date
4. If necessary, a payment can be voided by selecting the Void checkbox.

Loan Types

XandaPay supports different Loan Types to categorize employee loans:

Selecting the correct loan type ensures proper classification and repayment tracking.

Best Practices

• Ensure direct deposit details are accurate to avoid payroll processing issues.
• Use the payment schedule feature to automate loan deductions and reduce manual adjustments.
• Regularly review payment history to track employee repayments and detect any discrepancies.
• Assign the correct loan type to differentiate between staff, thrift, and external loans.
• Void incorrect payments immediately to prevent accounting inconsistencies.

This structured approach helps manage employee loans efficiently while ensuring payroll deductions are processed accurately.