Generate Installment Plan

Explanation

This activity is used to generate a plan of installments for a loan registered to an employee. Generating the installment plan is the first step for the activation of loan repayment.

Prerequisites

In order to perform this activity, a loan is required to be registered for an employee.

System Effects

There are no system effects.

Window

Employee Loans and Contributions

Related Window Descriptions

Employee Loans and Contributions

Procedure

  1. Open the Employee Loans and Contributions window and find an employee for whom you want to generate an installment plan.
  2. Go to the Loans tab and find the loan which needs installment plan generation.
  3. Right-click and click the Generate Installment Plan option. In the Installment Type field, select a type of installment.
  4. Specify a type of interval in the Interval Type field.
  5. Select a value for the interval in the Interval Value field. In the Installments Specification section, specify a number of installments or an amount to be paid, interest period and interest rate.
  6. Set a start date for the loan and specify a grace period, if applicable.
  7. Click OK in order to generate the installment plan.