Open HRMS Loan is a component of the Open HRMS suit. Open HRMS Loan module helps the user to configure different loan policies, assign approval authority, conduct the verification process, and sanction loan for employees.
Install the Module "Open HRMS Loan Accounting" in order to enable Accounting Entries.
The employee can create a loan request.
The loan amount is deducted from the salary.
Double layer approval, from Accounting & HR Department.
The current monthly installment is automatically listed in the payslip.
Enable the option "Loan Approval From Accounting Department" In accounting settings
Adding deduction rule
Add the deduction rule for loans in Salary Structure.
Employees can create loan requests.
Once the HR department has given the Approval, the accounts department takes the decision.
Listing pending installments
When we create the payslip, all the pending installments of the month will be listed there.
Checking loan requests changes deducted installments to pay
When we check the Loan request again, the deducted installments will be changed to paid.