Balance Full Settlement as part of Payroll

Balance Full Settlement Payment as part of Payroll

"Balance full settlement payment" refers to the complete repayment of the outstanding loan balance by an employee, typically through deductions from their salary or wages

A balance full settlement payment as part of payroll in employee loans signifies the complete repayment of the loan by the employee, typically through deductions from their salary or wages until the outstanding balance is settled.

To view the Balance Full Settlement Payment as part of Payroll screen, Login to SPARC > Menu > Loans 

Steps to Balance Full Settlement Payment as part of Payroll : 

1. Login to SPARC as HR
2. Navigate to the Util menu and click on the 'Loans' function. A screen similar to the one below will open, where you can select the Employee ID from the dropdown menu. When clicking on Load Employee Loans, if the employee already has an existing loan, proceeding to More Details will direct you to the existing loan status, as shown in the screen below
3. The screen below displays the current loan status of the employee. If the employee wishes to make a full loan payment within the scheduled loan, they can do so by clicking on 'Top-up/Revise.' This action will redirect you to the screen shown below
4. By clicking on 'Top-up/Revise,' the screen will prompt you to add a loan top-up amount or to settle a portion or the entire loan. Here, you are directed to settle a balance full payment of the loan amount within the scheduled loan, as shown below.
5. In the screen above, you should enter only the full settlement payment date, known as the 'Top-up on' date, and set the tenure to 1. This signifies that the employee has completed the balance full settlement through payroll for this month, on the selected date. Then, click on 'Show Schedules,' and the screen will display the recovery schedule as shown below.
6. Click on the Save button to finalize the Balance Full Settlement as part of Payroll. The screen will then appear as shown below.

Note : Please note that the scheduled balance payments will be made through payroll, as highlighted in the screen above