Balance Part Settlement Payment

Balance Part Settlement Payment

The term "Balance Part Settlement Payment" refers to the part payment made by the employee to settle the balance of a loan they received from their employer.

This process ensures that the employee fulfills their obligation to repay the loan in part in full, and the employer receives the loan amount as per the agreed terms.

To view the Balance Part Settlement Payment screen, Login to SPARC > Menu > Loans 

Steps to Balance Part Settlement Payment: 

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 partial loan payment (not the full amount) within the scheduled loan, they can do so by clicking on 'Top-up/Revise.' This action will redirect you to the screen depicted 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 portion of the loan amount within the scheduled loan, as depicted below.
5. In the screen above, you must fill out the details of the top-up from the date you plan to make the partial loan payment. Below that, it indicates the remaining balance amount to pay. Enter the negative top-up amount representing the partial payment done by the employee is making on the selected date. At this point, the balance part settlement is completed. Now, you need to specify either the tenure or fixed term amount for the remaining loan balance. Afterward, click on 'Show Schedules' to view the recovery schedules, displayed on the right side of the screen as shown below.