The 'Loan' Transaction Code is used to process the extension of loans to employees and the subsequent loan repayments.

To create a 'Loan' Transaction Code:

- Go to the 'Edit' , 'Transaction Codes' menu options.

- Click 'Insert' and select the Transaction Category  'Loan' .

- Accept/ Change the default 'Code'.

- Enter an appropriate 'Description'.

- Select the 'General Ledger' Code to be entered onto journal reports and exports..

- Tick 'G/L Addition' if you would like the Employee and Employer General Ledger contribution amounts to be added together to make one entry  

- Set the 'Duration' - whether the transaction is to come through for a 'Single', 'Multiple' or 'Indefinite' number of periods.

- Click 'Ok' to save the new Transaction Code.

See the heading 'Loans' under this link for more detail on Loan processing. Belina PayrollHR allows loans with up to 999 repayment periods.  The amount of the loan, the number of repayment periods and the interest rate to be applied is entered when processing.  The loan repayments and loan benefit will be automatically processed each period.  

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Use 'Loan - Adjustment' Transaction Code to process adjustments to the loan balance.

To create an 'Loan Adjustment' Transaction Code:

- Go to the 'Edit' , 'Transaction Codes' menu options.

- Click 'Insert' and select the Transaction Category 'Loan Adjustment'.

- Accept/ Change the default 'Code'.

- Enter an appropriate 'Description'.

- Select the 'General Ledger' Code to be entered onto journal reports and exports.

- Tick 'G/L Addition' if you would like the Employee and Employer General Ledger contribution amounts to be added together to make one entry  

- Set the 'Duration' - whether the transaction is to come through for a 'Single', 'Multiple' or 'Indefinite' number of periods.

- Click Ok to save the new Transaction Code.

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