Advance/Loan

GPES_ADV_LOAN

Global Payroll & Absence Mgmt, Payee Data, Loans, Request Advances/Loans ESP, Advance/Loan

Record the details of a loan or advance payment made to an employee.

Payment Schedule

GPES_ADVLOAN_SCHED

Global Payroll & Absence Mgmt, Payee Data, Loans, Request Advances/Loans ESP, Payment Schedule

View the status of an employee's loan or advance, as well as the repayments that he or she have made. The page displays the original amount of the loan and advance, the remaining amount to be repaid, and the loan amortization schedule.

Sequence number

Enter a sequence number for the advance/loan. (This number helps prevent duplicate key conditions; it does not control the processing sequence.)

Advance Type

Select the advance type that the employee is going to receive: Advance or Loan.

Statutory Interest

This field appears for loans only. The system displays the statutory interest rate that you defined on the Statutory Rates page.

Payment Date

Enter the date when the loan or advance is to be paid to the employee. The system generates an earning amount for the corresponding payroll period.

Note. If this field is left blank, the assumption is that the payment will be made in cash. The system does not generate the earning and pay it through payroll processing.

Amount

Enter the amount of the loan or advance.

Company Interest

This field appears for loans only. Enter the interest rate that applies to the loan from the employer.

Calculation Type

Select a calculation type to determine the payment schedule. Values are:

Elapsed Period: Select if you want the system to calculate the end date and repayment amount for you, according to the number of periods that you specify in the Elapsed Period field. The End Date field becomes unavailable for edit.

End Date: Select if you want to specify the end date of the loan repayments. The Elapsed Period field becomes unavailable for edit.

Flat Amount: Select if you want to specify the flat amount that the employee is to repay each pay period. The system automatically calculates the number of repayment periods. The system displays the Repayment field instead of the Elapsed Period field. The End Date field becomes unavailable for edit.

Note. If you select the advance type Advance, the system automatically sets the calculation type to Elapsed Period.

Consider Extra Period

Select if you want the calculation to include extra period payments.

Begin Date

Enter the date when the employee begins making the loan or advance repayments.

For extra period advances, the begin date must fall within the extra period in which the repayment will be made.

End Date

Enter the date when the loan or advance repayments are due to end. (You can enter a value in this field only when you select End Date as the calculation type.)

Note. The system generates payments between the begin and end dates and calculates the necessary amount to be deducted.

Elapsed Period

Enter the number of pay periods over which the employee is to repay the loan. You can enter a value in this field only when you select Elapsed Period as the calculation type.

The system automatically calculates the end date for you. For example, if you enter the elapsed period as 13, the system calculates the end date as 13 pay periods after the begin date that you entered and the amount to repay.

Note. If you select the advance type Advance, the system automatically sets Elapsed Period to 1. This is because advances must be repaid in full in the next pay period.

Repayment

Enter the monthly loan repayment amount that the employee has requested to pay. This amount includes the principal amount of the loan and the interest payment. You can enter a value in this field only when you select Flat Amount as the calculation type.

Allow Last Repay Greater

Select to include any loan remainder less than the monthly repayment amount as part of the last scheduled payment. For example, if you assign a loan amount of 3500 EUR to a payee, with a Repayment value of 1000 EUR, the system would schedule three payments of 1000 EUR and one final payment of 500 EUR to repay the loan if the Allow Last Repay Greater check box were deselected. With the check box selected, the system would schedule two payments of 1000 EUR and one final payment of 1500 EUR.

This field is available only if you select Flat Amount as the calculation type.

Calculate Loan

This button appears for loans only. Click this button to automatically calculate the loan. The system checks the employee's labor agreement and takes into account the number of extra pay periods to which the employee is entitled.

Sequence Number

Displays the sequence number that you entered on the Advance/Loan page.

Total Amount

Displays the total amount of the loan or advance that was made to the employee. If an employee has several loans, the system displays the details of each loan and the total loan amount, and automatically calculates the remaining loan amount to be repaid.

Remaining Amount

Displays he amount of the loan or advance that has not been repaid. This amount is automatically reduced per pay period, when the repayments are taken from the employee's salary.

Month

Displays the month in which repayments must be made and wether they have been paid. If you selected 1/4/2004 as the begin date on the Advance/Loan page, for example, the system displays 4 as the first repayment. In other words, the first repayment is due in April, the fourth month of the year.

Extra Period

The system selects this check box automatically if a repayment is to be made in an extra pay period.

Year

The system automatically enters the year in which the repayment was paid.

Capital

Displays the capital amount of the loan repayment that the employee has to pay. This amount does not include the interest payment for the loan.

Interest

The system automatically calculates the interest payment that applies to the loan.

Repayment

The system automatically calculates the total loan or advance repayment for that month. This amount comprises the capital and the interest payments.

Salary in Kind

The system automatically calculates the difference between the cost of the loan at the statutory interest rate, and the interest rate that you defined on the Advance/Loan page. This information is used for tax purposes.

Paid

The system selects this check box automatically when a loan or advance amount has been repaid.

DEV ADELANTO

Salary advance. Contains the amount to be paid to the employee as advance payment, which the employee must pay back through later payrolls. Custom field 5 contains the label DEV ADLNTO. Only processed for the last segment in the period. No retro calculation.

DEV PRESTAMO

Loan. Used for loan payments. Custom field 5 contains the label DEV PRSTMO. Only processed for the last segment in the period. No retro calculation.

PRSTMO EX

In kind loan taxable excess. Shows the excess interest amount that results when the interest rate is lower than the statutory rate. Calculated by subtracting the loan interest amount from the statutory interest amount on a month-by-month basis.

DD ADELANTO

Advance deduction. Used for repayment of advances. Custom field 5 contains the label DD ADELANTO. Only processed for the last segment in the period. No retro calculation.

DD PRST CAP

Loan capital deduction. Used for repayment of the capital portion of a loan. Custom field 5 contains the label DD PRST CAP. Only processed for the last segment in the period. No retro calculation.

DD PRST INT

Loan interest deduction. Used for repayment of the interest portion of a loan. This deduction takes its value from the variable AYP VR IMPTOT INT previously calculated in AYP FM IMPORTE called from DDPRST CAP. Only processed for the last segment in the period. No retro calculation.

LIQ ADLNTO

Deduction for terminated employees. Settles the outstanding advance amount.

LIQ PRSTMO

Deduction for terminated employees. Settles the outstanding loan amount.

PRSTMO EXX

In kind loan taxable excess. Shows the excess interest amount that results when the interest rate is lower than the statutory rate. This deduction is linked to PRSTMO EX and offsets it.