Entering Loan Data

The Global Payroll for Malaysia loans feature assumes that you have a process to request and approve loans. When the details are agreed upon, the system can monitor the payment of the loan to the employee and the repayment of the loan balance to the employer.

This section discusses how to enter loan data.

Page Name

Definition Name

Usage

Request Loans MYS Page

GPMY_LN_PYE

Enter and update payee loan data.

Use the Request Loans MYS page (GPMY_LN_PYE) to enter and update payee loan data.

Navigation:

Global Payroll & Absence Mgmt > Payee Data > Loans > Request Loans MYS > Request Loans MYS

This example illustrates the fields and controls on the Request Loans MYS page. You can find definitions for the fields and controls later on this page.

 Request Loans MYS page

Field or Control

Description

Effective Date and End Date

Enter dates to set the loan duration.

Note: Any change in the repayment schedule requires a new instance on this page. Overriding the loan deductions elsewhere results in an error.

Loan Code

Enter a description of the loan. Used with the sequence number to identify the loan.

Sequence Number

Enter the sequence number for the loan code.

Loan Total Amount

Enter the total amount of the loan.

Interest Percentage

Enter the agreed annual interest percentage. The system uses the number of installments to calculate when the loan is recovered. It then applies a percentage that is equal to the interest percentage that is multiplied by the duration of the loan in years. If you enter a value in this field, you must use the Number of Installments field.

Installment Amount

Select the amount that is to be deducted per loan installment. If the installment amount exceeds the outstanding balance, only the outstanding balance is recovered.

Note: You can enter an installment amount in this field or the number of installments (in the Number of Installments field). The system calculates whichever value you do not provide.

Element Name

Select the variable containing the loan type.

Number of Installments

Indicate the number of installments that are used to recover the loan. If you enter Installment Amount, you do not enter the number of installments.

Frequency ID

Specify the repayment frequency to which the installment amount is related or the units that the Number of Installments field uses.