Understanding Delivered Loan Elements

Global Payroll for Malaysia uses the following array, formulas, variables, and deductions to process loans:

• LN AR DATA (loan data) array.

  This array reads and stores the information that is entered on the Payee Loans Data page.

• LN FM LNMGMNT (loan management) formula.

  This formula determines whether the current payment is the final loan installment, applies the loan deduction, and updates the loan accumulator. It is also used to calculate interest.

• LN VR DED1 (company loan) variable, LN VR DED2 (housing loan) variable, and LN VR DED3 (car loan) variable.

  The system uses these variables to calculate the amount to deduct for each loan.

• LN DEDUCT 1 (company loan) deduction, LN DEDUCT 2 (housing loan) deduction, and LN DEDUCT 3 (car loan) deduction.

  The system uses these deductions to hold the loan payment amounts.

During loan processing, the system uses the loan elements to:

1. Read the data that is on the Payee Loans Data page using the array LN AR DATA.

2. Determine whether this is the final loan repayment by using the formula LN FM LNMGMNT.

3. Determine the amount of the current loan repayment using the formula LN FM LNMGMNT.

4. Create the loan deduction by moving the value from the formula LN FM LNMGMNT to the variables LN VR DED1, LN VR DED2, OR LN VR DED3.

5. Update the loan accumulator.