Understanding Repayment Deductions

PeopleSoft Global Payroll for United States delivers the following repayment deductions:

• LOAN (company loan)

  Use the LOAN deduction to calculate regularly scheduled loan payments. You must define the loan amount, the repayment schedule, and other information related to the loan at the payee level.

• LOAN AD PYMT (additional loan payment)

  Use the LOAN ADD PYMT deduction to process additional payments that a loan recipient may choose to make outside of the standard repayment schedule. You must define the amount, the payment date, and other information related to the additional loan payment at the payee level.

PeopleSoft Global Payroll for United States processes repayment deductions following these rules:

• Repayments are deducted after taxes.

• At termination, the system automatically deducts any remaining repayment balance.

• PeopleSoft Global Payroll allows partial deductions for repayments.

• The system processes repayment deductions during regular payroll runs only.

• The LOAN deduction can go into arrears; arrears are tracked separately for each repayment.

You can use the Global Payroll multiple resolution functionality to process multiple repayment assignments for the same payee in a single period. To trigger more than one resolution of the element, attach a different repayment ID to each assignment of the repayment.

Oracle delivers a query that you can run to view the names of all delivered elements designed for the United States. Instructions for running the query are provided in the PeopleSoft Global Payroll product documentation.