Loan (Voluntary Payroll Deductions)

The JD Edwards EnterpriseOne Payroll system can calculate, track, and maintain history for company-administered loans such as loans from the employee's stock or retirement plan. Some companies will make personal loans or allow employees to borrow funds from their retirement or stock plan. Whether the company is remitting the loan repayment deduction to a third-party (retirement plan administrator) or an internal department, the Wage Attachment Workbench can be used, if necessary, to set up the loan, attach agency fees, and calculate interest. Unlike wage attachments or wage assignments, the setup for loans is not mandated by court order or federal or state regulations. However, complex calculations could require the use of a table, which can be set up in the JD Edwards EnterpriseOne Payroll system.