Example of Creating a Loan Deduction Element
In this example, an employee takes a personal loan and the Vision Corp company deducts a stipulated amount from their pay for each pay period.
When there are no sufficient earnings to cover the deduction, then the loan amount goes into the employee's arrears account.
Using HCM Data Loader, load these details:
|
Parameter |
Value |
|---|---|
|
Legislative Data Group |
Vision Corp |
|
Primary Classification |
Voluntary Deduction |
|
Category |
Standard |
|
Element Name |
Personal Loan |
|
Reporting Name |
Personal Loan |
|
Effective Date |
01/01/2010 |
And this table shows the responses that you provide to these questions:
|
Question |
Answer |
|---|---|
|
What's the input currency? |
US Dollar |
|
Should every person eligible for the element automatically receive it? |
No |
|
What's the earliest entry date for this element? |
First Standard Earnings Date |
|
What's the latest entry date for this element? |
Last Standard Process Date |
|
At which employment level should this element be attached? |
Payroll relationship Level |
|
Do you want the element to be processed at Payroll Relationship level? |
Yes |
|
What should happen when there are insufficient funds to cover the deductions? |
Take a partial deduction, place remaining in arrears |
|
Does the element recur each payroll period, or does it require explicit entry? |
Recurring |
|
Process the element only once in each payroll period? |
Yes |
|
Can a person have more than one entry of the element in a payroll period? |
No |
|
Do you want the element to be processed at Payroll Relationship level? |
Yes |
|
What's the calculation rule? |
Flat amount deduction |
|
Is this element subject to proration? |
Yes |
|
Proration Group |
Entry Changes for Proration |
|
Is this element subject to retroactive changes? |
Yes |
|
Retro Group |
Entry Changes for Retro |
|
Processing Stop when the Total is reached? |
Yes |
Use this DAT file to create a loan deduction element.
METADATA|PayrollElementDetails|ElementName|ReportingName|Description|LegislativeDataGroupName|PrimaryClassificationName|SecondaryClassificationName|Category|ElementStartDate
METADATA|PayrollElementQuestionnaire|ElementName|LegislativeDataGroupName|RuleCode|Rule|Response
MERGE|PayrollElementDetails|Personal Loan|Personal Loan|Personal Loan|Vision Corporation US LDG|Voluntary Deductions||Standard|2010/01/01
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|SpecCurrency|Input Currency|US Dollar
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|Availability Rule|Should every person eligible for the element automatically receive it?|No
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|Hire Process|What is the earliest entry date for this element?|First Standard Earning Date
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|Terminate Process|What is the latest entry date for this element?|Last Standard Process Date
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|Processing Level|At which employment level should this element be attached?|Payroll relationship level
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|Processing Rel Level|Do you want the element to be processed at Payroll Relationship level?|Yes
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|Arrear Partial Dedn|What should happen when there are insufficient funds to cover the deductions?|Take a partial deduction, place remaining in arrears
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|Recurring Or NonRecurring|Does this element recur each payroll period, or does it require explicit entry?|Recurring
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|Once Per Period|Process the element only once in each payroll period?|Yes
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|Multiple Entries|Can a person have more than one entry of this element in a payroll period?|No
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|Processing Rel Level Excl|Do you want the element to be processed at Payroll Relationship level? Exclude|Yes
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|CalculationRuleDedn|What is the calculation rule?|Fixed amount deduction
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|Proration|Is this element subject to proration?|Yes
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|ProrationFormula|Proration Formula|
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|Proration Group|Proration Group|Entry Changes for Proration
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|Retro|Is this element subject to retroactive changes?|Yes
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|RetroGroup|Retro Group|Entry Changes for Retro
MERGE|PayrollElementQuestionnaire|Personal Loan|Vision Corporation US LDG|Total Reached|Processing Stop when the Total is reached?|Yes