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Auto stop of loan elements

edited Dec 13, 2023 7:20AM in Payroll and Global Payroll Interface (GPI) 2 comments

Summary:

Loan element is set to stop automatically when the amount is fully recovered.

But the STOP date is automatically taken by the system from payroll definitions "Date Paid". "Date Paid " is set as 25 Jan 2023, 22 FEB 2023 etc in current system.

As the loan element is set to prorate, after the close month system is prorating and paying the amounts back to employee for the remaining days in the month.

for eg: Loan end on JAN 2023 and system will set end date of element = 25th JAN 2023. System will deduct full amount for that month.

But in next month system pays back employee the amount related to days 26th to 31st of JAN 2023.

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