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Financial Operationsintermediate
Managing Employee Advances and Loans
Financial Management3 steps
- 1
Access Financial Module
Navigate to financial management section
Tips- Check employee eligibility for advances
- Review company financial policies
- 2
Process Advance Requests
Review and approve employee advance salary requests
What to enter
Field Type Description Example Employee display Employee requesting advance — Requested Amount display Amount requested by employee — Reason display Employee's reason for advance — Approved Amount* number Amount approved (can be different from requested) 15000 Tips- Consider employee's salary and repayment capacity
- Document approval reasons
- 3
Manage Employee Loans
Set up and track employee loans
What to enter
Field Type Description Example Loan Amount* number Total loan amount 100000 Monthly Deduction* number Monthly repayment amount 5000 Interest Rate number Annual interest rate (if applicable) 8.5 Tips- Monthly deduction is automatically processed in payroll
- Track loan balance regularly