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Open HRMS Loan is a component of Open HRMS suit. Open HRMS Loan module helps the user to configure different loan policies, assign approval authority, conduct the verification process and sanction loan for employees.
Install the Module "Open HRMS Loan Accounting" in order to enable Accounting Entries. Enable the option "Loan Approval From Accounting Department" In accounting settings
Add the deduction rule for loan in Salary Structure
Employee can create loan request
Once the HR department has given the Approval, the accounts department take the decision
When we create the payslip, all the pending installments will be listed there, we can manually select the installments that have to be deducted from the salary
When we check the Loan request again, the deducted installments will be changed to paid.
