How to create savings for the employee?

✓Enter the Description > select the Type – SAVINGS

✓Select the Allowance Code that will reflect in the employee’s pay slip regarding this savings amount

✓Select whether it is a Fixed Amount or by Percentage

✓Enter the Monthly Savings amount > enter the No of Months the amount will be deducted as savings from the employee’s salary

✓Select the Currency

✓Select the Pay Period that the employee will start to pay the LOAN | WITHHOLD | SAVINGS amount

✓Opening Balance (Total Paid Amount) – enter the amount that the employee has already paid

✓Adjustment Balance – the amount that the employee does not need to pay out of the total loan amount

✓Amount to be repaid – this amount has to be equal to the total withholding or savings amount

✓Enter any remarks regarding this Loan | Withhold | Savings

✓Click once done

The list of Loan | Withhold | Savings created for the employee will be displayed in the Loan and Withhold tab:

✓The no of installment months, start date and completed date will be specified in this page for quick reference

✓To view loan | withhold | savings Paid Details click

✓   Click on to pay back the withheld amount or savings to the employee

✓   Enter the Amount to be Repaid > select the Repaying Allowance Name that will used and displayed in the employee’s pay slip

✓   Enter Remarks > select the Year | Month | Pay Period that the repayment will be reflected in the employee’s salary

✓   Click once done