The system will stop the processing of deductions only when PAYMENTS = GOAL!
Example:
In Cycle 1, a Goal was set at $1,000.00
The cycle deduction amount was set at $200.00
In Cycle 1’s payroll run, $200.00 was deducted successfully, leaving $800.00 on the Loan Balance.
2 options are available.
Option 1: WITHOUT the inclusion of the current Pay Cycle
If the Employee wants to pay the remainder on the Goal ($800.00) over the counter, WITHOUT the inclusion of Cycle 2’s payroll run, the steps are as follows:
Y-PAYMENTS must include the present and past payments made toward the Goal.
Option 2: WITH the inclusion of the current Pay Cycle
If the Employee wants to pay the remainder on the Goal ($800.00) over the counter, WITH the inclusion of Cycle 2’s payroll run, the steps are as follows:
Step 1: Calculate the over the counter amount: the overall balance on the goal is $800 (Goal Amount of $1000 - Cycle 1's $200 deduction). In Cycle 2, $200 is the regular cycle deduction on the Goal. Therefore, the over the counter amount, with the inclusion of Cycle 2, will be Balance on the Goal - Cycle 2's deduction ($800 - $200 = $600).
Step 2: Calculate and enter the Y PAYMENTS: the over the counter amount PLUS past payments ($600 + Cycle 1's accrued payment of $200 = $800).
The remaining $200 to complete the Loan will be deducted when Cycle 2 payroll is run.
In the Y PAYMENTS cycle change entry, the word “PAYMENTS” will automatically appear in the C/Centre/ Other field. DO NOT OVERWRITE THIS