1. Stop the deduction by setting it to 0.00.
POWERpay>>Process Payroll>>Cycle Changes
2. Zero out the Goal by setting a New Goal of “0.00”. This is not necessary but can be done to ensure there are no open amounts left on the Goal.
You can move the Loan to a New Deduction Code via 2 options.
Option 1:
- Set the New Goal = Old Goal with the addition of “Y-Payments” being carried over to the New Goal
| Old Code | Old Value | New Code | New Value |
|---|---|---|---|
| Old Deduction Code | GFC |
New Deduction Code | GFCD |
| Old Goal | $5000 |
New Goal | $5000 |
| Old Deduction Amount | $500 |
New Deduction Amount | $500 |
| Old Y PAYMENTS | $2000 |
New Y PAYMENTS | $2000 |
Option 2:
- Set the New Goal as the remainder on the Loan from the Old Code:
| Old Code | Old Value | New Code | New Value |
|---|---|---|---|
| Old Deduction Code | GFC |
New Deduction Code | GFCD |
| Old Goal | $5000 |
New Goal | $3000 ($5000-$2000) |
| Old Cycle Amount | $500 |
New Cycle Amount | $500 |
| Old Y PAYMENTS | $2000 |
New Y PAYMENTS | $0.00 |