HRplus Payroll can process Deductions with Goals via the following two (2) options:

1. The entry of Goal Deduction Cycle Changes. Cycle Changes Records:  Deductions
2. The Amortization feature (as explained here).

Amortization refers to the process of paying off a loan in equal instalments.  A part of the instalment goes toward the interest cost and the remainder toward the amount borrowed (principal).

Interest is computed on the current amount owed and will become progressively smaller as the ending balance of the loan reduces.  Therefore, an amortized loan is for one specific amount that is to be paid off by a certain date, usually in equal monthly instalments e.g. car loan, home loan.

The Amortization feature in HRplus allows you to:

1. calculate loan payment schedules based on principal amounts and interest rates.  
2. generate sample amortization schedules based on varying interest rates.
3. save these schedules.
4. link a payment schedule to a deduction with a goal in the payroll.
5. print monthly reports showing the outstanding balance to date on employee loans.

The summary steps for using this feature are shown below with the more detailed steps explained in the individual articles.

Go to Amortization Formulae to view the calculations used.