Step 3 - Process Loan Deductions
Once a Deduction Code, Pay Group, Pay Year and Pay Cycle are selected and saved for an amortization schedule (Step 1 - Create Amortization Schedule), the payroll automatically generates and displays the amortization loan cycle changes for processing to start-off the payments. These cycle changes can be edited/deleted if necessary.
The first three (3) cycles (May, June, July 2020) of the example are shown below.
First Cycle
POWERpay>>Process Payroll>>Cycle Changes
You may edit the cycle change amounts if necessary. Approve, run/reverse the payroll as you normally would.
Print Pay Slip
POWERpay>>Payroll Reports>>Payroll Reports>>Pay Slips>>Option 6 - Standard Pay Slip (Year to Date)
DEDUCTIONS:
75846554 Keyboards Lo Bal 907648.93:
- 907648.93: the Loan Balance (910,177.2000 2,528.27 = 907648.93). As subsequent payments are made the Loan Balance will steadily decrease. For each pay cycle, the Loan Balance to date will be displayed.
- 75846554: the Payee’s Account Number.
- 2,528.27: the Pay Cycle Deduction amount.
Second Cycle
The Cycle Changes will NO LONGER be displayed as in the first cycle but will still be automatically processed unless manually edited (e.g. stopping the loan payment). Run the payroll as you normally would.
Print Pay Slip
POWERpay>>Payroll Reports>>Payroll Reports>>Pay Slips
DEDUCTIONS:
75846554 Keyboards Lo Bal 905120.66:
- 905120.66: the Loan Balance (910,177.2000 (2,528.27+2528.27) = 905120.66) after two (2) payments were made. As subsequent payments are made the Loan Balance will steadily decrease. For each pay cycle, the Loan Balance to date will be displayed.
- 75846554: the Payee’s Account Number.
- 2,528.27: the Pay Cycle Deduction amount. This amount does not change unless it is manually edited.
Third Cycle
Again, the Cycle Changes will NO LONGER be displayed as in the first cycle but will still be automatically processed unless manually edited (e.g. stopping the loan payment). Run the payroll as you normally would.
Print Pay Slip
POWERpay>>Payroll Reports>>Payroll Reports>>Pay Slips
DEDUCTIONS:
75846554 Keyboards Lo Bal 902592.39:
- 902592.39: the Loan Balance (910,177.2000 (2,528.27+2528.27+2528.27) = 902592.39) after three (3) payments were made. As subsequent payments are made the Loan Balance will steadily decrease. For each pay cycle, the Loan Balance to date will be displayed.
- 75846554: the Payee’s Account Number.
- 2,528.27: the Pay Cycle Deduction amount. This amount does not change unless it is manually edited
View Employee Deductions
To view the employee’s loan balances and payments to date, navigate to:
POWERpay>>Employees>>Pay Profile>>Current Payroll Data>>Employee Pay>>Deductions
The system will automatically process the loan payments until PAYMENTS = GOAL!
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