Loan & Advance Management in BUSY

(Payroll)
In BUSY, Payroll Module consists of following

1.) Employee Master

2.) Salary Calculation
3.) Loan & Advance Management
4.) Accounting for Salary Payments

This document refers to the Loan & Advance Management.

To configure the same, kindly follow the below process:-

Step 1:

Enable Loan and/or Advance Management from Payroll Configuration

Step 2:

Specify Loan and/or Advance A\c in Employee Master and Tag the component in Salary
Structure.

Further we have given provision for schedule of repayment of Loan or Advance, which can
be defined from Administration Misc. Data Entry, else at the time of such payments
BUSY will automaticaally sense and ask for schedule of repayments. (This will happen only
when such account has been tagged with any employee)
Step 3:

Schedule would be as per following screen shot.

Note:- Interest will be there only for Loan Account.

Step 4:

Now tag the salary component in vch series of Salary Calculation.

At the time of salary Calculation the specified schedule of repayment from Employee’s
salary would be automatically deducted.

Note: - Intelligence of the schedule is like;

E.g. schedule is done as following

1 April Rs.10000

1 May Rs.10000

1 June Rs.10000

I July Rs.10000

In salary calculation on 1 April, system will deduct adv as Rs. 10000, but somehow the
management deducted Rs. 5000 at that time.

Now on 1 May, system would automatically deduct adv as Rs. 15000 (5000 of April + 10000
May).
Finally the payment voucher for the said salary calculation will be as per following screen
shot.

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For any support you may contact us at

1800-11-3232

011-46994605-10

support@busy.in