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To create a Deduction Pay Head, Loan to Employee under Loans & Advances (Asset)
Payment of Loan
Go to Gateway of Tally > Accounting Voucher > F5: Payment
1. Select Not applicable in the Class.
2. Change voucher date to 31-May-2006 using F2: Date
button.
3. Debit Festival Loan with an amount of 10000.00, Tally displays a sub-form to allocate this debit to a
cost centre.
Go to Gateway of Tally > Payroll Info > Salary Details > Alter
1. Select Employee A from the list.
2. Navigate through the existing pay structure till the
end.
3. Add new Pay head Festival Loan with Calculation type Flat
Rate.
4. Select End of List to exit from the current Pay Structure.
5. Pay Heads of previous pay structure are copied.
6. At end of the new structure, add new Pay Head, Festival Loan with Calculation type Flat Rate, and
enter Loan Installment amount, 1000.00 in the Rate field.
7. Accept and save the
Changes
When a Loan is to be recovered in Multiple Fixed Installments, it is added to an
Employee’s Pay Structure with Calculation Type Flat Rate.
When all Installments for an Employee loan has been recovered/deducted, you
need to alter the Pay Structure from next effective payroll date and either remove
the Pay Head or set the Value basis to Zero.
Go to Gateway of Tally > Display > Payroll Reports >Statement of Payroll> Employee
Ledger Breakup
1. Select Festival Loan
As per your requirements you can configure the appearance of this report and also combine multiple
loans/advances ledgers into same report.
When the entire loan is recovered through deduction of Installment, you can modify the employee
master, either by setting the value basis of the loan Pay Head to Zero or by creating a new pay
structure effective from subsequent payroll period and removing the loan Pay Head.