To ensure Student loans calculate correctly during the year and appear in the correct place at year end they should be setup:
- Create a new code by selecting Maintenance \ Pay Elements\ Charges, enter the code and description in the boxes provided and select apply, close this screen.
- Select Maintenance \ Company Details \ Parameters
- Select the drop down option next to Student Loan and select the new code, select apply and close the screen.
- Select Employees \ Employee Maintenance \ Pay Elements \ Charges, select the box under code and a drop down arrow will appear, choose the code for Student Loans and select apply.
- The system will automatically calculate the amount due for the student loan during the calculation routine. To view the amount deducted, in period input select breakdown the amount will be displayed under deductions.