How to setup a Loan Repayment Deduction

How do I setup a loan repayment deduction to have a limit and deduct each payroll until it's paid off?

• Payroll

• Payroll Control Settings

• Deduction and Benefit Master

• Employee Deductions

1. Go to Payroll Control Settings (Payroll>Payroll Setup>Payroll Control Settings.)

2. Double click the setting labeled General - Maintain Inception Accumulators.

3. If the value is set to a N, click Update and change the Value to Y. Click Accept. 

4. Go to Deduction and Benefit Master (Payroll>Payroll Setup>Deduction Benefit Master).

5. Click Add. Define applicable deduction information. In the Limit Type field select I-Inception. 

   1. This option allows for the loan to be paid back over multiple years

6. Click Accept.

7. Go to Employee Deductions (Payroll>Employee Maintenance>Employee Deductions)

8. Add deduction code to employee, define applicable information. 

9. Define the amount to be taken each payroll in the Employee Amt/Pct field. 

10. Define the total amount to be paid back in the Employee Limit field. 

    1. This will deduct the Employee Amt/Pct each payroll from the Limit amount. 

11. Click Accept.