Introduction/Purpose:

The Loan Settlement module in HRMS (Human Resource Management System) is designed to streamline the loan settlement process and also help the user to easily change the loan instalment amount or the loan installment date within an organisation.

Dependency:

• Loan Disbursement Records: The Loan Settlement module relies on existing loan disbursement records for each user who has availed a loan.

• Mandatory Fields: The Payment Method, Reference No., and Remarks fields must be declared as necessary within the system for the recovery payment in the loan settlement module.

Process Flow:

How To Navigate: 

The navigation to a Loan Settlement in a HRMS typically involves the following steps:

• Click on the main navigation icon: The main navigation icon located in the top  right corner of the screen. Clicking on this icon will open the navigation menu, which typically includes links to various sections of the HRMS system.

• Click on the Loan & Advance section: The Loan Settlement is located under the transaction section. By clicking on the loan settlement, it will display a loan category, code, added by, added date, approval status, status and action.

Listing: 

• Filter : User can filter the data based on the following categories:
  • Installment Date
  • Employee Name
  • Employee Code
  • Loan Code
  • Installment Received ?
  • Repay From
• Quick Search: By using this feature, users can quickly search for specific records within a listing. By using the filter search based on the respective column details.

• Hide and Show Column: By using this feature, the user can customize the display of columns in a listing. Users can select the column name and show specific columns based on their preferences.

• Show all listing records: By using this feature, the user can refresh the listing records within the system.

• Advanced Search: By using this feature, the user can use the advanced filter option to find the listing records within the system.

Recording & Update:

The loan settlement in HRMS typically include the following:

• Payment Method : This field refers to the mode of payment for a transaction. It could include options such as bank transfers, cash, and checks.

• Reference No: The reference number is an identifier assigned to a specific transaction.

• Remarks: The remarks field allows for additional comments, notes to be included in a transaction. 

The user can perform the following actions in this section:

• Discard: This option allows the user to discard the changes before saving it.

• Payment Received: This option allows the user to update the status of the loan installment in the system.

• Process all: This option allows the user to mark as complete the payments loan settlement of the user.

• Revert: This option allows the user to revert the mark as a complete payment for the loan settlement.