I’m facing an issue, Loan repayment from salary not working & Not showing deducted loan amount in the salary slip.
I’m trying to use the loan module. I’ve created a loan, approved it, and disbursed it. I ticked repay from salary.
The disbursement schedule shows that this loan should be deducted at month-end, but when I preview the salary slip, the loan is not being deducted from the salary slip. Please Help me with this?
Note : Im using ERPNext: v13.19.0 (version-13)
this is really a serious issue.
I did a method to loan repayment from the salary slip.
Process Loan Interest Accrual every month for the debit order to be raised. It’s then that it will appear on your payslip.
Loan Interest Accrual has to be present for the Loan deduction to work on Salary.
If the Interest is due in past, ERPNext will not create the Accrual entry since the entry happens through Cron. Therefore for back-dated loans/accruals, you have to make the entry manually through Process Loan Interest Accrual.
I did Process Loan Interest Accrual, but the same issue, not deducted from payslip
These are the steps I performed it works for me. Please try on this,
1)First create 2 accounts on charts of account one for the employee loan account, under the “Loan and Advanced Account”.
Another one is for Employee loan interest, under the “Income Tax”.
5) Loan Disbursement
6) Process Loan Intrest Accrual
Have you checked the ledger entries when you submit payslip. The ERP doesn’t credit your loan account with the repayment,rather it added it to the payroll payable.
This will make it impossible for the loan deduction to reduce the loan balance in your loan acct.
Correct me if i am wrong