How do I add a second loan deduction to an employee's record?

The existing loan component cannot be added to an employee to record a second loan, as it stores the first loan as historical data. The component has to be renamed and saved on company level to store the second loan's data.

      Navigate > Configuration > Payroll > Payroll Config > Payroll Components

Step 1: Select the Add option on the first Loan Deduction component that was added to add a second Loan Deduction.

      

Step 3: Change the Payslip Name of the second Loan component added and save your changes.

      

Step 3: Add the second Loan Deduction component that was created to the employee's Recurring Payroll Component screen.

      

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