How do I set up a non fringe benefit loan on an employee's record?
This feature is available on all PaySpace editions.
To load a non fringe benefit Loan Deduction component, enable “Is this a non fringe benefit loan?” checkbox when adding it under the Deductions section of the employee's Recurring Payroll Components screen.
Navigate > Employee > Payroll Processing > Recurring Payroll Components > Deductions
Related Articles
Payroll Processing | Recurring Payroll Components
A Recurring component refers to a regularly appearing component in an employee's payroll that is a part of the employee's regular compensation package. These components are calculated and included in each pay period, and are an essential part of an ...How do I ensure that an employee's loan deduction component is not taxed?
This feature is available on all PaySpace editions. To prevent an employee's Loan Deduction component from being taxed, enable “Is this a non fringe benefit loan?” checkbox when adding it under the Deductions section of the employee's Recurring ...Why is the Loan Deduction component not reflecting on the employees Edit Payslip screen after it was added on the Recurring Payroll Components screen?
This applies to all PaySpace editions. The Loan Deduction component may not reflect on the employee's Edit Payslip screen because the Loan's opening balance is R0.00. Navigate > Employee > Payroll Processing > Recurring Payroll Components To resolve ...How do I add a second loan deduction to an employee's record?
This feature is available on all PaySpace editions. The existing loan component cannot be added to an employee who already has a loan deduction on their profile, as it stores the first loan as historical data. The component has to be renamed and ...How do I add an interest rate on an employee's loan deduction component?
This feature is available on all PaySpace editions. An interest rate can be inserted when adding the Loan Deduction component on the Recurring Payroll Component screen. Navigate > Employee > Payroll Processing > Recurring Payroll Components > ...