We have a number of employees who have been granted an occasional loan, the recovery of which, we track through employee deductions when their payroll is being processed. We allocate a unique loan account for each employee involved and also ensure the same account is used for the repayments.
It would be great if MYOB could alert us when the loan is almost repaid via a pop-up window when one or two criteria are met. This could be triggered when a penultimate repayment reduces the balance to a pre-determined value or after a certain number of instalments have been made.
If, e.g. todays payroll processing along with the usual loan repayment will result in the loan balance being less than next weeks normal deduction amount, the user needs to know not to keep deducting any money for fear of it leaving the loan account in credit.
If this facility in MYOB was to really earn its stripes, it could be enhanced to include a special loan deduction facility that allowed for a number of fields as follows:
Deduction Name
Deduction Amount
Loan Account Number
Number of Weeks to Deduct
Balance to Achieve Before Alert.
Having worked for a company previously whereby a large number of employees were granted "loans" because they did not mobilze themselves to remote work on time, a facility like this could have a real advantage for a busy payroll team.
Greg
"Employee Loans - Alert The User When Loan Almost Repaid While Processing Payroll"