How do I set up the loan repayment plan/repayment details?

Modified on Tue, 10 Dec at 2:27 PM

Within Cintra iQ, you can set up a loan repayment plan.

To set up the plan

Navigate to the Loans pane.
Go to Cintra iQ: Employment Record> Forms> Deductions> Loan Repayments tab.
Right-click: New. The New Loan form appears.
Enter the Loan Reference. i.e. Travel Loan 2019
Enter the date the loan was made.
Enter the Loan Amount.
Select the Deduction name you wish to appear on the payslip.
Enter the value for the number of Joint Borrowers.
Enter the date the loan is discharged if the employee repays the loan early (outside of Payroll).
Select the Reclaim outstanding balance from leaver checkbox, if necessary.

Note:

By selecting this box, should the employee leave and still have an outstanding balance on the loan, it will be recovered from their final pay (provided there is sufficient net pay to cover the amount).

You can set the loan repayment details within Cintra iQ once a loan plan has been set up.

Navigate to the Loans pane.
Go to Cintra iQ: Employment Record> Forms> Deductions> Loan Repayments tab.
Select the desired loan plan.
Right-click: New in the Repayment Details pane. The New Loan Repayment form appears.
Enter the From date.
Enter the To date.
Enter the Repayment frequency.
Select either of the following:
- Inherit standard repayment amount.
- Employment specific repayment amount and then enter the Repayment amount.
Click the OK button to save.

Note:

If the loan amount does not divide in to equal repayment amounts (loan amount / term of the loan) you may need to add two records to the Repayment Details pane for that plan.