I use desktop version. Usually sometimes we give loan or advance salary to our employee and deduct it partially in monthly pay slip. How can I implement this and how to generate a report to see the balance amount to be deducted from the employee.
Normally you would post the advance / loan to the Employee Clearing + Employee Name account.
But this assumes full repayment at the next monthly pay slip.
An alternate would be to activate Special Accounts and create a sub-account for each employee loan, then individual balances could be tracked via a BS - Asset - Employees Loan custom control account, but unfortunately custom control accounts can’t be selected within the Payslip Deduction Item - which is a shame as it would make it a very efficient process.
For a work around, you could create a normal BS - Asset account which could be selected within the Payslip Deduction Item (Loan Repayment) and then Journal those repayments across to the Special Accounts custom control account so individual employee loan balances could be reported.
Hi Brucanna, Thanks for the prompt response Can you please provide details steps for creating a special account and for tracking the same in BS
under activate the tab.
Go to Setting - Chart of Accounts and create the Employees Loan control account.
Create the Employee Loan (special) account
Thanks a lot:relieved:
Setting up the accounts for my new company and i really wish this was possible. Ability to see control account of special account in the payslip items and non-inventory items.
The difficulty is that portions of account dependencies are hard-coded for payslip and inventory or non-inventory items. While posting accounts can be redesignated, the introduction of control accounts with subsidiary ledgers is a different problem. I am not saying it could not be done, only that it is a major change.
Is it possible to consider this as an idea. maybe in future there will be a better way to implement sub ledgers for payslip.
another solution for employee advances and loans is to consider a new tab for Employee Receivables and payable. and the names will be duplicated from the employees tab. this will give more control over the employees payable and receivable.
You can already do this with special accounts. The only thing is that employee’s names are not automatically available. You will need to enter the employee’s name if you make a loan to that employee.
How do I assign amount for Loans given ?