Payroll without loan is working fine for us.
when we have to deduct a fixed amount from employee salary against loan,how we manage salary slip and bank entry ?
for example, we created a loan account for an employee.and transferred loan amount to his account.on salary payment we have to deduct a fixed amount from his salary and reduce that amount from loan account.please let me know how to handle this situation ?
we are thinking like do not enter loan amount inside deduction table of salary slip.so we will get total salary amount inside journal entry(Bank entry) and against salary account add employee loan account and loan amount and bank account amount as salary amount - loan amount.
is it the correct solution ?
how can i manage loan transaction(deduction loan amount from salary amount) if i add loan amount inside salary slip deduction table ?