Advance Repayment 

Advance Repayment on loan from the employee is processed in this tool. Once the payment requested is granted from the Organization’s end, the tool records the amount received and deducted by the system either automatically or manually. 

As the illustration explains the Advance type, amount, monthly deduction from the salary. 

1. Advance number – Select the advance number and displays the details of the advance amount being received by the employee.
2. Advance type – It completely depends on the situation the employee is in need of, it may be for a personal commitment, emergency, festival commitments, or any sudden commitments. 
3. Advance Amount – the incurred value needed from the employee, and the amount issued after a decision from the Organization.
4. Monthly Deduction – As we can the employee has received an amount of 1,20,000 as a Personal loan commitment, and the deductions accepted is 10100 which has to be paid. 
5. No of Installments – The occurring installments are scheduled for 12 months. (This installment scheduling is subject to vary)
6. Balance Installment – Here the employee has paid for 2 months and the balance will be 10 installments as remaining. If there is any possibility that the employee can pay the installment with a mere huge amount more than the monthly payment, he can repay it and can reduce the installment which will be added to the repayment schedule. 
7. Payment Type – Mode of payment, either through cheque or cash in hand, or DD, e-Transfer.
8. Bank – Which bank the amount is deposited and the repayment initiated. 

If the employee has received an amount of Rs 1,00,000 for House Construction. And has paid an amount of 30000 within the stipulated time. In case, if the employee has received a lump sum amount of 70000 from any means outside the organization, and repays the debited amount from the advance it will eventually get deducted. The means can be LIC premium or selling of any property. This is the usage of the tool.