OdooERP provides an option to maintain hassle free Employee Loans management for Employees as well as HR and Accounting persons. Employees / HR can easily manage and keep track of all loans to employees
In General, Employees ask their employers for a loan when faced with emergencies and financial difficulties. Asking an employer may seem to be a good idea for employees, as the employer may offer more favorable terms than a bank. Employer will not offer bulk amount as loan but they will provide a partial amount from their salary based on their work experience.
Employers can provide two types of loan to their employees using OdooERP
- Salary Advance
- Loan (EMI option)
If it is a salary advance Employee has to repay or it will be debited from his/her upcoming month salary. There are some relaxations to the employees that differs in each organization.
When it comes to Loan, Employee can repay it in equated monthly installments (EMI).
Employer can either approve or reject loan request based on the employee performance.
Also when a loan request is approved, Employer has to update the Loan, Debit and Credit Account for account posting.
Employee can also pre-close their loan in the intermediate time whenever.
Also the Loan Amount will be auto debited from the employee during the salary process.
At Each stage Employee and Employer will be notified.