Shreya Shah 4dc453d131 Loan Management for the Members (Non Profit Module) (#13149 )

* Renamed - Employee Loan Application to Loan Application, Employee Loan to Loan and field Employee Loan Account to Loan Account

* Patch added

* Dynamic link fields 'applicant' and 'applicant_type'

* Member link visible only if domain non profit is active

* Modified loan_dashboard

* Make Repayment Entry button

* Common file loan_common.js for loan and loan_application

* repayment schedule rows selection in dialog

* validation if repayment amount > total paid amount

* repayment only if disbursement is done, make repayment by selecting the installment which falls in the current month

* fetch nowdate if disbursement date not found

* Rebased with develop

* updated non-profit module page

* updated patch for renamed fields

* dialog to select repayment entries

* hidden field to store reschedule paid status

* update paid check in loan on journal entry updation

* calculate total paid

* updated docs

* codacy fix

2018-04-24 12:19:36 +05:30

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Loan Management

Loan is an sum of money paid by Employer to Employee based on certain terms and condition. There are multiple ways accounting for the loan can be managed. Company could collect loan from an employee separately. Or they can choose to deduct loan installment from the employee's salary.

Let's check below how accounting can be managed for Loan in ERPNext.

1. Setup Masters

Create following Groups and Ledgers in Chart of Accounts if not there.

1.1 Loan Account

Create Group as 'Loans' under Current Assets and create loan A/C (Ledger) under it. Check this link for new account creation

1.2 Salaries Account

Create Group as 'Salaries' under Current Liabilities and create employee salary loan A/C (Ledger) under it.

1.3 Interest Account

Create Ledger as 'Interest on Loan' under Indirect Income.

2. Book Loan Amount

Once loan amount is finalized, make journal voucher to book loan payment entry. You should Credit Loan amount to Bank/Cash account and Debit Loan amount loan account.

3. Book Loan Recovery and Interest

3.1 Loan Recovery Entry

If your employee pays separately for his/her loan installment and loan interest, then create journal voucher.

3.2 Loan Adjustment in Salary

And if you deduct loan installment and interest from employees salary, then book journal entry for the same.

In the Salary Slip of an employee, then create two Deduction Types in Salary Structure. One as 'Loan Installment' and other one as 'Loan Interest'. So that you can update those values under this deduction heads.

4. Loan Account Report

After recovering loan and loan interest, General Ledger report will show the loan account details as follows.

2.2 KiB Raw Blame History