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Administrator Guide
Last Updated: 2024-03-08
Record or Complete Approved Loan Requests (FRA)

Record or Complete Approved Loan Requests (FRA)

  • Security:
    Worker Data: Payroll (Company Specific) - FRA
     domain in the FRA Payroll functional area for loans requested outside of Workday.
  • Configure the
    Request Loan
     business process and security policy in the FRA Payroll functional area for worker self-service loan requests.
You can approve a loan request made by a worker through self-service or record an approved loan request made outside of Workday.
When approving a loan, you can define the characteristics of the granted loan such as the repayment schedule, the interest rate, and the amount.
  1. Enter an approval for a loan request:
    • To record an approved loan request made by a worker outside of Workday, select
      Payroll
      Record Loan
       from the worker's related actions menu.
    • To review and approve a request made by a worker in Workday, access the loan request in
      My Tasks
      .
    The worker must belong to a pay group with a country that has a defined loan configuration.
  2. As you complete the
    Record Payroll Loan for Worker
     task, consider:
    Option Description
    Default Currency
    The currency of the worker's pay group.
    Period to Pay Loan
    Select the period in which the worker receives the loan.
    Amount
    Enter the loan amount.
    Interest Rate Amount
    Enter the interest rate, if applicable.
    Total Interest Amount Due
    Enter the interest amount for a loan that accrues interest.. Workday includes this amount in the displayed loan balance.
    Period to Repay Loan
    Select the pay period in which the worker repays the loan.
    Periodic Amount
    Enter the amount deducted from the worker's salary at each period. To create a repayment schedule with varying repayment amounts, complete the loan request and then update the loan repayment schedule.
View all loans for a worker by selecting
Payroll
View Loans
 from the worker's related actions menu.