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Administrator Guide
Last Updated: 2023-06-23
Update Loan Balances or Repayment Schedules (FRA)

Update Loan Balances or Repayment Schedules (FRA)

Security:
Worker Data: Payroll (Company Specific) - FRA
 domain in the FRA Payroll functional area.
You can update the balance of an existing loan for a worker to:
  • Increase it if the worker has borrowed additional funds.
  • Decrease it if the worker has made loan repayments outside of payroll.
You can also set up an amortizing schedule that varies for each month.
  1. From the related actions menu of a worker's loan, select
    Payroll
    Edit
    .
  2. As you complete the task, consider:
    Scenario
    Description
    Increase the loan balance when a worker borrows more funds.
    In the
    Payment
     grid, enter the additional amount borrowed in the
    Amount
     field, and indicate a
    Repayment Start Date
    .
    Example: If a worker's current loan balance is 500 EUR, enter an
    Amount
     of 200 EUR to change the loan balance to 700 EUR.
    When you edit a loan, Workday immediately updates the payroll loan balance, but doesn’t deduct payments for the additional amount until the
    Repayment Start Date
    . Example: A worker repays the previous loan balance before the start of the additional payment
    Repayment Start Date
    . Workday stops the period repayment amounts until the repayment start date of the additional payment.
    Change the loan balance after a repayment.
    In the
    Payment
     grid, enter a negative
    Amount
    , and leave the other fields blank.
    Workday immediately updates the loan balance and uses it in the current pay period.
    Modify the loan repayment schedule.
    In the
    Repayment
     grid, complete these fields:
    • Select the period when the new period repayment amount applies from the
      Period to Repay Loan
       prompt.
    • Enter the amount to be deducted from the worker pay in the
      Periodic Amount
       field.
    Workday continues to apply the periodic amount for all subsequent periods until you define a new amount the worker repays the loan.
Carol has a loan of 1200 EUR. In the
Repayment
 section of the loan record, define a repayment schedule of 400 EUR per month. The repayment starts in June, and switches to 200 EUR per month in August:
Period to Repay Loan
Periodic Amount
June
400
August
200
In June, Carol pays 200 EUR by personal check. When you receive the personal check, you enter an amount in the
Payment
 section of the loan record.
Period to Pay Loan
Amount
Repayment Start Date
May
1200
June
-200
In July, Global Modern Services grants Carol an additional payment of 150 EUR with a
Repayment Start Date
 of September. The new payment doesn’t modify the defined repayment period amounts.
During payroll calculations, Workday calculates these loan repayments for Carol:
Payroll Period
Active Loan Balance Before Payroll (EUR)
Repayment Amount (EUR)
Nonactive Balance (EUR)
June
1000
400
July
600
400
150 (starting from September)
August
200
200
150 (starting from September)
September
150
150
0
To view the payment and deduction history for a worker's loan, select
Payroll Loan
View History
 from the related actions menu of the loan.