Hi Team,
I would like to know how to record staff loans & advances in Acumatica if the payroll module is not available. Can anyone suggest a workaround for this?
Thanks & Regards
Yashodha
Hi Team,
I would like to know how to record staff loans & advances in Acumatica if the payroll module is not available. Can anyone suggest a workaround for this?
Thanks & Regards
Yashodha
Hello
In such a scenario, you might follow the below mentioned steps:
Enter Vendor Bills: When a staff member receives a loan or advance, create a Vendor Bill for the loan amount. Use the vendor record you created in step 2. Make sure to specify the appropriate liability account as the distribution account for the loan.
Process Vendor Payments: When the staff member starts repaying the loan or advance, record Vendor Payments against the Vendor Bill. This will reduce the outstanding balance of the loan.
View Vendor Balances: You can use the AP Balance by Vendor report in Acumatica to view the outstanding balances for each staff member's loans and advances.
Adjust Loan Balances: If there are any adjustments to the loan amounts, such as interest charges or additional advances, you can create adjusting Vendor Bills or Vendor Payments to reflect these changes.
Regards.
Hi
Thank you so much for your valuable response.
Regards,
Yashodha
Hi
Thank you so much for your valuable response.
Regards,
Yashodha
Happy to help 😉 !
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