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Staff Loans & Advances in Acumatica


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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

 

 

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Best answer by Harshita 19 May 2023, 06:13

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Hello @yashodhalakshini85 ,

In such a scenario, you might follow the below mentioned steps:

  1. Create a new Liability A/c: specifically for staff loans & advances. This account will be used to track the outstanding balances of the loans and advances.
  2. Set up a new Vendor : Create a new Vendor record for each staff member who receives a loan or advance. Assign the liability account you created in step 1 as the default account for this vendor.
  3. 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.

  4. 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.

  5. 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.

  6. 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.

Userlevel 3
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Hi @Harshita 

 

Thank you so much for your valuable response.

 

Regards,

Yashodha

Userlevel 6
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Hi @Harshita 

 

Thank you so much for your valuable response.

 

Regards,

Yashodha

Happy to help 😉 !

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