Hello Experts,
I want to initiate this discussion on loan concept in generic payroll.
As we generally use IT 0045 & IT 0078 for loan & loan payment respectively.
What if we use IT0014 & IT0015 for loan concept. Since loan is the recurring activity so this activity we can be maintained in IT0014, In IT0014 we can maintain periods for deductions too. Total loan amount can be defined in IT0015 as this IT may be used for one time payment/deduction?
I also would like to explain this mechanism thru an illustration.
Lets say Mr. X has taken loan of USD 5000 from any financial institution or its own organization and X wants this loan amount should be deducted in 10 equal installments so in IT0014 we can maintain USD 500 per month upto 10 months. As far as IT0015 is concerned it will be filled by total loan amount USD 5000.
I have done this experiment and ran the payroll, I didn't found any imperfection in this concept. I am seeking opinion on this principle of loan by using IT0014 & IT0015.
regards,
Amit