Loans and advances

Give a loan or salary advance, recover it from pay, pause it or close it.

Loans are on the Professional plan, and in the free trial. Only the Admin and Payroll roles can use them.

Give a loan or advance

Go to Loans & advances and enter:

• the person
• Loan or Salary advance
• the amount
• what comes off each month
• the first month it comes off
• the cash or bank account it was paid from, and the date

Saving it posts to your books: it goes to Employee Advances on the person's ledger, and comes out of the account you chose.

Ellibo doesn't pay the money. Pay it your own way, and enter the account you used.

Recovering it

Each regular pay run takes the monthly amount, or what is left if that is less. It shows on the payslip as Loan repayment or Salary advance. The balance moves on when the run is approved. If you take the approval back, the balance goes back too.

When the balance reaches zero, the loan closes by itself.

Pause a loan

Pause a loan to skip the repayment, for a hard month or long leave. Turn it back on when you are ready.

When someone leaves

A final settlement takes everything still owed.