Migration Guide

Loans & Savings Migration Guide

We have introduced an enhanced feature for managing loans and savings. The existing module will be phased out once all your current balances are migrated. You will retain access to historical data; however, after migration, the old module will be locked for new entries. Below are the benefits of the new system and a step-by-step migration guide.

Benefits of the New Loans & Savings

1. Integration with Pay Run Templates ⬆️

   • Loans & savings are now integrated into pay run templates, allowing linkage to quantity metrics and predefined variables. This provides increased flexibility in deductions per pay period.

2. Improved Performance 📈

   • Manage loans & savings directly from the pay run and employee profiles. No need for a separate page, resulting in faster loading times.

3. Multiple Loan & Saving Balances 👨‍🏭

   • Create multiple loan and saving accounts to track separate balances and deductions for each employee.

4. Payslip Visibility 💰

   • View all loan and saving balances directly on payslips.

5. Bulk Management ⏩

   • Bulk upload and manage loans & savings using downloadable Excel templates.

6. Cost Report Integration 👀

   • Loans & savings are integrated into the pay run cost report for a consolidated view of all balances and adjustments.

7. Deduction Disbursements 💸

   • Loan payouts and savings withdrawals are now processed as negative deductions, increasing an employee’s net pay without affecting earnings.

Step-by-Step Migration Process

Loans & Savings Migration Guide

1. Create Pay Run Templates for Loans & Savings

   1. Loans: Follow the instructions: Create a new Loan Template to create a new loan template. Use the name "Dynamic Loan" as the name of this template.

      1. Step 6: Avoid adding any predefined payouts or adjustments—these will be handled in bulk later.

      2. Step 7: Set the repayment value to R0.

   2. Savings: Follow the instructions Creating a New Savings Template to create a savings template named "Dynamic Saving."

      1. Step 6: Skip any quantity configurations in.

      2. Step 7: Set the repayment value to R0.

2. Download Existing Loans & Savings Data: Download the Loans & Savings History report Loans & Savings History. This file contains existing balances and repayment values.

   • The first two sheets in the Excel file will include the information needed to transfer all balances:

     1. Loan Import: Employee number, balance adjustment, and repayment values.

     2. Saving Import: Employee number, balance adjustment, and repayment values.

3. Import Balances for Existing Employees

   1. From the downloaded sheet in the previous step, identify the pay runs where employees are currently assigned to.

   2. Navigate to those pay runs and follow these steps Bulk manage Loans for Employees and Bulk manage Savings for Employees

      1. Step 5: Select the "Balance Adjustment" option when prompted. This will adjust the opening balance of the new loan/saving accounts to match the existing balances and capture repayment values to maintain accurate deductions.
      2. Step 9: Use the "Download Template" option to download a Excel file that can be used to capture all the values in bulk. Copy the employee numbers, balance adjustments and repayments from the report in step 2.
4. Validate with Cost Reports: Download the cost reports from each pay run to confirm that balances and deductions have been correctly applied. Follow these instructions Reports.
5. Clear Old Loans & Savings Data: This step is EXTREMELY important to ensure there are no double deduction

   1. Navigate to the old Loans & Savings module and select the relevant employees.

   2. At the top right, click the three vertical dots icon:

      1. Select Override Balance and set it to R0 to clear all existing balances.

      2. Then, choose Add Repayment / Add Recurring Savings and set these to R0 to prevent further deductions.