Adding advances for employees from their profiles

As part of employee benefits packages, many organizations enable their employees to receive a portion of their salaries in advance if required.

Yomly provides you with a comprehensive advances management tool (Advances) to help you account for employee salary advance payments and subsequent payroll deductions (based on configured repayment schedules).

As a payroll or platform admin, you can set up the payment of a salary advance for an employee in one of the following ways:

• Add and configure an advance for any employee in the Advances tab in Payroll. For more information, see Adding advances for employees from Payroll.

• Add an advance for any employee in the Advances tab in the Benefits tab on their profile.

To add an advance for an employee from their profile, do the following:

1. Open the employee's profile. Do the following:

   1. In the sidebar, in the Employees section, click View.

      

   2. On the View employees page, click the name of the employee for whom you want to add an advance.

2. Go to the Benefits > Advances tab.

   This tab enables employees to view the details of their advances and their respective repayment schedules.

3. In the upper-right corner, click + Add Advance.

   

4. Configure the following details:

   1. In Date requested, enter the date of the employee's request for a salary advance.

   2. In Description, enter a description. For example, you can use this field to document the reason for requesting the advance.

   3. In Payment Date, enter the date of paying the advance to the employee.

   4. In Payment Amount, enter the advance amount.

   5. In Repayment Frequency, select one of the following payment frequencies (for repaying the advance) from the drop-down menu:

      • Monthly

      • Weekly

   6. In Payment Method, select one of the following methods for paying the advance:

      • Payroll

      • Cheque

      • Cash

      • Bank transfer

      If you select Payroll, the advance is added to the employee's salary in the next pay run. The advance is represented as a variable addition in the employee's salary.

      If you select any other payment method, the salary advance is not considered in the calculations of the following pay run.

   7. In Repayment period, enter the number of installments for repaying the advance.

      If you have enabled importing advances to pay runs in Payroll settings, the installments for repaying the advance are automatically included in subsequent pay runs. The repayments are represented as fixed deductions in the employee's salary.

      For more information about configuring the required Payroll settings to automate advance repayments, see Creating Payroll Groups.

   8. (Optional) In Any special request?, enter any other relevant information about the advance.

   See the following example:

   

5. Click Create repayment schedule.

The advance is added to the Advances tab in the Benefits tab on the employee's profile.

You can click View in the Action column to view the details and repayment information of the advance.