How to setup additional student loan

There are two additional student loan types that might affect an employee's deductions:

1. SLCIR: This student loan is for required additional student loan payments, and it's used when the Inland Revenue Department (IRD) instructs to make these additional deductions.

2. SLBOR: This student loan is for voluntary additional student loan payments. Employees will let you know if they want more deductions to pay down their loans.

To set up student loan deduction (SLCIR or SLBOR), follow these steps:

Open the employee file > Click on Pay Run Inclusions > Click on Add​

Choose the "Student Loan Deduction (SLCIR or SLBOR)" option from the provided deduction category dropdown menu.

Select "Percentage of Student Loan" under Amount (per pay run) field > Enter in the percentage of loan amount.

Select the deduction to be "Paid to the IRD" 




Select preserved earnings of "Never" and enter any notes if you want the employee to see them on their pay slip.



Enter the start date of this deduction > Choose when this inclusion should cease "After the following amount has been reached" > Enter the amount in the box next to it > Click on 'Save'



After saving the SLCIR deduction for the employee, the information will be shown under the Deduction line. If you need to make any edits, select the "Student Loan Deduction (SLCIR)" text. This will show the details for editing.
 


When you finalize the pay run, you will see under pay run Inclusions, the SLCIR or SLBOR deduction will indicate the total amount paid so far.