Typically when employers issue an employee advance, they deduct payments from their paychecks (possibly in installments). This can be accomplished easily with Sage 50 if you subscribe to a plan that includes payroll.
These are the two methods for setting up an employee loan or advance:
- Employee loan paid back in automatic installments
- Employee advance paid back in manual installments
Note: Whichever method you choose, you should consider setting up a loan repayment policy that sets an automatic minimum repayment level for loans over a certain amount. For example, for all loans over $200.00, $50.00 is automatically deducted from the employee's subsequent paychecks until the loan is repaid.) That way, you are certain to be repaid in a timely manner.