Voluntary Percentage Process

The process for voluntarily student loan repayments as a percentage of income is similar to the Voluntary Fixed Process.

In this example, Wendy Buller already makes standard student loan repayments and she wants to make an additional voluntary repayment of 2% per week from 01/04/2013 to 31/03/2014.

Wendy's record contains the following values:

1. Create a Student Loan - Voluntary % deduction with the following values:

   Field	Values
   Calculation method	P. Percentage of gross
   Deduction class	S. Student loan reduction
   Sub-class	Voluntary (SLBOR)

   See Voluntary - Percentage and Fixed.

2. On Wendy’s Permanents tab, add a permanent Student Loan – Voluntary % deduction for the following values:

   Field	Data
   Quantity	1.00
   Rate	2.0000
   Note: Wendy wants to pay an additional 2% per week.
   Begin date	01/04/2013
   End date	31/03/2014

   

3. Open Wendy’s next pay.

   Exolvo copies the Student Loan – Voluntary % deduction from Wendy’s permanent transactions.

4. Process Wendy’s transactions.

   Exolvo automatically creates Wendy’s standard 12% student loan transaction and calculates her Student Loan – Voluntary % values.

   

Topic: 30585