How to enable Student Loans in Pegasus Opera 3
In Pegasus Opera 3 you can set up Payments & Deductions once and make it run for each pay period for an employee if that be weekly or monthly. This will save you time rather than manually adding each payment and deduction every pay period.
Once you create an employee you can use the Pay & Deductions command located, under action in Payroll>Processing. The command lets you set temporary and permanent value Payments. An example of a temporary value will be a ‘bonus’; you manually add this in and will run in the calculation for that pay period, however discarded for the next one. Permanent Values are payments such as a salary, the only time you will have to change this is when that particular employee gets a pay rise.
You can also do the exact same thing for Deductions. Many people go into work straight after university and have a student loan that they owe. Once the company is informed either by yourself or the HMRC a deduction will be set up to come out of your salary each pay period and will show under deductions on your payslip.
Once you have created the Deduction profile you can then enable the student loans to show up as a deduction on an employee’s payslip. To find out more about how to enable this Pegasus Opera 3 please read our Tips & Tricks article.
Please note: Employee pay records are not updated with the payments and deductions you define until you use the Calculation command.