Staff Credit & Loans

The MBS Staff Credit add-on plugin tracks money lent to employees and store credit purchases. Interest is calculated monthly and deducted from payslips automatically.

Overview

Go to MBS Staff Credit in the WordPress admin menu. Select an employee to view their credit history. The overview shows:

• Total outstanding loan balance
• Total store credit balance
• All transactions with dates and amounts
• Interest charged to date
• Repayments made

Adding transactions

Three transaction types can be added:

• Loan — cash lent to the employee
• Store credit — goods purchased from the employer's store on account
• Repayment — cash or payslip deduction repaid against the outstanding balance

Enter the amount, date and an optional description for each transaction. QR code scanning is available to quickly pull up an employee by scanning their badge rather than searching by name.

Interest calculation

Interest is calculated automatically when payslips are generated, for completed pay periods only. The interest rates are set in MBS Staff Credit → Settings:

• Loan interest rate — monthly percentage applied to the outstanding loan balance
• Store credit interest rate — monthly percentage applied to the outstanding store credit balance

Interest is never calculated more than once for the same period, never calculated in advance of the current date, and never calculated before the date of the original transaction.

Deduction from payslip

The total outstanding balance (loans + store credit + interest) is deducted from the employee's net pay when the payslip is generated. The deduction appears as a line item on the payslip. If the balance exceeds the net pay, the deduction is capped at 75% of net pay to ensure the employee receives something.

Deleting records

Individual transaction records can be deleted. Deleting a loan or store credit transaction removes the principal but does not remove any interest that was already calculated on it — that interest remains. If you need to remove the interest as well, use the Delete interest option next to each interest record. This requires the can_delete_interest capability on your role.