Student loan transactions - percentage field (New Zealand)
The student loan process requires the ability to override student loan rates and percentages at transactional level. Furthermore, for student loan catch-up repayments, IRD provide a principal amount that an employee has to repay at a set percentage rate. Pay processing has to reduce the principal amount each pay correctly until it is zero and then cease repayments.
If a deduction has Calculation method = "L. Student loan", the transaction form contains a Percentage field and the Rate field is disabled.
The value that you enter in the student loan transaction Percentage field overrides the value in the Deduction > Details (ii) tab > Amount or rate field, and the standard 12% student loan rate.
