How Do I Report Multiple Loans per Employee? 

Some employees may take out more than one BeneMoney loan at a time. When this happens, each loan must be clearly identified in your payroll system so deductions are applied to the correct loan. This is done using unique deduction codes for each active loan. 

1. Why Deduction Codes Are Needed

When an employee has more than one loan, each loan will have a different: 

• Loan number 
• Deduction amount 
• Repayment schedule 

Because payroll systems apply deductions based on codes, each loan must have its own unique deduction code. 

These codes act as identifiers. Examples: 

• BENE1 – Loan 1 
• BENE2 – Loan 2 
• BENE3 – Loan 3 

For example, if Jane Doe has: 

• A $54.55 deduction → BENE1 
• A $74.50 deduction → BENE2 

Then your PDT file must list these deductions under separate codes to ensure accurate repayment tracking. 

2. Choosing Your Loan Identifiers

Your company may choose any deduction code naming convention you prefer (e.g., BM1, Loan1, L1), as long as each loan has its own unique identifier. 

How you receive the codes for new loans: 

• When a new loan is issued, the loan will appear in your PDI (Payroll Deduction Instruction) file. 
• Your PDI will show you the identifier/deduction code that should be used for that loan. 
• This ensures you always know which code to assign for each newly issued loan. 

If you're unsure how to structure your naming system, BeneMoney can help you determine a clean, scalable approach. 

3. When Deduction Codes Are Set Up

Deduction codes are usually created during initial implementation, especially if your company allows more than one active loan per employee. 

You may need to add new codes later if your company increases the loan limit (e.g., from 1 to 2–3 loans). 

If your system is not set up for multiple loan deduction codes, your payroll provider may need to add them before reporting. 

4. What Needs to Be in the PDT File

If an employee has multiple loans, your PDT File must include: 

• The correct deduction code for each loan 
• The actual deduction amount per loan 
• A separate row for each loan deduction 

Example (same employee, two loans):

5. What You Need to Do

When an employee has multiple loans: 

1. Ensure unique deduction codes exist in your payroll system (BM1, BM2, BM3). 
2. Assign each code to the correct loan. 
3. Verify your PDT File includes the correct deduction code for each deduction. 
4. Notify BeneMoney if you are unsure which code corresponds to which loan. 

Questions About Deduction Codes? 

For any questions or help setting up or identifying deduction codes, please email: accountmanagement@benemoney.com