A financial component is a financial schedule for the delivery of a payment or bill. The system uses the case component assignment information to generate these financial components. Financial components for benefits are payment schedules. Financial components for liabilities are billing schedules.
Financial components are automatically generated when the case is activated and the primary client is determined to be eligible for a case component. If the primary client is eligible, the system calculates the period of time that the payment or billing schedule covers. For example, a financial component may schedule John Smith to be paid $50 by EFT every week, starting on June 1st.
A delivery pattern specifies the delivery method and delivery frequency by which a nominee is paid or billed. Delivery patterns associated with case components are used to determine a financial schedule for the delivery of case components with a financial objective. For example, the Income Assistance Component has a weekly rate of $70. The case is created with the delivery pattern "Monthly by Check in Advance 1st of Month". The Income Assistance component is assigned to the default nominee with the delivery pattern "Monthly by Check in Advance on 1st of Month". When the case is activated, the system uses the case component and delivery pattern information to create a financial schedule for the delivery of the Income Assistance Component. The payment will be issued by check to the nominee at the start of every month for the amount of $280 (at a rate of $70 per week for the month).
Each financial component created contains the following information:
If any deductions or third party payments have been created on the case or on any case components associated with the case, additional financial components called "secondary financial components" are created. Secondary financial components are schedules to make deductions from payments. They are created when deductions are set up for benefit cases.