Each financial transaction between a participant and the organization is recorded on the participant's list of financials. For example, when a payment is issued to a person, a financial record is automatically added to the person's list of financials.
Financial transactions recorded for persons and employers are issued as a result of case processing. For example, a person may be issued payments when he or she is eligible for a benefit. If necessary, a financial transaction for a person or employer can be entered as an account adjustment from the person or employer's list of financials. This allows a user to credit or debit a financial transaction to correct any errors that may have occurred. A financial transaction is also recorded when a client makes a payment to the agency.
Third party payments can be issued to persons, employers, information providers, product providers, utilities, service suppliers, and external party participants based on deductions from a person's benefit payment. The financial transactions recorded for persons, employers, product providers, service suppliers, information providers, utilities, and external party participants typically include several payments from more than one participant. These are usually issued to the participant at a specified frequency, e.g., quarterly, annually.
The frequency, method, and currency by which payments are issued can be set up for each participant. For example, a service supplier may be issued a single payment for all services rendered over a defined period of time. The frequency, method, and currency by which payments are issued can be set up for each product provider, service supplier, utility, or external party.
Financial information is not maintained for representatives.