The following list summarizes the main concepts covered in this guide:
- The financial building blocks include financial components,
financial instruction line items, financial instructions, and
financial instruments. These building blocks are used to process
payments and liabilities, to receive payments into the system, and to
perform other account maintenance tasks.
- The basic financial units are payments, liabilities, and
payments received.
- Payments and liabilities are automatically generated when the
Financial Batch Suite is run. Payments can also be issued online for
an active case.
- Deductions and tax adjustments can be applied to benefits.
Surcharge adjustments can be applied to liabilities.
- Maintenance functionality for payments includes the ability to
capture manual payments, to cancel and invalidate payments, to reissue
payments, and to approve suspended payments. Maintenance functionality
for liabilities includes the ability to reverse and write off
liabilities.
- Payments received are recorded on the system and are associated
with a person or employer's financials. They can be allocated to
outstanding liabilities that the person or employer holds with the
organization.