This section allows users to record recovery reserves and receipt funds against the following categories (configurable for each client):

• Contribution
• Excess
• Excess Overpaid
• Overpayment
• Recovery
• Recovery Agent
• Salvage
• Third-Party Direct
• Third-Party Insurer

Adding a recovery receipt/payment

• Select ‘FINANCIALS’ from the left-hand side menu.
• Scroll down to the ‘RECOVERIES’.
• Select the recovery you are receipting /making a payment against using the tick-box on the left-hand side.
• Click ‘+ ADD RECOVERY PAYMENT’ button.
• Note: If the status of your claim is ‘PENDING’, you will receive a warning before proceeding with creating a recovery payment.
• Enter the details of the recovery or, as we call it payment, in the popup window including:
  • Payment Category – select the payment category as either a Supplier, Service Provider or a Direct Recovery payment.
    Note: Direct Recoveries are linked to previously added contacts to the claim.
  • Payment Received Date (This date is used in the bank reconciliation)
  • Payee who has the recovery come from (contact on the claim)
  • Note
  • Reference Number
  • Claimant ITC %
  • Payment Amount GST Incl (including Commission and Other Fee amounts)
  • Commission applied
  • Other Fees deducted
• Click ‘SAVE’ once the recovery payment is complete.
• Note: Refer to ‘Creating and submitting a payment’ in instances where the service provider remits the full amount and issues an invoice (commission not deducted).

Submitting recovery payment for approval

• You will then need to submit the recovery payment to record the receipted funds against the claim.
• Scroll down to ‘RECOVERY PAYMENTS’ at the bottom of the ‘FINANCIALS’ page.
• Click the down arrow  on the left-hand side of the recovery payment.
• Click the ‘SUBMIT’ button and this will complete the receipting process.

Cancelling a recovery payment

• Scroll down to ‘RECOVERY PAYMENTS’ at the bottom of the ‘FINANCIALS’ page.
• Click the down arrow  on the left-hand side of the payment.
• Click the red ‘CANCEL’ button to cancel the recovery payment.
• Note: you will not be able to cancel a recovery payment that has been processed to the bank (including being reconciled in the bank reconciliation functionality).