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Claim Payments Entered in Reserves

 

 

 Entering Claim Payments

Last updated: 5/5/2020

 

Overview 

 

Entering financials in FileTrac begins with setting up the Users with their appropriate authority levels, setting the deductible for the claim, entering the reserve amount, and then finally adding payment and/or recovery amounts. This document will walk you through the steps, explain the steps along the way and explain the use of Check Manager.

 

Entering Payments

 

There are two levels of payments on a claim. The initial payment takes into consideration the deductible. Thus, the reason, if you are going to void a payment, the pop up asks the question if you want to take into consideration the deductible. The second level authentication is because you are not only affecting the payment but also the reserves when you void the check. The Financials section is where you will be able to set up Reserves, Make Payments, Void Payments, Delete Payments and access the Check Manager section. It is better to manage payments through the Reserves and Payment section rather than the Check Manager section. A Payment is money going out and a Recovery is money coming in. 

 

A Payment cannot be made until a Reserve Amount is entered.

 

  1. Click on Manage Claims
  2. Click on the $ symbol next to the corresponding File #

 

From the Financials page you can Set Reserves, Make Payments, enter Recovery Amounts and utilize the Check Manager.

 

3. Click on Payments under Make Payment in the “Set Reserves” section.

 

 

4. Select the Date from the calendar

5. Enter the Amount

6. Check mark who the payment is Payable to

7. Include the Invoice # if you have one (This is not a mandatory field.)

8. Include the Tax ID if needed (This is not a mandatory field.)

9. Include the Check #, otherwise “*PENDING* will appear on the payment log

10. Include a Memo to describe what is included in this payment

11. Check mark “Apply Payment to Deductible” or Generate Check if either of those apply

12. Click Submit Payment

 

The payment will show in the payment history section for the Deductible Reserves once it has been submitted.

 

 

When a payment is entered without recording a Check # because it was not available at the time of entering the log, you will need to go into the Check Manager to enter the Check # when it is received.

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