The Financials > Claims sub-tab is a place to store one or more amounts (claims) owed by an individual (often a debtor) to your agency. These are also referred to as Pre-Judgment Claims, meaning they are taking place prior to any legal judgment.
Some examples of Claims include but are not limited to the following:
- A single balance owed to an original client
- Multiple claims owed to the same client by the same debtor, such as clinical or doctor visits
- Multiple loans taken from an office that need to be paid back with interest
- A lease or rent contract that is due
- Rental agreements
- Restitution to a victim
Each claim is comprised of a Amount $ (also known as Claim, Balance or Principal), an Interest Rate (if none, this is set to “0”), and an Interest Start Date (also called Claim Start Date, especially when no interest is involved). You can also include a Claim Note (optional) to help identify what the claim is for. For example, medical claims may list what incurred the debt as part of the note:
- 01/01/2000 | Interest: 0% | Claim Amount: $500 | Note: X-Rays
- 02/01/2000 | Interest: 0% | Claim Amount: $300 | Note: MRI
- 03/01/2000 | Interest: 0% | Claim Amount: $25 | Note: Office Visit
NOTE: In almost every case, this sub-tab should NOT be used to add judgment (post-judgment) information. Please see Accounts – Financials: Settings/Judgment for how to add a judgment.
Selecting the Financials > Claims sub-tab will show you any existing claims for an account. These appear at the very top of the screen, beneath the Pre-Judgment Claims header.
Adding a new Claim/Debt Amount
In order to add a new claim, navigate to the Financials > Claims sub-tab.
1) Navigate to the bottom of the screen where it says: Add New Pre-Judgment Claim. Start with adding an Interest Start Date, manually or by using the pop-up calendar. Although it is called Interest Start Date, if you are not collecting interest, you can infer this field as Claim Start Date, meaning when the debt was first incurred.
NOTE: When posting any payments, costs or fees to the account under Financials > Transactions, they MUST happen on or after this Interest Start Date. If you set them before the date, you will receive an error message.
2) Enter the Interest Rate as a whole number. You can also use Step Interest or Global Interest.
NOTE: SimplicityCollect calculates interest on each claim individually and adds the interest together. On Financials > Transactions, you will see the total per diem and interest accumulated.
3) Specify the Amount $ owed.
4) (optional) Add any Notes you would like associated with this claim, such as the origin of the claim or its purpose.
5) Click on the Insert button to save your new claim, and it will automatically appear in the Pre-Judgment Claims above.
A Note on Interest
Interest can be broken down as Simple, Annual, Quarterly, Monthly, and Daily. By default, Simple Interest calculations are used and will never compound. This is the most common and most popular type.
Annual, Quarterly, Monthly, and Daily interest can be selected instead; by default, compounding interest will NOT compound based off of the Interest Start Date, but rather off of January 1st of each year unless otherwise adjusted.
Deleting/Editing a Claim
If you have already entered claims into the system and need to edit or delete one, go to Financials > Claims, and select the Edit button or the Delete button next to the claim in question. If you are editing it, make sure to Save or Cancel your changes when you are finished.