We received a payment check from our collections company. The amount being paid to us towards accounts is $300.01 but they kept $53.65 for an account we had previously gotten direct payment for. So, the check itself is only for $246.36. The problem is that when I post everything, and make the adjustment on the proper account for the $53.65, my daily sheet is still posting $301.01. I know what I want to accomplish, however, I'm not sure what code to choose for that adjustment of $53.65 to have my total balance properly.
Thank you for the information but our 4 is "paid with check at time of service" and we don't even have a 21. LOL!! Guess that won't work. I am stumped. I know there must be a way for it to balance out but I just am not sure how to make it right. This is the first time I have had to post a check where they kept a portion of what was owed to settle our fee from a previous direct payment. We do have our own codes for collections payments/fees but when I used them accordingly, the checks total on the daysheet were still $300.01 instead of $246.36 which is the amount of the actual check.
Code 21 is not inactive in my list. It just doesn't exist. We have a code 34 which is a Collection Refund that I thought would work because it is supposed to decrease provider collection, however, it doesn't change the check balance. Because this isn't a regular fee based on an account payment. Our fee for service code It's money we owe them from previous money collected on an account that had gone to collections. The check came to us instead of to them and we posted it. Therefore, we owe them $53.65 for that payment. Instead of asking us to cut a check for it, they kept it out of the payments they were sending us this month. It's not the same account as any of the payments and it doesn't "subtract" from the collections so the deposit slip on the daysheet shows total for the check posting as the $300.01 but the check itself is only the $246.36. I don't know how to make the check amount correct on the deposit slip portion of the daysheet check totals. I am wondering if I should enter it as a check payment, with a negative number...that might be the only way I can get it to balance out the checks. Thoughts?
i would post the check of only 246.36$
then use code 98 and 96 to transfer remaining balance ( 53.65$) between accounts , because that is exactly what the collection agency did
you can add code 21 for future use or any code in 21-29 range for collection agency portion adjustment
Thank you for your assistance. I will try that and see if I can get it to balance that way. I may look into adding the 21 code as well. I appreciate your feedback. I was just having trouble wrapping my head around this one!