Financial Components

Financial components are schedules to pay or bill in relation to a case. Case components are the benefits or liabilities that a primary client might be eligible for, e.g., personal benefit. A financial component is generated from a case component if the primary client is determined to be eligible for the case component. Each financial component contains the following information:

• Category - this setting determines whether the financial component is a payment for a benefit or a bill for a liability.
• Case nominee - the participant who will receive the payment or bill.
• Primary client - the client for whom entitlement (the amount to be paid/billed) was calculated.
• Amount to be paid or billed.
• Delivery pattern information including:
  • Delivery method and frequency, e.g., by cash on a weekly basis, by check on a monthly basis.
  • Cover period type and cover period offset, e.g., issue N number of days in advance where N is the cover period offset.
• Start date and end date for the payment or billing schedule.
• Scheduled due date for the payment/bill.

A sample financial component might indicate that John Smith should receive $25 per week in payments by check on a Friday from January 1st through April 1st. The payment schedule may have a cover period of issue in three days advance. Each weekly payment will have a due date on a Tuesday before the Friday, allowing for three days for the check to clear by Friday.

Financial components are also created as part of reassessment processing. That is, financial components are created for any over payments and under payments that have been issued on a case. For example, if John Smith is originally paid $25, but a change in evidence makes him eligible for $40, a financial component with an amount of $15 is created to rectify the under payment. (For more information, see Over and Under Payment Processing.)