Reserved Products and usage
1- Instalment, Ref# 33
This is used for the monthly payments. Please ensure GST rate is correctly set.
2- Term, Ref# 34
Used to track the liability of Health plans. This is applicable to Annual Plans (one-off type)
Since monthly plans do not accrue liability across the year, the plan registration invoices produced are only for housekeeping purposes and have net liability value of $0
Only the GST rate is used from this product, all other GL accounts are used as defined in the plan definition.
Monthly Plans have 0 GST regardless of the GST rate defined in the Term Product.
GL Accounts Required
In the plan definition the following GL Accounts are required
Registration Fee Sales: Account Type Income/Expense
This is used to track registration fees collected as result of plan sign up.
Plan Sales : Account Type Income/Expense
This is used to track accumulated value of plans sold
Liability: Account Type Liability
This is used to track liability on up front plans, plans paid annually. This should be reduced wither monthly or on annual basis as plans expire (currently this is a manual process).
Discount: Account Type Income/Expense
This is used to track discounts issued as part of plan benefits
Transactions Generated
Example 1: Monthly Plan Registration Example Invoices
Invoice 1 - Registration
Invoice 2 - Subscription (housekeeping only)
Invoice 3 - Monthly Installment Invoice
Example 2: Annual Plan Registration
Invoice 1 - Registration
Invoice 2 - Annual Subscription Invoice
For Plan GL Activity please see attachment.