Overview
Interest may appear on an EOB or an ERA. Many times you will not know which client or staff member the interest payment is for; therefore, we recommend posting it in the Refunds/NSF Module as Interest. This article will walk you through how to post interest correctly.
Where Interest Will Appear
The interest will be noted in the top left corner of the ERA, in a dotted blue box with a code L6.
Where to Post
You will post the interest in the Refunds/NSF Module. The interest that a payer has paid you is essentially an overpayment; it will be left over on an ERA or EOB as an unallocated amount.
- Go to the Refunds/NSF Module.
- Click Add.
- Refund to: Choose Payers.
- Payer: Click on the picklist
- The Select a Payer window will open.
- Choose the correct payer.
- All unallocated credits that exist for this payer will now appear in the bottom of the refunds window.
- All unallocated credits that exist for this payer will now appear in the bottom of the refunds window.
- Reference: Enter Interest.
- You can also include a payment/ERA reference # if necessary
- Note: Optional
- Type: Choose Interest
- Date Posted: Will default to today's date, but you may enter a different date.
- Locate the interest/overpayment entry below.
- The unallocated field will tell you how much money is available on each payment reference.
- In the Refund column, enter the amount you wish to contribute towards the interest.
- Click Save.
NOTE: All interest entered in the Refunds/NSF Module will appear in the Accounting Module at the bottom of the Trial Balance report.