Creditors – How to Set Them Up

Your creditors are your lifeline to business.  You want to confirm that how you set them up in your system is correct the first time so there are no surprises later on down the road after you’ve entered data.

The interest rate and the collection rate and how these 2 calculate are crucial for accurate accounting.

Manage Creditors is located in the red access links under the red dashboard. Click the gray Add Creditor button and the creditor contact form appears. Enter all the regular information about your creditor; name, address, phone, email etc.…there are 3 email fields that can be populated with the email addresses of the staff members that require updates on the claims that are being worked on. 
Next is the “Default Payment Remit Type” field.  How are payments going to be remitted, Gross or Net?  Next is “Default Claim Payment Allocation”; how will the payment be allocated? CT has 6 options to choose from.  IPC, ICP, CIP, PCI, CPI, PIC (Principal, Interest & Cost)
Next is “Collection Method”.  There are several options to choose from. 
Flat – a standard rate
Sliding Scale   - based on the ability to pay
Allocation Based – a different rate for different fees
Variable Collection Rate – if enabled, allows the user to set up a rate that changes over time
Next is the “interest Rate” field.  Enter whatever rate you will be charging the debtor.  This interest can be removed when negotiating with the debtor.
Referred By: this field is for the name of the person or company that referred this creditor to you.
Liaison/Account Executive: this dropdown menu contains all admins, collectors and sales people and is optional.
Sales: select the sales person that acquired the creditor and used to pay collectors a commission.
10 Day Demand: an option that allows your creditor to send a 10 day demand the day the submit the claim to your system.  This gives your creditor 10 more days to try and collect the debt BEFORE you can start working on the claim.  
Make this the default creditor when adding claims? □   Checking this box makes this creditor appear first in the Creditor dropdown menu when adding a claim.
Client Information; this box is for any information about the creditor you want to retain.
Would you like to give the Creditor access to the system?  Allows your creditor to log into their own secure portal to submit and monitor claims.  Also allows for communication within the system.
Click: Add Client   Almost done…

Now, if you have given your creditor access to the system, you want to give them access to the links and tabs and customize what you want them to be able to see and do.  Click “Manage Creditors” to view all of your creditors.  Click the first icon under the column Actions next to the creditor that you just set up.
At the top of the creditors contact screen, you will see a row of blue tabs.  Click “Claim Tabs”.  Move the items from the left to the right by highlighting the item and the Add or Remove and click Update Settings. These tabs are the creditors blue claim tabs just like on the admin side.   Now click “Navigation Settings”.  Again, move items from the left to the right using the Add and Remove buttons, then click Update Settings.  These links and tabs can be changed at any time. 
Log in as the creditor to confirm that what you set up is what the creditor will have access to.