Accounting Plan

The Accounting Plan is a collection of your GLs for claim management. This will include Suspense and Loss Accounts, as well as Accountholder and Merchant Accounts. Some of these may be for tracking purposes, others for actual execution. It’s also important to note that many organizations have differing GLs for Different product lines - we’ll need all GLs for all products being supported in QFD.

Please provide a list of your GLs with descriptions and we’ll advise if we find anything missing as it is possible that you may have to create new GLs for various scenarios.

THE TYPES OF ACCOUNTING

There are essentially 3 main types of accounting steps that QFD supports.

1. Customer Accounting - These are any accounting action that credits or debits the customer. The client will always need to know about these. Example accounting scenarios are Provisional Credits, Provisional Credit Reversals/Denials, as well as Fee/Interest accounting.

2. Loss Accounting - These are the accounting actions that clear suspense to loss (credit suspense/debit loss). Clients will usually want us to support this.

3. Settlement GL/GL Accounting - These accounting actions occur within the recovery flow (ex: Chargeback, Representment). The initial “first operation” is usually tracking only, as the clients do not provide a way to actually move money between the merchant and suspense. The “second operation” accounting records can be used to track settlement of funds, as a suspense to suspense adjustment. Clients may or may not be interested in configuring these options.

EXPLAINING THE BUCKETS

QFD essentially tracks account balances via 4 buckets: Customer, Suspense, Merchant, and Loss. All money movements should always go through suspense (at least one side of the step, the debit or the credit, should be suspense. Some clients do not have suspense accounts, and we encourage them towards using them.

ACCOUNTING EXAMPLES

The following examples reflect the major types of accounting that can occur in QFD.

^{Note: at any row where there is a credit/debit step, QFD has the opportunity to notify, either via API call or by including records in a batch file.}

Provisional Credit → Chargeback → Representment → WriteOff

Provisional Credit → Chargeback → Representment → Deny

Provisional Credit → Chargeback → Win