Financial reporting types specify how financial values are reported, either on a transactional or restatement basis. 

Transactional financial reporting provides the movement in the value. For example, a 'Paid this time' field in a Claims Bordereau will tell you the latest payment movement reported in the Bordereau. If this is added together with all the previously reported values in this field, then the Total Paid can be derived.

Restatement financial reporting provides the latest 'as at' position. For example, a Total Reserve field in a Claims Bordereau will tell you the current Total Reserve of a Claim. If this is compared to the previously reported Total Reserve, then the movement in the Total Reserve can be derived.

Recording the financial reporting type in Claims Bordereau Questionnaires

In Claims Bordereau Questionnaires, the financial reporting type is captured in steps:

• 10 - Reserves
• 11 - Paid
• 12 - Totals

In each step, you are asked to select a financial reporting type of either Transactional or Restatement. This is then applied to all the fields within this category (selected within these steps). 

Typically, Reserve and Total figures are presented as Restatement figures, where they provide the current, latest, reserve. Tide therefore defaults these steps to Restatement.

Paid figures generally always include Paid This Time figures, which are Transactional reporting of the latest payment; Tide therefore defaults this step to Transactional. Sometimes Paid to Date figures are provided, and these could be used, selecting Restatement. If Previously Paid figures are provided, then these should be ignored, as this is neither the latest payment figure (Transactional) or the latest total payment figures (Restatement). Tide will automatically calculate the previously paid figures as part of recording the life-cycle of each Claim record.

Previously Paid financials can be included in the Paid financials when the first bordereau reported to a contract is mid term of a bordereau reporting period and the prior months are identified as nil bordereau. The option to include the Previously Paid values will present in the Nil bordereau screen.