All Collections
The Lookout Manual
Finance
Overview - Billing and Finance
Overview - Billing and Finance
Hello avatar
Written by Hello
Updated over a week ago

Contracts

A contract is the pricing agreement between Helpers and Members for services. Helpers default product prices can be adjusted on the creation of contracts so each Member can negotiate a unique price if required. This also allows for service prices to be grandfathered. The default prices can be changed, but this has no effect on the contracts until a new contract is created.


Credit notes

If any amount needs to be refunded, a credit note can be created in Admin.


Billing runs

Billing runs allow you to finalise your transactions for a chosen period in order to send invoice summaries and make claims. They can be run on a weekly, fortnightly or monthly cycle, or you can choose custom date ranges.


Invoices

Invoices are generated during a Billing Run by the platform on behalf of Care Workers and the Company. They include service, membership fees, and platform fees. Invoices can also be created Ad-Hoc for anything and anytime. Invoices a shared in the App itemised within a Summary Statement.


Item codes

Item code allow products and invoices to be associated and reported correctly in your account keeping software when importing reports.

There are three different types of Item Codes:

Account item codes

  • Visit account code: Defines the account that visit funds are transacted

  • Third-party invoice account code: Defines the account that third-party services funds are transacted.

  • Platform fee account code: Defines the account that Platform fee funds are transacted.

Fee item codes

  • Care management fee item code: Defines the accounting inventory item Care Management Fees are associated with.

  • Lookout fee item code: Defines the accounting inventory item Lookout Fees are associated with.

  • Platform fee item code: Defines the accounting inventory item Helper Platform fees are associated with.

Product item codes

  • Each product you define can have an item code to associate the accounting inventory item.


Purchase orders and third party invoices

A purchase order can be created for suppliers and clinicians to order goods or services. Once you receive an invoice from the third party, you can match it with the purchase order and upload it ready for the next billing and payment run.


Rates

Rates model the pricing for services that Helpers (Care/Support Workers) offer Members. They are comprised of a Name, Descriptions, Item Code, Tax details, suggested default price, company percentage, and quantity type.

When a Helper is created, you can select the prices they offer. The Helper can inherit the default prices or you can set their own default prices.


Reports

Reports are financial exports that summaries and itemise the transaction on the platform. These can be used to import data into your accounting software.


Summary statement

Statements itemise invoices for Members and Care Workers. For Members, it's itemised for a week. For Care Workers it's itemised for a fortnight.


Taxes

Tax can be configured at multiple levels. Products can optionally attract Tax. Care Workers as independent contractors may be collecting GST. They can then be used by products, during Adhoc and purchase order invoicing and on memberships to define the membership fee tax.

Did this answer your question?