You can easily track the costs of a claim throughout it's lifecycle using the Reserve and Payment table on Pulse projects.
Note: In the insurance and brokerage versions of Crunchwork, Pulse projects can be referred to as your claims. If you don't see the reserve and payment summary tab, please speak with your manager.
How does it work?
Place a value in the 'Original reserve' field to the left of the table. This value is the estimate of how much the claim may cost in total. Please note, only approved team members will have the ability to do so.
Place a value in the 'Delegated' authority field to the right of the table. This value is the maximum total the costs the claim can incur.
The top section in the table will represent the costs that accumulate on the claim over the course of it's lifecycle. Use the 'add item' button to input the value of tenders or quotes completed throughout the claim, so that you can keep track of the total reserve as you go.
The green plus button to the right allows you to track payments, including type, amount, date, payee and reference numbers. You'll notice the outstanding reserve update as you keep adding values. The payment amount will display in the current payment column.
At the bottom of the table we'll total the entire table. The Grand Total Outstanding Reserve will show you always how much you have left in the reserve.
Use this button to view all changes made on the table. Note, we don't apply changes to the project Timeline.
Updating the Reserve
Use this button to save the reserve data. Please take care, this does not save any other changes made to other tabs of the project.
When you use the save button the project in the top right hand side, then the contents of the table will be saved also.