Managing & Using The Built-In Ledger Feature

Efficiently managing the financial aspects of warranty contracts is a key component of successful warranty administration — this guide on ‘Managing the Ledger Feature’ in WarrantyHub is designed to provide you with a clear understanding of how to track and handle financial transactions accurately. From recording payments to reconciling balances, we’ll guide you through each step to ensure your ledger entries are precise and up-to-date. This process is crucial in maintaining the financial integrity of your warranty contracts and ensuring transparency in your operations.

Viewing the Ledger: #

  • Navigate to the ‘Contracts’ tab and select the newly created contract.
  • On the contract’s detail page, scroll down to find the ledger section.

 

Understanding Ledger Entries: #

  • The ledger will display the initial transaction as an outstanding balance, indicating that a payment is due for the warranty policy.

 

Adding a Payment: #

  • To record a payment, click on the 3 vertical dots and then click on ‘Add Manual Payment’ for manual entries.

 

Recording Payment Details: #

  • In the payment pop-up, enter the payment details, including the amount, payment method, and any relevant notes or transaction IDs.

 

Saving the Transaction: #

  • After ensuring all the details are correct, click ‘Save’ to record the payment.
  • The ledger will update to reflect the new balance, which should now be reduced by the payment amount.

 

One Time Payment: #

  • If the contract requires an immediate one-time charge, such as for a service fee or setup cost, you can click on ‘Create one time charge’.
  • Enter the amount and any relevant details, then confirm the charge. This will be reflected as a new entry in the ledger.

 

Invoicing the Remaining Balance: #

  • Should there be a remaining balance on the contract, select ‘Invoice Remaining’ to generate an invoice for the homeowner.
  • This will facilitate the collection process and keep your financial records up to date.

 

Handling Ledger Entries: #

  • View Invoice: For any ledger entry that is an invoice, you can click ‘View Invoice’ to see the detailed breakdown of charges and any payments applied.
  • Send Invoice: Use the ‘Send Invoice’ function to electronically dispatch the invoice to the homeowner or other responsible parties for payment.
  • Mark as Paid: Once payment is received, you can mark the invoice as paid, which updates the ledger balance and reflects the completed transaction.
  • Void Invoice: If an invoice was created in error or is no longer valid, the ‘Void Invoice’ option can be used to cancel it out. This should be used sparingly and only when absolutely necessary, as it affects financial tracking.

 

Reviewing Transactions: #

  • After each action, review the ledger to ensure all transactions are posted correctly.
  • The balance should accurately reflect the total amount outstanding after each entry.

 

Ongoing Ledger Updates: #

  • Continue to update the ledger with each financial interaction.
  • Promptly adding charges and payments will keep the warranty contract’s financial status current, ensuring accurate reporting and accounting.

 

With the completion of this guide, you should have a solid understanding of how to manage the ledger in WarrantyHub effectively. Accurate ledger maintenance is crucial for clear financial oversight of warranty contracts. Should you have any questions or need further assistance, our support team is readily available to help. Your diligence in managing the ledger is essential for streamlined financial tracking and operational efficiency.”

For further assistance: #

Email: support@bidboxpro.com
Phone:  1 (208) 598-8138
WarrantyHub Team

Updated on February 5, 2024

$160M

In Contracts Under Management 

44%

Reduction in Claim Handling Time

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