Streamlined Tracking of Residents’ Funds
Long-term care facilities use NetSolution’s Resident Funds software to set up and track their residents’ incoming and outgoing funds in the residents’ accounts through high-value features, robust reports, and integrations into other billing systems and modules such as Accounts Receivable & Billing.
Automate your Funds Processes
NetSolutions Resident Funds software provides features and functions that automate:
- Interest allocation
- Bank reconciliation
- Petty cash
- IRS 1099-INT forms
- Statements for residents and family
What Type of Funds?
There are several types of funds that you might need to manage for your residents. The Resident Funds module helps with all of them.
For example, federal law requires facilities to provide a trust fund for any Medicaid resident that requests one.
Other common types of funds are
- Security deposit accounts
Manage multiple fund accounts per resident
Dollar amounts can be transferred from one fund type to a different fund type for the same resident or between residents.
Effortless Deposits and Withdrawls
Desposits and withdrawls don’t have to be tedious. With our time-saving features, you can get more done, with less effort.
- Batch processing of deposits and withdrawals
- Capture a resident’s signature electronically for withdrawals
- Print checks easily
Connect to Every System You Need
The power of our Resident Funds module is in its integration capabilities. Here are a few of the ways we help you connect your systems:
- Integrate with NetSolutions AR-Billing to avoid duplicate data entries. This integration also allows online payments from a resident’s fund to their accounts receivable account.
- Export transactions to NetSolutions General Ledger.
- Provide a snapshot view of the resident’s census, demographic, and contact data, including reimbursement information. The ADT Snapshot page includes hotlinks and drill-downs for immediate answers.
- Accept split receipts from NetSolutions AR-Billing
Learn more about our full financial software suite
Additional Resident Fund Features
- Interest is Allocated or Calculated to residents based on their average daily balance
- Supports adding a cash drawer to all fund types
- Prepares separate statements for each type of fund, for one or all residents, and according to the time period you specify
- Provides features for balancing petty cash
- Tracks amount of petty cash funding by resident funds
Reports are useful in day-to-day operations and in the management of information. Here are some of our on-demand report options:
- Fund History including residents with inactive funds
- Reconciliation worksheet
- Cash Drawer
- Transactions, including check numbers, and an option to include all transactions, deposits, payments, and withdrawals
- Resident Information
- Paper and electronic 1099-INT forms
- Journal Entry
- Fund Balances
- Fund Statement: shows withdrawals, deposits, and balance by resident