I have what seems to be a complex issue, which i have provided background info for below:
- I have been billing a matter to a client - hourly at higher rate i will call "Rate X". ($450)
- We decided later (after billing and receiving payments at Rate X) to reduce the hourly rate to "Rate Y". ($395)
- An insurance carrier agreed to pay a portion of that hourly rate, "Rate Z". ($320) This results in our client only being responsible for a fraction of the actual bill after reduction to Rate Y. ($75)
So, i need to figure out how to do the following:
- Issue a credit to our client for the overpayments for the reduction between Rate X to Rate Y
- Apply the Funds currently held from the insurance carrier at Rate Z.
I am unsure what needs to be done to accomplish the above and would appreciate any and all input.
Thanks!