What is significance of Estimated Total Income in Financial Tracking?

[Former Member]

Hi all

This is Rohit, I am not able to understand what does Estimated Total Income field in Financial Tracking Tab of Work Overview for incident mean.

How is the value in that field calculated/ filled/ linked?

Thanks & Regards,

Rohit

[Former Member]

Thank you Balajee and Mary.

Your answers are very helpful.

From the answers there is one more question that I have. Is EHSM integrated/linked to Finance module of ERP  (because once the details are entered they need to be shown in accounts)?

[Former Member]

Dear rohit

you have to Integrate the EHSM module with Accounts for updating all incident/Accident related financial accounts. please refer attached screen shots of integration IM with Accounts

Balajee

[Former Member]

Dear Rohit

Financial tracking will be used to capture the financial impact of incident , it is kind of Profit/Loss Balance sheet which will integrated with FICO .

Here Expenses field is used for amount spent towards medical treatment and repairing cost of Assets which will comes under "Loss" as per Balance sheet , at the same time we will analyse the Total income to organisation on Particular process in the current financial year after deducting the depreciation&operational cost(This information will be provided by Finance people). Pl.Refer below screen shot. here organisation spent 9500 USD towards medical treatment of injured people and Repairing of assets and at the same time they will consider the income gain by that particular process from start date of Current financial year to date of Incident happened , after adding this information you will get cumulative summary Profit/Loss.

Balajee

[Former Member]

A more typical example of income related to an incident is reimbursement from an insurance company. For example, if the incident was a traffic accident and the other party was found to blame, then the company might receive a reimbursement from the other party's insurance company. This income would off-set the out of pocket costs of the medical treatment and vehicle repair that were incurred by the company. Because you can use any of the standard SAP cost collectors, you can automate this financial accounting. For example, create an internal order and book the medical costs, the vehicle repair costs, and the insurance reimbursement to the IO. Then, you can easily see whether or not the insurance reimbursement covered all of the out of pocket costs.