Omega Invoice

Omega delivers a detailed collection invoice every month for clients that have accounts in collection servicing. Invoices will be available on the 7th business day of the month. Deposits will be made within 24-48 hours after invoicing is complete. Once the process is complete the invoices are made available via the Omega portal.

Accessing Omega Invoices

To view invoices and run detailed invoicing reports you will need the Omega Reports report set. Permissions and report sets can be assigned by a user with the User Management permission. Please contact this user to assign the permissions and reports needed.

How to Read Omega Invoices

We created an invoice example, How to Read your Omega Invoice (below).

Omega Invoice Reports

To run detailed Omega collection reports, you will need the Omega Reports report set. When you log in to the Omega portal, you will see a list of reports that start with "Omega - (Report Name)."

Report Use Guide

Scroll down to "Using Reports to Substantiate Your Omega Invoice" for a complete guide on using and configuring your invoice reports.

Omega - Invoicing - Summary

This report shows a summary of all the information on the invoice. There may be multiple invoices on this report depending on the number of collection programs you have. Each row summarizes one invoice.

Field Definitions

Column Name	Definition
Invoice	Set of letters and numbers generated to uniquely identify the Omega client invoice.
Remittance Period	Remittance period that this Omega invoice covers.
Recovery Amt	Amount paid by the debtor (consumer).
Client Payments Reported to Omega	Amount paid directly to the client/creditor by the debtor (consumer).
Passthrough Fees	Amount charged by the merchant for fees passed on to the client during the remittance period. These fees can be but are not limited to merchant payment processing fees and NSF fees.
Omega Fee	Total amount that is paid to Omega from this invoice.
Amount Due to Client	Total amount that is due to you, less Omega Fees, Merchant Processing Fees, Client Payments, and plus any Misc Transactions.

Omega - Invoicing - Transactions

This report shows collection accounts based on date closed.

Field Definitions

Column Name	Definition
Collection Program	Name of your program.
Account #	Five character random account number uniquely assigned by our system. Accounts can contain multiple contracts and transactions.
Original Account #	Account number assigned by the original creditor.
Debtor Name	Name of the primary account holder. This is the consumer with an outstanding balance due.
Transaction ID	Unique ID for this transaction.
Type	Further definition of payment types or adjustments.
Status	Detail regarding status of the payment.
Payment Received	Date the payment was received.
Payment Processed	Date the payment was applied to the outstanding balance.
Recovery Amt	Amount of the payment received.
Merchant Processing Fee	Amount charged by the merchant for processing the payments received during the remittance period.
Omega Fee	Total amount that is paid to Omega from this invoice.
Amount Due to Client	Total amount that is due to you.

Omega - Invoicing - Misc Transactions

This report shows all miscellaneous transactions related to the invoice billing period, including prior months’ balance.

Field Definitions

Column Name	Definition
Misc Trans Number	Set of letters and numbers generated to uniquely identify the miscellaneous transaction.
Type	Balance owed to Creditor, Agency, or Reserve. Additional information found in the Description field.
Date	Date of the miscellaneous transaction.
Description	Additional information to describe the transaction.
Amount	Total amount of the miscellaneous transaction.

Using Reports to Substantiate Your Omega Invoice

Access Invoice PDF and Reports

To balance fields on Omega Invoices and to ensure all charges and amounts are correct, you must first access your invoice. Finding any of the fields below will start the same way:

Navigate to the Omega uPortal and select “Invoices” and download the Omega invoice that matches the invoice you are searching for with the invoice under the “Name” column.
Still within uPortal, in the reports tab, navigate to “Reports”
1. Omega - Invoicing - Summary
2. Omega - Invoicing - Transactions
3. Omega - Invoicing - Misc Transactions
Select the drop-down menu for the remittance period you are verifying.

Verify Omega Payment Details, Fees, and Summary Details

You will need the Omega - Invoicing - Transactions report for these validations to the Invoice.

Note: If there are multiple Collection Programs or multiple invoices for the client, you will need to Filter or Sort by Collection Program.

Invoice Field to Verify	How to Validate
Payment Detail	Total column J “Recovery Amt.” This is the total of the payments received in the remittance period.
Credit Card Payment Total	Total principal amount paid by credit card during the remittance period. Sort or filter payment Type to PMT - Credit Card.
Merchant Fee Total	Multiply the total of the Recovery Amt by the Merchant Fee to calculate the passthrough merchant processing fees.
Omega Fee	Multiply the total of the Recovery Amt by the Contingency fee to calculate the amount applied to the outstanding principal balance.
Client Payments	Total principal amount paid directly to the client/creditor during the remittance period. Sort transaction Type to PMT - To Client. Sum this column for payments to client.
Outsourced Payments	Total principal amount paid to an Outsourced collection agency during the remittance period. Sort transaction Type to PMT - Outsourced. Sum this column for outsourced payments.

You will need the Omega - Invoicing - Misc Transactions report for these validations to the invoice. Miscellaneous transactions include balances (positive and/or negative) that have been carried over from a prior remittance period. Use the type and description of Misc Transaction to substantiate the report.

Invoice Field to Verify	How to Validate
Misc Transactions	Balance owed to Creditor - this is a positive amount owed to the creditor, will increase remittance amount to the Creditor. Balance owed to Agency - this is a negative amount, owed by the Creditor to the Agency. This reduces the amount owed to the creditor. Balance owed to Reserve - this is a negative amount, owed by the Creditor to the account Reserve. This reduces the amount owed to the creditor.

Invoice Field to Verify

How to Validate

Misc Transactions

Balance owed to Creditor - this is a positive amount owed to the creditor, will increase remittance amount to the Creditor.

Balance owed to Agency - this is a negative amount, owed by the Creditor to the Agency. This reduces the amount owed to the creditor.

Balance owed to Reserve - this is a negative amount, owed by the Creditor to the account Reserve. This reduces the amount owed to the creditor.

You will need the Omega - Invoice Summary and Omega - Summary Transactions report for these validations to the invoice.

Invoice Field to Verify	How to Validate
Reinstatements	On the Invoice Summary report, calculate the number (quantity) of Reinstatements in the Payment Detail section multiplied by the Reinstatement Fee per your Omega Agreement. Details for each Reinstatement is listed on the Summary Transactions report.

Excel Tips & Tricks

To verify your invoices, it's helpful to know a few tools in Excel. These features will be a reference in the verification details.

Apply Data Filter to Sheet - An easy way to sort data is to apply a data filter to the entire sheet. Use "ctrl + a" or click on the arrow between Column A and Row 1 to select the entire sheet. Then go to the Data tab and select Filter. Now every column in the sheet will have a drop-down arrow that will allow you to sort by that column or apply quick filters.

Summarize Data

If you filter a row, as you apply a filter it will count the rows.
If you highlight an entire column (click on "A" as an example) excel will count rows and if the field is numeric it will summarize the values. This is an easy way to see totals without having to add a summary formula.
- Please note, this will provide a total count for any cell with a value entered, including the header. For example, if you are attempting to confirm the total number or quantity of transactions, the count will include the header of the column into the total count provided.
Pivot Tables - a bit more advanced, but provides an easy way to summarize data by group and subgroups.

FAQs

How do I obtain more than six months of invoices?

We make the last six months of invoices available in our portal. However, if you need access to older invoices, please contact uSupport (888-842-2461, option 1).

What do each of the line items mean on the invoice?

Please refer to the "How to Read Omega Invoice" PDF that is available at the start of this article.

Why does the Omega - Invoicing - Transactions report not match the totals of the Omega - Collection Transactions report?

The Omega - Collection Transactions report shows all transactions, including those transactions that are applied to interest only. The Omega - Invoicing - Transactions report only shows transactions that are applied to the principal or outstanding balance.

How can I reconcile Client Payments Received?

Review the Omega - Invoice Transactions report. Sort or Filter by payment Type, select PMT - to Client. Total the Recovery Amount. The total summarized amount will match the total of payments reported to UAS. The total of the client payments is subtracted from the total amount owed to the client by Omega.