Managed returns merit recount (7)
I believe the answer is:
narrate
'recount' is the definition.
('narrate' can be a synonym of 'recount')
'managed returns merit' is the wordplay.
'managed' becomes 'ran' (I've seen this before).
'returns' says the letters should be written backwards.
'merit' becomes 'rate' ('rate' can be a synonym of 'merit').
'ran' backwards is 'nar'.
'nar'+'rate'='NARRATE'
(Other definitions for narrate that I've seen before include "Chronicle" , "rehearse" , "Tell us the story" , "Tell a story, recite" , "Give a detailed account" .)