Principal Detail

Principal Detail

The Principal Detail form displays debtor Principal, Judgement and Legal costs information. This form lets you enter the Debtor's Original Principal and Judgement details. It also displays the Principal Paid To Date or the Judgement Paid to Date on the account. The Principal Detail form also shows a total of all legal fees posted to date. Credit grantors may change the display of the Debtor screen from this form so that it shows 30/60/90 day amounts.

Open this form while on the Debtor form by clicking or pressing F2 when in the Principal field.

Principal Detail form

Original Principal

This is the amount of the original debt. Normally, you enter a dollar amount here, but you can also let Collect! calculate the Original Principal from transactions posted to the 'Principal' account.

WARNING: If you use transactions to define principal amounts, any amount entered into the Original Principal field will be wiped out by the totals of all Principal transactions.

This field is greyed out when compound interest is being charged on the account.

When the debtor has a Judgement, instead of the Original Principal, the Judgement Principal is used for financial calculations.

Principal Paid To Date

This field displays the amount of Principal that has been paid on this account. The amount is determined by the way your payments are broken down and also by any Principal type transactions that are posted as a credit to the account.

This is a convenient display for quickly determining the total principal paid on the account. You can pull this information into reports.

Judgement Date

This is the date of the Judgement against the debtor if one exists. This date is very important in determining the charges and credits to the account. When a Judgement is awarded, all financial activity that occurred prior to the Judgement Date is ignored. When you enter the Judgement Date, the Debtor form will show a Judgement field which "overlays" the Principal field and displays in color to indicate that judgement amounts are being used for Principal and Interest when calculating the amount Owing.

WARNING: When you enter a Judgement Date for an account with Interest, the 'Calculate interest from date' in the Interest Detail form changes to the Judgement Date and previously accrued interest is erased. If you wish to preserve a record of any interest accrued prior to Judgement, please refer to the help topic Reset Interest BEFORE entering a Judgement Date.

When the Judgement Date is entered, Collect! looks for a 196 Original Principal transaction on the account (to store the pre-Judgement Original Principal amount.) If one is not found, Collect! prompts the user to confirm that it is creating a 196 transaction for the Original Principal amount. Select 'Yes' to confirm or 'Cancel' to back out of the Judgement settings. The Judgement Principal and Judgement Paid To Date fields are visible after you have entered a Judgement Date. Enter the judgement amount into the Judgement Principal field.

The Judgement Date that you enter must be LATER than the Posted Date of the Original Principal, or you may find that the Judgement Amount is miscalculated. This may be corrected by adjusting the dates appropriately.

Judgement Principal

This is the amount of the Judgement. This field is only visible after you have entered a Judgement Date. This amount displays in the Debtor form in the Judgement field (which replaces the Principal field when the Judgement Date is entered.) This is the debtor's new principal amount. All calculations will be based on this Judgement Principal going forward from the Judgement Date. This field displays in color on the Debtor form to indicate that judgement amounts are being used for Principal and Interest when calculating the amount Owing.

Judgement Paid To Date

This field displays the amount of Judgement Principal that has been paid on this account. This field is only visible after a Judgement Date has been entered. The amount is determined by the way your payments are broken down and also any Principal type transactions that are posted as a credit to the account after the Judgement Date.

This is a convenient display for quickly determining the total Judgement Principal paid on the account. You can pull this information into reports.

Total Legal Costs

This amount is the total legal cost of all transactions posted against the debtor, or legal charges and fees. This is automatically calculated from all legal costs entered in the debtor's transaction register. Legal costs are any transactions with a transaction type from 200 to 299. Please review the help on Transaction Types for more information.

Payment Plan

The Payment Plan button steps you into scheduling a payment plan for this debtor.

Only use a Payment Plan if you are sure that 90% of the time, this debtor will pay the required amount on time. If you can not be sure of this, do not use a Payment Plan.

Transactions

Select this button to view the list of all transactions posted for this debtor.

Currency

This is the currency the debtor account is recorded in. This is for display and printing only.

By default this field is blank, or is set to the System Default. Collect! reads your Regional Settings and uses whatever your computer is set to.

This means that if your computer is set up for North America, you will see the $ symbol displayed in currency fields. Other countries will show different currency symbols.

The debtor's currency records the currency of the account.

Collect! does no calculations using exchange rates and currencies yet. These fields are provided for your information purposes only.

This field is only visible when Multi Currency is switched ON in the Company Details form.

Show 30/60/90

When this switch is turned ON, the Interest, Fees, Paid, and Adj fields in the Debtor form change to display values for 30 Days, 60 Days, 90 Days, and Over 90 Days.

These values are calculated and displayed only if you are a Credit Grantor. Please refer to Credit Bureau Setup.

Help

Press this button for help on the Principal Detail form and links to related topics.

Cancel

Select this button to ignore any changes you may have made and return to the previous form.

OK

Select this button to save any changes you may have made and return to the previous form.