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The Transaction form displays many fields where you can
enter the details of a payment or charge posted to a
debtor's account. The information you enter in the
Transaction form is used for many calculations, including,
Debtor Balance Owing, Month End totals for Invoices, Fees
and Operator Commissions.
Transaction form
Type
Select the down arrow or press F2 to view the list of all
Transaction Types in the system. Select the type for
this transaction and its Code will be displayed in the
Type field. You may also notice that several fields on
the Transaction form fill immediately with values taken
from the Transaction Type settings.
The Type enables you to easily identify what kind of
transaction this is. It is often used in reports to classify
or group transactions for calculations or summaries.
Examples of types of transactions:
* a payment
* a charge for items such as NSF charges or NSF
check returns
* legal fees or interest charges
* commissions
Transaction types are used to organize your
transactions for reporting and accounting purposes.
When you select a Type to categorize the transaction
you are about to post, Collect! applies the settings for
this Transaction Type. Certain fields on the Transaction
form are only visible for a particular Transaction Type.
Also, certain calculations are only performed when a
particular Transaction Type is selected.
Transaction types also fall into groups such as Principal,
Interest, Legal Fees, Adjustments and Other Expenses.
All these details are used by Collect! when printing
Trust Summary Reports. Separate lists and totals are
displayed for various transaction types and groups of
transaction types.
There are several built-in Transaction Types provided
in the Demonstration database. You can copy any of
these to the Master database and you can also create
your own transaction types.
See Also:
- Transaction Types
Debtor
This is the Debtor account the transaction pertains to. Press
F2 to pick from the list of Debtors.
If you accessed the Transaction form through
the Finance button on the Debtor form, the
Debtor will already be displayed in the Debtor
field and certain financial information will be
filled in already from the Debtor form.
Client
This is the Client Number of the Client who assigned the
chosen debtor to your company. It is taken from the
Debtor form.
Receipt Number
A Receipt Number may be assigned automatically to
this transaction. For Collect! to create a Receipt
Number, three conditions must be met.
1. The transaction must be posted to the Payment account.
2. The amount posted must be a positive payment (credit)
in the To Agency field.
3. The Receipt Number switch must be turned ON in the
Transaction Type setting for this Transaction Type.
If these conditions are not met, Collect does not
automatically assign a Receipt Number to the transaction.
The Receipt Number is determined by adding one to the
highest numbered receipt already in Collect!. You can change
an existing Receipt Number so that Collect! will start at a
number of your choice.
If you're upgrading from an earlier version of
Collect! make sure you set the access rights
to Read Only for this field to avoid Users
changing your Receipt Number sequence.
Invoice Number
An Invoice Number may be assigned automatically to
this transaction. For Collect! to create an Invoice Number,
three conditions must be met.
1. The transaction must be posted to the Fees account.
2. The amount posted must be a negative amount (debit)
To Agency or To Client, or a positive Commission
amount.
3. The Invoice Number switch must be turned ON in the
Transaction Type settings for this Transaction Type.
If these conditions are not met, Collect does not
automatically assign an Invoice Number to the transaction.
The Invoice Number is determined by adding one to the
highest numbered invoice already in Collect!. You can change
an existing Invoice Number so that Collect! will start at a
number of your choice.
If you're upgrading from an earlier version of
Collect! make sure you set the access rights
to Read Only for this field to avoid Users
changing your Receipt Number sequence.
Account
The Account type sets the financial category of each
transaction. Account types can be Payment, Interest,
Fee, Adjustment or Principal. Whichever radio button is
dotted in this column sets the Account type of the
transaction. This is very important for Collect! to
know how to process the transaction that is being
posted. Transactions are posted to whichever financial
Account is dotted, either Payment, Interest, Fee,
Adjustment or Principal. The dotted account type
determines which financial money field on the Debtor
screen is affected.
Payment
While in this field, click the mouse or press the space
bar to flag the field with a dot in the radio button. This
field is automatically flagged when you choose a
transaction type that is a Payment.
A Payment is any amount received by your agency
from a debtor to settle outstanding principal, interest
and fees. The amount is entered in the To Us or
Direct field on the Transaction form. A POSITIVE
Payment amount DECREASES the debtor's Owing.
Payments and charges can be assigned to any
debtor account. Normally, commission is automatically
calculated on transactions flagged as Payment.
Interest
While in this field, click the mouse or press the space
bar to flag the field with a dot in the radio button. This
field is automatically flagged when you choose a
transaction type that is Interest.
Interest can be entered when you first list an account.
Adjustments can be made as needed to existing interest
calculations. Amounts are entered in the To Us or
Direct fields. A POSITIVE Interest amount DECREASES
the debtor's Owing.
Collect! internally tracks principal, interest, adjustments
and fees. Fees are also broken down further to provide a
summary of legal fees only.
Fee
While in this field, click the mouse or press the space
bar to flag the field with a dot in the radio button. This
field is automatically flagged when you choose a
transaction type that is a Fee.
Any fee charged to the debtor can be entered through
the Transaction form. Amounts are entered in the To Us
or Direct fields. A POSITIVE Fee amount DECREASES
the debtor's Owing.
Collect! internally tracks principal, interest,
adjustments and fees. Fees are also broken down
further to provide a summary of legal fees only.
Adjustment
While in this field, click the mouse or press the space
bar to flag the field with a dot in the radio button. This
field is automatically flagged when you choose a
transaction type that is an Adjustment.
Adjustments can be posted for interest amounts, fees
or any other type of payment. A POSITIVE Adjustment
amount becomes a negative adjustment, that is, it
DECREASES the debtor's Owing. Negative adjustments
are shown enclosed in parentheses and are deducted
from the debtor's Owing.
Collect! internally tracks principal, interest, adjustments
and fees. Fees are also broken down further to provide a
summary of legal fees only.
Principal
While in this field, click the mouse or press the space
bar to flag the field with a dot in the radio button. This
field is automatically flagged when you choose a
transaction type that is Principal.
Amounts posted as Principal include the original amount
owed by the Debtor, or a judgement amount or legal costs.
Depending on the nature of your business, Principal amount
can also be the original price of goods or services rendered,
including finance charges. A POSITIVE Principal amount
DECREASES the debtor's Owing.
When using Compound Interest calculations
in Collect! you MUST post an Original
Principal transaction so that Collect! can
display the breakdown of Principal, Interest
and Fees.
Collect! internally tracks principal, interest, adjustments
and fees. Fees are also broken down further to provide a
summary of legal fees only.
Description
This field stores a brief explanation of this type of
transaction. The Description will be copied automatically
from the Transaction Type settings if you switch ON 'Copy
Description to Transaction' in the Transaction Type form.
You may also add details about this particular Transaction,
such as NSF check number, expense reference number or
other information.
Payment Date
This is the actual Date that the Payment is made to
the debtor's account. This is very important for many
financial calculations on the account. It is used to
tally the total displayed in the Paid field on the Debtor
form. When there is interest to be calculated, this
Payment Date is used to accurately compute the interest
for the account. Interest calculation is based on the
ACTUAL Payment Date rather than the date the payment
is reported by the client or posted to the account.
By default Collect! displays today's date. Press F2
to pop up the calendar where you can choose a
different date.
If "Automatically Manage Promises" is switched on
in Payment Posting Options, the Payment Date
will use the Promise Due Date when there is a
Promise Contact set up on the account.
Posted Date
This is the calendar date this transaction is entered
into the system. This is very important for financial
reporting on the account. The Posted Date is used
when generating statements to determine if the
transaction falls within the statement Date Range.
By default Collect! displays today's date. Press F2
to pop up the calendar where you can choose a
different date.
One way to keep track of post-dated checks and
promised payments is to post transactions with
no Posted Date. Collect! will ignore the transactions
when calculating debtor Owing and generating
statements.
Operator
This is the Collector the account is assigned to.
It is used in the Operator Analysis Report to
determine Operator commissions.
Select the down arrow or press F2 to view the
list of Operators. This field is automatically filled
from the Debtor form or the Transaction Type
settings.
Sales
This is the Sales person or team assigned to this
account. It is used for commission calculations in
the Operator Analysis Report. Please refer to the
help on that report for more information.
Select the down arrow or press F2 to view the
list of Operators. This field is automatically filled
from the Debtor form or the Transaction Type
settings.
Owing
This is the total amount of the outstanding debt for this
debtor. It is taken from the Debtor's Owing on the Debtor
form. It is used in calculations, statements and reports.
To Us
The To Us field is used to record payments made to the
agency. This field is a positive value for checks or cash,
while NSF charges and similar fees are entered as a
negative value. Positive payments are listed in the daily
bank deposit listing. Entering a positive value decreases
the debtor's Owing and a negative value increases
the debtor's Owing. A commission is calculated from
this amount and is entered into the Commission Amount field.
Transaction Type settings determine
whether this field is displayed. If you don't
see this field and expect to please review
the Transaction Type you've selected.
Direct
The Direct field is used to record payments made directly
to the client. A commission is calculated from this
amount and is entered into the Commission Amount field.
The payment is not listed in the daily bank deposit
listing. Entering a negative value increases the
debtor's Owing.
Transaction Type settings determine
whether this field is displayed. If you don't
see this field and expect to please review
the Transaction Type you've selected.
Commission Rate
This is the percent of the debtor's payment which the
agency charges as a fee for services. The dollar amount
of the commission is calculated from this percentage (a
number from 0 to 100) and is automatically entered into
the Commission Amount field. The Commission Rate is
read from the Debtor form or from the Transaction Type
settings. It an be modified on an individual transaction.
Entering a 0 results in $0.00 commission. Enter 100
to retain all of a fee.
Commission Amount
This Commission Amount will appear on the Client
Statement at the end of month. The Commission
Amount is calculated from the Commission Rate and
the Payment amount To Us or Direct. You can change
the amount. A positive value will result in the client being
billed for the amount of the Commission and entering a
negative value credits the client's account.
The calculation of Commission Amount
depends on the switch controlling 'Add
Commission to Owing' in the Debtor
Fees and Charges form. If commission
has been added to the Owing, the actual
percentage used when calculating the
Commission Amount will be less than if
the switch was not set.
See Also:
- Fees and Charges
Tax Rate
This is the rate at which the tax is calculated on
the Commission Amount value displayed in this
transaction. You can enter a rate here or accept
the default rate that may be displayed already
for you.
The default Tax Rate is taken from the debtor
information available when you click the Rate field
in the Debtor form. This displays the
Commission and Charges form with a Tax Rate field.
The value in that field is copied to each transaction
that you post with commission and tax calculated.
To switch OFF the calculation of tax, make sure
the box next to 'Don't Calculation Tax' is checked.
Tax
This is the amount of Tax payable on the Commission.
The client will be billed this amount in the next
statement. Tax calculated from the Commission
amount. The Tax Rate is taken from the debtor
information as described above under "Tax Rate."
A positive value causes the client to be billed the
Tax amount on the next statement. A negative
value credits the client with the Tax amount displayed.
Omit From Client Statement
While in this field, click the mouse or press the space
bar to flag the field with a check mark. This field may
already be flagged if it is set in the Transaction Type
settings.
When this field is flagged, this transaction will not be
included in the Client Statement generated at period
end. This setting is read from the Transaction Type
settings but can be changed here.
Omit From Daily Cash Report
While in this field, click the mouse or press the space
bar to flag the field with a check mark. This field may
already be flagged if it is set in the Transaction Type
settings.
When this field is flagged, this transaction will not be
included in the Daily Cash Report. This setting is read
from the Transaction Type settings but can be
changed here.
Don't Calculate Commission
While in this field, click the mouse or press the space
bar to flag the field with a check mark. This field may
already be flagged if it is set in the Transaction Type
settings.
When this field is flagged, the system will NOT
calculate Commission for this transaction.
Don't Calculate Tax
While in this field, click the mouse or press the space
bar to flag the field with a check mark. This field may
already be flagged if it is set in the Transaction Type
settings.
When this field is flagged, the system will NOT
calculate Tax for this transaction.
Use Confirmation Delay
If this is switched ON, this transaction will be reported
on a statement only after the period of confirmation
delay set up in the Payment Posting Options form.
This allows time for a check to clear before it is
included in a clent statement. Please refer to
Transaction Confirmation Delay for details.
User 1
When you are using Take Checks Over The Phone,
enter the number of the check in this field and it will be
printed on the debtor's check.
If you are not printing checks, this field is available
for your own use. The information you enter here can
be pulled into reports and letters.
User 2
This field is available for your own use. The information
you enter here can be pulled into reports and letters.
User 3
This field is available for your own use. The information
you enter here can be pulled into reports and letters.
User 4
This field is available for your own use. The information
you enter here can be pulled into reports and letters.
User 5
This field is available for your own use. The information
you enter here can be pulled into reports and letters.
User 6
This field is available for your own use. The information
you enter here can be pulled into reports and letters.
Attachment
This field will display an Attachment File Name if you
have created an Attachment for this transaction. It will
remain empty if there is no Attachment for this
transaction.
Transaction attachments are files that can be 'attached'
to transactions. This is a very handy way of keeping
track of scanned original invoices, MS Excel
spreadsheets or any other appropriate file type
associated with a transaction.
To the right of this field there are four buttons. You
can use these buttons to perform the following actions.
- Select a file from the Attach folder
- Open a file
- Print a file
- Delete a file
To ATTACH AN EXISTING FILE to this transaction
select the Magnifying Glass button. This feature lets
you attach any kind of file to your transactions in
Collect! As long as Windows is set up to handle
that file type, you can instantly display any type
of original information about any transaction.
To CREATE AN ATTACHMENT, select the Open
button and the Text Editor will start. Enter text
as needed and then press F8 to save and exit.
To PRINT THE DISPLAYED FILE, select the
Print button.
To DELETE THE FILE, select the button with the
stylized X on it. This prompts you to delete the file.
Transaction attachments created by Collect! are
text files stored in the ATTACH folder. They are
named {file#}.### where file# is the debtor's File
Number and ### is a sequence number. A single
debtor can have up to 999 attachments.
You can also select other file types, as long as
Windows knows how to display the types you
choose.
The Attachment field has space for 31
characters for a filename. Collect!
expects transaction Attachment files
to be in the ATTACH folder of the
database you currently have opened.
To organize yourself better, you can
create subfolders under the ATTACH
folder.
For example, we're using a subfolder named FAX
under our ATTACH folder for incoming faxes. We
keep file names short and the transaction
attachments work great.
See Also:
- How To Attach Files To Records
- How To Store Scanned Documents In Accounts
To Principal
This is the amount of this transaction that is assigned
to the debtor's Principal. This field is only displayed
when the Transaction Type for this transaction is a
Payment Breakdown type. This can be used with
accounts with Simple or Compound Interest.
When a payment is made, Collect! automatically
assigns specific dollar amounts To Fees, To Interest,
and To Principal sequentially. This simplifies data
entry when posting complex payment types. By default,
any outstanding Fees and Accrued Interest are paid
before Principal. Collect! deducts them from the
payment, first. Only then, is the remaining
amount applied toward the outstanding Principal.
Payment Breakdown order can be
customized. In the Transaction Type
settings, you can deduct payment from
Fees, Interest, and Principal in any
order you choose. Also, the payment
breakdown can be changed for any
individual transaction that you post.
To Interest
This is the amount of this transaction that is assigned
to the debtor's Accrued Interest. This field is only
displayed when the Transaction Type for this transaction
is a Payment Breakdown type. This can be used with
accounts with Simple or Compound Interest.
When a payment is made, Collect! automatically
assigns specific dollar amounts To Fees, To Interest,
and To Principal sequentially. This simplifies data
entry when posting complex payment types. By default,
any outstanding Fees are paid before Accrued Interest.
Collect! deducts them from the payment, first. Only
then, is the remaining amount applied toward any
outstanding Accrued Interest.
Payment Breakdown order can be
customized. In the Transaction Type
settings, you can deduct payment from
Fees, Interest, and Principal in any
order you choose. Also, the payment
breakdown can be changed for any
individual transaction that you post.
To Fees
This is the amount of this transaction that is assigned to
the debtor's Fees. This field is only displayed when the
Transaction Type for this transaction is a Payment
Breakdown type. This can be used with accounts with
Simple or Compound Interest.
When a payment is made, Collect! automatically
assigns specific dollar amounts To Fees, To Interest,
and To Principal. This simplifies data entry when
posting complex payment types. By default, any
outstanding Fees are paid first. You'll want to post
any late charges as Fees. Then when the next payment
is posted, the Fees are paid before anything else.
Collect! deducts them from the payment, then the
remaining amount is applied toward Accrued Interest
and Principal.
Payment Breakdown order can be
customized. In the Transaction Type
settings, you can deduct payment from
Fees, Interest, and Principal in any
order you choose. Also, the payment
breakdown can be changed for any
individual transaction that you post.
Currency
This field displays the Currency the payment was made in.
This should be the Currency of the account if you are
using the Collect! Month End statement process.
If the Debtor pays in a Currency other than the one the
debt was recorded in you MUST convert the Currency
before entering the payment into Collect!
Collect! does not calculate using exchange
rates and currencies. These fields are
provided for your own informational purposes
only.
To Currency
This is the Client Statement Currency. We use this field
to capture the Currency that the Exchange Rate applies to
for a transaction as it is posted.
Collect! does not calculate using exchange
rates and currencies. These fields are
provided for your own informational purposes
only.
Exchange Rate
Use this field to capture the Exchange Rate for the
transaction as it is posted. You can enter the Exchange
Rate between the Currency and the Statement Currency
here manually, if required.
Collect! does not calculate using exchange
rates and currencies. These fields are
provided for your own informational purposes
only.
Delete
This button is visible on the list of all transactions.
Select it to delete the highlighted record from the
database.
Edit
This button is visible on the list of all transactions.
Select it to open highlighted record for editing.
Help
Select this button for help on the Transaction form
and links to related topics.
Print
Select this button to view the list of all reports you
can print relating to debtor transactions.
New
Select this button to save any changes you may
have made to this transaction and then display
an empty Transaction form for you to continue to
enter new transactions.
Cancel
Select this button to ignore any changes you may
have made to this transaction and return to the
previous form.
OK
Select this button to save any changes you may
have made to this transaction and return to the
previous form.
<<
Select this button to navigate to the
previous transaction in the database.
>>
Select this button to navigate to the
next transaction in the database.
See Also
- Transaction Types
- How To Setup Transaction Types
- How To Post A Transaction
- Interest Detail
- Company Details
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