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Transaction types give you the ability to categorize transactions
for accounting and reporting. Through the Transaction Type form
you set options to control calculations, breakdown payments,
assign a specific operator and a sales person, designate a contact
plan to run, and set the commission rate. You may
view and modify existing transaction types in Collect! and
create your own new ones. By setting up transaction types
for the way you do business, you can automate many basic
aspects of posting and processing your transactions.
Transaction Type form
The Transaction Type form displays many settings that
can be used to manage posting financial transactions
to your accounts. To access this form, select Options from
the top menu bar. Then select Transaction Types from
the submenu that is displayed. The complete list of transaction
types available to you will appear. Click on your choice to
open the Transaction Type form or select the button
labelled New to create a new Type.
Predefined Transaction Types
Collect! provides many pre-defined transaction types in the
Demonstration database for basic types of transactions you
may expect to handle. You can copy any of these to the
Master database.
Transaction types are divided into groups of 100. The
actual "centenary" markers are used as a header for
the group. Although these markers have no settings,
you can reference the description when building reports.
This a handy way to provide a title for a group of
transactions on your reports.
The following list contains all the transaction types
provided for you by Collect!. Each one of these transaction
types has its own settings. These are set in the Transaction
Type for that specific Code, (e.g. 102, 303 etc.) You can
modify these if you need to or add your own, depending on
your business needs. You should seriously consider how
your business operates before making any changes to the
existing system.
100 PRINCIPAL AND INTEREST
101 Payment By Check
102 Payment By Cash
103 Closing Fee received
104 Money Order
105 Returned NSF Check
106 Payment of Agency NSF Fee
107 Check Payment Taken By Phone
110 Monthly Payment
150 Down Payment
151 Payment Plan Payment
160 Monthly Billing Amount
193 Payment Plan Initial Discount
194 Judgement Principal - don't modify - used internally
195 Judgement Interest - don't modify - used internally
196 Original Principal - don't modify - used internally
197 Original Interest - don't modify - used internally
200 LEGAL EXPENSES
201 Legal Fees
202 Taxable Cost
300 FEES AND OTHER EXPENSES
301 NSF Charge due Agency
302 Closing Fee
303 Locate Fee
310 Service Charge
320 Payment Plan Late Fee
321 Down Payment
350 Service charge
351 Late Fee - don't modify - used internally
397 Client Fee - don't modify - used internally
398 Debtor Fee - don't modify - used internally
399 Collection Fee - don't modify - used internally
400 INTEREST
401 Interest Adjustment
499 Total Accrued Interest
500 ADJUSTMENTS
501 Adjustment As Per Client
502 Adjustment As Per Court Order
599 Adjustment As Per Upgrade - don't modify - used internally
Code
This field shows the Code for this Transaction Type.
The Code identifies the type of transaction you are
posting. Whenever you post transactions, you pick
the Code from the list of Transaction Types and
all the settings for that type are copied into the
Transaction form.
These codes are organized in groups of 100 with
the "centenary codes", i.e. 100, 200, 300 etc.
reserved as titles for the group.
- 100 PRINCIPAL
- 101-199 Principal and Interest
- 200 LEGAL
- 201-299 Legal Expenses
- 300 OTHER
- 301-399 Other Expenses
- 400 INTEREST
- 401-499 Interest Adjustments
- 500 ADJUSTMENTS
- 501-599 Other Adjustments
Please note that you should leave codes 100, 200, 300, 400
and 500 as titles for each group. This conveniently divides
your types and Collect! uses these in trust reports as
column headings. Use codes 101, 201, 301, 401, 501 as
the starting codes for transaction types you want to list in
each group. You can also create your own groups and codes
and then create reports to reference transactions posted with
these codes.
Please note that Collect! uses the following
transaction types internally so they should
not be deleted or modified.
194 Judgement Principal
195 Judgement Interest
196 Original Principal
197 Original Interest
351 Late Fee
397 Client Fee
398 Debtor Fee
399 Fee for Agency Commission
Description
This is a brief description of the Transaction Type.
For codes 100, 200, 300, 400, and 500, the Description
should be the title you want to see in your
Trust Account Report for the section that lists
transactions in each group.
Copy Description To Transaction
To flag this field, press your space bar or click
inside the field with the mouse so that a check mark
appears. Whenever you post a transaction of
this Transaction Type, the Description will automatically be
copied to the transaction's Description field.
Account
The Account setting determines the financial category
of each transaction. Accounts can be Payment, Interest,
Fee, Adjustment or Principal. The dotted radio button in
this column sets the transaction's financial account type.
This is very important for processing money amounts
when a transaction is posted. The money amount of the
transaction will be allotted to the financial area you
choose here - Payment, Interest, Fee, Adjustment or
Principal.
Payment
To flag this field, press your space bar or click inside
the field with the mouse so that a dot appears in the
radio button. This flags this Transaction Type as a
Payment. Transactions will be posted as payments
to the debtor's account and will be totalled in the Paid
field on the Debtor screen as well as being calculated
in financial statements and reports.
Interest
To flag this field, press your space bar or click inside
the field with the mouse so that a dot appears in the
radio button. This flags this Transaction Type as Interest.
Transactions will be posted as interest to the debtor's
account and will be totalled in the Interest field on the
Debtor screen as well as being calculated in financial
statements and reports.
Debtor's total interest is Original Interest plus any
Accrued Interest minus any positive transactions posted
to the debtor's Interest account.
Fee
To flag this field, press your space bar or click inside
the field with the mouse so that a dot appears in the
radio button. This flags this Transaction Type as a Fee.
Transactions will be posted as fees to the debtor's
account and will be totalled in the Fees field on the
Debtor screen as well as being calculated in financial
statements and reports.
Fees = all transactions posted to the debtor's
Fee account.
To charge a fee, post the amount as a debit to the
debtor's Fee account. To post a debtor payment to cover
a fee, post the amount as a credit to the debtor's Fee
account.
Adjustment
To flag this field, press your space bar or click inside
the field with the mouse so that a dot appears in the
radio button. This flags this Transaction Type as an
Adjustment. Transactions will be posted as adjustments
to the debtor's account and will be totalled in the
Adjustments field on the Debtor screen as well as
being calculated in financial statements and reports.
Adjustments = all transactions posted to the
debtor's Adjustment account.
Posting a credit to the account reduces the debtor's
Owing. A debit increases the debtor's Owing.
Principal
To flag this field, press your space bar or click inside
the field with the mouse so that a dot appears in the
radio button. This flags this Transaction Type as
Principal. Transactions will be posted as principal to
the debtor's account and will be totalled in the Principal
field on the Debtor screen as well as being calculated
in financial statements and reports.
Enter Amount On Posting
To flag this field, press your space bar or click inside
the field with the mouse so that a dot appears in the
radio button. When each transaction is posted, the
user must fill in the amount of the transaction.
Use Dollar Amounts
To flag this field, press your space bar or click inside
the field with the mouse so that a dot appears in the
radio button. When you choose this option, four new
fields appear on the form, labelled To agency, Direct,
Commission and Tax. In the appropriate field, enter the
dollar amount of the transaction. When the user posts
a transaction of this Transaction Type, the dollar amount will
automatically be copied to the correct field on the
transaction.
Remember that a positive amount is a
credit to the account!
Percent Of Principal
To flag this field, press your space bar or click inside
the field with the mouse so that a dot appears in the
radio button. When you choose this option, four new
fields appear on the form, labelled To agency, Direct,
Commission and Tax. In the appropriate field, enter
the Percent of Principal of the transaction (as a number
from 1 to 100.) When the user posts a transaction of
this Transaction Type, Collect! will calculate the correct
percentage and the amount will automatically be copied
to the correct field on the transaction.
Remember that a positive percent is a
credit to the account!
Percent Of Owing
To flag this field, press your space bar or click inside
the field with the mouse so that a dot appears in the
radio button. When you choose this option, four new
fields appear on the form, labelled To agency, Direct,
Commission and Tax. In the appropriate field, enter the
Percent of Owing of the transaction (as a number from 1
to 100.) When the user posts a transaction of this
Transaction Type, Collect! will calculate the correct
percentage and the amount will automatically be copied
to the correct field on the transaction.
Remember that a positive percent is a
credit to the account!
Percent Of Interest
To flag this field, press your space bar or click inside
the field with the mouse so that a dot appears in the
radio button. When you choose this option, four new
fields appear on the form, labelled To agency, Direct,
Commission and Tax. In the appropriate field, enter
the Percent of Interest of the transaction (as a number
from 1 to 100.) When the user posts a transaction of
this Transaction Type, Collect! will calculate the correct
percent of any Accrued Interest and the amount will
automatically be copied to the correct field on the
transaction.
Remember that a positive percent is a
credit to the account!
This is a ***NEW*** feature. For example, we created
a 499 Transaction Type with Account Interest, 'Percent
of interest' turned on, and -100 in the To Us field. This
takes any current Accrued Interest on the account and
posts it as a transaction.
When you combine this with the enhanced
Edit Contact Event to roll forward
the 'Calculate interest from date' in the
Interest Detail form, you can create
interesting and very powerful automation
effects.
To Agency
This field is only visible when you have chosen to
enter an actual dollar amount or percent for this
Transaction Type. Enter an amount or percent that
will automatically be copied to the To Agency field
when creating a transaction of this Transaction Type.
Direct
This field is only visible when you have chosen to
enter an actual dollar amount or percent for this
Transaction Type. Enter an amount or percent that
will automatically be copied to the Direct field
when creating a transaction of this Transaction Type.
Commission
This field is only visible when you have chosen to
enter an actual dollar amount or percent for this
Transaction Type. Enter an amount or percent that
will automatically be copied to the Commission Amount
field when creating a transaction of this Transaction Type.
Tax
This field is only visible when you have chosen to
enter an actual dollar amount or percent for this
Transaction Type. Enter an amount or percent that
will automatically be copied to the Tax field
when creating a transaction of this Transaction Type.
Payment Breakdown
This function posts payments broken down into
to Fees, Interest, and Principal. To flag this field,
press your space bar or click inside the field with
the mouse so that a dot appears in the radio button.
When you flag Payment Breakdown, additional fields
become visible where you can select the order that
you want to use for distributing the payment amount.
By default, Collect! posts to Fees, then Interest,
and finally to Principal. Please refer to the section
below on Payment Breakdown and Compound Interest for
further details.
Payment Order
These fields allow you to choose the order in which
Collect! will apply the payment amount to the debtor's
account when a transaction of this Transaction Type is
posted. Select the down arrow to view a pick list where
you can choose Fees, Interest, or Principal. You can
also select a blank [-] from the pick list to limit
your breakdown to fewer than the three account
categories.
Multiorder1
Select the down arrow next to this field to choose
the first category to pay off when applying payments
of this Transaction Type to the debtor's account.
Multiorder2
Select the down arrow next to this field to choose
the second category to pay off when applying payments
of this Transaction Type to the debtor's account.
Select a blank [-] to limit your breakdown to your
first choice.
Multiorder3
Select the down arrow next to this field to choose
the third category to pay off when applying payments
of this Transaction Type to the debtor's account.
Select a blank [-] to limit your breakdown to your
first two choices.
Reporting
Several switches can be set to determine how you
will handle the reporting aspects when transactions
of this Transaction Type are posted.
Write To Notes
To flag this field, press your space bar or click inside
the field with the mouse so that a check mark appears in
the box. With this field flagged, a note is written into the
debtor's Notes when the transaction is saved.
Omit From Client Statement
To flag this field, press your space bar or click
inside the field with the mouse so that a check mark
appears in the box. Transactions of this Transaction
Type will not be included in the client statement
generated at period end. You can override this when a
transaction is being posted, if needed.
Omit From Daily Cash Report
To flag this field, press your space bar or click inside
the field with the mouse so that a check mark appears
in the box. Transactions of this Transaction Type will
not be listed on the Daily Cash report. You can override
this when a transaction is being posted, if needed.
Use Confirmation Delay
Switch this on to delay reporting transactions posted
with this Transaction Type. This is useful for allowing
time for a check to clear. The number of days delayed
is taken from the Payment Posting Options form.
Please refer to Transaction Confirmation Delay for
details.
Calculations
Several switches can be set to determine how you will
handle calculations relating to transactions of this
Transaction Type.
Don't Calculate Commission
To flag this field, press your space bar or click inside
the field with the mouse so that a check mark appears
in the box. When this field is flagged, commission will
not be calculated when a transaction of this Transaction
Type is posted. You can override this when a transaction
is being posted, if needed.
Don't Calculate Tax
To flag this field, press your space bar or click inside the
field with the mouse so that a check mark appears in the
box. When this field is flagged, tax will not be calculated
on the commission amount when a transaction of this
Transaction Type is posted. You can override this when a
transaction is being posted, if needed.
Invoice Number
To flag this field, press your space bar or click inside the
field with the mouse so that a check mark appears in the
box. When this field is flagged, an Invoice Number is
automatically assigned to the transaction by Collect!,
providing that three conditions are met.
1. This switch must be turned on with a check mark.
2. The transaction must be posted to the Fees account.
3. The amount posted must be a negative amount (debit)
To Agency or Direct, or must be a positive (credit)
Commission amount.
If these conditions are not met, Collect does not assign
an Invoice Number even if the field is flagged.
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.
Receipt Number
To flag this field, press your space bar or click inside the
field with the mouse so that a check mark appears in the
box. When this field is flagged a Receipt Number is
automatically assigned to the transaction, provided that
three conditions are met.
1. This switch must be turned on with a check mark.
2. The transaction must be posted to the Payment
account.
3. The amount posted must be a positive payment (credit)
To Agency.
If these conditions are not met, Collect will not assign
a Receipt Number even if the field is flagged.
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.
Display
Several switches can be set to determine what fields
you display when posting a transaction of this
Transaction Type.
Hide To Us
To flag this field, press your space bar or click inside
the field with the mouse so that a check mark appears
in the box. When this field is flagged, the To Us field
on the Transaction form is hidden when this Transaction
Type is selected.
Use this switch if you want to organize your transaction
types according to Direct or To Us payments. This
function simplifies work for the user, as they don't have
to decide whether to post the transaction in the To Us
or Direct field.
Switch on both the Hide To Us and Hide
Direct to force the User to post to
Commission. This is useful, at times, for
posting fees and prepayment amounts.
Hide Direct
To flag this field, press your space bar or click inside
the field with the mouse so that a check mark appears
in the box. When this field is flagged, the Direct field
on the Transaction form is hidden when this Transaction
Type is selected.
Use this switch if you want to organize your transaction
types according to Direct or To Us payments. This
function simplifies work for the user, as they don't have
to decide whether to post the transaction in the To Us
or Direct field.
Switch on both the Hide To Us and Hide
Direct to force the User to post to
Commission. This is useful, at times, for
posting fees and prepayment amounts.
Operator
Select the down arrow, or press F2, to view the list
of Operators. A choice in this field forces the
transaction to be posted to the Operator ID selected.
This is useful for transactions that you don't want
included in the standard Operator commission reports.
For example, payments to precollect accounts should
probably be assigned to either the system or to
management, to avoid inclusion in any particular
operator's Transaction Summary Reports.
Sales
Select the down arrow, or press F2, to view the list
of Operators. A choice in this field forces the
transaction to be posted to the Sales ID selected.
This is useful for transactions that you don't want
included in the standard Operator commission reports.
For example, payments to precollect accounts should
probably be assigned to either the system or to
management, to avoid inclusion in any particular
operator's Transaction Summary Reports.
Run Contact Plan
Select the down arrow, or press F2, to view the list
of Contact Plans. Select a contact plan to run when
a Transaction of this Type is posted. The contact
plan displayed is this field will run automatically as the
transaction is saved. This is useful for setting up custom
contact schedules that depend on the type of payment
or debit posted.
POST PAYMENT SEQUENCE
When you post payments with contact plans, the
sequence of events is as follows.
1. A transaction record is created.
2. Debtor totals are recalculated.
3. The default Payment Posting Contact Plan is run,
if there is on set up in Payment Posting Options.
4. The Transaction Type specific Contact Plan is run.
This plan is run AFTER any Contact Plan
you set up in the Payment Posting
Options form. This means that you can
use this Transaction Type contact plan
to set up a custom schedule for promised
payments received or NSF checks.
Commission Rate
This Commission Rate is used when a transaction
of this Transaction Type is posted. This rate overrides
the debtor's Commission Rate or Rate Plan which
would ordinarily be used to calculate commission
for a payment.
Delete
This button is only visible on the list of all Transaction
Types. Select this to delete the highlighted item from
the list.
Edit
This button is only visible on the list of all Transaction
Types. Select this to open and modify the highlighted
Transaction Type.
New
This button is only visible on the list of all
Transaction Types. Select this to open a new
blank Transaction Type form.
Help
Select this button for help on the Transaction Type
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 have
made and return to the previous form.
<<
Select this button to navigate to the
previous record in the database.
>>
Selecting this button to navigate to the
next record in the database.
Payment Breakdown And Compound Interest
When you use Compound Interest you MUST post the
Original Principal amount as a Transaction Type 196.
When posting payments, transaction types MUST have
the Payment Breakdown option set so that Collect! can,
by default deduct, fees first, then accrued interest,
and finally principal. You may adjust this payment
breakdown order when creating your Payment Breakdown
transaction types. Please be sure you know what you
are doing if you deviate from the default order, i.e.
Fees, then Interest, then Principal.
Results of the payment disbursement will be reflected in several places:
Compound interest calculations produce a
running balance of principal, interest, fees and
adjustments. When using Compound Interest, you
MUST post transactions using Payment Breakdown.
Payment breakdown now works with Simple Interest
as well as Compound Interest.
See Also
- Transaction Type Basics - Introduction/Accessing
- Transaction Type Samples
- How To Start Using Collect!
- How To Setup Transaction Types
- How To Post A Transaction
- How To Copy Records
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