Debtor Financials Basics

Collect! excels in its flexible handling of debtor financial details. This is an area where you can create a "paper trail" for anything that affects the debtor's account.

There are several fields on the Debtor form that display financial values for the account. Principal and Judgement, simple interest, compound interest and amortized interest are handled through the Financial Detail form. Fees and charges can also be addressed through this form.

Any transaction flagged as a payment type will be totalled and displayed in the Paid field. The Adjustments field is populated with the total of all transactions that are flagged as adjustments. The Owing field is populated with the result of the other financial field values.

When you select the Owing field, a Debtor Financial Summary appears. This form summarizes the totals, paid to date values, and remaining amount owing on the account. Interest and/or an outstanding promise can be found in the Current column, as amounts needed to bring the account to current.

The main function of transactions is to keep the account financial values accurate and up to date. Another major function is the calculation of commission amounts from your clients. With these functions, you can can talk to any debtor about his outstanding debt, and collect or hold any calculated commissions that are due your company. Transactions hold the key to these dollar values.

Keep things simple to start. It is always easier to expand the number of transaction types you use as your need grows.

Accessing Debtor Financials

All areas regarding setup of a debtor account financial information are accessed while on the Debtor form. Starting up an account, entering the original balances, setting up the interest if needed, and charging collection or legal fees, are all done while viewing the Debtor form.

Once these initial values are set, the next stage is to post transactions for payments, adjustments or additional fees and charges. These are done through the Transactions tab on the Debtor form.

Commissions are generally set at the Client level. You will see the current rate in the Debtor's Rate field.

To register Judgement information, access the Financial Detail form by selecting the Principal field on the Debtor form. Judgement amounts and Judgement Date are set in this Financial Detail form.

Payments, and adjustments are handled strictly through the posting of appropriate transaction types. You can post or view transactions by selecting the Transactions tab on the Debtor form, and then pressing F3 or the NEW button

See Also

- Financial Settings