How To Manage Finances
Accounting for credit and collections is a little different from
normal accounting procedures. Legal requirements, commissions
and trust accounting all affect the calculations and output requirements.
Collect! handles each automatically, eliminating one of the most
time-consuming aspects of an agency's Month End operations.
Financial management includes tracking new accounts,
posting payments and producing invoices and statements at
month (or period) end. Support for trust accounting, payment
histories, promises, NSF and post dated checks, interest calculations,
fees, adjustments and judgements, and net or gross remit clients
is provided. Comprehensive reports give you the accounting information
you need on a daily, monthly and ad hoc basis.
Print your reports to the printer, the screen, a file or to a spread
sheet where you might elect to perform complex and varying
Month end processing takes only minutes. Collect! automatically
calculates and prints your statements, invoices, checks and
summary and detailed reports based on the transactions posted
during your last accounting period. You can choose the period the
statements are to be generated for and create statements for all
your clients or just select one or more clients and a date range.
By default Collect! calculates on a monthly basis.
Please note, Collect! is not designed to manage
your office accounting, only collections and credit accounts. There
are so many accounting programs to choose from that we decided
to not reinvent the wheel, but kept our prices low instead. Many of
the reports produced by Collect! give necessary data to post into
standard accounting packages. There is no need for account double
entry when an offset balance will do. This is in accordance with
accepted accounting principles. The tax man does require you to
keep detailed records but not necessarily all in one location.
Collect! calculates simple and compound interest.
Compound interest is available for revolving accounts and
Amortized loans using the Rule of 78s. Late fees are
posted by Collect! when an account exceeds the grace
Commission rates can be set for the client, each debtor, and
on individual transactions posted in the system, giving you
complete flexibility for billing and reporting. Commission Rate Plans
and Collection Team Commission Tables allow you complete
flexibility in billing and in-house commission and incentive programs.
Commission Rate Plans
Commission rate plans let you easily define sliding scales for
Variable and fixed rate tables are available. Fixed rate plans
let you define up to six commission rate ranges based on either
the age of the account when listed, or the listed amount. Variable
rate plans include a payment amount plan and a paid to date plan.
Reports are available for each person working on Collect! to show their
income and commissions earned.
You can assign teams of individuals to a single account and each
individual in the team can be assigned a percentage of the agency's
commission. Commissions can be assigned to individuals only as well.
This information is reported in summary and detailed reports when
you want it, the way you want it.
Note that teams can also be used in the Account Assignment batch
functions to distribute new accounts evenly across groups of operators.
Collect! supports multiple currencies including the Euro. Each account
can have a different currency. You can set the currency on each debtor
and their transactions. The financial amounts are displayed and printed
with the currency symbol using standard Windows settings.
Collect! is the software of choice for multi-national agencies.
- Working With Collect!
- Introduction To Management Topics
- Month End Process
- Introduction To Printing Checks
- Financial Reports Basics - Introduction/Accessing