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Transaction Type Sample - Add Percent Of Principal To Principal

You may adjust or add to the Principal amount using Principal transaction types. Multiple principal transaction types are added together and the total is set in the Original Principal field on the Financial Detail form.

The sample shown below will add 35% of the current principal to any previous principal amount. Use this transaction type to add a percentage of the principal to the principal at the time of posting.

Percent Of Principal - Principal Transaction Type

When you post a 163, Add Percentage of Principal principal transaction to a debtor account, the description from the transaction type form will be copied to the transaction being posted.

The 'Percent of principal' radio button is switched ON to allow you to set the percentage you wish to be used at the time of posting the transaction. In this sample, -35% of the current principal will be automatically filled into the To Us field when posting. Collect! will use the current Principal amount and add 35% of this value to the previous principal posted to the account.

Entering a negative percentage in either the To Us or Direct field will add to the debtor's Principal amount. If more than one of these transaction types is posted to an account, the total will be calculated automatically and displayed in the Principal field on the Debtor form.

Entering a positive percentage will reduce the amount of Principal. Interest will be recalculated accordingly.

Interest, if used, is calculated from the Payment Date entered when the transaction is posted and the amount entered in the To Us or Direct field. If you are using multiple principal transactions, interest is calculated on the resulting principal total after each transaction's payment date. For more details please see Interest Detail and documentation for specific types of interest.

In this sample, the reporting check boxes tell Collect! to omit this transaction when creating a statement for your client and also to omit the transaction when generating the daily cash report.

Calculations are checked not to calculate commission and not to calculate tax on any commission amount present.

Display is set to leave both the To Us and the Direct fields visible at all times when viewing the transaction or Transactions List.

No operator or sales operator ID's have been set to be used as default values when posting this transaction type. You may want to set the Operator or Sales values to HSE or OWN, if you wish to always have operator and sales operator ID's on every transaction.

No contact plans have been set to be run when posting this transaction type.

No commission rate has been set to override the commission rate that may be set on the Debtor form.

All the above settings will be automatically filled in for you when you post a 163 + Percent of Principal principal transaction to an account. You may override any setting when posting the transaction.

See Also

- Transaction Type
- Transaction Type Basics - Introduction/Accessing
- Transaction Type Samples

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