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Transaction Type Sample - Down Payment

The Down Payment Transaction Type may be used to post a down payment to an account when a payment schedule is posted.

The screen shot below shows the settings for the Down Payment Transaction Type.


Down Payment - Payment Transaction Type

The rest of this document explains the settings shown above.

By default, Collect! ships with a number of Payment type transaction samples. Collect! uses the 100 series for payment type transactions, but any Financial Type dotted as "Payment" will be processed as a payment type transaction.

You can have many different payment transaction types for separating the various types of payments you may receive. The Down Payment transaction type is typically used when setting up loans or payment plans. If the set up includes a down payment, Collect! will post the dollar amount using a 150 Down Payment transaction, when you post the payment schedule to the account.

A check mark in the box labeled Copy Description To Transaction copies the Description from the Transaction Type form when you post a 150 Down Payment transaction.

The Payment radio button is dotted for keeping track of payments made on an account.

Any transaction flagged as a Payment type, with an amount either in the To Us or Direct field, will affect the balance of the Owing amount displayed on the Debtor form. An amount in the transaction's Commission field affects the commission amount shown on the statement you generate for your client. All payment transactions are totaled together and subtracted from the total debt. The result is displayed in the Owing field of the Debtor form.

The radio button labeled Enter amount on Posting is switched ON. This enabled Collect! to fill in the dollar amount set up on the account as a down payment.

The reporting check box, Omit from client statement is left UNCHECKED so that this payment transaction is included in the client statement.

Reporting check box, Omit from daily cash report, is left UNCHECKED so that the amount of this payment is calculated into the total daily cash received by your agency.

Calculations check box, Don't calculate commission is left UNCHECKED so that commission will be calculated on this payment using the commission rate on the account.

Calculations check box, Don't calculate tax is left UNCHECKED so that tax will be calculated on this payment using the tax rate on the account.

tip.gif The way you handle your business will help you decide whether or not to enable any other optional settings.

A line will be written to the debtor's Notes when this Down Payment transaction is posted.

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 150 Down Payment transaction to an account.

The Down Payment transaction type has been set up to handle down payments when a payment schedule is posted to an account. The amount of the down payment is filled in automatically from the account's financial settings.

If you need to post other types of payments, please refer to the transaction type samples.

See Also

- Transaction Type Basics - Introduction/Accessing

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