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Transaction Type Sample - Legal Fees

The Legal Transaction Type is needed to keep track of legal fees charged to an account. Any transaction flagged as a Legal type, with an amount either in the To Us or Direct field, will affect the balance of the Legal amount displayed on the Debtor form. An amount in the transaction's Commission field affects only the commission amount shown on the statement you generate for your client.

By default, Collect! ships with a number of Legal type transaction samples. These are Transaction Types in the Legal Expenses, or 200 series, that have "Legal" selected for Financial Type in the Transaction Type settings. Collect! typically uses a transaction code between 200 to 299 for legal fees. Other types of fees may be set as "Fee" and stored in the 300 series for convenience.

You can have many different legal fee transaction types for separating the various legal fees you may need to enter. Filing Fee, Serving Fee, and Warrant Fee are a few examples.

Legal Fees - Fees Transaction Type

All Legal transactions are totaled together and the result is displayed in the Legal Fees field of the Debtor form. Legal fees are totaled separately from other types of fees and total legal costs may be found in the Legal field found in the Financial Detail form, accessed through the Debtor form.

When you create a 201 Legal Fees transaction on a debtor account, the Description from the Transaction Type form is copied to the transaction being posted.

The 'Enter amount on Posting' radio button is switched ON to allow you enter the amount you wish to be used at the time of posting the transaction.

Entering a negative amount in either the To Us or Direct field adds to the debtor's Legal Fees amount.

Entering a positive amount reduces the amount of Legal Fees on the debtor's account. Interest will be recalculated accordingly.

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 201 Legal Fees 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
- Legal Topics

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