Transaction Type Sample - NSF Account Fee

Do you manage NSF accounts for your clients? Do checks come to you already in an NSF state?
Does your client add an NSF fee to the NSF payment?

If you have answered 'yes' to the above questions, you may use the NSF Account Fee Transaction Type to post the NSF fee to the debtor's account.

The screen shot below shows the settings for the NSF Account Fee Transaction Type.

NSF Account Fee Transaction Type

The rest of this document explains the settings shown above.

By default, Collect! ships with a number of Fee type transaction samples. These are Transaction Types in the Other Expenses, or 300 series, that have "Fee" selected for Financial Type in the Transaction Type settings. Collect! uses codes between 300 to 399 for other expenses, such as an NSF Account fee, but it is actually the "Fee" dot in the Financial Type that causes Collect! to process the transaction as a fee.

You can have many different agency fee transaction types for separating the various types of fees that you may need to enter. Collection Fee, Closing Fee, NSF Account Fee, and NSF Charge Due Agency are a few examples.

A check mark in the box labeled Copy Description To Transaction copies the Description from the Transaction Type form when you post a 305 NSF Account Fee transaction to a debtor account.

The Fee radio button is dotted to keep track of fees charged to an account.

Any transaction flagged as a Fee type, with an amount either in the To Us or Direct field, will affect the balance of the Fee amount displayed on the Debtor form.

All Fee transactions are totaled together and the result is displayed in the Fees field of the Debtor form.

The radio button labeled Use dollar amounts is selected and a fixed amount has been entered in the To Agency field. Entered as a NEGATIVE amount, this adds to the debtor's Fees amount.

The amount in the To Agency field is a NEGATIVE value. When an NSF Account Fee transaction is posted, this amount is displayed in the transaction's To Us field. In the sample, this would add $25 to the debtor's Owing when an NSF Account Fee transaction is posted to an account.

Reporting check box, Omit from client statement, is switched ON with a check mark to omit this transaction when creating a statement for your client. The decision to switch ON this setting depends on how you handle fees and what you want to show your client.

Reporting check box, Omit from daily cash report, is switched ON with a check mark to omit the transaction when generating the Daily Cash Report. This transaction is not part of the cash flowing into your agency.

Don't calculate commission is switched ON with a check mark so that commission is not calculated on this transaction.

Don't calculate tax is switched ON with a check mark so that tax is not calculated on this transaction.

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

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 305 NSF Account Fee transaction to an account. You may override any setting when posting the transaction.

The NSF Account Fee transaction type has been set up specifically for those agencies who handle NSF payments for their clients and need to charge an NSF fee. These accounts come to you already in an NSF state from a client asking you to collect on the NSF payments. If your client wants to add an NSF charge to the amount of the NSF account, you may use an NSF Account Fee Transaction Type to post this charge.

Please refer to Entering NSF Accounts for more details.

If you need to charge NSF fees for other types of accounts, please use one of the other Fee Transaction Types demonstrated in the samples.

See Also

- Transaction Type Basics - Introduction/Accessing
- Entering NSF Accounts