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Transaction Type Sample - Original Principal

The Original Principal transaction type is needed if you are going to apply interest, apply a judgement, or add more principal at a later date. If you are not using any of the above items, then you can skip this transaction type.

By default, Collect! ships and uses the 196 Original Principal transaction type shown below when it is required to perform interest or judgement calculations.

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 Details form.

tip.gif You may enter an Original Principal amount using the Financial Detail form accessed from the Debtor form's Principal field. If you have no need of anything more complicated, this is all you have to do to record the Original Principal for the account.

The sample shown below sets the Original Principal amount when entering a new debtor. There are several instances when you will need this.

  • If you ever intend to apply interest of any type,
  • need to add more principal later,
  • use Collect!'s judgement functions,
  • use payment plans as a credit grantor,

then you will want to apply this transaction type to the account.

Original Principal Transaction Type 196

When you create a 196 Original Principal transaction on a debtor account, the description from the transaction type form will be copied to the transaction being posted.

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

Entering a negative amount 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 amount 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 196 Original 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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