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Transaction Type Sample - Total Accrued Interest

You may adjust or add to the interest amount using Interest Transaction Types. You may use this transaction type sample to get the total outstanding accrued interest before closing an account, or when you wish to turn off interest calculations in the future.

By default, if you close an account, Collect! uses the default Total Accrued Interest transaction type 499 to capture the amount of outstanding accrued interest. The 499 transaction is posted to the debtor, interest calculating is switched off and the 'Calculate Interest From Date' is reset to today's date. This is set in case you want to start calculating interest again in the future.

The sample shown below will add the total outstanding accrued Interest to any previous interest amount.


Total Accrued Interest - Interest Transaction Type

When posting a 499, Total Accrued Interest transaction to a debtor account, the Description from the Transaction Type form is copied to the transaction being posted.

The 'Percent of Interest' radio button is switched ON to allow you set the amount you wish to be used at the time of posting the transaction. In this sample, -100% will be automatically filled into the To Us field when posting. Collect! uses the current Accrued Interest amount and adds 100% of this value to the previous interest posted to the account.

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

Entering a positive percentage reduces the amount of Interest. 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.

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 499 Total Accrued Interest 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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