Collect! Credit and Collection Software™

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Web Host Transaction Types

Transaction types give you the ability to categorize transactions for accounting and reporting. Through the Transaction Type form you set options to control calculations, breakdown payments, and designate a contact plan to run. You may view and modify existing transaction types in Collect! and create your own new ones. By setting up transaction types for the way you do business, you can automate many basic aspects of posting and processing your transactions.

Edit Transaction Type

The Transaction Type form displays many settings that can be used to manage posting financial transactions to your accounts.

Predefined Transaction Types

Collect! provides many pre-defined transaction types in the default installation database for basic types of transactions you may expect to handle.

Transaction types are divided into groups of 100. The actual "centenary" markers are used as a header for the group. Although these markers have no settings, you can reference the description when building reports. This a handy way to provide a title for a group of transactions on your reports.

The following list contains all the transaction types provided for you by Collect!. Each one of these transaction types has its own settings. These are set in the Transaction Type for that specific Code, (e.g. 102, 303 etc.) You can modify these if you need to or add your own, depending on your business needs. You should seriously consider how your business operates before making any changes to the existing system.


194 Judgment Principal - don't modify - used internally
195 Original Judgment Interest - don't modify - used internally
196 Original Principal - don't modify - used internally
197 Original Interest - don't modify - used internally



351 Late Fee - don't modify - used internally
397 Client Fee - don't modify - used internally
398 Debtor Fee - don't modify - used internally
399 Collection Fee - don't modify - used internally


499 Total Accrued Interest - don't modify - used internally


599 Adjustment through Upgrade - don't modify - used internally


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Transaction Code

This field shows the Code for this Transaction Type. The Code identifies the type of transaction you are posting. Whenever you post transactions, you pick the Code from the list of Transaction Types and all the settings for that type are copied into the Transaction form.

Useful Note We have supplied a guide using the 100's as headers, but this field can hold up to 4 characters, so you can organize the transaction types as you wish with the exception of the system defined transaction types defined above.

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This is a brief description of the Transaction Type. For codes 100, 200, 300, 400, and 500, the Description should be the title you want to see in your Trust Account Report for the section that lists transactions in each group.

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Financial Type

The Financial Type setting determines the financial category of each transaction. Financial types can be Payment, Principal, Interest, Fee, Legal, Misc, Other, Adjustment, or Internal. The dotted radio button in this column sets the transaction's financial type. This is very important for processing money amounts when a transaction is posted. The money amount of the transaction will be allotted to the financial area you choose here, that is, Payment, Principal, Interest, Fee, Legal, Misc, Other, Adjustment or Internal.

Useful Note The Internal transaction type is used for tracking internal agency expenses connected with a particular account. These expenses are borne entirely by the agency and do not affect either the Debtor or Client financials in any way.

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Transaction Posting Options

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Enter Amount On Posting

This is the default option. When creating transactions, the To Us field will not auto-fill with any values. This option is for variable transactions where the amount is not known.

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Payment Breakdown

This function enables you to post payments broken down into to Fees, Interest, Principal, Legal, Misc and Other. Place a dot in this radio button to select this option.

When you enable Payment Breakdown, additional fields become visible where you can select the order that you want to use for distributing the payment amount. By default, Collect! posts to Fees, then Interest, and finally to Principal. You can change this order and optionally add additional breakdown order for Legal, Misc and Other financial types. Please refer to the section below on Payment Breakdown and Compound Interest for further details.

Typically, this option should be used for all payment types.

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Use Fixed Amounts

When you select this option, an additional fields appear, labeled Fixed Amount. Enter the dollar amount of the transaction. When the user posts a transaction of this Transaction Type, the dollar amount will automatically be copied to the To Us field on the transaction.

Useful Note Remember that a positive amount is a credit to the account and a negative number is a debit!

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Write To Notes

Switch this ON with a check mark if you want Collect! to write a note to the debtor's Notes whenever a transaction of this type is posted.

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Omit From Client Statement

Switch this ON with a check mark if you want Collect! to exclude transactions of this type when the client statement is generated for each period. You can override this when a particular transaction is being posted, if needed.

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Omit From Daily Cash Report

Switch this ON with a check mark if you want Collect! to exclude transactions of this type when you print your Daily Cash report. You can override this when a particular transaction is being posted, if needed.

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Use Confirmation Delay

Switch this ON to delay reporting transactions posted with this Transaction Type. This is useful for allowing time for a check to clear. The number of days delayed is taken from the Payment Posting Options form. Please refer to How to Use Confirmation Delay of Transactions for details.

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Contact Plan To Run When Posting This Transaction

Select a contact plan to run when a Transaction of this Type is posted. The contact plan displayed is this field will run automatically as the transaction is saved. This is useful for setting up custom contact schedules that depend on the type of payment or debit posted.

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