Transaction Type Sample - Payment By Check

The Payment By Check Transaction Type may be used to post a check payment to an account.

The screen shot below shows the settings for the Payment By Check Transaction Type.

Payment By Check - Payment Transaction Type

The rest of this document explains the settings shown above.

By default, Collect! ships with a number of Payment type transaction samples. Collect! uses the 100 series for payment type transactions, but any Financial Type dotted as "Payment" will be processed as a payment type transaction.

You can have many different payment transaction types for separating the various types of payments you may receive. Payment By Cash, Payment By Check, Money Order and Check Payment Taken Over The Phone 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 101 Payment By Check transaction.

The Payment radio button is dotted for keeping track of payments made on an account.

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

An amount in the transaction's Commission field affects the commission amount shown on the statement you generate for your client.

All payment transactions are totaled together and subtracted from the total debt. The result is displayed in the Owing field of the Debtor form.

The radio button labeled Enter amount on Posting is switched ON so you can enter an amount when you post the payment transaction to the account.

Reporting check boxes are left UNCHECKED so that this payment transaction is included in the client statement and the amount of the payment is calculated into the total daily cash received by your agency.

Calculations check boxes are left UNCHECKED so that commission will be calculated on this payment using the commission rate on the account and tax will be calculated on this payment using the tax rate on the account.

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 101 Payment By Check transaction to an account. You may override any setting when posting the transaction.

The Payment By Check transaction type has been set up to easily post check payments to an account. When the transaction is posted, you will be able to enter the amount of the payment as a POSITIVE value in the transaction's To Us or Direct field.

If you need to post other types of payments, please refer to the transaction type samples.

See Also

- Transaction Type Basics - Introduction/Accessing
- How To Post A Debtor Payment