Financial Summary Totals

This section of the Financial Detail form is used to enter debt and judgment details. It displays summaries for all financial activity on the account.

To access this form, select the Principal field on the Debtor form. Select the Totals tab.

Financial Summary Totals

Original Principal

This is the amount of the original debt. Normally, you enter a dollar amount here, but you can also let Collect! calculate the Original Principal from transactions posted to the 'Principal' account.

WARNING: If you use transactions to define principal amounts, any amount entered into the Original Principal field will be wiped out by the totals of all Principal transactions.

This field is grayed out when compound interest is being charged on the account.

When the debtor has a Judgment, instead of the Original Principal, the Judgment Principal is used for financial calculations.

Principal Paid To Date

This field displays the amount of Principal that has been paid on this account. The amount is determined by the way your payments are broken down and also by any Principal type transactions that are posted as a credit to the account.

This is a convenient display for quickly determining the total principal paid on the account. You can pull this information into reports.

Original Interest

This is the amount of the original interest.

Judgement Date

This is the date of the Judgment against the debtor if one exists. This date is very important in determining the charges and credits to the account. When a Judgment is awarded, all financial activity that occurred prior to the Judgment Date is ignored. When you enter the Judgment Date, the Debtor form will show a Judgment field which "overlays" the Principal field and displays in color to indicate that judgment amounts are being used for Principal and Interest when calculating the amount Owing.

WARNING: When you enter a Judgment Date for an account with Interest, the 'Calculate interest from date' in the Interest Detail form changes to the Judgment Date and previously accrued interest is erased. If you wish to preserve a record of any interest accrued prior to Judgment, please refer to the Help topic, Reset Interest BEFORE entering a Judgment Date.

The Judgment Principal and Judgment Paid To Date fields are visible after you have entered a Judgment Date. Enter the judgment amount into the Judgment Principal field. When the Judgment is entered, the Judgment is stored as a 194 transaction and the Original Principal is stored as a 196 transaction.

When you enter a Judgment, Collect! creates a 194 Judgment Principal transaction and grays out the Judgment Principal and Judgment Date fields. You can re-enable them, if needed, by deleting the 194 transaction.

If you modify the 194 transaction, by changing the dates or the amount, the changes take effect immediately and are displayed in the Judgment Principal and Judgment Date fields.

Judgement Principal

This is the amount of the Judgment. This field is only visible after you have entered a Judgment Date. This amount displays in the Debtor form in the Judgment field (which replaces the Principal field when the Judgment Date is entered.) This is the debtor's new principal amount. All calculations will be based on this Judgment Principal going forward from the Judgment Date. This field displays in color on the Debtor form to indicate that judgment amounts are being used for Principal and Interest when calculating the amount Owing.

When you enter a Judgment, Collect! creates a 194 Judgment Principal transaction and grays out the Judgment Principal and Judgment Date fields. You can re-enable them, if needed, by deleting the 194 transaction.

If you modify the 194 transaction, by changing the dates or the amount, the changes take effect immediately and are displayed in the Judgment Principal and Judgment Date fields.

Judgement Interest

This is the amount of Original Interest permitted in the judgment. The amount is added to the debtor's Owing. If you entered a judgment amount and date, the Judgment Interest field is used rather than Original Interest when calculating the debtor's Total Interest. When there is a Judgment, only the Judgment Interest is displayed in the Interest field on the Debtor form.

When you enter a Judgment, Collect! grays out the Judgment Principal and Judgment Date fields. You can re-enable them, if needed, by deleting the 194 transaction.

Collect! stores the amount of the Original Judgment Interest in a Transaction Type 195 Interest transaction. You can only have one 195 transaction on an account. 195 is a special reserved transaction type for the original Judgment Interest posted along with the Judgment Principal.

If you need to post additional interest transactions on the account, you can use any other interest type transaction, such as the Type 495, Additional Judgment Interest.

Collect! looks for Financial Type "Interest" when adding up all the interest on the account, posted AFTER the Judgment Date. It displays this total interest on the Debtor form. However, the Judgment Interest field will only display the Original Judgment Interest amount stored in the 195 transaction.

Attorney Fees

This is the amount of Attorney Fees permitted in the judgment. The amount is added to the debtor's Owing. This field is only visible when the Judgement Date is filled in.

When you enter a Judgment, Collect! grays out the Judgment Principal and Judgment Date fields. You can re-enable them, if needed, by deleting the 194 transaction.

Collect! stores the amount of the Attorney Fees in a Transaction Type 394 Fee transaction. You can have multiple 394 transactions on an account, but only the ones posted after the Judgement date are factored into calculations. 394 is a special reserved transaction type for the Attorney Fees
posted along with the Judgment Principal.

Collect! looks for Financial Type "Fees" when adding up all the Fees on the account, posted AFTER the Judgment Date. It displays this total fees on the Debtor form. However, the Attorney Fees field will only display the total of the Original Attorney Fees amount stored in the first 394 transaction.

Court Costs

This is the amount of Court Costs permitted in the judgment. The amount is added to the debtor's Owing. This field is only visible when the Judgement Date is filled in.

When you enter a Judgment, Collect! grays out the Judgment Principal and Judgment Date fields. You can re-enable them, if needed, by deleting the 194 transaction.

Collect! stores the amount of the Court Costs in a Transaction Type 294 Fee transaction. You can have multiple 294 transactions on an account, but only the ones posted after the Judgement date are factored into calculations. 294 is a special reserved transaction type for the Court Costs
posted along with the Judgment Principal.

Collect! looks for Financial Type "Fees" when adding up all the Fees on the account, posted AFTER the Judgment Date. It displays this total fees on the Debtor form. However, the Court Costs field will only display the total of the Original Court Costs amount stored in the first 294 transaction.

Renew Judgement

This button re-enables the Judgement Date field to allow a new date to be entered. Once entered, the other Judgement fields will become available for entering a new Judgement.

Interest

Total interest to date.

Fees

Total fees to date.

Legal

Total legal fees to date.

Misc

Total miscellaneous charges to date.

Other

Total other charges to date.

Paid

Total paid to date.

Adjustments

Total adjustments to date.

Owing

This is the current Owing on the account. This is the same as the Owing displayed on the Debtor screen.