How To Use Confirmation Delay Of Transactions

This feature allows you to delay recognition of selected transactions when statements are generated. This supports posting a check into Collect! and then delaying reporting the check to your Client for a number of days sufficient to give the check time to clear.

Enter the number of confirmation delay days on the Payment Posting Options form. Then switch this ON for a given Transaction Type or on an individual Transaction.

When you generate statements using confirmation delay, Collect! performs two sets of calculations.

1. The statement generator scans all financial transactions in the selected date range and acts on transactions that DO NOT have 'Use Confirmation Delay" switched on.
2. Then the statement generator sets its date range scan window back by the number of days specified in the Confirmation Delay field of the Payment Posting Options form and scans all transactions over that date range. It acts only on those transactions that DO have the 'Use Confirmation Delay' switch turned on.

If the transaction has a Confirmed Date and it falls within the Confirmation Delay period, Collect! includes the transaction in the statement, even though the Confirmation Delay period has not expired. Please see the section entitled "Confirmed" for details.

How To Use Transaction Confirmation Delay

Example:

You want to delay any checks received by 7 days to allow the check to clear.

1. In the Payment Posting Options form, enter 7 into the Confirmation Delay field.
2. In the Transaction Type that you use for Payment To Agency By Check, put a check mark in the Use Confirmation Delay field.
3. Post a transaction using that transaction type.
4. Generate statements and notice how, when you generate statements, that transaction doesn't appear.
5. As an experiment, forward date your machine one week. Now, if you generate statements the transaction does appear in the statement.

Confirmed

The Confirmed Date on the transaction enables you to override the Confirmation Delay setting and include checks that are cleared before the Confirmation Delay period has expired. You can also enter a date in the future to make sure a transaction is not considered until a specific future date. When generating statements, Collect! will use this date to determine whether or not the transaction is included in the statement.

This date is evaluated for statements ONLY when the 'Use Confirmation Delay' switch is ON and you have a value entered in Payment Posting Options for Confirmation Delay. If you are NOT using Confirmation Delay, then this field is for your own use.

Summary

This feature makes it simple and intuitive to delay recognition of selected transactions in the statement generation process.