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Adjustments

Adjustments are used, generally, to adjust an account to reflect a settlement, perhaps to adjust the account to zero if you are closing the file, or to adjust the debtor's Owing without affecting the Principal amount.

There is no adjustment form in Collect! All adjustments are handled through the posting of an adjustment transaction. This can be accessed while on the Debtor form by selecting the field labeled Adj. If there are other transactions existing for the account, a transaction list will be displayed. Select the button labeled New to create an adjustment transaction for the account.

Adjustment transaction types should have been previously set up for you to use. It is quite common for one adjustment transaction type to take 100% of the Owing and thus adjust the account to zero. This could also be used to adjust a remaining three dollars or a small amount that may remain after the last payment has been applied.

You might also use a variety of adjustment types to help adjust the account by a settlement agreement. Having a series of adjustment transaction types reducing the Owing by 10%, 15%, 20% and so on, you can quickly calculate and adjust the Owing to an amount that you and your debtor have agreed to.

The adjustment simply adjusts the Owing for a given amount and does not have any effect on the Principal, Interest or Fees. If you are reporting the account to the credit bureau, you should probably not adjust the account to zero if you are closing the account. Please check the credit bureau rules and procedures for handling the closing of an account in your system.

See Also

- Debtor Basics - Introduction/Accessing
- Debtor Financial Summary

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