Detailed Field Information Related Information Examples & Tutorials
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Financial Summary Totals

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

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

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.gif 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 greyed out when compound interest is being charged on the account.

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

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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.

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Original Interest

This is the amount of the original interest.

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Judgement Date

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

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

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

When you enter a Judgement, Collect! creates a 194 Judgement Principal transaction and greys out the Judgement Principal and Judgement 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 Judgement Principal and Judgement Date fields.

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Judgement Principal

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

When you enter a Judgement, Collect! creates a 194 Judgement Principal transaction and greys out the Judgement Principal and Judgement 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 Judgement Principal and Judgement Date fields.

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Judgement Interest

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

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

Collect! stores the amount of the Original Judgement 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 Judgement Interest posted along with the Judgement Principal.

tip.gif 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 Judgement Interest.

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

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Total Legal Costs

This amount is the total legal cost of all transactions posted against the debtor, or legal charges and fees. This is automatically calculated from all legal costs entered in the debtor's transaction register. Legal costs are any transactions with a financial type of Legal.

Please review the help on Transaction Types for more information.

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Interest

Total interest to date.

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Fees

Total fees to date.

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Legal

Total legal fees to date.

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Misc

Total miscellaneous charges to date.

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Other

Total other charges to date.

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Paid

Total paid to date.

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Adjustments

Total adjustments to date.

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Owing

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

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See Also

- Debtor Basics - Introduction/Accessing
- Judgement Information
- Debtor Financial Summary

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