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Post-Dated Payments - Step By Step

What is a Post-Dated Payment?

A Post-Dated Payment is a Payment Transaction with a Paid Date, a payment amount in To Us, and NO Posted Date. This is a formal promise to pay a definite dollar amount on a specific date. It may be a post-dated check or a credit card payment, for instance. This may be a single promised payment or a series of payments.

When you have proceeded through the steps below:

  • You should be more familiar with the concept of post-dated payments
  • Be able to post a post-dated payment to an account
  • Be able to post multiple post-dated payments to an account
  • Be able to automatically track post-dated payments and any account activity regarding them.

We will cover:

Single Post-Dated Payment

Let's say you have received authorization for a single direct debit of $50 from a debtor's bank account. You are authorized to print a post-dated check for this amount in two weeks. How do you enter this information in Collect! and keep track?

You enter a Post-Dated Payment for the account using a Payment Transaction as shown below.


Post-Dated Payment Transaction

1. You must be on the Debtor form for the account. Select the TRANSACTIONS tab to view the list of Transactions already posted to the account. If no Transactions have been posted, you will be prompted to create one. Select YES. Or, if there is a list of Transactions for the account, select the NEW button to create a new transaction.

2. Create a new Payment transaction for the account, ensuring that there is a dot in the Account section for Payment.

3. Enter the date that the payment is due in the field labeled Payment date.

4. Make sure that the field labeled Posted date. is left BLANK.

5. Enter the amount of the agreed upon payment in the field labeled To Us.

6. Select the OK button to save the settings and post the transaction to the account.

The transaction you just created will be displayed in the list of transactions. Select OK to close this list and return to the Debtor form.

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Viewing The Debtor Form

The Debtor screen will show that there is a Promised Payment active on this account.


Debtor Screen with Promise Date

tip.gif Press the RECALC button on the Debtor to refresh the screen.

If the Promise Date passes without payment, the Debtor screen will show the Promise field as Delinquent - red.


Debtor Screen with Promise Date Delinquent

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Multiple Post-Dated Payments

You may enter as many post-dated transactions as you need to keep track of multiple promised payments. Each payment is a post-dated transaction.

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Creating Multiple Post-Dated Transactions

Let's say you have received authorization for three direct monthly debits of $50 from a debtor's bank account. You are authorized to print a post-dated check for this amount each month. How do you enter this information in Collect! and keep track month by month?

You enter a Post-Dated Payment for the account for EACH post-dated payment using a Payment Transaction.


Several Post-Dated Payment Transactions

1. Enter the date of each payment in the Payment Date field.

2. Enter the promised dollar amount into the To Us field.

3. Make sure you leave each Posted Date BLANK. This makes them promised payments.

The Debtor screen shows the date that the first post-dated payment is due.


Debtor Screen with Promise Date

tip.gif Press the RECALC button on the Debtor to refresh the screen.

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Revolving Post-Dated Payments

To create a revolving post-dated payment, instead of creating multiple post-dated transactions at once, a single transaction is entered. Then a contact plan is used to create the next post-dated transaction in the series. At any given time, there is only one outstanding post-dated transaction on the account, instead of several.

Please refer to the Help topic, Revolving Post-Dated Payment for details.

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Post-Dated Payment Received

When a payment is received, you may process each post-dated payment manually or use a report to process many payments at once. Once the Posted Date has been entered, the payment will be calculated into the financials for the account and the payment will be picked up by your reports.

If you have multiple post-dated payments posted to an account, the Promise Date on the Debtor form will display the date the next payment is due.

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Manually Posting A Payment

To process a post-dated payment manually, simply locate the transaction for the appropriate date and fill in the Posted Date.


Post-Dated Payment Posted Date

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Automatically Posting A Payment

Many payments may be processed at once. If you are creating a file for an external check processing service, for instance, a report may be designed to print checks for a chosen Payment Date range and fill in the Posted Date automatically. Additionally, a note may be printed to the Transaction to ensure that it is not picked up again by the direct debit report.

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Printing Post-Dated Checks

Several reports are shipped with Collect! to demonstrate the use of post-dated payment transactions. Please refer to How to Take Checks Over The Phone for details of setting up bank information on accounts. And refer to Modern Payments ACH for an example of using Collect! for check processing.

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When An NSF Check Is Returned

When an NSF check is returned, post a new transaction with a NEGATIVE value to indicate NSF. Then post a new transaction with no Posted Date and enter the plan's Payment Amount in the To Us field. This will reactive the post-dated payment that went NSF and is now outstanding.

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Reviewing Unfulfilled Promises

Daysheets provide a convenient way to review promised payments. Select Browse from the top menu bar and then select Daysheets from the drop-down choices. Select a Date to review. This will display the Daysheet for the chosen date.

Select the PROMISES button.

This will display any promised transactions that have not been posted on this due date.


Unpaid Post-Dated Payments Due Today

These payments are now delinquent.

tip.gif You may also create a report to list delinquent post-dated payments for a given date range.

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Summary

A Post-Dated Payment is a Payment Transaction with a Paid Date, a payment amount in To Us, and NO Posted Date. This may be a single promised payment or you may post multiple post-dated payments.

When a payment is received, the Posted Date is filled in for the appropriate transaction.

Reports may be designed to pick up the posted dates and print to a file for electronic check processing.

Contact plans may be used to automate the processing of accounts.

Unfulfilled promises may be reviewed through Daysheets or through a customized report.

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See Also

- Post-Dated Payment Topics
- Run Plan on Last Payment Date

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