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Transaction Type Sample - Additional Principal

You may adjust or add to the Principal amount using Principal transaction types. Multiple principal transaction types are added together and the total is set in the Original Principal field on the Financial Detail form.

The sample shown below will add to any previous Principal amount. Use this transaction type for adding to the principal, for example, monthly for services or equipment. Other examples might be monthly charges for a membership, or charging for additional services or features your company may offer.


Monthly Billing Amount - Principal Transaction Type

When posting a 160, Monthly Billing Amount principal transaction to a debtor account, the description from the transaction type form will be copied to the transaction being posted.

The 'Use dollar amounts' radio button is switched ON to allow you set the amount you wish to be used at the time of posting the transaction. In this sample, -$53.20 will be automatically filled into the To Us field when posting.

Entering a negative amount in either the To Us or Direct field will add to the debtor's Principal amount. If more than one of these transaction types is posted to an account, the total will be calculated automatically and displayed in the Principal field on the Debtor form.

Entering a positive amount will reduce the amount of Principal. Interest will be recalculated accordingly.

Interest, if used, is calculated from the Payment Date entered when the transaction is posted and the amount entered in the To Us or Direct field. If you are using multiple principal transactions, interest is calculated on the resulting principal total after each transaction's payment date. For more details please see Interest Detail and documentation for specific types of interest.

In this sample, the reporting check boxes tell Collect! to omit this transaction when creating a statement for your client and also to omit the transaction when generating the daily cash report.

In this sample, the reporting check boxes tell Collect! to omit this transaction when creating a statement for your client and also to omit the transaction when generating the daily cash report.

Calculations are checked not to calculate commission and not to calculate tax on any commission amount present.

Display is set to leave both the To Us and the Direct fields visible at all times when viewing the transaction or Transactions List.

No operator or sales operator ID's have been set to be used as default values when posting this transaction type. You may want to set the Operator or Sales values to HSE or OWN, if you wish to always have operator and sales operator ID's on every transaction.

No contact plans have been set to be run when posting this transaction type.

No commission rate has been set to override the commission rate that may be set on the Debtor form.

All the above settings will be automatically filled in for you when you post a 160 Monthly Billing Amount principal transaction to an account. You may override any setting when posting the transaction.

See Also

- Transaction Type
- Transaction Type Basics - Introduction/Accessing
- Transaction Type Samples

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