Transaction Type Sample - Legal Fee Advance Received

The Payment Transaction Type is needed to keep track of fees that have been paid on an account. Any transaction flagged as a Payment type, with an amount either in the To Us or Direct field, will affect the balance of the Owing amount displayed on the Debtor form. An amount in the transaction's Commission Amount field affects only the commission amount shown on the statement you generate for your client.

By default, Collect! ships with a number of Payment type transaction samples. Collect! uses the 100 series for payment type transactions, but any Financial Type dotted as "Payment" will be processed as a payment type transaction.

You can have many different legal fee payment transaction types for separating the various legal fees you may have entered. The Legal Fee Advance Received transaction type is used to keep track of monies received from your client to cover legal fees, such as court costs.

Legal Fee Advance Received - Payment Transaction Type

All payment transactions are totaled together and subtracted from the total debt the result is displayed in the Owing field of the Debtor form.

When you create a 121 Legal Fee Advance Received transaction on a debtor account, the Description from the Transaction Type form is copied to the transaction being posted.

The 'Enter amount on Posting' radio button is switched ON to allow you enter the amount you wish to be used at the time of posting the transaction.

Entering a NEGATIVE amount in the Commission Amount field posts this as an advance received from your client.

In this sample, the reporting check boxes tell Collect! to include this transaction when creating a statement for your client. However the 'Omit from daily cash' is checked as this is not included in the money that has come into our agency on our daily cash.

Calculations are all unchecked as we do want to calculate commission and we do want to calculate tax.

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.

All the above settings will be automatically filled in for you when you post a 121 Legal Fee Advance Received 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
- Legal Topics