Transaction Type Sample - Total Accrued Interest
You may adjust or add to the interest amount using
Interest Transaction Types. You may use this transaction
type sample to get the total outstanding accrued interest
before closing an account, or when you wish to turn off
interest calculations in the future.
By default, if you close an account, Collect! uses the
default Total Accrued Interest transaction type 499 to
capture the amount of outstanding accrued interest.
The 499 transaction is posted to the debtor, interest
calculating is switched off and the 'Calculate Interest
From Date' is reset to today's date. This is set in case
you want to start calculating interest again in the future.
The sample shown below will add the total outstanding
accrued Interest to any previous interest amount.
Total Accrued Interest - Interest Transaction Type
When posting a 499, Total Accrued Interest transaction to
a debtor account, the Description from the Transaction Type
form is copied to the transaction being posted.
The 'Percent of Interest' 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, -100% will be
automatically filled into the To Us field when posting.
Collect! uses the current Accrued Interest amount and
adds 100% of this value to the previous interest posted to
the account.
Entering a negative percentage in either the To Us or Direct
field adds to the debtor's Interest amount.
Entering a positive percentage reduces the amount of
Interest. Interest will be recalculated accordingly.
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 499 Total Accrued Interest
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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