Adjustments
Adjustments are used, generally, to adjust an account to
reflect a settlement, perhaps to adjust the account to zero
if you are closing the file, or to adjust the debtor's Owing
without affecting the Principal amount.
There is no adjustment form in Collect! All adjustments
are handled through the posting of an adjustment transaction.
This can be accessed while on the Debtor form by selecting
the field labeled Adj. If there are other transactions existing
for the account, a transaction list will be displayed. Select the
button labeled New to create an adjustment transaction for
the account.
Adjustment transaction types should have been previously
set up for you to use. It is quite common for one adjustment
transaction type to take 100% of the Owing and thus adjust
the account to zero. This could also be used to adjust a
remaining three dollars or a small amount that may remain
after the last payment has been applied.
You might also use a variety of adjustment types to help
adjust the account by a settlement agreement. Having
a series of adjustment transaction types reducing the
Owing by 10%, 15%, 20% and so on, you can quickly
calculate and adjust the Owing to an amount that you
and your debtor have agreed to.
The adjustment simply adjusts the Owing for a given
amount and does not have any effect on the Principal,
Interest or Fees. If you are reporting the account to the
credit bureau, you should probably not adjust the account
to zero if you are closing the account. Please check the
credit bureau rules and procedures for handling the closing
of an account in your system.
See Also
- Debtor Basics - Introduction/Accessing
- Debtor Financial Summary
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