Debtor Financials Basics
There are several fields on the Debtor screen that display
financial values for the account. Principal and Judgement,
initial interest and terms are handled through the Financial
Detail window. Fees and charges can also be addressed through
this screen.
Any transaction entered with a financial type " Payment"
will be totalled and displayed in the Paid field. All other
transaction types that are not designated specifically as
"Payment" are itemized in the Transaction Tab and can be
viewed all together or by each transaction type, i.e. to
see only Adjustments, you'd click into the Adjustment
figure bucket in the balance breakdown, likewise for
Fees, Legal Fees, Misc, and Other Charges.
Only those Financial Type "Payment" transactions
are denoted in Collect! as Paid amounts in
reports. If you elect to apply debit amounts
to Financial Types "Fee, Legal, Other, or Misc",
you will need to have payment based reports
customized to include these amounts.
However, if you use Financial Type "Payment" and also
" Payment Breakdown", you can effectuate amounts being
applied to the fields of interest while still maintaining
a type of transaction that will be recognized by the
system as a Paid amount. See the Help topic "Transaction
Type".
The Owing field is populated only with the balance due
to the Creditor as at the current date. It is a sum
total of the entire column from Principal +/- Interest
and the various charges/fees until the final tally for
the Owing amount.
If you click into the Owing field itself, you will get a
popup of the Debtor Financial Summary screen which
summarizes everything that is applied to the account as
an amount owed, everything applied as a payment and into
what figure bucket those proceeds were applied to, and
it arrives at the final balance owing. This screen
is useful if the collector is speaking to a debtor who
is asking for an accounting recap that doesn't require
line transactions with specific dates/amounts (which is
available in the Paid breakdown tab or within the Transaction
Tab itself.
The main Transaction Tab carries all the line item details of the
financial events as they occurred. In addition to how
the total figure posted affects the balance owed,
there is a Payment Date and a Posted Date. These two
dates may be the same or they may differ. If the differ,
then the date your company received the money and posted it
the system were not the same.
WARNING: Do not ever back-date a payment into a previous,
closed Statement month. These amounts have no
way of being reported to your client as you will
not be running statements for that period again.
Best would be to use the 1st of the month immediately
after the month you wanted to post into, with an
extra Description addendum as to payment/posted
date you mean it to pertain to.
Each transaction line item also contains how much commission
was applied and which collector code it was attributed to. If
you track inside sales codes, this too is stored in the
transaction. Each transaction also stores any taxes which may be
applicable. From the transaction entries, all the financial
metrics in the system are generated and client remittances
are made.
Collect! ships with an extensive series of Transaction Types.
You need to be aware that the payment hierarchy that is default
at time of shipping is Fees, Interest, Principal, Legal, Misc,
Other. If you wish to have your payments disbursed in any other
order of operations, like Principal, Interest, Fees, Legal, Misc,
Other, then you need to make these changes to your Transaction
Type setups that you intend to use PRIOR to posting your first
payment.
Even if you are not using "Payment Breakdown", the defaults
set for the order of operations that payments will be applied
to the various figure buckets is still being adhered to by the
system. If your preference is other than the shipping default
order of operations, you need to update each Payment Breakdown
"Payment Order" for each transaction type before commencing
usage.
Accessing Debtor Financials
All areas regarding setup of a debtor account financial
information are manually entered at the time you input your
new accounts and post transactions subsequent to listing, OR
imported directly into the appropriate fields with a
predefined import map.
Once these initial values are set, the next stage is to post
transactions for payments, adjustments or additional fees
and charges. These are done through the Transactions
Tab on the Debtor screen.
Commissions are generally set at the Client level. You
will see the current rate in the Debtor's Rate field.
To register Judgement information, access the Financial
Detail screen by clicking into the Principal field. You will
be presented with additional fields that can be filled. You
initialize the entry of Judgement information by entering a
Judgement Date. This date immediately becomes Read Only so
that as a legal court order, the information cannot be
readily modified by just anybody. To complete the entry
of this Judgement, fill in the Judgement Principal and
Judgement Interest amount as applicable. Complete
the Interest fields by selecting Simple, then following
the prompts if your Judgement Order has awarded either
contractual or statutory interest as part of the Order.
The only figure Collect! will calculate Judgement
Interest on is the figure you enter into
the Judgement Principal field. If your Judgement
total is comprised of the Principal/interest/ costs
awarded and post-Judgement interest is to be charged
on the entire awarded amount, then enter the whole
Judgement balance amount into the Judgement Principal
field. Otherwise, your Interest awarded at time
of Judgement and costs will not be included when
the system is calculating post-Judgement interest.
Payments, and adjustments are handled strictly through
the posting of appropriate transaction types. You can
post or view transactions by selecting the Transactions
tab on the Debtor screen, and then pressing F3 or the
NEW button to raise a new entry input screen.
See Also
- Financial Settings
- Transaction Type
- Judgement Information
|
Was this page helpful? Do you have any comments on this document? Can we make it better? If so how may we improve this page.
Please click this link to send us your comments: helpinfo@collect.org