Financial Summary Totals
This section of the Financial Detail form is used to
enter debt and judgement details. It displays summaries
for all financial activity on the account.
To access this form, select the Principal field on
the Debtor form. Select the Totals tab.
Original Principal
This is the amount of the original debt. Normally, you
enter a dollar amount here, but you can also let Collect!
calculate the Original Principal from transactions posted
to the 'Principal' account.
WARNING: If you use transactions to define principal
amounts, any amount entered into the
Original Principal field will be wiped out
by the totals of all Principal transactions.
This field is greyed out when compound interest is being
charged on the account.
When the debtor has a Judgement, instead of the
Original Principal, the Judgement Principal is used
for financial calculations.
Principal Paid To Date
This field displays the amount of Principal that has been paid
on this account. The amount is determined by the way your
payments are broken down and also by any Principal type
transactions that are posted as a credit to the account.
This is a convenient display for quickly determining the total
principal paid on the account. You can pull this information
into reports.
Original Interest
This is the amount of the original interest.
Judgement Date
This is the date of the Judgement against the debtor if one
exists. This date is very important in determining the
charges and credits to the account. When a Judgement
is awarded, all financial activity that occurred prior to the
Judgement Date is ignored. When you enter the Judgement
Date, the Debtor form will show a Judgement field
which "overlays" the Principal field and displays in color to
indicate that judgement amounts are being used for Principal
and Interest when calculating the amount Owing.
WARNING: When you enter a Judgement Date for an
account with Interest, the 'Calculate interest
from date' in the Interest Detail form changes
to the Judgement Date and previously accrued
interest is erased. If you wish to preserve a
record of any interest accrued prior to Judgement,
please refer to the Help topic, Reset Interest
BEFORE entering a Judgement Date.
The Judgement Principal and Judgement Paid To Date fields
are visible after you have entered a Judgement Date. Enter
the judgement amount into the Judgement Principal field.
When the Judgement is entered, the Judgement is stored
as a 194 transaction and the Original Principal is stored as
a 196 transaction.
When you enter a Judgement, Collect! creates a 194
Judgement Principal transaction and greys out the
Judgement Principal and Judgement Date fields. You
can re-enable them, if needed, by deleting the 194 transaction.
If you modify the 194 transaction, by changing the dates or
the amount, the changes take effect immediately and are
displayed in the Judgement Principal and Judgement Date
fields.
Judgement Principal
This is the amount of the Judgement. This field is only
visible after you have entered a Judgement Date. This
amount displays in the Debtor form in the Judgement
field (which replaces the Principal field when the
Judgement Date is entered.) This is the debtor's new
principal amount. All calculations will be based on this
Judgement Principal going forward from the Judgement
Date. This field displays in color on the Debtor form
to indicate that judgement amounts are being used for
Principal and Interest when calculating the amount Owing.
When you enter a Judgement, Collect! creates a 194
Judgement Principal transaction and greys out the
Judgement Principal and Judgement Date fields. You
can re-enable them, if needed, by deleting the 194 transaction.
If you modify the 194 transaction, by changing the dates or
the amount, the changes take effect immediately and are
displayed in the Judgement Principal and Judgement Date
fields.
Judgement Interest
This is the amount of Original Interest permitted in the judgement.
The amount is added to the debtor's Owing. If you entered a
judgement amount and date, the Judgement Interest field is
used rather than Original Interest when calculating the debtor's
Total Interest. When there is a Judgement, only the Judgement
Interest is displayed in the Interest field on the Debtor form.
When you enter a Judgement, Collect! greys out
the Judgement Principal and Judgement Date fields.
You can re-enable them, if needed, by deleting
the 194 transaction.
Collect! stores the amount of the Original Judgement Interest
in a Transaction Type 195 Interest transaction. You can only
have one 195 transaction on an account. 195 is a special
reserved transaction type for the original Judgement Interest
posted along with the Judgement Principal.
If you need to post additional interest transactions on
the account, you can use any other interest type
transaction, such as the Type 495, Additional
Judgement Interest.
Collect! looks for Financial Type "Interest" when adding up
all the interest on the account, posted AFTER the Judgement
Date. It displays this total interest on the Debtor form. However,
the Judgement Interest field will only display the Original
Judgement Interest amount stored in the 195 transaction.
Total Legal Costs
This amount is the total legal cost of all transactions
posted against the debtor, or legal charges and
fees. This is automatically calculated from all legal
costs entered in the debtor's transaction register.
Legal costs are any transactions with a financial
type of Legal.
Please review the help on Transaction Types for
more information.
Interest
Total interest to date.
Fees
Total fees to date.
Legal
Total legal fees to date.
Misc
Total miscellaneous charges to date.
Other
Total other charges to date.
Paid
Total paid to date.
Adjustments
Total adjustments to date.
Owing
This is the current Owing on the account. This is
the same as the Owing displayed on the Debtor screen.
See Also
- Debtor Basics - Introduction/Accessing
- Judgement Information
- Debtor Financial Summary
|
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