How To Post A Transaction
This document steps through the process of posting a
Transaction in Collect!.
Requirements
- Setup Transaction Types
- Setup Client, Debtor, Company Details, Operators, Contact Plans
- Setup Commission Rate, Tax Rate, Reports and Letters
- Review help on Payment, Interest, Fee, Adjustment, Principal
- Review tutorials for an overview of Collect!
Overview
A Transaction is any financial interaction that you need
to enter in your accounts regarding payments and charges
related to a Debtor. The amounts entered are used for many
calculations including, Debtor Balance Owing, Month End
totals for Invoices and Operator Commissions.
There are many types of transactions that you handle
in the course of your business operations, including
many types of payments, legal fees, interest charges,
adjustments. Each of these must be entered into the
system as information attached to a particular Debtor.
Positive Or Negative Amount?
When posting a Transaction, a POSITIVE amount DECREASES
the Debtor's Owing while a NEGATIVE amount INCREASES the
Debtor's Owing.
After posting a Transaction, check the figures displaying in
the Debtor form. Are they the opposite of what you expected?
Try changing the sign of the amount you entered!
Post A Transaction
To enter the details of these different types of financial
transactions we use the Transaction form.
If you have not setup your transaction types,
please do that before you begin to post transactions.
1. Pull down the Browse menu and choose All Debtors.
The list of all debtors will display.
2. Start typing the Debtor's name and the list will scroll
to the closest match. Click on the Debtor of your choice
and the Debtor form will open displaying this Debtor's record.
3. Select the Transactions tab in the Debtor form. A list of
this Debtor's transactions will be displayed.
4. Press F3 for a new Transaction form or click the New button.
A new Transaction form will be displayed for the Debtor. Notice
that the Debtor's name is entered automatically.
5. Press F2 to choose a Transaction Type. Certain fields on
the Transaction form will be visible or invisible depending on
settings for the Transaction Type you choose.
Financial transaction accounts need to be set
according to your specifications. Settings on the Transaction
form designate how information is reported and calculated.
This set up is very important and is directly related to how
you use fee structures, how you want to report information
and deal with your client monthly statements. You can assign
the Transaction to a specific operator and schedule follow up
every time you post a particular transaction.
6. Fill in additional fields as needed. Press F1 for Help on the
fields in the Transaction form.
7. Press Enter when your cursor is flashing on the OK
button to save the charges to the account. The Debtor
and Client totals will be automatically recalculated.
Posting Debits And Fees
Debits or fees charged to the Debtor are posted
as a negative amount. Negative amounts are
shown in parentheses. i.e. ($7.52) means (- $7.52)
Fees to clients are posted by leaving the To Us
and Direct blank and posting the fee in the
Commission field.
Summary
We have examined posting transactions in Collect!.
Before you begin to post transactions in your
Masterdb database, your accounts and transactions
must be set according to your specifications. Proper
setup at the beginning will give you satisfying results
in your reports and calculations.
This is a personal process. It depends on how you
use fee structures, how you want to report information,
how you deal with your client monthly statements
and your agreements with your clients.
Set up transaction types, reports and contact plans
before you begin to enter transactions. That way, you will
know what you have available to you to automate your
routines and print reports.
See Also
- How To Setup Transaction Types
- How To Post a Debtor Payment
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