Transaction

The Transaction form displays many fields where you can enter the details of a payment or charge posted to a debtor's account. The information you enter in the Transaction form is used for many calculations, including, Debtor Balance Owing, Month End totals for Invoices, Fees and Operator Commissions.

Transaction form

Debtor

This is the Debtor account the transaction pertains to. Press F2 to pick from the list of Debtors.

If you accessed the Transaction form through the Transactions tab on the Debtor form, the Debtor will already be displayed in the Debtor field and certain financial information will be filled in already from the Debtor form.

Type

Select the down arrow or press F2 to view the list of all Transaction Types in the system. Select the type for this transaction and its Code will be displayed in the Type field. You may also notice that several fields on the Transaction form fill immediately with values taken from the Transaction Type settings.

The Type enables you to easily identify what kind of transaction this is. It is often used in reports to classify or group transactions for calculations or summaries.

Examples of types of transactions:

* Payment

* Charge for items such as NSF charges or NSF check returns

* Legal fees or interest charges

* Commissions

Transaction types are used to organize your transactions for reporting and accounting purposes. When you select a Type to categorize the transaction you are about to post, Collect! applies the settings for this Transaction Type. Certain fields on the Transaction form are only visible for a particular Transaction Type. Also, certain calculations are only performed when a particular Transaction Type is selected.

Transaction types also fall into groups such as Principal, Interest, Legal Fees, Adjustments and Other Expenses. All these details are used by Collect! when printing Trust Summary Reports. Separate lists and totals are displayed for various transaction types and groups of transaction types.

There are several built-in Transaction Types provided in the Demonstration database. You can copy any of these to the Masterdb database and you can also create your own transaction types.

See Also:

- Transaction Types

File

This is the File Number of the debtor the transaction pertains to. Press F2 or click on the drop-down arrow while this field is highlighted to select a debtor.

Client

This is the Client Number of the Client who assigned the chosen debtor to your company. It is taken from the Debtor form.

Description

This field stores a brief explanation of this type of transaction. The Description will be copied automatically from the Transaction Type settings if you switch ON 'Copy Description to Transaction' in the Transaction Type form. You may also add details about this particular Transaction, such as NSF check number, expense reference number or other information.

Financial Type

The Financial Type sets the financial category of each transaction. Account types can be Payment, Interest, Fee, Legal, Misc, Other, Adjustment or Principal. Whichever type is displayed in the field sets the financial type of the transaction. This is very important for Collect! to know how to process the transaction that is being posted. Transactions are posted to whichever financial type is displayed, either Payment, Interest, Fee, Legal, Misc, Other, Adjustment or Principal. The financial type determines which financial money field on the Debtor screen is affected.

The available Financial Types are described below.

Payment

Select Payment from the Financial Type pick list to flag this transaction as a Payment. When you select a transaction type that is a Payment, the Financial Type field will automatically display Payment.

A Payment is any amount received by your agency from a debtor to settle outstanding principal, interest and fees. The amount is entered in the To Us or Direct field on the Transaction form. A POSITIVE Payment amount DECREASES the debtor's Owing.

Payments and charges can be assigned to any debtor account. Normally, commission is automatically calculated on transactions flagged as Payment.

Principal

Select Principal from the Financial Type pick list to flag this transaction as Principal. When you select a transaction type that is Principal, the Financial Type field will automatically display Principal.

Amounts posted as Principal include the original amount owed by the Debtor, or a judgement amount or legal costs. Depending on the nature of your business, Principal amount can also be the original price of goods or services rendered, including finance charges. A POSITIVE Principal amount DECREASES the debtor's Owing.

When using Compound Interest calculations in Collect! you MUST post an Original Principal transaction so that Collect! can display the breakdown of Principal, Interest and Fees.

Collect! internally tracks principal, interest, adjustments and fees. Fees are also broken down further to provide a summary of legal fees only.

Interest

Select Interest from the Financial Type pick list to flag this transaction as Interest. When you select a transaction type that is Interest, the Financial Type field will automatically display Interest.

Interest can be entered when you first list an account. Adjustments can be made as needed to existing interest calculations. Amounts are entered in the To Us or Direct fields. A POSITIVE Interest amount DECREASES the debtor's Owing.

Collect! internally tracks principal, interest, adjustments and fees. Fees are also broken down further to provide a summary of legal fees only.

Fee

Select Fee from the Financial Type pick list to flag this transaction as a Fee. When you select a transaction type that is a Fee, the Financial Type field will automatically display Fee.

Any fee charged to the debtor can be entered through the Transaction form. Amounts are entered in the To Us or Direct fields. A POSITIVE Fee amount DECREASES the debtor's Owing.

Collect! internally tracks principal, interest, adjustments and fees. Fees are also broken down further to provide a summary of legal fees only.

Legal

Select Legal from the Financial Type pick list to flag this transaction as Legal. When you select a transaction type that is Legal, the Financial Type field will automatically display Legal.

Misc

Select Misc from the Financial Type pick list to flag this transaction as Misc. When you select a transaction type that is Misc, the Financial Type field will automatically display Misc.

Other

Select Other from the Financial Type pick list to flag this transaction as Other. When you select a transaction type that is Other, the Financial Type field will automatically display Other.

Adjustment

Select Other from the Financial Type pick list to flag this transaction as an Adjustment. When you select a transaction type that is an Adjustment, the Financial Type field will automatically display Adjustment.

Adjustments can be posted for interest amounts, fees or any other type of payment. A POSITIVE Adjustment amount becomes a negative adjustment, that is, it DECREASES the debtor's Owing. Negative adjustments are shown enclosed in parentheses and are deducted from the debtor's Owing.

Collect! internally tracks principal, interest, adjustments and fees. Fees are also broken down further to provide a summary of legal fees only.

Receipt Number

Switch this ON with a check mark if you want Collect! to automatically assign a Receipt Number to transactions of this type.

Receipt Numbers need these requirements:

1. This switch must be turned ON with a check mark.

2. The transaction must be posted to the Payment account.

3. The amount posted must be a positive payment (credit) To Agency.

If these conditions are not met, Collect will not assign a Receipt Number even if the switch is ON.

You can also generate receipt numbers for payments to Commission if you switch ON "Generate on Commission."

The Receipt Number is determined by adding one to the highest numbered receipt already in Collect!. You can change an existing Receipt Number so that Collect! will start at a number of your choice.

Generate On Commission

Switch this ON with a check mark if you want Collect! to automatically assign a Receipt Number to transactions of this type.

Receipt Numbers will be generated if:

1. The "Receipt Number switch is also ON."

2. The transaction must be posted to the Payment account.

3. The transaction must be posted as a positive amount (credit) to Commission.

Invoice Number

An Invoice Number may be assigned automatically to this transaction. For Collect! to create an Invoice Number, three conditions must be met.

1. The transaction must be posted to the Fees account.

2. The amount posted must be a negative amount (debit) To Agency or To Client, or a positive Commission amount.

3. The Invoice Number switch must be turned ON in the Transaction Type settings for this Transaction Type.

If these conditions are not met, Collect does not automatically assign an Invoice Number to the transaction.

The Invoice Number is determined by adding one to the highest numbered invoice already in Collect!. You can change an existing Invoice Number so that Collect! will start at a number of your choice.

If you're upgrading from an earlier version of Collect! make sure you set the access rights to Read Only for this field to avoid Users changing your Invoice Number sequence.

Use Control File

Switch this ON with a check mark to tell Collect! to run a control file on this Transaction. When this switch is enabled, a "control file" field becomes visible where you can enter the name of the control file you want to use.

Collect! expects the control file to be in the {database}\control folder.

Control File

Enter the name of the control file you want Collect! to run on this Transaction. You can enter up to 7 alpha-numeric characters in this field. Collect! will add the ".ctf" extension.

If you have set a control file in the Transaction Type, then this field will fill automatically when you select the Transaction Type.

This field is only visible when the "Use control file" switch is enabled.

Collect! expects the control file to be in the {database}\control folder.

Payment Date

This is the actual Date that the Payment is made to the debtor's account. This is very important for many financial calculations on the account. It is used to tally the total displayed in the Paid field on the Debtor form. When there is interest to be calculated, this Payment Date is used to accurately compute the interest for the account. Interest calculation is based on the ACTUAL Payment Date rather than the date the payment is reported by the client or posted to the account.

By default Collect! displays today's date. Press F2 to pop up the calendar where you can choose a different date.

If "Automatically Manage Promises" is switched on in Payment Posting Options, the Payment Date will use the Promise Due Date when there is a Promise Contact set up on the account.

NSF Transactions: Enter the PAYMENT Date to match the Payment Date of the transaction being REVERSED. This links the NSF transaction to the original transaction so the payment breakdown is properly reversed.

NSF Tag

If you have multiple NSF transactions on the same day for the same debtor, go to each of the Original Transactions and put numbers into the NSF Tag field and put the corresponding number into the reversal's NSF Tag field. This is a secondary link for multiple transactions. You can use any number (1, 2, 3) as long as it is unique to the Payment Date and Amount.

Posted Date

This is the calendar date this transaction is entered into the system. This is very important for financial reporting on the account. The Posted Date is used when generating statements to determine if the transaction falls within the statement Date Range.

By default Collect! displays today's date. Press F2 to pop up the calendar where you can choose a different date.

One way to keep track of post-dated checks and promised payments is to post transactions with no Posted Date. Collect! will ignore the transactions when calculating debtor Owing and generating statements.

Operator

This is the Collector the account is assigned to. It is used in the Operator Analysis Report to determine Operator commissions.

Select the down arrow or press F2 to view the list of Operators. This field is automatically filled from the Debtor form or the Transaction Type settings.

Sales

This is the Sales person or team assigned to this account. It is used for commission calculations in the Operator Analysis Report. Please refer to the help on that report for more information.

Select the down arrow or press F2 to view the list of Operators. This field is automatically filled from the Debtor form or the Transaction Type settings.

Owing

This is the total amount of the outstanding debt for this debtor. It is taken from the Debtor's Owing on the Debtor form. It is used in calculations, statements and reports.

To Us

The To Us field is used to record payments made to the agency. This field is a positive value for checks or cash, while NSF charges and similar fees are entered as a negative value. Positive payments are listed in the daily bank deposit listing. Entering a positive value decreases the debtor's Owing and a negative value increases the debtor's Owing. A commission is calculated from this amount and is entered into the Commission field.

Transaction Type settings determine whether this field is displayed. If you don't see this field and expect to, please review the Transaction Type you've selected.

Direct

The Direct field is used to record payments made directly to the client. A commission is calculated from this amount and is entered into the Commission field. The payment is not listed in the daily bank deposit listing. Entering a negative value increases the debtor's Owing.

Transaction Type settings determine whether this field is displayed. If you don't see this field and expect to please review the Transaction Type you've selected.

Commission Amount

This Commission Amount will appear on the Client Statement at the end of month. The Commission Amount is calculated from the Commission Rate and the Payment amount To Us or Direct. You can change the amount or delete it altogether. A positive value will result in the client being billed for the amount of the Commission and entering a negative value credits the client's account.

The calculation percentage depends on the switch controlling 'Add Commission to Owing' in the Debtor Financial Detail form in the Commission section. When that switch is set, the actual percentage used when calculating the Commission Amount will be less than if the switch was not set. Please see Add Commission To Owing for details regarding the calculation.

If you do not want to calculate the commission, you can delete the amount in this field. To have Collect! do this automatically, please use the 'Don't calculate commission' setting. But you must set it BEFORE you enter the payment amount.

Tax

This is the amount of Tax payable on the Commission. The client will be billed this amount in the next statement. Tax calculated from the Commission amount. The Tax Rate is taken from the debtor information as described above under "Tax Rate."

A positive value causes the client to be billed the Tax amount on the next statement. A negative value credits the client with the Tax amount displayed.

Return

The Return indicates the amount of any payment that is not retained by the agency. This is calculated as the sum of the To Us and Direct amounts minus the Commission Amount and Tax.

If you have transactions posted in your system that predate this feature, this field will most likely be BLANK. You can tab out of the To Us or Commission field to refresh the value.

Owing Before Transaction

This field indicates the Owing amount on the account before the transaction is taken into account. This allows you to preserve information pertaining to the account's owing history.

If you have transactions posted in your system that predate this feature, this field will most likely be BLANK. The feature is on a go forward basis for new transactions. It reads the current Owing for the Debtor.

Owing After Transaction

This field indicates the Owing amount on the account, taking the totals of this transaction into account. This allows you to preserve information pertaining to the account's owing history.

If you have transactions posted in your system that predate this feature, this field will most likely be BLANK. The feature is on a go forward basis for new transactions. It uses the current Owing for the Debtor.

Omit From Client Statement

While in this field, select the mouse or press the space bar to flag the field with a check mark. This field may already be flagged if it is set in the Transaction Type settings.

When this field is flagged, this transaction will not be included in the Client Statement generated at period end. This setting is read from the Transaction Type settings but can be changed here.

Omit From Daily Cash Report

While in this field, select the mouse or press the space bar to flag the field with a check mark. This field may already be flagged if it is set in the Transaction Type settings.

When this field is flagged, this transaction will not be included in the Daily Cash Report. This setting is read from the Transaction Type settings but can be changed here.

Use Confirmation Delay

If this is switched ON, this transaction will be reported on a statement only after the period of confirmation delay set in the Payment Posting Options form. This allows time for a check to clear before it is included in a client statement.

If you enter a date in the 'Confirmed' field when this switch is ON, Collect! will evaluate that date as well when it generates the statement. Please refer to Transaction Confirmation Delay for details.

Deposited

Date field for your own use to keep track of check clearing.

Confirmed

This Date field enables you to control how Collect! handles cleared checks when generating statements.

This date is evaluated for statements ONLY when the 'Use Confirmation Delay' switch is ON and you have a value entered in Payment Posting Options for Confirmation Delay. If you are NOT using Confirmation Delay, then this field is for your own use.

Enter the Date the check was cleared. If you are using Confirmation Delay, the date you enter here will override the Confirmation Delay, enabling you to process checks as soon as they are cleared, even if the Delay period has not expired. When statements are generated, the date entered here will be evaluated, rather than the Payment or Posted Date, to decide whether or not to include the transaction in the statement.

You can enter a date in the future to prevent the transaction from appearing on the statement until a specific date.

Please refer to Transaction Confirmation Delay for details.

Confirmation #

Alphanumeric field for your own use to keep track of check clearing.

Posted By

This read-only field displays the ID of the Operator who posted this Transaction.

Commission

Enter up to four commission rates with payment breakdown settings. Total commission will be tallied in the Total field.

This is the percent of the debtor's payment which the agency charges as a fee for services. The dollar amount of the commission is calculated from this percentage (a number from 0 to 100) and is automatically entered into the Commission field. The Commission Rate is read from the Debtor form or from the Transaction Type settings. It can be modified on an individual transaction.

Entering a 0 results in $0.00 commission. Enter 100 to retain all of a fee.

Don't Calculate Commission

While in this field, select the mouse or press the space bar to flag the field with a check mark. This field may already be flagged if it is set in the Transaction Type settings.

When this field is flagged, the system will NOT calculate Commission for this transaction. However, if you switch this on after you complete entering your transaction, it will have no effect.

Set this switch BEFORE you enter your payment amount in the To Us or Direct fields. If you fail to do this, and you see an amount in the Commission Amount field, simply delete it to remove the calculated Commission.

Tax

Enter up to four tax rates with payment breakdown settings. Total tax will be tallied in the Total Tax field.

This is the rate at which the tax is calculated on the Commission Amount value displayed in this transaction. You can enter a rate here or accept the default rate that may be displayed already for you.

The default Tax Rate is taken from the debtor information available when you select the Rate field in the Debtor form. This displays the Financial Detail form with a Tax section. Values in Tax fields are copied to each transaction that you post with commission and tax calculated.

To switch OFF the calculation of tax, make sure the box next to 'Don't Calculation Tax' is checked.

Don't Calculate Tax

While in this field, select the mouse or press the space bar to flag the field with a check mark. This field may already be flagged if it is set in the Transaction Type settings.

When this field is flagged, the system will NOT calculate Tax for this transaction.

Breakdown

This section displays how the transaction amount is broken down.

Currency

Multi currency settings. This section displays the Currency the payment was made in. This should be the Currency of the account if you are using the Collect! Month End statement process.

If the Debtor pays in a Currency other than the one the debt was recorded in you MUST convert the Currency before entering the payment into Collect!

Collect! does not calculate using exchange rates and currencies. These fields are provided for your own informational purposes only.

Press F1 for details when this section is highlighted.

Detail

This section contains user defined fields for storing information for reports or your own record keeping.

Press F1 for details when this section is highlighted.

OK

Select this button to save any changes you may have made to this transaction and return to the previous form.

<<

Select this button to navigate to the previous transaction in the database.

>>

Select this button to navigate to the next transaction in the database.

Last Payment

Select this button to schedule a Plan Contact with a Due Date matching this Transaction's Payment Date.

This button is visible only if you have set up Last Payment Plan in the Payment Plan Setup form.

The switch is processed for new transactions only. For existing transactions it is completely ignored.

If an In Progress Plan Contact already exists, it will be updated with the new date, otherwise, a new Plan Contact will be created.

Please refer to Help topic, Run Plan on Last Payment Date for details.

New

Select this button to save any changes you may have made to this transaction and then display an empty Transaction form for you to continue to enter new transactions.

Print

Select this button to view the list of all reports you can print relating to debtor transactions.

Cancel

Select this button to ignore any changes you may have made to this transaction and return to the previous form.

Help

Select this button for help on the Transaction form and links to related topics.

Delete

This button is visible on the list of all transactions. Select it to delete the highlighted record from the database.

Edit

This button is visible on the list of all transactions. Select it to open highlighted record for editing.

See Also

- Transaction Types
- How To Setup Transaction Types
- How To Post A Transaction
- Interest Detail
- Company Details