Transaction Type Sample - Add Accrued Interest To Principal
You may adjust or add to the Principal amount
using Principal transaction types. Multiple principal
transaction types are added together and the total
is set in the Original Principal field on the
Financial Detail form.
The sample shown below will add the total outstanding
Accrued Interest to any previous Principal amount.
Use this transaction type to add to the Principal the
monthly outstanding accrued interest.
Accrued Interest - Principal Transaction Type
When posting a 161, Add Current Accrued Interest principal
transaction to a debtor account, the description from
the transaction type form will be copied to the transaction
being posted.
The 'Percent of Interest' radio button is switched ON
to allow you set the amount you wish to be used at
the time of posting the transaction. In this sample, -100%
will be automatically filled into the To Us field when
posting. Collect! will use the current Accrued Interest
amount and add 100% of this value to the previous
Principal posted to the account.
Entering a negative percentage in either the To Us or
Direct field will add to the debtor's Principal amount.
If more than one of these transaction types is
posted to an account, the total will be calculated
automatically and displayed in the Principal field
on the Debtor form.
Entering a positive percentage will reduce the amount of
Principal. Interest will be recalculated accordingly.
Interest, if used, is calculated from the Payment
Date entered when the transaction is posted and
the amount entered in the To Us or Direct field. If you
are using multiple principal transactions, interest
is calculated on the resulting principal total after
each transaction's payment date. For more details
please see Interest Detail and documentation
for specific types of interest.
In this sample, the reporting check boxes tell
Collect! to omit this transaction when creating a
statement for your client and also to omit
the transaction when generating the
daily cash report.
In this sample, the reporting check boxes tell
Collect! to omit this transaction when creating a
statement for your client and also to omit
the transaction when generating the
daily cash report.
Calculations are checked not to calculate commission
and not to calculate tax on any commission
amount present.
Display is set to leave both the To Us and the Direct
fields visible at all times when viewing the transaction
or Transactions List.
No operator or sales operator ID's have been set to be
used as default values when posting this transaction
type. You may want to set the Operator or Sales values
to HSE or OWN, if you wish to always have operator and
sales operator ID's on every transaction.
No contact plans have been set to be run when posting
this transaction type.
No commission rate has been set to override the
commission rate that may be set on the Debtor form.
All the above settings will be automatically filled in
for you when you post a 161 + Current Accrued Interest
principal transaction to an account. You may override
any setting when posting the transaction.
See Also
- Transaction Type
- Transaction Type Basics - Introduction/Accessing
- Transaction Type Samples
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