Transaction Type Sample - Late Fee

The Fee Transaction Type is needed to keep track of fees charged to an account. Any transaction flagged as a Fee type, with an amount either in the To Us or Direct field, will affect the balance of the Fee amount displayed on the Debtor form. An amount in the transaction's Commission field affects only the commission amount shown on the statement you generate for your client.

By default, Collect! ships with a number of Fee type transaction samples for miscellaneous charges to an account. These are generally stored in the 300 series, for conveniences. In the Financial Type setting, the "Fee" selection would be dotted.

The 351 Late Fee transaction type is used whenever a the debtor make a payment later than the payment's due date and there is a late charge set up for the account. The amount posted depends on the financial setup. For instance, this transaction type will post a late fee to an amortized interest account, calculated according to the settings in the Interest Detail form. It will also post the late fee for a payment plan according to the settings in the Payment Plan Setup form.

Late Fee

All Fee transactions are totaled together and the result is displayed in the Fees field of the Debtor form.

When a 351 Late Fee transaction is posted to an account, the Description from the Transaction Type form is copied to the transaction being posted.

The 'Enter amount on Posting' radio button is switched ON to enable Collect! to fill in the amount stored in the account's financial settings. This is entered as a negative amount in the transaction's To Us field and increases the debtor's Owing.

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 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 late payment to an account with a late fee set up in the account's financial settings.

See Also

- Transaction Type Basics - Introduction/Accessing