Transaction Type Sample - Legal Fee Payment
The Payment Transaction Type is needed to keep track of fees that
have been paid on an account. Any transaction flagged as a Payment
type, with an amount either in the To Us or Direct field, will affect the
balance of the Owing 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 Payment type
transaction samples. Collect! uses the 100 series for
payment type transactions, but any Financial Type dotted
as "Payment" will be processed as a payment type transaction.
You can have many different legal fee payment transaction types for
separating the various legal fees you may have entered. Filing Fee,
Serving Fee, and Warrant Fee are a few examples.
Legal Fee Payment - Payment Transaction Type
All payment transactions are totaled together and subtracted from
the total debt the result is displayed in the Owing field of the Debtor form.
When you create a 120 Legal Fee Payment transaction on a debtor
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 allow
you enter the amount you wish to be used at the time of posting the
transaction.
Entering a positive amount in either the To Us or Direct field will
reflect the amount of the legal fee that has been paid.
In this sample, the reporting check boxes tell Collect! to omit this
transaction when creating a statement for your client. However
the 'Omit from daily cash' is not checked as we want to keep
track of the amount of money that has come into our agency
on our daily cash.
Calculations are all unchecked as we do want to calculate
commission and we do want to calculate tax.
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.
We will need to input a commission rate of 100.00 as we will be
retaining 100% of this payment.
All the above settings will be automatically filled in for you when
you post a 120 Legal Fee Payment 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
- Legal Topics
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