Transaction Type Sample - Original Interest

The Original Interest Transaction Type is needed to keep track of any original interest charged to the account prior to receiving the account. If you do not need to keep this information separate, then you can skip this transaction type.

By default, Collect! ships and uses the 197 Original Interest transaction type shown below when it is required to post an original interest amount.

You may adjust or add to the Interest amount using Interest transaction types other than the 197 Original Interest transaction type. Unlike Principal transactions, only the first original interest transaction type will populate the Original Interest field on the Interest Details form. Any other 197 original transaction types will be ignored.

If you need to apply only original interest and no further interest, you may enter an Original Interest amount using the Interest Details form accessed from the Debtor form's Interest field. If you have no need of anything more complicated, this is all you have to do to record Original Interest for the account.

For those users who use a more detailed or complex reporting method, posting an Original interest transaction provides more information about the interest amount. With a transaction you can set Payment and Posted Dates, choose to show or not show the transaction on statements, and assign operator ID's for tracking and commission purposes.

Original Interest - Interest Transaction Type

When you create a 197 Original Interest 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 to enter the amount at the time of posting the transaction.

Entering a negative amount in either the To Us or Direct field adds to the debtor's Original Interest amount. The amount will be set in the Interest Details Original Interest field and displays as a positive amount.

Entering a positive amount reduces the amount of Original Interest. Interest will be recalculated accordingly.

*** WARNING - If more than one Original Interest transaction
types is posted to an account, only the first original interest transaction will be displayed in the Original Interest field.

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 197 Original Interest 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