Transaction Type Sample - Original Principal
The Original Principal transaction type is needed
if you are going to apply interest, apply a judgement,
or add more principal at a later date. If you are not
using any of the above items, then you can skip this
transaction type.
By default, Collect! ships and uses the 196
Original Principal transaction type shown
below when it is required to perform interest or
judgement calculations.
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 Details form.
You may enter an Original Principal
amount using the Financial Detail form accessed
from the Debtor form's Principal field. If you have no
need of anything more complicated, this is all you
have to do to record the Original Principal for the
account.
The sample shown below sets the Original Principal
amount when entering a new debtor. There are
several instances when you will need this.
- If you ever intend to apply interest of any type,
- need to add more principal later,
- use Collect!'s judgement functions,
- use payment plans as a credit grantor,
then you will want to apply this transaction type to the
account.
Original Principal Transaction Type 196
When you create a 196 Original Principal transaction on
a debtor account, the description from the transaction
type form will be 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 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 amount 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.
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 196 Original 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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