Transaction Type Samples

Sample transaction types linked to this page will give you an idea of some transaction types that are commonly used in Collect!.

You may create or modify any transaction type in the system. The transaction type code can be any number or character combination up to a maximum of 4 characters. The transaction type has many very special features and functions that can make Collect! work for you in nicely organized ways. Check out the samples on this page to familiarize yourself with possibilities that can help you use transaction types profitably.

Principal Transaction Types

This 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.

Transaction Type Sample - Original Principal

Transaction Type Sample - Add Percent Of Principal To Principal

Transaction Type Sample - Add Percent Of Owing To Principal

Transaction Type Sample - Additional Principal

Transaction Type Sample - Add Accrued Interest To Principal

Interest Transaction Types

This transaction type is needed if you are applying interest or applying a judgement with interest amounts. If you are not using any interest amounts, then you can skip this transaction type.

Transaction Type Sample - Original Interest

Transaction Type Sample - Interest Adjustment

Transaction Type Sample - Total Accrued Interest

Payment Transaction Types

This transaction type is needed for posting all payments. Payment transactions control all aspects of payment posting, keeping track of who is posting credits or debits to your accounts.

Transaction Type Sample - Payment By Check

Transaction Type Sample - Down Payment

Transaction Type Sample - Payment Plan Payment

Transaction Type Sample - Legal Fee Payment

Transaction Type Sample - Legal Fee Advance Received

Transaction Type Sample - Legal Fee Advance Recovered

Transaction Type Sample - Payment of Agency NSF Fee

Legal Transaction Types

This transaction type is needed if you are applying any legal fees to the account. These are transactions are kept together and calculated as total legal fees on an account.

Transaction Type Sample - Legal Fees

Transaction Type Sample - Legal Fee Advance Request

Other Expenses Transaction Types

This Fees transaction type is needed if you are applying additional charges, such as a closing fee, late fee, or a service charge, to the account. Any fee that is not a legal fee uses this transaction type.

Transaction Type Sample - Late Fee

Transaction Type Sample - NSF Account Fee

Transaction Type Sample - NSF Charge Due Agency

Transaction Type Sample - Payment Plan Service Charge

Adjustment Transaction Types

This transaction type is needed if you are applying adjustments to Principal, Interest, or Fees, or to adjust the Owing of any account.

Transaction Type Sample - Payment Plan Initial Discount

Internal Transaction Types

This transaction type may be used for tracking internal expenses on a particular account. This transaction does not affect either the Debtor's or the Client's financials in any way. It is just for keeping track of internal expenses borne entirely by the agency.

Transaction Type Sample - Agency Internal Expenditure

See Also

- Transaction Type
- Transaction Type Basics - Introduction/Accessing