Financial Fees

This section of the Financial Detail form stores an initial standard fee to be charged to this account. The fee may be charged to the Debtor or to the Client. This is a one time fee. Additional fees are posted using Fee type transactions.

Financial Detail Fees

Debtor Fee

This amount is a one time fixed fee charged to the debtor. When you enter an amount here, Collect! automatically creates a fee transaction with Transaction Type 398 to bill the debtor for the fixed fee. Collect! uses the information from your Transaction Type 398 settings to determine how to calculate the fee. If this transaction type is not in the system, you are prompted to create it in your transaction types.

To clear the amount in this field, you must delete the Type 398 fee transaction in the Transaction List.

A great example of this using this fee is posting a one time fee for returned checks.

Client Fee

This amount is a one time fixed fee charged to the client. When you enter an amount here, Collect! automatically creates a Fee transaction with Transaction Type 397 to bill the client for the fixed fee. Collect! uses the information from your Transaction Type 397 settings to determine how to calculate the fee.

The amount of the Client Fee is placed in the Commission Amount field of the Type 397 transaction as a positive value. This way, it does not affect the debtor at all, and only shows on the month end statement you generate for the client.

Tax will be calculated if a Tax Rate has been set on the Type 397, or in the Debtor Financial Details. If tax is calculated, it will show in the Tax field of the transaction. If you do not want to calculate tax, ensure that 'Don't calculate tax' is switched ON for Type 397

The client will be charged this amount on the next statement generated for the client. That is, if the debtor's Listed Date falls within the date range of the statements you are generating, a line item billing this amount will be listed in the client statement.

When you generate your month end statements, open the statement for this client and view the invoice line items to make sure the charge you posted is displayed correctly.

This is a Listing Fee. It is posted only once, the first time the client's statement is prepared after the fee has been entered in this field.

If Transaction Type 397 is not in the system, you are prompted to create it in your transaction types.

If you clear the amount in this field, Collect! will delete the Type 397 fee transaction, if one exists.

Total Fees

This is the total of all fees posted as Fee type transactions for this debtor.

This is a convenient display for quickly determining the total fees on the account. You can pull this information into reports.

Fees Paid To Date

This field displays the portion of accumulated fees that have been paid so far on this account. The amount is determined by the way your payments are broken down and also any Fee type transactions that are posted as a credit to the account.

By default, Collect! applies payments to Fees, then Interest, then Principal. This order can be customized if you use Payment Breakdown and adjust the order yourself when creating your Payment Breakdown Transaction Type.

This is a convenient display for quickly determining the total fees paid on the account. You can pull this information into reports.