Financial Settings

The Financial Settings menu choices enable you to control many settings used when working your accounts financially. These settings affect posting payments and posting fees to accounts and reporting to credit bureaus.

Settings in the following areas may be controlled from this menu.

* Transaction Types
* Payment Posting Options
* Commission Rate Plans
* Payment Plan Settings
* Credit Bureau Settings

Transaction Types

Select this option to view the list of all Transaction Types in your system.

Transaction Types are used for classifying information posted to your accounts. Several types are already set up for you. Each one has different settings appropriate to the type of transaction it describes.

Use the default types or create your own custom settings for the types of transaction that you need.

Use Transaction Types to:

* Post batch fees * Automatically set options when you enter new transactions * Group transactions and payments in reports

Payment Posting Options

Select this option to open the Payment Posting Options form where you can enter settings to determine how Collect! responds when a payment is posted to an account.

Commission Rate Plans

Select this option to view the list of all Commission Rate Plans in your system.

Commission Rate Plans are used to establish how Collect! calculates commission when a payment is posted to an account. Define your own variable sliding commission rate for accounts, based on account age, owing, paid and payment amount.

Several Commission Rate Plans have been set up for you already. Modify an existing plan or create a new one.

Commission Rate Plans are only used if you have a sliding scale of rates to apply to an account. A single rate can also be set at the Client, Debtor or Transaction level. Please refer to Help topic, Commission Rates for details.

PAYMENT PLAN SETTINGS

Select this option to open the Payment Plan Setup form where you can enter default settings for transaction types and dollar amounts to use when creating a new Payment Plan for a debtor.

The settings shown in the Payment Plan Setup form apply when a Payment Plan is scheduled on an account.

Credit Bureau Settings

Select this option to open the Credit Report Preferences form where you may enter default values to use when you report Debtor credit.

The list of default account types provided by Collect! covers normal collection and credit management. Select an item from the pick list to enter its corresponding code in the credit report settings. Refer to your Metro format manual for details.

Settings can be changed at the individual Debtor level, if needed, by accessing the Credit Report Details form through the Debtor form.