How To Setup Transaction Types

This document explains the concept of Transaction Type in Collect!. It will help you use existing transaction types in the right way and create your own.

Transaction types are an integral part of Collect!, and are used for recording and organizing financial information. The Financial Type field in the Transaction form determines how Collect! will process a transaction. Payments, Fees, Interest, Adjustments, Legal are examples of these Financial Types.

For convenience and reporting, Collect! organizes Transaction Types into groups of 100, with the 100, 200, 300, 400, 500 and 600 codes actually reserved as titles for the group they represent. Each series roughly represents one of the Financial Types. For instance, the 100 series is reserved for Payment types. However, it is the Financial Type setting that actually determines how a transaction is processed.

Financial Type Setting Determines Transaction Type

Transaction types are used when printing client and debtor trust account reports. The reports provide a dated summary of financial transactions, and then show a breakdown of the financial activities, usually organized by Transaction series, such as 100's, 200's and so forth. Using these groups will help you with the organization of your own reports.

For example, Group 100 defines all basic transactions such as payment from a Debtor to the agency by check or cash, payments from the Client to the agency and other details.

Several groups are predefined, including Original Principal and Interest, Legal Expenses, Interest, and Other Expenses.

Useful Note The Demonstration database in Collect! ships with many predefined transaction types. You can copy any of these to the Masterdb database.

Useful Note Even though we have supplied a standard list of transaction types, the code is capable of storing 4 characters, which means you can put in your own. Some are system reserves as per "System Reserved Types" below.

Viewing The List Of Transaction Types

The following list contains all the transaction types provided for you by Collect! You can modify these if you need to or add your own, depending on your business needs.

100 PAYMENTS AND SYSTEM

101 Check Payment
102 Cash Payment
103 Payment Out of Court
104 Money Order Payment
105 Returned NSF Check
106 Payment of Agency NSF Fee
107 Check Payment Taken By Phone
108 Debtor Over Payment
109 Credit Card Payment
110 ACH Payment
111 Direct Payment to Client
120 Attorney Fee Payment
122 Court Cost Payment
150 Down Payment
151 Payment Plan Payment
160 Monthly Billing Amount
193 Payment Plan Initial Discount
194 Judgment Principal
195 Judgment Interest
196 Original Principal
197 Original Interest

200 LEGAL FEES

201 Court Cost Charge
202 Attorney Fees Charge
294 Judgement Legal Costs

300 FEES

301 NSF Charge Due Agency
302 Closing Fee
303 Locate Fee
305 ACH Convenience Fee Reversal
307 ACH Convenience Fee
309 Credit Card Convenience Fee
310 Service Charge
320 Payment Plan Late Fee
340 Daily Storage Fee
350 Payment Plan Service Charge
351 Late Fee
394 Judgement Court Costs
397 Client Fee
398 Debtor Fee
399 Collection Fee

400 INTEREST

401 Interest Adjustment
402 Accrued Compound Interest
495 Additional Judgement Interest
499 Total Accrued Interest

500 ADJUSTMENTS

501 Adjustment by Client
502 Adjustment by Court Order
503 Adjust Judgement Principal
599 Adjustment through Upgrade

600 INTERNAL EXPENSES

601 Agency Internal Expenditure

Each one of these transaction types has its own settings, set in the Transaction Type form for that type.

Useful Note To view the settings for these transaction types, pull down the System menu and choose Financial Settings, Transaction Types. The complete list of transaction types available to you will be displayed. Click on your choice to open the Transaction Type form and view the settings.

Useful Note You should leave code 100, 200, 300 and 400 etc. as titles for the group they represent. Then use codes 101, 201, 301, 401, 501, 601 as the starting points for the transaction types you want to list in the group. You can also create your own groups and codes with up to 4 characters and then build reports that reference transactions with these codes.

System Reserved Types

System Reserved Types are used by internal processes in Collect!. They should be left alone. If you plan to customize Collect! in an extreme manner, please consult with Technical Support.

194 Judgment Principal
195 Judgment Interest
196 Original Principal
197 Original Interest
294 Judgement Legal Costs
394 Judgement Court Costs
397 Client Fee
398 Debtor Fee
399 Collection Fee
499 Total Accrued Interest
599 Adjustment through Upgrade
1081 Original Fees, Prior to Assignment
1082 Original Legal, Prior to Assignment
1083 Original Misc, Prior to Assignment
1084 Original Other, Prior to Assignment
1085 Original Paid to Client, Prior to Assignment

If these codes do not appear in your Transaction Type list, then they will appear as numbers in your trust reports, rather than with text titles. You should create these codes in your Transaction Type list if they are not there. These Transaction Type codes are required, and should not be changed. Most of the others can safely be modified.

Print A List Of All Settings

To view all of the transaction types available in Collect!, pull down the System menu and choose Financial Settings, Transaction Types. A list will display. You could pull down the Print menu and choose Quick Print from the list of choices. When prompted, say "Yes" to details. This will give you a complete list of the transaction types and their settings.

Using The Predefined Transaction Types

Press F1 from the Transaction form and the Transaction Types form to get Help on the fields in these form. Using this information and the list above, pick the transaction types that you need.

Examine the settings of these transaction types to be sure they will act as you expect them to. Most of the types can be modified. However, you should be sure of what you are doing when you make changes to existing Transaction Type settings. These settings have been chosen to perform in a certain way.

Creating Your Own Transaction Types

The easiest way to create a new transaction type is to copy an existing type, or heading, give it a new Code number, in the same general group, and a new Description. Then modify the settings to suit your needs.

Useful Note Each group heading has default settings that generally apply to the whole group. You can copy the heading as a template for your new type and the basic settings will be set already.

Copy A Transaction Type

Choose System, Financial Settings, Transaction Types to display the list of types in your system.
Use the up and down arrows to locate and highlight the type or heading that you wish to copy.
Make sure it is highlighted and press CTRL+C. You will be informed that you have copied data.
Press OK and then press CTRL+V. The list will now contain a duplicate copy of the transaction type or heading that you copied.
Click on one of the copies to open the Transaction Type form for you to modify.
Give your copy a new Code number and a new Description to begin to create your own transaction type.

Create A Transaction Type Group

To add group 700, for example, to the Transaction Type list:

Open the Transaction Type List.
Press F3 to create a new Transaction Type.
Enter 700 as the Code to identify the group.
Type in a general Description that applies to each transaction type in this new group.

Useful Note The Description you use to label the group is used in trust account reports as the title of the Transaction group.

Choose the default settings that will generally apply to transaction types in this group. These settings can be modified for each individual transaction type that you create in the group.
Press F8 to save your work.

Now, when you view the list of transaction types, this new group will display.

Transaction Type Form

Click Here to View this Form.

Click Here to Close this Form.

Transaction types give you the ability to categorize transactions for accounting and reporting. Through the Transaction Type form you set options to control calculations, breakdown payments, assign a specific operator and a sales person, designate a contact plan to run, and set the commission rate. You may view and modify existing transaction types in Collect! and create your own new ones. By setting up transaction types for the way you do business, you can automate many basic aspects of posting and processing your transactions.

Transaction Type

The Transaction Type form displays many settings that can be used to manage posting financial transactions to your accounts.

Predefined Transaction Types

Collect! provides many pre-defined transaction types in the Demonstration database for basic types of transactions you may expect to handle. You can copy any of these to the Masterdb database.

Transaction types are divided into groups of 100. The actual "centenary" markers are used as a header for the group. Although these markers have no settings, you can reference the description when building reports. This a handy way to provide a title for a group of transactions on your reports.

The following list contains all the transaction types provided for you by Collect!. Each one of these transaction types has its own settings. These are set in the Transaction Type for that specific Code, (e.g. 102, 303 etc.) You can modify these if you need to or add your own, depending on your business needs. You should seriously consider how your business operates before making any changes to the existing system.

Please refer to How To Setup Transaction Types for more information.

Code

This field shows the Code for this Transaction Type. The Code identifies the type of transaction you are posting. Whenever you post transactions, you pick the Code from the list of Transaction Types and all the settings for that type are copied into the Transaction form.

The default codes are organized in groups of 100 with the "centenary codes", i.e. 100, 200, 300 etc. used as titles for the group. The code field can hold more characters, so you can use your own codes.

Please note that some Codes are reserved for automations. If you do not use those automations, then you can re-purpose or remove those code. Please refer to the Help Topic How To Setup Transaction Types for a current list.

Description

This is a brief description of the Transaction Type. For codes 100, 200, 300, 400, and 500, the Description should be the title you want to see in your Trust Account Report for the section that lists transactions in each group.

Copy Description To Transaction

Switch this ON with a check mark so that whenever you post a transaction of this Transaction Type, the Description will automatically be copied to the transaction's Description field.

Financial Type

The Financial Type setting determines the financial category of each transaction. Financial types can be Payment, Principal, Interest, Fee, Legal, Misc, Other, Adjustment, or Internal. The dotted radio button in this column sets the transaction's financial type. This is very important for processing money amounts when a transaction is posted. The money amount of the transaction will be allotted to the financial area you choose here, that is, Payment, Principal, Interest, Fee, Legal, Misc, Other, Adjustment or Internal.

Payment

Place a dot in this radio button to flag this Transaction Type as a Payment. Transactions will be posted as payments to the debtor's account and will be totaled in the Paid field on the Debtor screen as well as being calculated in financial statements and reports.

Principal

Place a dot in this radio button to flag this Transaction Type as Principal. Transactions will be posted as principal to the debtor's account and will be totaled in the Principal field on the Debtor screen as well as being calculated in financial statements and reports.

Interest

Place a dot in this radio button to flag this Transaction Type as Interest. Transactions will be posted as interest to the debtor's account and will be totaled in the Interest field on the Debtor screen as well as being calculated in financial statements and reports.

Debtor's total interest is Original Interest plus any Accrued Interest minus any positive transactions posted to the debtor's Interest account.

Fee

Place a dot in this radio button to flag this Transaction Type as a Fee. Transactions will be posted as fees to the debtor's account and will be totaled in the Fees field on the Debtor screen as well as being calculated in financial statements and reports.

Fees = all transactions posted to the debtor's Fee account.

To charge a fee, post the amount as a debit to the debtor's Fee account. To post a debtor payment to cover a fee, post the amount as a credit to the debtor's Fee account.

Legal

Place a dot in this radio button to flag this Transaction Type as a Legal Fee. Transactions will be posted as legal fees to the debtor's account and will be totaled in the Legal Fees field on the Debtor screen as well as being calculated in financial statements and reports.

Misc

Place a dot in this radio button to flag this Transaction Type as Miscellaneous. Transactions will be posted as miscellaneous transactions to the debtor's account and will be totaled in the Miscellaneous field on the Debtor screen as well as being calculated in financial statements and reports.

Other

Place a dot in this radio button to flag this Transaction Type as an Other type. Transactions will be posted in the Other category on the debtor's account and will be totaled in the Other Charges field on the Debtor screen as well as being calculated in financial statements and reports.

Adjustment

Place a dot in this radio button to flag this Transaction Type as an Adjustment. Transactions will be posted as adjustments to the debtor's account and will be totaled in the Adjustments field on the Debtor screen as well as being calculated in financial statements and reports.

Adjustments = all transactions posted to the debtor's Adjustment account.

Posting a credit to the account reduces the debtor's Owing. A debit increases the debtor's Owing.

Internal

Place a dot in this radio button to flag this Transaction Type as Internal. Transactions will be posted to the debtor's account for tracking purposes. However, the amount will not affect either the Debtor's totals or the Client's Commission or Return.

Useful Note The Internal transaction type is used for tracking internal agency expenses connected with a particular account. These expenses are borne entirely by the agency and do not affect either the Debtor or Client financials in any way.

Enter Amount On Posting

If you place a dot in this radio button, when each transaction is posted, the user must fill in the amount of the transaction.

If this option is used for Payments, Collect! will use the default internal breakdown order of: Other, Misc, Legal, Fees, Interest, and finally Principal.

For user-defined breakdown, select the PAYMENT BREAKDOWN option.

Payment Breakdown

This function enables you to post payments broken down into to Fees, Interest, Principal, Legal, Misc and Other. Place a dot in this radio button to select this option.

When you enable Payment Breakdown, additional fields become visible where you can select the order that you want to use for distributing the payment amount. By default, Collect! posts to Fees, then Interest, and finally to Principal. You can change this order and optionally add additional breakdown order for Legal, Misc and Other financial types. Please refer to the section below on Payment Breakdown and Compound Interest for further details.

Warning Note WARNING: This is the only type that can use the multi-rate settings with commission. Enter Amount on Posting, Use Dollar Amounts, and the Percentage Of types will only use Rate 1 for the commission amount.

Use Dollar Amounts

When you place a dot in the radio button to select this option, four additional fields appear, labeled To agency, Direct, Commission and Tax. In the appropriate field, enter the dollar amount of the transaction (as a number from 1 to 100.). When the user posts a transaction of this Transaction Type, the dollar amount will automatically be copied to the correct field on the transaction.

Useful Note Remember that a positive amount is a credit to the account!

Percent Of Principal

When you place a dot in the radio button to select this option, four additional fields appear, labeled To agency, Direct, Commission and Tax. In the appropriate field, enter the Percent of Principal of the transaction (as a number from 1 to 100.) When the user posts a transaction of this Transaction Type, Collect! will calculate the correct percentage and the amount will automatically be copied to the correct field on the transaction.

Useful Note Remember that a positive percent is a credit to the account!

Percent Of Owing

When you place a dot in the radio button to select this option, four additional fields appear, labeled To agency, Direct, Commission and Tax. In the appropriate field, enter the Percent of Owing of the transaction (as a number from 1 to 100.) When the user posts a transaction of this Transaction Type, Collect! will calculate the correct percentage and the amount will automatically be copied to the correct field on the transaction.

Useful Note Remember that a positive percent is a credit to the account!

Percent Of Interest

When you place a dot in the radio button to select this option, four additional fields appear, labeled To agency, Direct, Commission and Tax. In the appropriate field, enter the Percent of Interest of the transaction (as a number from 1 to 100.) When the user posts a transaction of this Transaction Type, Collect! will calculate the correct percent of any Accrued Interest and the amount will automatically be copied to the correct field on the transaction.

Useful Note Remember that a positive percent is a credit to the account!

For example, we created a 499 Transaction Type with Account Interest, 'Percent of interest' turned on, and -100 in the To Us field. This takes any current Accrued Interest on the account and posts it as a transaction.

Useful Note Combining this with the Edit Contact Event to roll forward the 'Calculate interest from date' in the Financial Detail form, you can create interesting and very powerful automation effects. For an example, please refer to Help topic, Accrued Interest - Tracking Month by Month.

Percent Of Payment

When you place a dot in the radio button to select this option, four additional fields appear, labeled To agency, Direct, Commission and Tax. In the appropriate field, enter the Percent of Payment of the transaction (as a number from 1 to 100.) When the user posts a transaction of this Transaction Type, Collect! will calculate the correct percentage based on the value in the Payment Amount field in the Debtor's Financial Details and the amount will automatically be copied to the correct field on the transaction.

Useful Note Remember that a positive percent is a credit to the account!

Payment Order

These fields are visible only when you have selected "Payment breakdown." These fields allow you to choose the order in which Collect! will apply the payment amount to the debtor's account when a transaction of this Transaction Type is posted. Select the down arrow to view a pick list where you can choose Fees, Interest, Principal, Legal, Misc or Other. You can also select a blank [-] from the pick list to limit your breakdown to fewer than the six financial type categories.

Select the down arrow next to this field to choose the first category to pay off when applying payments of this Transaction Type to the debtor's account.

Select the down arrow next to this field to choose the second category to pay off when applying payments of this Transaction Type to the debtor's account. Select a blank [-] to limit your breakdown to your first choice.

Select the down arrow next to this field to choose the third category to pay off when applying payments of this Transaction Type to the debtor's account. Select a blank [-] to limit your breakdown to your first two choices.

Select the down arrow next to this field to choose the fourth category to pay off when applying payments of this Transaction Type to the debtor's account. Select a blank [-] to limit your breakdown to your first three choices.

Select the down arrow next to this field to choose the fifth category to pay off when applying payments of this Transaction Type to the debtor's account. Select a blank [-] to limit your breakdown to your first four choices.

Select the down arrow next to this field to choose the sixth category to pay off when applying payments of this Transaction Type to the debtor's account. Select a blank [-] to limit your breakdown to your first five choices.

Dollar Amounts

You can enter amounts in this area when you select "Use dollar amounts." Enter the actual dollar amount in the appropriate field. Collect! will use this amount whenever you post a transaction of this type.

Useful Note Remember that a positive dollar amount is a credit to the debtor's account.

To Agency

You can enter amounts in this field when you have chosen to enter an actual dollar amount or percent for this Transaction Type. Enter an amount or percent that will automatically be copied to the To Agency field when creating a transaction of this Transaction Type.

Direct

You can enter amounts in this field when you have chosen to enter an actual dollar amount or percent for this Transaction Type. Enter an amount or percent that will automatically be copied to the Direct field when creating a transaction of this Transaction Type.

Commission

You can enter amounts in this field when you have chosen to enter an actual dollar amount or percent for this Transaction Type. Enter an amount or percent that will automatically be copied to the Commission field when creating a transaction of this Transaction Type.

Useful Note The Commission tab contains many fields for setting commission rates if you want to set them at the Transaction Type level. Please see Commission and Tax Calculations below.

Tax

You can enter amounts in this field when you have chosen to enter an actual dollar amount or percent for this Transaction Type. Enter an amount or percent that will automatically be copied to the Tax field when creating a transaction of this Transaction Type.

Useful Note The Tax tab contains many fields for setting tax rates if you want to set them at the Transaction Type level. Please see Commission and Tax Calculations below.

Processing

Several switches can be set to determine how you will handle the reporting aspects when transactions of this Transaction Type are posted.

Write To Notes

Switch this ON with a check mark if you want Collect! to write a note to the debtor's Notes whenever a transaction of this type is posted.

Omit From Client Statement

Switch this ON with a check mark if you want Collect! to exclude transactions of this type when the client statement is generated for each period. You can override this when a particular transaction is being posted, if needed.

Omit From Daily Cash Report

Switch this ON with a check mark if you want Collect! to exclude transactions of this type when you print your Daily Cash report. You can override this when a particular transaction is being posted, if needed.

Use Confirmation Delay

Switch this ON to delay reporting transactions posted with this Transaction Type. This is useful for allowing time for a check to clear. The number of days delayed is taken from the Payment Posting Options form. Please refer to How to Use Confirmation Delay of Transactions for details.

Use Control File

Switch this ON with a check mark to tell Collect! to run a control file whenever a transaction is posted using this Transaction Type. When this switch is enabled, a "control file" field becomes visible where you can enter the name of the control file you want to use.

Useful Note Collect! expects the control file to be in the {database}\control folder.

When enabled, Collect! will not perform any transaction breakdown for payments. It is assumed that all financial calculations are handled in the control file.

Control File

Enter the name of the control file you want Collect! to run whenever a transaction is posted using this Transaction. Collect! will add the ".ctf" extension.

The control file you enter here will be automatically entered into the "Control file" field whenever you create a transaction using this Transaction Type.

This field is only visible when the "Use control file" switch is enabled.

Useful Note Collect! expects the control file to be in the {database}\control folder.

Display

Several switches can be set to determine what fields you display when posting a transaction of this Transaction Type and to automatically generate invoice and receipt numbers.

Invoice Number

Switch this ON with a check mark if you want Collect! to automatically assign an Invoice Number to transactions of this type.

Invoice Numbers need these requirements:

This switch must be turned ON with a check mark.
The transaction must be posted as "Fees."
The amount posted must be a negative amount (debit) To Agency or Direct, or must be a positive (credit) Commission amount.

If these conditions are not met, Collect does not assign an Invoice Number even if the switch is ON.

Useful Note The Invoice Number is determined by adding one to the highest numbered invoice already in Collect!. You can change an existing Invoice Number so that Collect! will start at a number of your choice.

Receipt Number

Switch this ON with a check mark if you want Collect! to automatically assign a Receipt Number to transactions of this type.

Receipt Numbers need these requirements:

This switch must be turned ON with a check mark.
The transaction must be posted to the Payment account.
The amount posted must be a positive payment (credit) To Agency.

If these conditions are not met, Collect will not assign a Receipt Number even if the switch is ON.

Useful Note You can also generate receipt numbers for payments to Commission if you switch ON "Generate on Commission Field."

Useful Note The Receipt Number is determined by adding one to the highest numbered receipt already in Collect!. You can change an existing Receipt Number so that Collect! will start at a number of your choice.

Generate On Commission Field

Switch this ON with a check mark if you want Collect! to automatically assign a Receipt Number to transactions of this type.

Receipt Numbers will be generated if:

The "Receipt Number switch is also ON."
The transaction must be posted to the Payment account.
The transaction must be posted as a positive amount (credit) to Commission.

Hide To Us

Switch this ON with a check mark to hide the "To Us" field whenever this Transaction Type is selected.

Use this switch if you want to organize your transaction types according to Direct or To Us payments. This function simplifies work for the user, as they don't have to decide whether to post the transaction in the To Us or Direct field.

Useful Note Switch ON both the "Hide To Us" and "Hide Direct" to force the User to post to Commission. This is useful, at times, for posting fees and prepayment amounts.

Hide Direct

Switch this ON with a check mark to hide the "Direct" field whenever this Transaction Type is selected.

Useful Note Switch ON both the "Hide To Us" and "Hide Direct" to force the User to post to Commission. This is useful, at times, for posting fees and prepayment amounts.

Commission And Tax Calculations

Several switches can be set to determine how you will handle calculations relating to transactions of this Transaction Type. You can set several rates and also apply the rates to different financial types.

Please refer to Help topic, Commission and Help topic, Tax for details.

Useful Note Rates set in these areas are used when a transaction of this Transaction Type is posted. These rates override the debtor's Commission Rate or Rate Plan which would ordinarily be used to calculate commission for a payment.

Don't Calculate Commission

Switch this ON with a check mark to tell Collect! NOT to calculate commission whenever a transaction of this type is posted. You can override this when a transaction is being posted, if needed.

Don't Calculate Tax

Switch this ON with a check mark to tell Collect! NOT to calculate tax whenever a transaction of this type is posted. You can override this when a transaction is being posted, if needed.

Operator

Select the down arrow, or press F2, to view the list of Operators. A choice in this field forces the transaction to be posted to the Operator ID selected. This is useful for transactions that you don't want included in the standard Operator commission reports. For example, payments to pre-collect accounts should probably be assigned to either the system or to management, to avoid inclusion in any particular operator's Transaction Summary Reports.

Sales

Select the down arrow, or press F2, to view the list of Operators. A choice in this field forces the transaction to be posted to the Sales ID selected. This is useful for transactions that you don't want included in the standard Operator commission reports. For example, payments to pre-collect accounts should probably be assigned to either the system or to management, to avoid inclusion in any particular operator's Transaction Summary Reports.

Run Contact Plan

Select the down arrow, or press F2, to view the list of Contact Plans. Select a contact plan to run when a Transaction of this Type is posted. The contact plan displayed is this field will run automatically as the transaction is saved. This is useful for setting up custom contact schedules that depend on the type of payment or debit posted.

POST PAYMENT SEQUENCE

When you post payments with contact plans, the sequence of events is as follows:

A transaction record is created.
Debtor totals are recalculated.
The Transaction Type specific Contact Plan is run.
The default Payment Posting Contact Plan is run, if there is one set up in Payment Posting Options.

Useful Note This plan is run BEFORE any Contact Plan you set up in the Payment Posting Options form. This is due to the fact that the transaction plan may do more processing like posting a reversal to split the payment across a group, which will alter the OWING amount.

Delete

This button is visible only on the list of all Transaction Types. Select this to delete the highlighted item from the list.

Edit

This button is visible only on the list of all Transaction Types. Select this to open and modify the highlighted Transaction Type.

New

This button is visible only on the list of all Transaction Types. Select this to open a new blank Transaction Type form.

Help

Select this button for help on the Transaction Type form and links to related topics.

Cancel

Select this button to ignore any changes you may have made and return to the previous form.

OK

Select this button to save any changes you have made and return to the previous form.

Select this button to navigate to the previous record in the database.

Selecting this button to navigate to the next record in the database.

Payment Breakdown And Compound Interest

When you use Compound Interest you MUST post the Original Principal amount as a Transaction Type 196. When posting payments, transaction types MUST have the Payment Breakdown option set so that Collect! can, by default deduct, fees first, then accrued interest, and finally principal. You may adjust this payment breakdown order when creating your Payment Breakdown transaction types. Please be sure you know what you are doing if you deviate from the default order, i.e. Fees, then Interest, then Principal.

Results of the payment disbursement will be reflected in several areas of the Financial Detail form accessed by selecting the Principal or Interest field on the Debtor form.

Useful Note Selecting the Owing field will display the Debtor Financial Summary. Selecting the other financial fields will display the Debtor Transaction Summary.

Useful Note Compound interest calculations produce a running balance of principal, interest, fees and adjustments. When using Compound Interest, you MUST post transactions using Payment Breakdown. Payment breakdown also works with Simple Interest as well as Compound Interest.

Create A Transaction Type

As described above, you can copy an existing type or heading and modify it.

Or, you can press F3 when you are viewing the transaction type list or an individual transaction type. This will display a new blank transaction type form for you to fill out. (Or press the NEW button on the toolbar or the NEW button at the bottom of the transaction type list.)

Transaction Type Settings

Each Transaction Type has its own unique settings. These control report printing options, calculations, commission rate, perhaps running a Contact Plan, assigning operators and sales persons to transactions.

There are over twenty settings on the Transaction Type form that you can choose from to setup a particular Transaction Type. The ability to select a Contact Plan to run offers many more choices as well. (This means that once you know what your business needs are, you can create uniquely customized transaction types to automate your transaction posting operations.)

Useful Note Each section heading in the Transaction Type list has default settings that generally apply to any new transaction type that you create in that category. You can use these settings as a starting point when you create your transaction types.

From the Transaction and the Transaction Types forms, press F1 for Help about the fields on both of these forms. You should be aware of how closely they are connected with each other.
Use the information available from Help to fill in Code, Description and Copy description to transaction. You can also use the default settings in the header sections to get you started.

Useful Note Remember that this Transaction Type should be meaningful to you and fit the way you do business. It enables you to categorize your transactions but you must decide what categories mean something to you.

Make choices in the Financial Type section as needed, using the F1 Help results to guide you. The Financial Type determines how the transaction is processed and totaled.
The second column of the Financial Type section pertains to the Transaction and Debtor forms. The choices set the way information is displayed and calculated. A payment can be categorized and broken down into Interest, Fees, Adjustment and Principal in any order you need.

Useful Note If you want to see the payment breakdown for this Transaction, switch ON "Payment breakdown" in the Transaction Type form. Several fields on the Transaction form are only visible when this switch is turned on. These fields relate to Principal, Fees, and Interest. Review help on those topics.

Useful Note The Help available when you press F1 from the Transaction form will give you a good explanation of these payment breakdown aspects. Categorizing your transactions using payment breakdown gives you very detailed information for reporting and tracking purposes.

The Processing section allows you to change the defaults for adding transaction information to statements and reports.
The Commission and Tax tabs give you choices for Commission and Tax calculation.
The Display section can hide To Us or Direct fields on the Transaction form. This makes it easier for the user to know where to enter the dollar amount when a transaction is posted. Also, Collect! can create an Invoice or Receipt number automatically if you switch on these settings for a particular Transaction Type. Please refer to the Help available on Transaction for more information about numbering receipts and invoices.
Choose an Operator and transactions of this type will be posted to this Operator. This may be used for calculating Operator commissions. Press the arrow in this field to display a list of operators in the system.
Choose a Sales ID and transactions of this type will be posted to this Sales person. This may be used for calculating Sales commissions. Press the arrow in this field to display a list of Sales IDs in the system.
Choose a Contact Plan to run when transactions of this type are saved. Press the arrow in this field to display a list of available contact plans.
You can set a Commission Rate to use with this Transaction Type. This rate will be used instead of the normal Commission Rate in the Debtor form.

Warning Note WARNING: Commissions and Taxes are generally left blank as they will override the client settings. They may be set in scenarios that involve non-payment type transactions.

Transaction Posting Event Sequence

The sequence of events when you post a transaction is:

A transaction record is created and calculated.
Debtor totals are recalculated.
The Transaction Type specific Contact Plan is run.
The Default Payment Posting Contact Plan is run.

Summary

Several basic transaction types are needed to handle the transactions that you post every day. You may find that Collect! has already provided the types and settings you need to begin using transaction types.

If your needs are not met by the predefined transaction types, you can modify existing types or create your own. Please have an idea of the transaction types that you need and the particular settings you would like to apply before you begin to construct your own system for organizing your accounts.

Transaction Type Samples

Principal Transaction Types - This transaction type is needed if you are going to apply interest, apply a judgment, 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.

Original Principal
Judgment Principal
Add Percent of Principal to Principal
Add Percent of Owing to Principal
Additional Principal
Add Accrued Interest to Principal

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

Original Interest
Original Judgment Interest
Interest Adjustment
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.

Payment By Check
Payment Plan - Down Payment
Payment Plan - Payment
Legal Fees - Payment
Legal Fee Advance - Received
Legal Fee Advance - Recovered
NSF - Charge Due to Agency - Payment

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.

Legal Fees
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.

Late Fee
Collection Fee
Convenience Fee
NSF - Charge Due to Agency
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.

Adjustment by Client
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.

Agency Internal Expenditure

Original Principal Sample

The Original Principal transaction type is needed if you are going to apply interest, apply a judgment, 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 judgment 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.

Useful Note 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 judgment 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.

Judgment Principal Sample

The Judgment Principal transaction type is needed if you are going to apply interest 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 194 Judgment Principal transaction type shown below when it is required to perform interest or judgment 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 Judgment Principal field on the Financial Details form.

Useful Note You may enter an Judgment 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 Judgment Principal for the account.

Useful Note Any transactions with a Payment Date that is before the Judgment Date will be excluded from the Debtor's financial calculations. Collect! assumes that the Judgment awarded will factor in all previous transactions.

The sample shown below sets the Judgment Principal amount. 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 judgment functions,
use payment plans as a credit grantor,

then you will want to apply this transaction type to the account.

Judgment Principal Transaction Type 194

When you create a 194 Judgment 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 positive amount will reduce the amount of Principal. Interest will be recalculated accordingly.

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 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 194 Judgment Principal transaction to an account. You may override any setting when posting the transaction.

Add Percent Of Principal To Principal Sample

The sample shown below will add 35% of the current principal to any previous principal amount. Use this transaction type to add a percentage of the principal to the principal at the time of posting.

Percent Of Principal - Principal Transaction Type

When you post a 163, Add Percentage of Principal principal transaction to a debtor account, the description from the transaction type form will be copied to the transaction being posted.

The 'Percent of principal' radio button is switched ON to allow you to set the percentage you wish to be used at the time of posting the transaction. In this sample, -35% of the current principal will be automatically filled into the To Us field when posting. Collect! will use the current Principal amount and add 35% of this value to the previous principal posted to the account.

Entering a negative percentage 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 percentage will reduce the amount of Principal. Interest will be recalculated accordingly.

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 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 163 + Percent of Principal principal transaction to an account. You may override any setting when posting the transaction.

Add Percent Of Owing To Principal Sample

The sample shown below will add 5% of the current Owing to any previous Principal amount. Use this transaction type for adding to the principal a percentage of the owing at the time of posting.

Percent Of Owing - Principal Transaction Type

When you post a 162, Add Percent of Owing principal transaction to a debtor account, the description from the transaction type form will be copied to the transaction being posted.

The 'Percent of owing' radio button is switched ON to allow you set the percentage you wish to be used at the time of posting the transaction. In this sample, -5% of the current Owing will be automatically filled into the To Us field when posting. Collect! will use the current Principal amount and add 5% of this value to the previous principal posted to the account.

Entering a positive percentage will reduce the amount of Principal. Interest will be recalculated accordingly.

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 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 162 + Percent of Owing principal transaction to an account. You may override any setting when posting the transaction.

Additional Principal Sample

The sample shown below will add to any previous Principal amount. Use this transaction type for adding to the principal, for example, monthly for services or equipment. Other examples might be monthly charges for a membership, or charging for additional services or features your company may offer.

Monthly Billing Amount - Principal Transaction Type

When posting a 160, Monthly Billing Amount principal transaction to a debtor account, the description from the transaction type form will be copied to the transaction being posted.

The 'Use dollar amounts' radio button is switched ON to allow you set the amount you wish to be used at the time of posting the transaction. In this sample, -$53.20 will be automatically filled into the To Us field when posting.

Entering a positive amount will reduce the amount of Principal. Interest will be recalculated accordingly.

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 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 160 Monthly Billing Amount principal transaction to an account. You may override any setting when posting the transaction.

Add Accrued Interest To Principal Sample

The sample shown below will add the total outstanding Accrued Interest to any previous Principal amount. Use this transaction type to add to the Principal the monthly outstanding accrued interest.

Accrued Interest - Principal Transaction Type

When posting a 161, Add Current Accrued Interest principal transaction to a debtor account, the description from the transaction type form will be copied to the transaction being posted.

The 'Percent of Interest' radio button is switched ON to allow you set the amount you wish to be used at the time of posting the transaction. In this sample, -100% will be automatically filled into the To Us field when posting. Collect! will use the current Accrued Interest amount and add 100% of this value to the previous Principal posted to the account.

Entering a positive percentage will reduce the amount of Principal. Interest will be recalculated accordingly.

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 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 161 + Current Accrued Interest principal transaction to an account. You may override any setting when posting the transaction.

Original Interest Sample

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 Note 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 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.

Original Judgment Interest Sample

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

By default, Collect! ships and uses the 195 Original Judgement Interest transaction type shown below when it is required to post an original judgement interest amount.

You may adjust or add to the Interest amount using Interest transaction types other than the 195 Original Judgement Interest transaction type. Unlike Principal transactions, only the first original interest transaction type will populate the Original Judgement Interest field on the Financial Details form. Any other 195 original transaction types will be ignored.

If you need to apply only original interest and no further interest, you may enter an Original Judgement Interest amount using the Financial Details 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 Original Judgement Interest for the account.

For those users who use a more detailed or complex reporting method, posting an Original Judgement 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 Judgment Interest - Interest Transaction Type

When you create a 195 Original Judgment 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 positive amount reduces the amount of Original Judgment Interest. Interest will be recalculated accordingly.

Warning Note WARNING: If more than one Original Judgment Interest transaction types is posted to an account, only the first original interest transaction will be displayed in the Original Judgment 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 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 195 Original Judgment Interest transaction to an account. You may override any setting when posting the transaction.

Interest Adjustment Sample

You may adjust or add to the interest amount using Interest Transaction Types. Multiple interest transaction types are added together and the total is set in the Interest field on the Debtor form.

Collect! ships with a default Interest Adjustment transaction type 401. Use this transaction type to adjust the Interest amount for an account.

Interest Adjustment - Interest Transaction Type

When posting a 401, Interest Adjustment transaction to 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 enter the amount you wish to be used at the time of posting the transaction.

Entering a negative amount in either the To Us or Direct field adds to the debtor's Interest amount.

Entering a positive amount reduces the amount of Interest on the debtor's account. Interest will be recalculated accordingly.

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 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 401 Interest Adjustment transaction to an account. You may override any setting when posting the transaction.

Total Accrued Interest Sample

You may adjust or add to the interest amount using Interest Transaction Types. You may use this transaction type sample to get the total outstanding accrued interest before closing an account, or when you wish to turn off interest calculations in the future.

By default, if you close an account, Collect! uses the default Total Accrued Interest transaction type 499 to capture the amount of outstanding accrued interest. The 499 transaction is posted to the debtor, interest calculating is switched off and the 'Calculate Interest From Date' is reset to today's date. This is set in case you want to start calculating interest again in the future.

The sample shown below will add the total outstanding accrued Interest to any previous interest amount.

Total Accrued Interest - Interest Transaction Type

When posting a 499, Total Accrued Interest transaction to a debtor account, the Description from the Transaction Type form is copied to the transaction being posted.

The 'Percent of Interest' radio button is switched ON to allow you set the amount you wish to be used at the time of posting the transaction. In this sample, -100% will be automatically filled into the To Us field when posting. Collect! uses the current Accrued Interest amount and adds 100% of this value to the previous interest posted to the account.

Entering a negative percentage in either the To Us or Direct field adds to the debtor's Interest amount.

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

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.

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 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 499 Total Accrued Interest transaction to an account. You may override any setting when posting the transaction.

Payment By Check Sample

The Payment By Check Transaction Type may be used to post a check payment to an account.

The screen shot below shows the settings for the Payment By Check Transaction Type.

Payment By Check - Payment Transaction Type

The rest of this document explains the settings shown above.

By default, Collect! ships with a number of Payment type transaction samples. Collect! uses the 100 series for payment type transactions, but any Financial Type dotted as "Payment" will be processed as a payment type transaction.

You can have many different payment transaction types for separating the various types of payments you may receive. Payment By Cash, Payment By Check, Money Order and Check Payment Taken Over The Phone are a few examples.

A check mark in the box labeled Copy Description To Transaction copies the Description from the Transaction Type form when you post a 101 Payment By Check transaction.

The Payment radio button is dotted for keeping track of payments made on an account.

Any transaction flagged as a Payment type, with an amount either in the To Us or Direct field, will affect the balance of the Owing amount displayed on the Debtor form.

An amount in the transaction's Commission field affects the commission amount shown on the statement you generate for your client.

All payment transactions are totaled together and subtracted from the total debt. The result is displayed in the Owing field of the Debtor form.

The radio button labeled Enter amount on Posting is switched ON so you can enter an amount when you post the payment transaction to the account.

Reporting check boxes are left UNCHECKED so that this payment transaction is included in the client statement and the amount of the payment is calculated into the total daily cash received by your agency.

Calculations check boxes are left UNCHECKED so that commission will be calculated on this payment using the commission rate on the account and tax will be calculated on this payment using the tax rate on the account.

The way you handle your business will help you decide whether or not to enable any other optional settings.

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 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 101 Payment By Check transaction to an account. You may override any setting when posting the transaction.

The Payment By Check transaction type has been set up to easily post check payments to an account. When the transaction is posted, you will be able to enter the amount of the payment as a POSITIVE value in the transaction's To Us or Direct field.

Check Taken By Phone Sample

The Check Taken By Phone Transaction Type may be used to post a check payment to an account where the debtor has provided you the banking information and you need to print the check yourself.

The screen shot below shows the settings for the Check Taken by Phone Transaction Type.

Check Taken by Phone - Payment Transaction Type