Transaction Code: Populate with a code to identify that particular transaction. This will appear in the drop downs in the Transaction Posting Sequence and Transaction Entry windows along with the Description field to identify the Transaction code being selected. These codes may be 3 alphanumeric characters.
Description: Populate the field with a description – CSS recommends including the money bucket and transaction function for easy selection from drop downs. i.e. Principal-payment to Company. The description may be up to 30 alphanumeric characters.
Security: Select from the drop down the security level a user must have to enter this transaction thru the transaction entry function. Security levels range from 0-9 followed by A-Z.
Transaction Type: Select if this transaction code applies to transactions regarding Client Accounts Receivables or Debtor Accounts.
Transaction Payment/NSF/Adjustment: This field is also referred to as the transaction code function field. Valid choices are Payment, NSF, Adjustment, or Posting Correction. Select the one this code will refer to.
Paid To: Applicable only to Debtor Account Payments, NSF’s and Posting Corrections, the choices here are Company or Client.
Amount Column: Select what money bucket or transaction column this transaction will be applied to. Basic choices include: Principal, Interest, Court Costs, Attorney Fees, Other, Misc 1, Misc 2, and Judgment Interest.
Taxable: Select Yes to indicate that the Company pays taxes on the funds received and applied by this transaction code. Leave it default to No if taxes are not paid. Consult with your accountant or attorney if you are not sure.
Cash or Non-Cash: This setting defaults to Cash and would be used when the transaction code is being set up to handle payments made to the Company. Change it to Non-Cash for NSF’s, Adjustments, Posting Corrections and payments made to Client.
Commission Allowed: This setting defaults to No, which would be used when the funds from this transaction are applied to a money bucket that the Company does not charge commission on to their Client such as attorney fees or court costs or miscellaneous amounts. Change to Yes when the commission rate to be charged would be the rate or rule as determined by the Client on the account. Change to Half when the commission rate would be 50% of what is normally charged. Change to Double when the commission rate would be twice what is normally charged. Change to Hundred Percent when the Company does not share this transaction with the Client. Change to Finder’s Fee when the Company charges the Client an amount equal to the Finder’s Fee amount set for the Client on the account.
Forward Commission Allowed: If an account has been forwarded to another agency or attorney, are they allowed to take their commission on this transaction? The selections are: No which would indicate the Forward Company may not claim any commission on this transaction. Yes, Don’t Deduct Cash which would be used when a Forward Company is entitled to commission on this transaction and your contract with them requires that the gross amount of the funds be sent to your company and you will pay them as per your contract. Or Yes, Deduct Cash which would be used when the Forward Company is entitled to commission on this transaction and your contract allows for the Forward Company to deduct their fee from the amount that is sent to you. (Other Fee Allowed – skip – this is covered under Advanced Controls.)
Allow Holds: Use the default of No if there is no reason to hold the remittance of this transaction to your Client or your Client does not allow for the holding of any remittance. Change to Yes when this transaction should not be remitted to the Client for a specified number of days AFTER it was received. The number of days is controlled at the Client level.
Include on Statement: The setting controls of this transaction code should be included on any remittance statement sent to your Client. Change to Yes for Payments, NSF’s, and Posting Corrections if you want these to appear on a Client Statement. NOTE: Not all payments would show on the Client Statement – some Companies do not show and share interest and/or other types of fees such as ACH processed fees. Adjustments are usually left at the default of No.
Amount Category: Selections are predefined Amount Categories entered via the Transaction Code Amount Category Table (Tables - Transaction Tables - Transaction Code Amount Category Table). This drop-down associates an Amount Category with the current Transaction Code to allow users to add granular categories to transactions.
Transaction Group: Selections are predefined Transaction Groups entered via the Transaction Code Group Table (Tables - Transaction Tables - Transaction Code Group Table). This drop-down associates a transaction code group with the current transaction code to allow users to group transactions by a common financial bucket.
Other Fee Allowed: Selections are No (Default), Yes-Bill Client and Yes-Do Not Bill Client
Other Fee Description: If Other Fee Allowed is set to ‘Yes’, enter an alphanumeric description for this fee.
Include on TS by Desk/Desk Comm Stats: Selections are Yes or No. You may include this transaction code to appear in your Transaction Summary by Desk Report or the Desk commission Stats.
Include on TS by Salesperson/Salesperson Comm Stats: Selections are Yes or No. You may include this transaction code to appear in your Transaction Summary by Sales Person Report or the Sales Person commission Stats.
Include on Actuary Reports: Select Yes if this transaction should be included under the Amount Collected column of an Actuary Report. Default is No. Most companies would select Yes on transactions affecting the Principal amount money bucket.
Statement Status: A drop down of all account level statuses in the Status Code table. Allows for a status different than the actual account status to appear on the client statement for this transaction. If let blank, the status on the account at the time of the transaction is shown. Often used in conjunction with an NSF or Posting Correction type of transaction to alert the client to the type of transaction being entered.
Change Debtor Status: Allows the ability to have the account level/debtor status changed to the status selected in the previous field, Statement Status. Default is No, select Yes if the change is required. The change to the status is made when the transaction is posted.
Result Code: Allows for selection of a result code from the result code table with an activity type of TE (Transaction Entry). The changes made by this result code will be made on the account when the transaction is ‘posted’ to the account.
TR Cat: This field may be populated with a two character category code. This field has no IMAPCT functionality other than to allow for grouping by the Transaction Category code in ADHOC reports.
Portfolio Manager Expense: This setting controls whether or not this transaction code is available in the Portfolio Manager offering. Select Yes for the code to be available, otherwise leave at the default of No.
Post to Loan Servicing Contract (Principal/Interest): Select No if the current Transaction Code should not be applied to a Loan Servicing Contract (Payment Arrangement Type 2). Leave set to the default of Null if this transaction would affect a Loan Servicing Contract. Commonly set to Yes for the recovery of repossession fees on various Loan Servicing type contracts.
NSF Reversal Transaction Code: Selections are any predefined "NSF" type Transaction Codes that will be used to reverse a transaction that uses the current Transaction Code.
Posting Correction Reversal Transaction Code: Selections are any predefined "Post Correction" type Transaction Codes that will be used to correct a transaction that uses the current Transaction Code.
LEDES Code: Selections are any predefined LEDES codes entered via the LEDES Code Table (Tables - Transaction Tables - LEDES Codes Table). This drop-down associates the current Transaction Codes with a LEDES code for those entities that use the Legal Electronic Data Exchange Standard as part of their Accounting practices.