You will be able to track all payments and other transactions for your customers in the FRAZER system. This includes payments (by cash, check, money order and credit card), bad checks, forgive charges, late fees, repossession and other fees, and unearned interest.
Click Below For:
•
Payments - You will be able to apply a payment to the regular balance, pick-up notes, repair balances, fees and other receivables. You can change how much is applied to each of these by changing the amounts in the lower right corner of the window. There is an option in the Sales Options that a payment is always applied to any fees balance first before you can apply it to anything else.
•
Bad checks - The program will ask you for the check number, and then enter a new transaction that reverses the original check out (same payment amount, same interest.) If for some reason you had not entered the original check into the computer you will then be allowed to enter the amount of the bad check.
•
Forgive charges - This acts exactly as a payment. It reduces the customers balances, and lets you apply the amount where needed.
•
Late fees - Late fees are added automatically when you run the Calculate Late Fee program. This allows you to enter a late fee manually.
•
Repossession and other fees - The repossession fee is added automatically when you add a repossession. This allows you to enter any other fees manually.
•
Unearned interest - Unearned interest is usually automatically added to the customers account when a write-off, sale of receivable or early payoff are processed. However, there are times when you may need to enter this information yourself, such as when you take an early payoff that is not very close to what the computer thinks the early payoff should be.
Helpful Hints
The system requires that the person entering each transaction enters their initials before saving. This information is available for review on the audit trail reporting.
How Do I Get There?
•
Click on Customer Activity BUTTON.
•
Select a customer.
•
Click on the Enter PAYMENTS and Other Transactions BUTTON.
Step By Step
To enter a payment for a customer,
•
click on Customer Activity, select the customer, then
•
click on A - Enter Payments and Other Transactions.
•
Select the transaction type from the pull-down menu. The transaction date defaults to the current date, but may be manually changed if you are entering a payment that was received on a date in the past.
•
Next, the payment amount needs to be entered. The next due date and the amount due are then automatically updated.
•
In order to process the transaction, you are required to enter your initials.
•
If a fees, pick-up, or repairs balance exists for that customer, a box will be displayed in the lower right hand corner labeled Apply Payment To.
•
To establish whether payments apply to a fees balance first or only after the whole contract balance has been paid, go to Miscellaneous, 1 - System Options, and then tab 4 - Payment Options. Regardless of how your system options are set up, you are always able to manually change how much of each payment applies to each balance when you enter the payment in the Apply Payment To box.
HINT: If you select the transaction type labeled 'bad check' you will be able to enter the original check number and the amount of that check will automatically display.