The Costs view provides the user with the ability to add up to 20 new costs to the account by selecting the appropriate cost from the drop down list to the left of the Add push-button and selecting the Add push-button. The recovery costs listed in the drop down list are the costs defined in the Recovery Cost control tables for the account type. After the Add push-button is selected the Add Cost dialog is displayed. The user enters the appropriate data, selects the OK push-button and the cost is added to the Costs view. The Cancel push-button on the Add Cost dialog may be used to cancel the add cost request.
The Add (Cost) push-button is disabled for inactive accounts.
Follow these steps to add a cost to the account:
From the Costs view, select the cost to add from the drop down list to the left of the Add push-button. This drop down list is unavailable if 20 costs already exist on the account or if all of the costs defined in the Recovery Cost control tables for the account type have already been added.
Select the Add push-button. The Add Cost dialog is displayed.
Specify a Description for the cost. If state parameters apply the Description must match the description specified on the state table for the current cost. If a Description is not specified, at booking it defaults from the type table if state parameters do not apply or from the state table if state parameters do apply.
Select a Cost Category from the drop down list to summarize the category with which the cost is associated. The category defined on the type or state table is defaulted when the Add Cost dialog is displayed. If state parameters apply for this account the Cost Category selected must match the category defined on the state table for the current cost.
Indicate a payment Posting Priority to negotiate relative payment allocation for costs within the same category. If multiple recovery costs with the same Cost Category exist on an account then each cost must have a unique Posting Priority. If a Posting Priority is not specified, at booking the priority is defaulted from the type table if state parameters do not apply or the state table if state parameters do apply. If the type or state priority is blank the Posting Priority is defaulted to one.
In the Maximum Fee Per Transaction indicate the total amount permitted to be assessed on the account for the associated cost. If state parameters apply for the account the amount specified may not exceed the maximum fee amount specified on the state table for the cost. If an amount is specified the amount may not be greater than the maximum fee amount LTD on the type table if state parameters do not apply or on the state table if state parameters apply. If a Maximum Fee Per Transaction amount is not specified it is defaulted from the type table if state parameters do not apply or from the state table if state parameters apply.
Specify the cost’s Maximum Fee LTD amount. If state parameters apply for the account, the amount specified may not exceed the maximum fee amount LTD on the state table for the cost. If the Maximum Fee LTD is not specified it is defaulted from the type table if state parameters do not apply or from the state table if state parameters apply.
Using the appropriate radio button indicate whether or not to Include Cost in Payoff. If the cost is included the amount due is reduced by payments according to the payment posting priority. If state parameters apply for the account, the indicator must equal the include cost in payoff indicator on the state table for the cost. If an option is not selected the Include Cost in Payoff is defaulted from the type table if state parameters do not apply or from the state table if state parameters apply.
Indicate if the cost is to be capitalized by selecting the appropriate Capitalize on Assessment radio button. If state parameters apply for the account, the indicator must equal the capitalize on assessment indicator on the state table for the cost. If an option is not selected the Capitalize on Assessment is defaulted from the type table if state parameters do not apply or from the state table if state parameters apply.
Select the appropriate Include Payment in 1098 Interest radio button to indicate whether to include payments made against this cost as interest reported for 1098 notification. If the Yes option is selected the Interest Report Indicator on the Account Info view must be set to Create 1098-E or Produce 1098. If an option is not selected the Include Payment in 1098 Interest is defaulted from the type table if state parameters do not apply or from the state table if state parameters apply. If a value is not specified on the type or state table the indicator defaults to N/A.
Indicate how the cost is to be assessed by selecting the Specific Amount¸% of Transaction Amount, or Do Not Assess. If state parameters apply the assessment code must equal the assessment code on the state table for the cost. If an option is not selected the Assess Cost by is defaulted from the type table if state parameters do not apply or from the state table if state parameters apply. If a value is not specified on the type or state table the indicator defaults to Do Not Assess.
If the Specific Amount radio button option is selected, indicate the amount of the cost. If state parameters apply for the account the amount indicated may not exceed the amount specified on the state table for the cost. If state parameters do not apply, the Specific Amount radio button is selected, and the assessment code on the type table is Percentage or No Assessment an amount greater than zero must be specified. If an amount is specified the value may not be greater than the maximum fee amount on the type table if state parameters do not apply or on the state table if state parameters apply. If the Specific Amount radio button option is selected and amount is not specified it is defaulted from the type table if state parameters do not apply or from the state table if state parameters apply.
Indicate the percentage used when calculating the cost amount if the % of Transaction Amount radio button is selected. If state parameters apply for the account the percentage indicated may not exceed the percentage specified on the state table for the cost. If state parameters do not apply, the % of Transaction Amount radio button is selected, and the assessment code on the type table is Fixed Fee or No Assessment a percentage greater than zero must be specified. If the % of Transaction Amount radio button option is selected and percentage is not specified it is defaulted from the type table if state parameters do not apply or from the state table if state parameters apply.
Select the OK push-button. The Add Cost dialog is closed and the Costs view is displayed with the new cost listed.
To cancel the add cost request, select the Cancel push-button on the Add Cost dialog. When the push-button is selected, the Add Cost dialog is closed and the Costs view is displayed.
Select the Save push-button. If the save is successful, the Costs data is saved on the Recovery Accounting database. If the save is unsuccessful the errors are displayed in the Messages dialog.