The Assess Recovery Cost, Recovery Cost Assess Reversal, Recovery Cost Reversal Debit, and Recovery Cost Payment Credit transactions each use the Recovery Cost Transaction dialog. The appropriate transaction is selected from the Select a Monetary Transaction drop down list and the Recovery Cost Transaction dialog is displayed. The appropriate information is specified and the Save push-button is selected. The selection of the Save push-button initiates the transaction to be submitted to Recovery Accounting. If the transaction posts successfully a history record is written, the General Ledger is updated, accruals are brought current to the current processing day, the transaction is written to the appropriate reports, the dialog is closed, and the originating view is displayed. If the transaction does not post successfully, the errors are displayed in the Messages dialog.
Follow these steps to submit a Recovery Cost transaction:
Select the appropriate Recovery Cost transaction from the Select a Monetary Transaction drop down list. The Recovery Cost Transaction dialog is displayed.
Verify that the correct transaction was selected using the transaction description at the very top of the dialog. If the transaction selected is incorrect select the Cancel push-button. The Recovery Cost Transaction dialog is closed and the originating view is displayed. The Cancel push-button may used at anytime to cancel the transaction request.
Specify the Transaction Amount in the corresponding field.
Select the recovery cost for which to assess the amount on, using the Reference drop down list. Only costs established on the account appear in the drop down list.
Indicate the date the transaction is/was effective using the Effective Date field (may not be in the future). The date may be entered in the appropriate format or selected using the calendar widget. If a date is not specified it defaults to the current processing date.
Select the Transaction Source from the drop down list.
Specify a free-form Description in the corresponding field.
Select the customer who is making the payment from the Payment Source drop down list.
If the account is placed with a third party, select the Third Party associated with the monetary transaction from the corresponding drop down list.
If the account is placed with a third party, indicate the Commission Amount the third party is owed based on the transaction amount and the commission rate that is in effect.
If the account is placed with a third party, indicate whether the commission amount specified has been withheld in funds by the third party using the Withheld by Third Party drop down list.
Select the Save push-button. The transaction is submitted to Recovery Accounting. If the transaction posts successfully, the Recovery Cost Transaction dialog is closed and the originating view is displayed. If the transaction does not post successfully, the errors are displayed in the Messages dialog.
To cancel the Recovery Cost transaction, select the Cancel push-button. When this push-button is selected the Recovery Cost Transaction dialog is closed and the originating view is displayed.