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Fee Schedule – Balance Based

Accounts set up with balance-based (dollar) fee schedules accumulate collection fees based on account balances. For example, you can set a certain percentage to charge for accounts with a balance of $1,000, while setting another percentage to use for accounts with balances greater than $1,000 but less than $1,500.

Fee Schedules window - Balance Based

Select Fee Schedule: Fee schedule to use.

New: Opens the Fee Schedules dialog box to allow you to add a fee schedule code.

Fee Cap Percent: Percent of the original balance at which to stop applying fees to the principal bucket once you recover that amount.

Fee Cap Amount: Amount of the original balance at which to stop applying fees to the principal bucket once you recover that amount.

Note: If the client has a fee cap amount, the system uses the lesser of the two fee cap amounts.

[Money Buckets]: List of money buckets set up for your agency. These buckets group dollar amounts associated to an account (for example, principal, interest, collection costs).

Alloc%: Percentage of the payment amount, or remaining payment amount in the case that the system allocates other buckets first, to allocate toward collection costs for each money bucket.

Invoice PU: If selected, the system includes on the client's invoice payments that customers send to your organization.

Invoice PC: If selected, the system includes on the client's invoice payments that customers send to your organization for accounts that an outside collection agency or attorney holds.

Invoice PA: If selected, the system includes on the client's invoice payments that customers send to outside collection agencies or attorneys that hold the accounts.

Apply Priority: Determines the order in which to apply payments. The system applies payments received to the money bucket with a priority of "1" first and subsequent buckets in numerical order.

To: The first To column is always active, and indicates the first (or only) dollar range to use for the specified fee. For example, if the fee is set to apply for account balances from $0 to $999.99, the fee code applies for balances up to $1000. If this fee is the only fee that applies, accept the default of 0 to 100000000 (no other fee schedule columns are active).

Off/On: Turns on or off the ability to set up a subsequent column of fees to apply. To set up more fees, click Off/On and type the next dollar range to use for applying fees. Based on the To example, the next dollar range starts at $1000.00.

[Percent]: Percentage to use as the fee for each money bucket for each active dollar range column. For example, if you specify 50%, all payments received that apply toward the Principal and Interest buckets generate an agency fee of 50% of the money collected.