Unlike posting a transaction, adding an Adjustment allows you to affect the overall Interest, Cost, Fees, or Principal owed by a debtor either by adding to them, or subtracting from them.
Just a few examples where you might wish to add an adjustment include:
- You’ve agreed on a settlement with the debtor and need to reduce the principal balance due
- You’ve agreed on a settlement with the debtor and need to get rid of all the interest currently accumulated
- A mistake was made on the amount of the original claim, and you’re adjusting it to fix the error
- You are adding a lump amount of interest all at once, that perhaps accumulated before the account was placed with you
To apply an adjustment, just use the following steps:
1) Go to the Financials tab of the account in question.
2) Click on the button Add Adjustment:
3) From the box that opens, select whether you would like to make an adjustment that adds or subtracts the amount specified:
4) Enter the amount of the adjustment that you would like to apply.
5) Choose which category the adjustment is being made to, whether Principal, Interest, Cost, or Attorney Fees.
6) (optional) Adjust the date or add a note, respectively.
7) Click on Submit to complete the process.
You will see the adjustment appear as a line item at the bottom of the page, just as you would if you were to post a normal transaction. Likewise, you can edit or delete this adjustment in a similar fashion.
Click here for instructions on how to import multiple adjustments through our Transaction Importer.