Setting Up Collection Classes

Every account has a collection class. This class is one of several fields that control the collection method applied to the account's debt. Open Admin > Credit & Collection > Collection Class to define your collection classes.

Description of Page

Enter a unique Collection Class code and Description for each collection class.

Indicate which method is used to monitor the member accounts' unpaid debt:

• If you practice balance-forward accounting for accounts belonging to this collection class, select Collection, Severance & Write-Off. This method of collection is described throughout this chapter.
• If you practice open-item accounting for accounts belonging to this collection class, select Overdue. This method of collection is described under Defining Overdue Processing Options.
• If accounts belonging to this collection class are not subject to either of the above collection methods, select Not Eligible For Collection. Please be aware that these accounts will NOT be reviewed for overdue debt.