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<< Click to Display Table of Contents >> Set Up Transaction Code |
  
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<< Click to Display Table of Contents >> Set Up Transaction Code |
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To set up a transaction code record, perform the following steps:
1.Access the Transaction Code function from the Maintenance menu. The Search screen will automatically display in the Transaction Code Maintenance function window.
2.Enter in the Transaction Code field a code that you want to assign to the new transaction code. For your convenience, it is advisable to create a code that is easily identifiable with the particular transaction it will be used.
3.In the Description field, enter the name or a description you will use to identify the transaction code.
4.Enter in the Short Description field a brief description that you will use to easily identify the transaction code.
5.Click the List box button in the Status field to select either Active or Inactive status for this transaction code record.
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6.To assign a transaction type to this new transaction code, click the List box button adjacent to the Transaction Type field and select any of the following options:
oOther Receipts
Select this option for transaction codes that increase the bank account balance. Transaction codes assigned with this transaction type are accessible only using the Record Receipts function. Example: A receipt transaction type can be a bank deposit from other sources. You may want to set up a code such as “DEPOSIT” or “100”, assign them with a “Other Receipts” type and describe them as “Cash Deposit” or “Miscellaneous Revenue”, respectively. |
oInterest Earned
Select this option for transaction codes that increase the bank account balance. Transaction codes assigned with this transaction type are accessible only using the Record Receipts function. Example: A receipt transaction type can be interest earned on the balance of your account. You may want to set up a code such as “INTEREST” or “101”, assign them with a “Interest Earned” type and describe them as “Interest Income” or “Miscellaneous Revenue”, respectively. |
oOther Disbursements
Select this option for transaction codes that reduce the bank account balance. Transaction codes assigned with this transaction type are accessible only using the Record Disbursements function. Example: A disbursement transaction type can be cost of a checkbook. You may want to set up a code such as “CHECKBOOK” or “102”, assign them with “Other Disbursements” type and describe them as “Cost of Checkbook” or “Miscellaneous Expense”, respectively. |
oBank Fees
Select this option for transaction codes that reduce the bank account balance. Transaction codes assigned with this transaction type are accessible only using the Record Disbursements function. Example: A disbursement transaction type can be a bank service charge or returned-check fee. You may want to set up a code such as “CHARGES” or “103”, assign them with a “Other Disbursements” type and describe them as “Bank Finance Fees and Charges” or “Bank Fees”, respectively. |
oIntra-bank Transfer
Select this option for transaction codes that involve fund transfers between two accounts maintained at the same bank. Transaction codes assigned with this transaction type are accessible only through the Record Bank Transfer function. Example: A transfer transaction type can be the transfer of funds between two of your bank accounts maintained at the same bank, transferred electronically instead of issuing a check from one account to the other. You may want to set up a code such as “INTRA TRANSFER” or “104”, assign it with a “Intra-bank Transfer” type and describe it as “Intrabank Transfer” or “Intra Transfer Between Banks”, respectively. |
oInter-bank Transfer
Select this option for transaction codes that involve fund transfers between two accounts from different banks. Transaction codes assigned with this transaction type are accessible only through the Record Bank Transfer function. Example: A transfer transaction type can be the transfer of funds between two of your bank accounts maintained at different banks, transferred electronically instead of issuing a check from one account to the other. You may want to set up a code such as “INTER TRANSFER” or “105”, assign it with a “Inter-bank Transfer” type and describe it as “Interbank Transfer” or “Inter Transfer Between Banks”, respectively. |
7.In the Reference Accounts grid, enter the default distribution GL Account IDs to which you want to post the receipt, disbursement, or transfer transaction. To do this, follow these steps:
7.1. Click the Append row to end button or the Insert row before current button to add a blank line in the grid. |
7.2. Enter in the Account ID column the GL Account ID to which you want to post the receipt, disbursement, or transfer transaction. Once a GL Account ID is entered in this field, the its description will automatically display in the adjacent field under the Account Description column. |
7.3. Enter the distribution percentage in the Distribution % column. |
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7.4. If you must delete a Reference GL Account ID from the grid, highlight that entry; then, click the Delete button. |
8.Click the Save button to save your entries; otherwise, click the Cancel button to clear the function window without saving your entries or click the Close button to exit from this function window.
Update or Delete Transaction Code
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