Transaction Types

The Transaction Types window is where you can view existing transaction type parameters such as sales invoice or payments or add new ones.

  • Go to Parameters & Lists > Accounts > Transaction Types in the main menu bar.
  • To view an existing Transaction Type, enter or Search for the code in the Hot Area of the window.
  • To add a new Transaction Type, enter a new code of up to 4 characters and hit return, say Yes to Add New Transaction Type?

The window contains the following fields:

Description
 
This is where you enter a description of the transaction type you are creating.

Sales Check box
 
Check this box if the transaction refers to the sales ledger.

Purchase Check box
 
Check this box if the transaction refers to the purchase ledger.

Nominal Check box
 
Check this box if the transaction refers to the nominal ledger.

Invoice / Credit Check box
 
Check this box if the transaction type is Invoiced or Credited.

Receipt / Pay Check box
 
Check this box if the transaction type is a Receipt or Payment.

Sequential Name 1 (if the sales check box is ticked)
 
Enter the sequential number code you wish new transactions of this type to use. For more information see Sequential Number Systems.

Reference 1 (if the sales check box is ticked)
 
Enter a value that will act as the default transaction reference 1 value when creating transactions of the chosen type. This will be inserted if no sequential name 1 has been set up.

Sequential Name 2 (if the purchase check box is ticked) 
 
Enter the sequential number code you wish new transactions of this type to use. For more information see Sequential Number Systems.

Reference 2 (if the purchase check box is ticked)
 
Enter a value that will act as the default transaction reference value when creating transactions of the chosen type. This will be inserted if no sequential name has been set up.

Final
Ticking this box will automatically mark a transaction, when it is set up, as final. If this box is not ticked, the transaction will be left un-finalised and will have to be manually updated to final.

Auto Reverse
 
Tick this box if you want transactions of this type to automatically reverse at the end of the month. This tick box will set the default to reverse however, you will be able to change the setting when you edit the transaction it is included in.

Draft Option Tick Box
 
Check this box to allow draft transactions to be created for this transaction type.

Reverse Tick Box
 
This tick box relates to how figures are presented when invoice payments are being recorded. When cash, purchase orders, credit notes or refunds are entered, the system expects them to be entered as either a positive or a negative number depending on whether the funds are entering or leaving the company’s accounts.

By ticking the Auto Reverse box the system allow you to view and input all figures with their accounting figures reversed. For example, an accountant considers a cash payment of £100 as a negative number (i.e. the client owes the company £100 so when the payment is made an entry of minus £100 is made in the accounting books to counter act the debt). However, when working with sales or order figures this can be somewhat confusing. Auto Reverse presents the figures in the system in a more user friendly format.

The system then manipulates these figures in the background as appropriate.

Use Ref 1 as Alloc. Tick Box
 
Check this box if you wish to use the reference 1 value as the allocation reference for the transaction type.

Update Due Date Check box
Check this box to get the system to update the Due Date on transactions of this Type.

Payment Method
 
Enter or Search for a default payment method related to this transaction type.

Default Bank Account
 
Enter or Search for the bank account nominal code you wish to set as default for the selected transaction type.