Transaction Type Basics

Transaction Types are used to speed up data entry when posting transactions to an account. As you will learn, Collect! can be molded to handle money in a process that you are comfortable with. This can be kept very simple while satisfying very complex accounting needs.

Transaction types are simply ways of separating different types of transactions. Payment transactions are different from fee transactions, for example.

Transaction types have two very special basic functions. One is to control what dollar values display on an account. Different transaction types affect the balance owing on accounts. Therefore, the most important feature of the Transaction Type is controlling the financials of the account itself.

The other main function of the Transaction Type is setting up a process to account for money owed to your agency. For example, you may want to charge the debtor fees due to court costs, yet get the amount due immediately, from the client. The Transaction Type can control the amount of commission due when a payment is posted.

With these functions in mind, you can create common transaction types to help with automating values and calculations whenever financials are posted to an account. As well, you can automatically set how the transaction will be used when processing your month end.

The Transaction Types help eliminate user error by limiting the information the user must fill in when posting. The transaction type codes can be used for very specific reports, if created with this in mind.

Keep it simple to start and build your Transaction Types as you need them.

Transaction Type form

Accessing Transaction Type

The Transaction Type form may be accessed in many ways. Providing you have access to the various menus and forms, you can use one of the following ways to get to the Transaction Types list. When viewing the list of transaction type codes, you can select one to display the Transaction Type form where you can modify the transaction type Code or Description, or set any of the other values displayed on the form.

1. Using the menu bar at the top of Collect! select System to display the drop-down menu. Select Financial Settings, Transaction Types from this menu and the list of existing transaction types will display.

2. Or, you can also gain access to transaction types from the Main Menu. Select the System Administration button to display the System Setup menu. Select the Setup and Configuration button to display the System Setup form. Select the Plans and Reference Tables button to display the Plans, Tables and Defaults form. Finally, select the Transaction Types button and the list of existing transaction types will display.

3. While on any field that has a pull down list to select a transaction type code, you can use the pick list arrow. If you have the access rights, you will be able to add, modify or delete any transaction type.

See Also

- Transaction Type
- Transaction Type Samples