Transaction Group: Difference between revisions
(Created page with "In most cases, transactions in ContactsLaw directly correlate with those listed on a bank statement or other listing that forms the basis for a reconciliation. However, there are occasions when such statements show an aggregated figure that comprises several transactions that were recorded individually. For example: * Banks generally do not itemise cheques and cash when deposited at a branch; however you will record separate transa...") |
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* You may perform a batch payment to multiple payees (by importing data from an ABA or Direct Entry file). Banks generally list such transfers as a single item; however, [[Member|members]] are likely to have recorded separate payment requests. | * You may perform a batch payment to multiple payees (by importing data from an ABA or Direct Entry file). Banks generally list such transfers as a single item; however, [[Member|members]] are likely to have recorded separate payment requests. | ||
In such situations, ContactsLaw allows you to create a '''transaction group'''. | In such situations, ContactsLaw allows you to create a '''transaction group'''. This allows you to continue to record/view individual transactions, but group them together for reconciliation purposes. | ||
== Types == | |||
ContactsLaw supports 3 broad types of transaction groups: | |||
* '''Bank deposit''' - for recording the cheques/cash deposited into a bank account, along with denominations for notes/coins. | |||
* '''Batch payment''' - for generating/recording a batch payment by Electronic Funds Transfer (EFT), typically via online banking. | |||
* '''Batch transfer''' - as above, but for internal transfers such as between trust and general bank accounts. | |||
[[Category:Accounting]] | [[Category:Accounting]] | ||
Revision as of 16:49, 23 April 2024
In most cases, transactions in ContactsLaw directly correlate with those listed on a bank statement or other listing that forms the basis for a reconciliation. However, there are occasions when such statements show an aggregated figure that comprises several transactions that were recorded individually.
For example:
- Banks generally do not itemise cheques and cash when deposited at a branch; however you will record separate transactions in order to properly issue receipts.
- You may perform a batch payment to multiple payees (by importing data from an ABA or Direct Entry file). Banks generally list such transfers as a single item; however, members are likely to have recorded separate payment requests.
In such situations, ContactsLaw allows you to create a transaction group. This allows you to continue to record/view individual transactions, but group them together for reconciliation purposes.
Types
ContactsLaw supports 3 broad types of transaction groups:
- Bank deposit - for recording the cheques/cash deposited into a bank account, along with denominations for notes/coins.
- Batch payment - for generating/recording a batch payment by Electronic Funds Transfer (EFT), typically via online banking.
- Batch transfer - as above, but for internal transfers such as between trust and general bank accounts.