Transaction Group

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.