Transaction
A transaction is the basic unit of the accounting functionality of ContactsLaw.
Properties
Transactions have the following properties:
- Date shown on ledgers (additional dates may apply to some types of transactions)
- Code consisting of a unique, sequential number and a suffix indicating the type of transaction
- Receipt number, payment number or journal entry number for trust transactions
- Related contacts (e.g. the payee)
- Related documents (e.g. a trust authority)
- Reference for reconciliation purposes
- Group if part of a batch deposit or electronic funds transfer
- One or more line items
Each line item has the following properties:
- Account (and, optionally, ledger) debited
- Account (and, optionally, ledger) credited
- Description or purpose
- Amount
- Sales tax component, if applicable
Note: Some transaction types require all line items to debit/credit the same account (and/or ledger).
Transaction Types
| Suffix | Type | Remarks |
|---|---|---|
| GNR | General Receipt | |
| GNP | General Payment | |
| GNJ | General Journal | |
| GNT | Business-to-Business Transfer | One of a pair of transactions that records a payment from one business to another (by Electronic Funds Transfer). |
| MEJ | Credit Card Merchant Journal | Records a lump-sum deposit from a credit card merchant, optionally including fees. |
| ROJ | End-Of-Year Rollover Journal | |
| DRR | Debtor Receipt | |
| DRJ | Debtor Invoice Journal | Recorded by the system when an invoice is finalised. |
| DRP | Debtor Refund Payment | |
| DRT | Trust-to-Debtors Transfer | One of a pair of transactions that records a payment from a trust bank account to a general bank account (by Electronic Funds Transfer), for the purpose of paying invoices. |
| DRA | Debtor Adjustment | Adjusts the balance of the debtors ledger (for a one or more matters) up/down, optionally adjusting allocations. |
| DRW | Bad Debt Write-Off | |
| DSP | Cash Disbursement Payment | Records a disbursement (affecting one or more matters) incurred on a cash basis. |
| DSJ | Non-Cash Disbursement Journal | Records a disbursement (affecting one or more matters) incurred on a non-cash basis, e.g. to a creditor or liability account. |
| DSW | Disbursement Write-Off | |
| CRJ | Creditor Invoice Journal | |
| CRP | Creditor Payment | |
| CRW | Creditor Write-Off | |
| CRA | Creditor Adjustment | Adjusts the balance of the creditors ledger (for one or more contacts) up/down, optionally adjusting allocations. |
| TRR | Trust Receipt | |
| TRP | Trust Payment | |
| TRJ | Trust Journal | |
| TRT | Trust/CMA Transfer | One of a pair of transactions that records a payment from one trust bank account to another (by Electronic Funds Transfer). |
| CMR | Controlled Money Receipt | |
| CMP | Controlled Money Payment |
Dates
Transactions may have different dates depending on their type:
- Transaction date - This is the date when the accounts are debited/credited by the transaction, and hence when balances change. When processing or reconciling the transaction, this date may change as more accurate information becomes available.
- Entry date (aka issued date, payment date or journal transfer date) - This is the date when a receipt number, payment number or journal entry number is assigned to a trust transaction. This date cannot be changed once the transaction has been authorised. This is the date shown on most trust reports.
- Received date - Applies to receipts only. This is the date that the funds were received, if different to the transaction date.
- Cheque date - Applies to payments by cheque only. This is the date written on the cheque, if different to the transaction date.