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 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. You continue to record/view individual transactions, but group them together for reconciliation purposes.

Grouping transactions implicitly marks them as processed, overwriting their dates and reference numbers to match the group. Transactions can only be included in a group if they have been authorised (or if the member creating the group also has permission to authorise them).

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.