Account Transaction Type Details
Purpose
Vault is an integrated system through to the General Ledger. Each Transaction Type affects two General Ledger Codes.
The transaction value associated with the Transaction Type will post in summary form to the General Ledger Code specified on the Transaction Type.
At month end the other side of the entry will post to the General Ledger Code associated with the Current or Future ledger set up on the Account Type. An Account Type must be associated with every account. Therefore, when the Transaction Type posts the transaction to the account, the system knows the other side of the journal from the associated Account Type.
Timing
New Transaction Types may be created at any time.
Access
- Accounts | Edit/View Account Transaction Types
- [F2] on the Transaction Type lookup
Dialog Details
A dialog similar to the one below will be presented:
Details Specific Fields
Field | Explanation |
Module | Select from the drop down list, the module that this Transaction Type will apply to. This list will be restricted to the modules that you are licenced for. A Transaction Type can only be used for a single module unless the option Accounts is taken. In this case the Transaction Type will apply to all systems. There are very rare instances where a Transaction Type has a module of Accounts. |
Ledger | Nominate from the drop down list whether the Transaction Type will post to the current or future ledger of the account. This controls which ledger on an account the transaction posts to and the General Ledger code used when posting one side of the journal entry. This is defined on the Account Type associated with the account the transaction is posting to. |
Input Method | Nominate from the drop down list the Type of posting allowed by this Transaction Type Cashbook Input - Select this option is this Transaction Type can be accessed during an input routine in the Cashbook system Control Posting Only - These Transaction Types are used by the system processes to generate transactions Manual Input - Select this option if this Transaction Type is to be used to process transactions directly to an account using the Reversible Control - This option can be selected for Transaction Types that are generated from a process (and would therefore normally be Control Posting Only), but may regularly need to be reversed e.g. Overdue Letter Fees posting during the Review and Create Overdue Letters process |
GL Code | This will be the General Ledger account code the Transaction Type posts to during the month end posting. There is an exemption to this rule, and that applies to any Transaction Type with a control of Cashbook Input. For these the General Ledger code on the Transaction Type is ignored. Instead the General Ledger code associated with the bank account is used. This allows the same Transaction Type to be used in conjunction with multiple bank accounts and currencies. The transaction will always post to the correct bank account. As this is a mandatory field, selection of one of you GL bank account codes is recommended. |
Tax Code | This will be the level of GST applied to values associated with this Transaction Type |
Communication Type | Set up here a Communication that is to be generated whenever this Transaction Type is activated. Examples of how this can be used are: UPI (Not Sufficient Funds) Letters - The UPI transaction is coded in the Cashbook. Once this posts to the account, a Communication is created. Welcome Letter - This Communication Type will be associated with a Transaction Type that is always used then an account is established. (e.g. Cost Item 1 on a Fixed Loan or Lease). When the account is first setup and saved, the Communication is generated. |
Other Transaction | |
Transaction Type | Nominate a Transaction Type if a charge is also to be posted to the account when this Transaction Type posts. e.g. An Unpaid Letter Fee. In this case when a UPI transaction is posted, the Transaction Type will be used to post the amount specified in the field below to the account. |
Amount | Specify here the amount that is to be posted to an account using the Transaction Type identified in the field above |
Validation Rules
The below section details the options and describes the additional behaviors of the Transaction Types.
Validation Rules have been applied to the options to minimize incorrect setup configurations, where an option is no longer available, the checkbox or combo box will be disabled. If the mouse is hovered over the disabled option, a message will pop up to advise why that option is not available.
Field | Explanation |
Post Interest / Dividend | Charged - Select this if the Transaction Type is to be used to charge interest to an account. E.g. Fixed Loan Default Interest Paid - Select this is the Transaction Type is to update interest payable to an investor. E.g. Call Savings Interest Payments None - Select this if the Transaction Type is not related to interest. Note: It would be unusual to select 'charged' or 'paid' except for use on an Account Type control interest posting. |
Year End Tax Reporting | Interest - Select this if the Transaction Type is used for interest paid, and the figure is to be reported. Withholding Tax - Select this if the Transaction Type if used to accumulate RWT, and that figure is to be reported. Note: Any amounts associated with these Transaction Type setups will display on the Account Withholding Tax Summary, the Client Withholding Tax Report and the IR Certificates printed at year end. None - Select this if the Transaction Type is not associated with interest or withholding tax that is reported at end of year. |
Show Transaction Type on Statement | Check this flag on if the transaction associated with this Transaction Type should be shown on the customer statement. Note: It would be unusual for this to be checked off. It will normally only be not used for correction transfers between Future and Current ledger on the same account. |
Early Termination Presumed Paid | Fixed Loan Only If this flag is checked on then the calculated Early Termination figure will be based on the presumption that any transactions with this flag checked on between today and the ET date will be assumed paid. When the flag is checked off, the calculation is based on the assumption that the transaction will not be paid and therefore will accrue default interest. |
Post Last Receipt | Tick this if the Transaction Type is used to update the Last Receipt Date field on any account. This should be associated with all Cashbook Input Transaction Types that are used to record deposits, as well as any Cashbook Transaction Type that is used to reverse a previous deposit transaction. The total of the Transaction Types with this indicator set will display on a lending account |
Extra Charge Type | Lending Accounts Only Tick this if the Transaction Type is used to accumulate overdue charges with an account. E.g. Default Interest Charged and Overdue Letter Fees. When the Account Arrears Report is printed, the report will display a column titled Arrears Charges. This will show the total of all Transaction Types used by an account that have this options checked on. |
Write Off Transaction Type | Tick this if the Transaction Type is a write off. This allows the transactions to be included in the YTD Interest Calculations. |
Exclude Transaction from Interest Calculation | Variable Loan Accounts Only Tick this if the Transaction Type will be excluded from Interest Calculations e.g. Account Management Fees. When Interest is accrued and posted on a Variable Loan account they will not attract any interest. |
Ignore Day One Rule | Tick this if the Transaction Type if you wish to ignore the first days interest on this transaction. Day One Interest Only. |
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