Purpose

The Transactions module displays payments received from customers, payments made to vendors, credits received from vendors, and credits given to customers. It provides a comprehensive view of financial transactions within the system.

Understanding Transactions

Transactions are categorized into two main types:

1. Receipts: Any money received in the business from any source, including loan or credit line proceeds or funding from investors.
2. Disbursements: Payments made to external parties or vendors.

Transactions List View

Column Headers (Receipts and Disbursements)

• Transaction ID: System-generated identification number
• Post Date: Date the journal entry was posted
• Transaction Date: Date a bill, expense, or invoice was paid or disbursed
• Payment Method: Type of payment (e.g., Cash, Check, Credit Card)
• Client/Vendor: Linked party for the transaction
• Receivable/Liability Account: Override for normal AR/AP account
• Posting Status: Unapproved or Posted
• Reconciliation Status: Not reconciled or Reconciled
• Transaction Type: Disbursement, Discount, Merchant, Receipt, Vendor Credit, or Void
• Bank Account: Associated bank or credit account
• Source Document: Original record supporting the transaction
• Receivable/Liability GL Account: Used for special cases like inter-company transfers
• Amount: Total for each line of the transaction

Search & Filter

• "Filter" Button: Displays all Advanced Filter search settings

Additional Features

• Gear Icon options:
  • Add Item: Adds an additional line item and allocation
  • Delete: Deletes the transaction line item
  • Edit: Navigates to the Transaction Details page
  • Email Capture: Opens the Email Capture prompt
  • Generate Receipt: Creates an emailable or downloadable receipt
• Trash Icon: Deletes the transaction (with restrictions for posted entries)

Transaction Details View (Edit)

Select the Gear icon in the Transaction module and select the “Edit” feature to view Transaction details.

Details Section

• Check Number: Sequential number on checks
• Check Front/Back: Image placeholders for check scans
• Description: Additional notes
• Files: Attached documents
• Transaction ID, Date, and Post Date
• Type and Method: Transaction and payment types
• Account: Linked Client or Vendor
• Bank Account: Associated account
• Company: Associated entity
• Reconciled: Reconciliation status
• Reported By: Employee who created the transaction
• Reported Date: Creation date of the entry

Transaction - Check Details

• Gear Icon:
  • Record Check: Assigns the next check number
  • Clear Check: Removes check information

Advanced Filter - Transactions

• Accounting: Filter by approval and posting status
• Amount: Various amount-related filters
• Bank Account: Filter by linked accounts
• Category: Product/service classification
• Check Number: Search by check number
• Client/Vendor/Subcontractor: Search by party name
• Company: Filter by company brand
• Date: Various date-related filters
• Deposited/Undeposited: Filter by deposit status
• Description: Search transaction descriptions
• External ID: Search by QuickBooks identifiers
• Imported from QB: Show QuickBooks-synced transactions
• Payment Method: Filter by payment type
  • Apply Credit: Used when either receiving a credit from a vendor or issuing a credit to a customer. Should not be used manually. TRUE will automatically apply this payment type if necessary.
  • Cash: Used when receiving physical legal tender.
  • Check: A written, dated, and signed instrument used to transfer money from one party to the next. Should be used if receiving a check from a third party.
  • Credit Card: A type of payment card in which charges are made against a line of credit instead of the account holder's cash deposits. 
  • Debit Card: A type of payment card that deducts money directly from a consumer's checking account to pay for a purchase. 
  • Issue Credit: Used when issuing a credit to a customer. Should not be used manually. TRUE will automatically apply this payment type if necessary.
  • Wire: Wire transfers allow for the individualized transmission of funds from single individuals or entities to others while still maintaining the efficiencies associated with the fast and secure movement of money. 
• Reconciled/Unreconciled: Filter by reconciliation status
• Reconciled By: Filter by reconciling user
• Reported By: Filter by creating user
• Source: Filter by source document type
• Transaction ID: Search by system-generated ID
• Type: Filter by transaction type
  • Disbursement: issuing monies to an external party or vendor.
  • Discount: a discount is received from a vendor
  • Merchant: issuing monies to a merchant, like a credit card company. 
  • Receipt: receiving monies from an external party.
  • Vendor Credit: a credit or refund issued by a vendor.
  • Void: invoice has been voided.

Common Workflow Questions

1. How do I record a new receipt or disbursement?
2. What's the process for reconciling transactions with bank statements?
3. How can I split a transaction between multiple accounts or documents?
4. What should I do if I need to void a transaction?
5. How do I handle credits received from vendors or given to customers?
6. Can I batch process multiple transactions at once?