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Configuring Financial Transaction Definitions

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What does this section cover?

What are Financial Transaction Definitions?

Financial Transaction definitions is a set of business rules used to control the behavior of Financial Transaction throughout their whole life cycle.

Creating, Editing & Deleting Validations & Restrictions

ActionValidationsRestrictions
General
  • Multiple Financial Transaction definitions can exist in the system, but each one should have a unique name and alternative code
  • Only one active Financial Transaction definition can exist at any given time
  • If no active Financial Transaction definition exists, then no Financial Transaction can be created
Create
  • Mandatory Fields must be defined
  • Name and alternative code must be unique
  • Not Applicable
Edit
  • Mandatory Fields must be defined
  • Name and alternative code must be unique
  • Not Applicable
Delete
  • Not Applicable
  • Cannot be deleted if its the active definition

Financial Transaction Definition attributes 

Name

Description

NumberAn auto generated number that uniquely identifies the accounts receivable definitions
Name*The name of the definition
Alternative code*An alternative code for the definition. On creating a new definition it defaults to the first letter of each word included in the name (in Capitals), if nothing else is specified
DescriptionA description for the definition
StateThe state of the definition which can be active or inactive. Only one active definition can exist at any point
Default Financial Transaction Types*

Defines the default financial transaction types per financial transaction classification that will be preselected whenever a financial transaction of that classification is created. A financial transaction type can be specified for each of the following classifications:

  • Invoice
  • Full Invoice Cancellation
  • Credit Note
  • Payment
  • Payment Cancellation
  • Refund
Allowed Rejection Reasons*Define the rejection reasons that are allowed to be used whenever a draft financial transaction is rejected.

Defining your own Financial Transaction Definition tailored to your company's needs

  1. Navigate to CONFIGURATION > FINANCE APPLICATION > FINANCIAL TRANSACTIONS > SET UP BUSINESS DEFINITIONS
  2. Either search for an existing one or from the Top Menu click on NEW
    FINANCIAL TRANSACTIONS DEFINITION

  3. MAIN INFORMATION

    1. Provide information for the following fields
      1. Name
      2. Alternative Code
      3. Description

  4. SYSTEM GENERATED FINANCIAL TRANSACTION SETTINGS

    1. Select the default type for each financial transaction classification by selecting from the drop down list
      1. Default Invoice Type
      2. Default Payment Type
      3. Default Invoice Cancellation Type
      4. Default Payment Cancellation Type
      5. Default Credit Note Type
      6. Default Refund Type

  5. AVAILABLE REJECTION REASONS

    1. Click on ADD
    2. Name: From the drop down list select from the configured Rejection Reasons to make available to agents
    3. Default: Once you add all the required reasons check the box for the reason you would be the selected reason by default when rejecting a financial transaction

  6. From the Top Menu click on SAVE

  7. LOG INFORMATION

    Log information section keeps all the logging information related to the specific record

    • Basic set of information available in all entities
      • Created By User: The user that created the entity
      • Created By Unit: The unit of the user that created the entity
      • Updated By User: The user that last updated the entity
      • Updated by Unit: The unit of the user that last updated the entity
      • Date Created: The date the account was entity
      • Date Updated: The date the account was last entity
        LOG DETAILS

Deleting Financial Transaction Definitions

  1. Search for the entity that you would like to delete
    Visit  Using Summary Pages   to find out how you can search using CRM.COM Summary Screens
  2. Click on the link of the record you would like to delete, to be transferred to the Data Entry page
  3. From the actions menu click on "DELETE"
     The entity will be deleted given that the validations are satisfied

Changing the Life Cycle State of Financial Transaction Definition

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