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Navigating to Financial Transactions

FINANCE > FINANCIAL TRANSACTIONS > MANAGE FINANCIAL TRANSACTIONS

Using Financial Transactions

Use Financial Transactions to manage transactions that will either debit or credit the customer's Accounts Receivable.

There exist six different Classifications of Financial Transactions, each with its distinct characteristics and behaviour. Four of the Classifications can be manually created.

Invoice - Debits the Accounts Receivable
Credit Note - Credits the Accounts Receivable
Payment - Credits the Accounts Receivable
Refund - Debits the Accounts Receivable

The other two are automatically generated by the system when Payment or an Invoice is cancelled.

Payment Cancellation- Debits the Accounts Receivable
Invoice Cancellation - Credits the Accounts Receivable

Financial Transactions have a Life Cycle State which determines whether the transaction affects the Accounts Receivable Balance.

Draft transactions can be 'Posted', 'Rejected' and edited and do not affect the Accounts Receivable Balance.

Posted transactions are permanent, cannot be edited and affect the Accounts Receivable Balance.

Rejected transactions cannot be edited and do not affect the Accounts Receivable Balance.
Navigate to Financial Transactions and explore existing records via the Summary page.
Click on the number of the record of your interest to enter the Data Entry page and see more detail.
Use the Actions Menu to create a NEW Financial Transaction or modify (EDIT) an existing one. Financial Transactions cannot be deleted but can be rejected or cancelled, depending on their Life Cycle State.
Use the PRINTOUTS link to extract or email information related Financial Transactions to the customer.
Use BACK to return to the Summary page and CANCEL to revert any unwanted changes made to the Financial Transactions.
Click on ACTIONS to discover other possibilities available for Financial Transactions.

Check the Validations & Restrictions Table below for a list of available Actions when working with Financial Transactions including each Action's related restrictions, validations and a description of its system process. View the Attributes Table for a comprehensive description of Financial Transactions fields.

Validations & Restrictions

Action	Restrictions	Validations	System Processing
Create	Mandatory Configuration Entities must be configured before you start using Financial Transactions. Check out Financial Transactions - Configuration Requirements.	Not Applicable	Not Applicable
Save Invoice	Not Applicable	SAVE AS DRAFT Validates that: All mandatory fields are specified Accounts Receivable is not 'Terminated.' Validates the category against the Financial Transaction's Type SAVE (POSTED) Validates that: The VAT percentage against the selected VAT rate The Due Date, (if defined) meets the Credit Period Rules defined on the Accounts Receivable Credit Period and 'Active' Accounts Receivable Definitions SAVE AS DRAFT & SAVE (POSTED) Back Office Code Validation If the Back Office Code is specified, the System will validate that the code is unique for that Type of Financial Transaction If a Back Office Code is not specified, then no validation takes place	SAVE AS DRAFT Life Cycle State is set to 'Draft' Issued Date is set Reference Number is set Invoice Items sub amounts and total amounts are calculated SAVE (POSTED) If the Invoice is created and 'Posted' at the same time then Life Cycle State is set to 'Posted' Posted Date is set Transaction number is set Due Date is calculated and set, if not already set Un-allocated Credit Notes are allocated against this Invoice based on the allocation principle specified in the 'Active' Accounts Receivable Definition Invoice Items sub amounts and total amounts are calculated
Save Credit Note	Not Applicable	SAVE AS DRAFT Validates that: All mandatory fields are specified Accounts Receivable is not 'Terminated' Validates the category against specified 'Financial Transaction' type SAVE (POSTED) Validates the VAT percentage against the selected VAT rate SAVE AS DRAFT & SAVE (POSTED) Back Office Code Validation If the Back Office Code is specified, the System will validate that the code is unique for that Type of Financial Transaction If a Back Office Code is not specified, then no validation takes place	SAVE AS DRAFT Life Cycle State is set to 'Draft' Issued Date is set Reference Number is set Credit Note Items sub amounts and total amounts are calculated Invoice Items sub amounts and total amounts are calculated SAVE (POSTED) If the Credit Note is created and posted at the same time then the: Life Cycle State is set to 'Posted' Posted Date is set Transaction Number is set Credit Note is allocated againstanyun-allocatedInvoices based on the allocation principle specified in the 'Active' Accounts Receivable Definition Invoice Items sub amounts and total amounts are calculated
Save Payment	Not Applicable	Validates that: All mandatory fields are specified Accounts Receivable is not 'Terminated' Validates the category against Financial Transaction Type Validates the payment method against Financial Transaction Type SAVE AS DRAFT & SAVE (POSTED) Back Office Code Validation If the Back Office Code is specified, the System will validate that the code is unique for that Type of Financial Transaction If a Back Office Code is not specified, then no validation takes place	SAVE AS DRAFT Life Cycle State is set to 'Draft' Issued Date is set Reference Number is set Invoice Items sub amounts and total amounts are calculated SAVE (POSTED) If the Payment is created and posted at the same time then the: Life Cycle State is set to 'Posted' Posted Date is set Transaction Number is set Payment is allocated againstanyun-allocatedInvoices based on the allocation principle specified in the 'Active' Accounts Receivable Definition Invoice Items sub amounts and total amounts are calculated AVAILABLE FROM CRM.COM R11.0.0 - If the Payment is related to a Payment Gateways then the Life Cycle State will be set to "Pending Verification" and not "Posted" until is handled successfully by the Gateway
Save Refund	Not Applicable	Validates that: All mandatory fields are specified Accounts Receivable is not 'Terminated' Validates the category against Financial Transaction Type The Balance of the customer is negative and equal to or less than to the Refund amount SAVE AS DRAFT & SAVE (POSTED) Back Office Code Validation If the Back Office Code is specified, the System will validate that the code is unique for that Type of Financial Transaction If a Back Office Code is not specified, then no validation takes place	SAVE AS DRAFT Life Cycle State is set to 'Draft' Issued Date is set Reference Number is set SAVE (POSTED) If the Refund is created and posted at the same time then the: Life Cycle State is set to 'Posted' Posted Date is set Transaction Number is set
Edit	Life Cycle State = 'Draft'	Mandatory Information is provided	"Pending Verification" Payments cannot be modified and no actions can be applied manually on them
Delete	Financial Transactions cannot be deleted	Mandatory Information is provided
Post	Life Cycle State = 'Draft'	Validation is only applied on Invoices If defined, the Due Date is validated against the Accounts Receivable Credit Term Validation is only applied on Refunds The Balance of the related Accounts Receivable is negative and equal to or less than the Refund amount.	Posted Date is set Transaction Number is generated (Until a Financial Transaction is 'Posted' only a Reference Number is available) Allocations are performed, and the Financial Transactions are validated based on the 'Active' Configuring Financial Transaction Definitions and their Financial Transaction Type. AVAILABLE FROM CRM.COM R11.0.0 - If the Transaction is Payment or Payment Cancellation related to a Payment Gateways then the Life Cycle State will be set to "Pending Verification" and not "Posted" until is handled successfully by the Gateway
Reject	Life Cycle State = 'Draft'	Validates that A reason for the Rejection is specified The Rejection Reason is included in the 'Allowed Rejection Reasons' specified in the 'Active' Financial Transactions Definitions The related Accounts Receivable is not 'Terminated'	The Life Cycle State of the Financial Transaction is updated to 'Rejected'
Cancel Payment	Life Cycle State = 'Posted'	Back Office Code Validation If the Back Office Code is specified, the System will validate that the code is unique for that Type of Financial Transaction If a Back Office Code is not specified, then no validation takes place	A new Financial Transaction is created with a "Payment Cancellation" classification Life Cycle State of the Payment Cancellation Type is set to 'Posted' Posted Date is set equal to current date Transaction Number is set Payment Cancellation number is set on the cancelled Payment If the Payment is allocated against one or more Invoices then it is de-allocated AVAILABLE FROM CRM.COM R11.0.0 - If the Payment is related to a Payment Gateways then the Life Cycle State will be set to "Pending Verification" and not "Posted" until is handled successfully by the Gateway
Move Payment	Life Cycle State = 'Posted'	Validates that The intended Accounts Receivable (destination) for the Payment is not 'Terminated'	A Payment Cancellation is created against the initial Accounts Receivable, referencing the original Payment The Payment Cancellation is created with a 'Posted' Life Cycle State The Payment Cancellation amount is the same as that of the original Payment An identical Payment is created against the Accounts Receivable provided the Payment is created with a 'Posted' Life Cycle State the Payment amount and method are same as that of the original Payment A Financial Transaction Type is provided by the user as input for each Financial Transaction. Payment movements are allowed to and from Accounts Receivable that are not 'Terminated'.
Cancel Invoice	Life Cycle State = Posted	Back Office Code Validation If the Back Office Code is specified, the System will validate that the code is unique for that Type of Financial Transaction If a Back Office Code is not specified then no validation takes place	A new Financial Transaction is created with an "Invoice Cancellation" classification Life Cycle State of the Invoice Cancellation Type is set to 'Posted' Posted Date is set equal to current date Transaction Number is set Invoice Cancellation is set against the cancelled Invoice Any payments or Credit Notes which are already allocated against the cancelled Invoice are de-allocated
Quick Pay (Invoices)	Not available for invoices that are 'Settled'	Not Applicable	Not Applicable

Attributes

An * indicates a field is mandatory

Invoice Attributes

Name	Description
Number	The transaction number of the Invoice which is automatically generated on posting the Invoice
Reference Number	The reference number of the Invoice which is automatically generated by creating the Invoice
Accounts Receivable*	The Accounts Receivable that the Invoice is created for
Financial Transaction Type*	The Financial Transaction Type. Only Financial Transaction Types classified as Invoices can be applied
Life Cycle State	The Life Cycle State of the Invoice which can be any of the following: Draft Posted Rejected
Rejection Reason	The Rejection Reason is mandatory only if the Transaction is rejected while being in a 'Draft' Life Cycle State.
Category	The category of the Invoice. Only Categories listed as 'Allowed' on the related Financial Transaction Type can be applied.
Issued On	The date that the Invoice was issued on
Posted On	The date that the Invoice was 'Posted' on
Due On	The date on which the credit period for a 'Posted' Invoice ends.
Shared Notes	Notes for the Invoice. Each time the notes are amended, the user and the date are logged.
Back Office Code	A code which is used by external systems to refer to a specific Financial Transaction. The Back Office Code is not mandatory, but if specified then it should be unique.
Invoice Items*	A list of items which are Invoiced by this Financial Transaction. The following aggregated amounts are also calculated dynamically: Discount amount VAT amount Net amount Total amount AVAILABLE FROM CRM.COM R12.0.0 Tax Amount Outstanding amount (AVAILABLE AFTER SAVING) Unsettled amount (AVAILABLE AFTER SAVING) Invoices must contain at least one item AVAILABLE FROM CRM.COM R12.0.0 'VIEW APPLIED TAX RATES' link is available in Items section (and after saving the Financial Transaction) which displays the Tax Rates that were applied per Item. Applied Tax Rates Information includes the following: Product Code Tax Percentage Tax Amount Tax Rate Tax Code
Log Information	The standard set of Log Details information available in all entities

Credit Note Attributes

Name	Description
Number	The transaction number of the Credit Note which is automatically generated on posting the Credit Note
Reference Number	The reference number of the Credit Note which is automatically generated on creating the Credit Note
Accounts Receivable*	The Accounts Receivable that the Credit Note is created for
Financial Transaction Type*	The Financial Transaction Type. Only Financial Transaction Types classified as Credit Notes can be applied
Life Cycle State	The Life Cycle State of the Credit Note which can be any of the following: Draft Posted Rejected
Rejection Reason	The Rejection Reason is mandatory only if the Transaction is rejected while being in a 'Draft' Life Cycle State
Category	The category of the Credit Note. Only Categories listed as 'Allowed' on the related Financial Transaction Type can be applied.
Issued On	The date that the Credit Note was issued on
Posted On	The date that the Credit Note was 'Posted' on
Issue Reason	A description of the reason that the Credit Note is issued
Shared Notes	Notes for the Credit Note. Each time the notes are amended, the user and the date are logged.
Back Office Code	A code which is used by external systems to refer to the specific Financial Transaction. The Back Office Code is not mandatory, but if specified* then it should be unique*
Invoices to credit	The Invoices that were intended to be credited
Credit Note Items*	A list of items which are credited by this Financial Transaction. The following aggregated amounts are also calculated dynamically: Discount amount VAT amount AVAILABLE FROM CRM.COM R12.0.0 Tax Amount Net amount Total amount It is mandatory to specify at least one Credit Note item AVAILABLE FROM CRM.COM R12.0.0 'VIEW APPLIED TAX RATES' link is available in Items section (and after saving the Financial Transaction) which displays the Tax Rates that were applied per Item. Applied Tax Rates Information includes the following: Product Code Tax Percentage Tax Amount Tax Rate Tax Code
Log Information	The standard set of Log Details information available in all entities

Payment Attributes

Name	Description
Number	The transaction number of the Payment which is automatically generated on posting the Payment
Reference Number	The reference number of the Payment which is automatically generated by creating the Payment
Accounts Receivable*	The Accounts Receivable that the Payment is created for
Financial Transaction Type*	The Financial Transaction Type.Only Financial Transaction Types classified as Payment can be applied
Life Cycle State	The Life Cycle State of the Invoice which can be any of the following: Draft Posted Rejected Pending Verification AVAILABLE FROM CRM.COM R11.0.0 "Pending Verification" Life Cycle State is set whenever a Payment with a Payment Method processed by a Generic Payment Gateway is posted.
Rejection Reason	The Rejection Reason is mandatory only if the Transaction is rejected while being in a 'Draft' Life Cycle State
Payment Method*	The method of Payment for the specific Transaction. Only Payment methods listed as 'Allowed' in the Financial Transaction Type can be applied.
(Payment) Amount*	The amount of the Payment
Payment Preference AVAILABLE FROM CRM.COM R11.0.0	The Accounts Receivable Payment Preference that will be used to process the payment. The field which is displayed and also used to search and retrieve the Accounts Receivable Payment Preference is the field which is set as the field identifier, through the related Payment Preference.This is applicable and mandatory only if the selected Payment Method is processed by a Generic Payment Gateway.
Category	The category of the Payment. Only Categories listed as 'Allowed' on the related Financial Transaction Type can be applied.
Issued On	The date that the Payment was issued on
Posted On	The date that the Payment was 'Posted' on
Received On*	The date on which the Payment was received
Received By User*	The user who received the Payment
Received By Unit*	The unit that received the Payment
Shared Notes	Notes for the payment. Each time the notes are amended, the user and the date are logged.
Back Office Code	A code which is used by external systems to refer to the specific Financial Transaction. The Back Office Code is not mandatory, but if specified* then it should be unique.*
Invoices To Pay	The Invoices that the Payment was intended for
Bills to Pay	The Bills that the Paymentwereintended for
Voucher	The voucher that was used for the Payment and resulted in its creation and posting. This information is available only if the Payment was created by using a voucher.
Payment Gateway Information AVAILABLE FROM CRM.COM R11.0.0	Provides information related to the Payment Gateway Provided that processed the Payment. Payment Gateway Provider Payment Gateway Reference Number Payment Gateway Request Number Payment Gateway Request Life Cycle State Payment Gateway Request Executed On This section is applicable only if the specified payment method is processed by a Payment Gateway Provider
Log Information	The standard set of Log Details information available in all entities

Refund Attributes

Name	Description
Number	The transaction number of the Refund which is automatically generated on posting the Refund
Reference Number	The reference number of the Refund which is automatically generated by creating the Refund
Accounts Receivable*	The Accounts Receivable related to the Refund
Financial Transaction Type*	The Financial Transaction Type. Only Financial Transaction Types classified as Refund can be applied.
Life Cycle State	The Life Cycle State of the Refund which can be any of the following: Draft Posted Rejected
Refund Amount*	The amount to be Refunded
Category	The category of the Refund. Only Categories listed as 'Allowed' on the related Financial Transaction Type can be applied.
Issued On	The date that the Refund was issued on
Posted On	The date that the Refund was 'Posted' on
Issue reason	A description of the reason for the Refund
Shared Notes	Notes for the refund. Each time the notes are amended, the user and the date are logged.
Back Office Code	A code which is used by external systems to refer to the specific Financial Transaction. The Back Office Code is not mandatory, but if specified then it should be unique.
Log Information	The standard set of Log Details information available in all entities

Invoice Cancellation Attributes

Name	Description
Number	The transaction number of the Invoice Cancellation which is automatically generated on posting the Invoice Cancellation
Reference Number	The reference number of the Invoice Cancellation which is automatically generated on creating the Invoice Cancellation
Accounts Receivable*	The Accounts Receivable related to the Invoice Cancellation
Financial Transaction Type*	The Financial Transaction Type. Only Financial Transaction Types classified as Invoice Cancellations can be applied
Life Cycle State	The Life Cycle State of the Invoice Cancellation which can be any of the following: Posted Rejected
Rejection Reason	The reason that the Transaction was rejected. It is mandatory only if the Transaction is rejected while being in a 'Draft' Life Cycle State.
Invoice Cancelled	The Invoice that is cancelled
Category	The category of the Invoice Cancellation. Only Categories listed as 'Allowed' on the related Financial Transaction Type can be applied.
Issued On*	The date that the Invoice Cancellation was issued on
Posted On*	The date that the Invoice Cancellation was 'Posted' on
Issue Reason	A description of the reason for which the Invoice Cancellation is issued
Shared Notes	Notes for the Invoice Cancellation. Each time the notes are amended, the user and the date are logged.
Back Office Code	A code which is used by external systems to refer to the specific Financial Transaction. The Back Office Code is not mandatory, but if specified then it should be unique.
Invoice Items	The list of items which were included in the cancelled Invoice
Log Information	The standard set of Log Details information available in all entities

Payment Cancellation Attributes

Name	Description
Number	The transaction number of the Payment Cancellation which is automatically generated on posting the Payment Cancellation
Reference Number *	The reference number of the Payment Cancellation which is automatically generated on creating the Payment Cancellation
Accounts Receivable*	The related Accounts Receivable
Financial Transaction Type*	The Financial Transaction Type. Only Financial Transaction Types classified as Payment Cancellation can be applied.
Life Cycle State*	The Life Cycle State of the Payment Cancellation which can be any of the following: Posted Rejected Pending Verification AVAILABLE FROM CRM.COM R11.0.0
Rejection Reason	The reason that the Transaction was rejected. It is mandatory only if the transaction is rejected while being in a 'Draft' Life Cycle State.
Payment Cancelled	The payment affected by the Payment Cancellation
Payment Amount	The amount of the cancelled Payment
Category	The category of the Payment Cancellation. Only Categories listed as 'Allowed' on the related Financial Transaction Type can be applied.
Issued On*	The date that the Payment Cancellation was issued on
Posted On*	The date that the Payment Cancellation was 'Posted' on
Issue reason	A description of the reason for which the Payment Cancellation is issued
Shared Notes	Notes for the Payment Cancellation. Each time the notes are amended, the user and the date are logged.
Back Office Code	A code which is used by external systems to refer to the specific Financial Transaction. The Back Office Code is not mandatory, but if specified then it should be unique.
Payment Gateway Information AVAILABLE FROM CRM.COM R11.0.0	Provides information related to the Payment Gateway Provided that processed the Payment Cancellation Payment Gateway Provider Payment Gateway Reference Number Payment Gateway Request Number Payment Gateway Request Life Cycle State Payment Gateway Request Executed On This section is available only if the cancelled Payment was previously processed by a Payment Gateway Provider and the Payment Cancellation Type selected is related to the same Payment Gateway Provider
Log Information	The standard set of Log Details information available in all entities

Additional Actions for Financial Transactions

The following actions are used to perform additional amendments on Financial Transactions that cannot be achieved using EDIT. Some of the actions are available for all Financial Transaction Classifications, while others are only available for specific Classifications.

Posting Draft Financial Transactions

Follow the steps below to Post an existing 'Draft' Financial Transaction

Navigate to MANAGE FINANCIAL TRANSACTIONS
Search for the Financial Transactions with a 'Draft' Life Cycle State
Click on the number/name of the record you would like to access, to go to the Data Entry page
From the Action Menu click on ACTIONS > POST. A confirmation message is shown to confirm the Posting.
Click on YES to Post the Transaction

Rejecting Draft Financial Transactions

Follow the steps below in order to reject an existing 'Draft' Financial Transaction

Navigate to MANAGE FINANCIAL TRANSACTIONS
Search for the 'Draft' Financial Transaction you would like to Reject
Click on the number/name of the record you would like to access, to go to the Data Entry page
From the Action Menu click on ACTIONS > REJECT to open the Reject Financial Transaction modal. Select a reason for the rejection from the drop-down list.
Click on SAVE

Cancelling Invoices

Follow the steps below to cancel an Invoice that has already been 'Posted'

Navigate to MANAGE FINANCIAL TRANSACTIONS
Search for the Invoice you would like to cancel
Click on the number/name of the record you would like to access, to go to the Data Entry page
From the Action Menu click on ACTIONS > CANCEL to open the Invoice Cancellation modal. Provide the required information.
Click on SAVE

Cancelling Payments

Follow the steps below to cancel a Payment that has already been 'Posted'

Navigate to MANAGE FINANCIAL TRANSACTIONS
Search for the Payment you would like to cancel
Click on the number/name of the record you would like to access, to go to the Data Entry page
From the Action Menu click on ACTIONS > CANCEL to open the Payment Cancellation modal. Provide the required information.
Click on SAVE

Moving Payments to a different Accounts Receivable

CRM.COM allows the automatic movement of a Payment from oneAccountsReceivable to another. Moving Payments can be accomplished through either customer or system accounts.

View /wiki/spaces/WIP/pages/10010218 for more information

Navigate to MANAGE FINANCIAL TRANSACTIONS
Search for the Financial Transactions you would like to relocate to another account
Click on the number/name of the record you would like to access, to go to the Data Entry page
From the Action Menu click on ACTIONS > MOVE TO ACCOUNT to open 'Move Payment From.'
1. Select the Destination Accounts Receivable you wish to move the Payment to
2. Click on SAVE

Paying an Invoice using Quick Pay

Quick Pay is a process used to quickly pay the unsettled amount of Bills and Invoices. Follow the steps below:

Navigate to MANAGE FINANCIAL TRANSACTIONS
Search for the Invoice you would like to pay
Click on the number of the Invoice to go to the Data Entry page
From the Actions Menu click on ACTIONS > QUICK PAY to open the Quick Pay modal
1. The Amount is set to be equal to the unsettled amount of the Invoice.
2. The following information can be updated:
  1. Payment Type
  2. Payment Method
  3. Issued On
  4. Category
  5. Received By User
  6. Received by Unit
Click on SAVE

View Understanding Financial Transactions for related business examples

Related Areas

Page:

Configuring Rejection Reasons — Learn to configure Rejection Reasons
Page:

Configuring Financial Transaction Types — Learn to configure Financial Transaction Types
Page:

Configuring Payment Methods — Learn to configure Payment Methods
Page:

Understanding the Allocation Principles — Discover available Allocation Principles, their behaviour and how they can be configured
Page:

Handling Invoice Due Dates — Find out how the Invoice Due Date is calculated
Page:

Paying an invoice using Quick Pay — Find out how you can use Quick Pay to quickly pay off invoices
Page:

Configuring Financial Transaction Categories — Learn to configure Financial Transaction Categories
Page:

Managing Financial Transactions — Learn to work with Financial Transactions
Page:

Configuring Financial Transactions Definitions — Learn to configure the Financial Transactions Business Definitions that determine the overall behaviour of Financial Transactions
Page:

Creating and Sending Invoice Cancellation Details Printout — Learn to create and send an Invoice Cancellation Details Printout
Page:

Creating and Sending Invoice Details Printout — Learn to create and send an Invoice Details Printout
Page:

Creating and Sending Credit Note Details Printout — Learn to create and send a Credit Note Details Printout
Page:

Understanding Financial Transactions — Understand the usage of Financial Transactions within CRM.COM
Page:

R9 - Cancelling Invoices — Find out about Invoice Cancellation used when you want to cancel a posted invoice

Helpful Links

Page:

CRM.COM Quickstart Manual
Page:

Working with Summary Pages - R18 — Find out how to use Summary Pages.
Page:

Working with Summary Pages — Find out how to use Summary Pages
Page:

Working with Summary Pages - R15 — Find out how to use Summary Pages
Page:

Extracting a Printout from a Data Entry page

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