Transaction Codes

From General ledger, Settings, GL setup, Transaction codes, you can further categorize information for reporting and fiscal year closings. Use a maximum of five transaction codes (which are similar to attributes) to configure individual funds within an organization.

Within the funds, you can mark transactions as optional, required on income statement accounts, required on all accounts, preserve details during closing, or required to balance. You can also edit or remove codes as necessary.

Use a transaction code to track the finances of an account over a long period. You can then distribute transactions by transaction codes in Journal Entry. For example, an organization has multiple purposes that need to be tracked and each purpose is funded by multiple federal and state grants. This organization could set up separate projects for each purpose. They would define a transaction code named “Grants”, and assign each grant a transaction code value.

Because each project uses funds from various grants, the project transactions are attached to multiple grants. As transactions are entered, they can be distributed by purpose (project) and grant (transaction code).

Note: You can change or delete transaction codes at any time.

  1. Under Transaction codes, enter a description for each transaction code you want to create. You can have a maximum of five transaction codes.

  2. To edit a transaction code, select Edit.

  3. To remove a transaction code, select Edit.

    Note that you can remove only the last transaction code.

    Tip: You can change or delete transaction codes at any time.

  4. After you enter details for the new transaction code, select Save.