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Transaction Classes

A financial transaction is associated with only one transaction type. Transaction types indicate how transactions are processed.

Transactions classes are either:

• User-defined transaction classes, you can categorize labor, material, equipment, and expense transaction types for more detailed and descriptive reporting and analysis.
• System-defined.

At least one transaction class must be defined for each of the following system-defined transaction types:

Transaction classes are user-defined values that group transaction types. For example, to categorize the labor transaction type for financial reporting and analysis, you can add Consulting, Development and Sales transaction classes to reflect the types of labor within your organization.

You must define at least one transaction class for labor, material, equipment, and expense transaction types. The system-generated transaction types are assigned a transaction class that is identical to their transaction type.

Every transaction is associated with a transaction class (through their association with the cost code) and are used when rates and costs for an organization are applied. There is no limit to the number of transaction classes you can add for a given transaction type.

The following is a list of system-generated transaction types:

Adjustment

This type is assigned when transactions are posted to the WIP and adjusted. The system identifier for adjustments is AU.

Write-up

This type is assigned during the billing process for transactions that have an associated positive adjustment amount. The system identifier for write-up is AD. Write-ups apply to L, M, Q, and X transaction types only.

Write-down

This type is assigned during the billing process for transactions that have an associated negative adjustment amount. The system identifier for write-down is AD. Write-downs apply to L, M, Q, and X transaction types only.

Matching

This type is assigned to contracts and/or retainer advance billing during the matching process. The system identifier for matching is AY.

Billing

This type is assigned to during the billing process for billable transactions that have a billable amount. The system identifier for billing is B. Billings apply to L, M, Q, and X transaction types only.

Credit Memo

This type is assigned to transactions during the credit memo process. The system identifier for credit memos is BC.

Contract Billing

This type is assigned to billing transactions that are generated outside the advance billing process. Contract billings apply to contract projects. The system identifier for contract billing is BP.

Retainer Billing

This type is assigned to billing transactions that are generated outside advance billing process. Retainer billings apply to retainer projects. The system identifier for retainer billing is BR.

Debit Memo

This type is assigned to debit memos when they are posted from a third-party AP system. The system identifier for debit memo is DM.

Voucher Adjustment

This type is assigned to voucher adjustments when they are posted from a third-party AP system. The system identifier for voucher adjustment is VA.