Transaction types

A transaction type names something that can happen to money on an account — interest accrued, a fee charged, a payment received. Your organisation decides what the list holds.

The list is shared across the whole organisation. Interest accrued means one thing here, whatever product it happens on, so you write it down once and every product that uses it reads the same row.

What a transaction type carries

The name runs words together with a capital on each, and no spaces or hyphens. It is fixed once you save, because your products and your history refer to it by that name.

The label is not fixed. Rename it whenever the wording should change. Every product that reads this transaction type picks up the new wording the moment you publish.

About the BTC code

BTC code is the sub-family from the ISO 20022 bank transaction code set. It is what classifies the amount on an end-of-day account statement, and it is optional — leave it empty when a transaction type has no place in that classification.

The platform deviates from the standard in one named place, for demand and call deposits. See the standards register for the row and the reason.

Changing a label

1. Go to Settings, then Transaction Types.
2. Select the row you want to change.
3. Change the Label.
4. Select Save.
5. Select Publish on the settings bar.

Nothing is live until you publish. Until then the change is a draft with your name on it, which is what gives an auditor an authored, dated record of what changed.

Adding a transaction type

1. Go to Settings, then Transaction Types.
2. Select Add.
3. Enter a Name, such as LateFee.
4. Enter a Label, such as “Late Fee”.
5. Enter a BTC code if the amount should be classified on a statement.
6. Set Taxable if the amount is taxable.
7. Select Save, then Publish.

Two names that differ only in capitals are refused. Interestaccrued beside InterestAccrued would read as a mistake to anyone looking at the list, so the screen tells you which row you have collided with.

An added transaction type is not yet attached to anything

Adding the row is half the job. Which products use a transaction type is still configured by your implementation team, not on this screen.

So a transaction type you add appears in this list and nowhere else until someone attaches it to a product. Ask your implementation team to do that before you expect to see it on an account.

Closing a type to further posting

A transaction type can be restricted to certain states of the account it lands on. This is what stops money reaching an account after it should no longer take that kind of inflow.

A fixed deposit is the clearest case. It takes money in once, when it is opened, and is closed to that same transaction type from the moment it holds a balance. An attempt to pay more in afterwards is refused with a clear reason — it makes no difference whether the money arrives as a transfer from another account, as the deposit’s own deposit action, or as a collection that happens to fall due on it. Reversing the original funding is unaffected: undoing a payment is never treated as a new one arriving, so the account is free to be corrected even while it is closed to fresh deposits.

A fixed deposit funded with 50,000 refuses any further credit to that transaction type, however it is attempted, until the account closes. The refusal reads “This fixed deposit is closed to deposits once funded.”

Whether a transaction type closes this way, and on what condition, is set up by your implementation team when the product is built — it is not a switch on this screen.

Removing a transaction type

Removing is refused while any product still uses the transaction type. The screen names the products that use it, so you know what to detach first.

flowchart LR
    A[Transaction type] -->|Remove| B{Any product<br/>uses it?}
    B -->|Yes| C[Refused, and the<br/>products are named]
    B -->|No| D[Gone]

There is no way to hide a transaction type without removing it. That is deliberate: history reads these rows, so a type something once used stays readable.

What your organisation configures

Everything on this screen. The platform ships no transaction types of its own — the list you see is the one your organisation set up.

Which products use which transaction type is configured alongside it, by your implementation team. See position types for the balances these transactions move.