Managing transaction codes
Transaction codes are a way to identify transactions that occur on accounts. Codes can represent payments, amounts owed to clients, and specialized transactions conducted by your agency.
There are two types of transaction codes.
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Transaction Code Type |
Description |
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Standard transaction codes |
A transaction code represents the type of payment made for the transaction. Posting clerks enter these codes when processing transactions. They are added in the account notes and printed on each statement. |
|
Flexible transaction codes |
Flexible transactions codes are just that; they are codes that allow your agency the flexibility to create transaction codes specific to your needs and business processes. |
The person responsible for posting, canceling, or reversing payments uses transaction codes when posting payments. The Collector System prints the codes on corresponding statements and added in the memo of an account. As a general rule, the last code entered becomes the default for the next account, but the account's status can affect the default that displays. If set up in the Configuring flexible transaction codes field of the transaction code setup routine, a notation "Paid Client" or "Paid Agency" can display to the right of the code when entered. For more information, see Configuring flexible transaction codes.
Every time a transaction takes place, a memo explaining the transaction is written to the note line of the account. The memo generally consists of two parts separated by a hyphen. At times you may see a three part memo, for example, M1-A-N. Any time you see a three part memo it means the transaction was returned NSF. After you know how to read the memo descriptions, you can tell exactly which transaction took place.
Using this formula the memo M1-A-N means:
- M1 = A payment posted to the Misc1 field
- A = Received by the agency (A)
- N = Returned NSF (N)
Use the following list to understand the memo for each transaction code:
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Type of transaction |
Who received it |
Non-sufficient funds |
|
* = Adjustment/charge |
A = Agency |
N = NSF |
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AP = Assigned principal |
C = Client |
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AI = Assigned interest |
F = Forward client |
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AC = Assigned commission |
AF = Agency, after account was forwarded |
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A1-A9 = AMISC fields |
CF = Original client, after account was forwarded |
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IT = Interest |
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TY = Attorney |
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CT = Court |
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MS = Miscellaneous |
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MO = Overpayment |
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M1-M9 = MISC fields |
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JD = Judgment |
The Collector System has over 300 standard transaction codes when it is installed. In addition to the ones for posting payments and other transactions, you can create up to 550 flexible transaction codes for specialized needs.