Click on the ADD button to create a new transaction code.
The Add New Transaction Code window appears as indicated in the next image with default values populated.
Example 1: Transaction Code 01B - Basic Controls
Below is an example of a transaction that allocates a payment as described:
This transaction on a Debtor account is a Payment. The Payment was made to the Company and the funds are applied to the Principal money bucket. There are no taxes on this payment. The Payment is of a cash type (cash, check, money order, etc.). Commission is allowed on this transaction. Forward Company Commission is also allowed on this transaction. There are no remittance Holds allowed. This transaction is always included on a Client Statement.
As we walk through each Basic Control Field, please refer to the Glossary - Transaction Code Field Definitions located in this lesson for a written description of each possible value.
Either click on the field to populate text fields or click on the drop-down arrow to select a value from the available choices. Populate the fields as indicated in the preceding image. At this point, sufficient fields have been populated in order for transactions to be entered using this code. If there is no need for any of the Advanced Controls, click Save at the bottom of the screen to save your new transaction code.