Transaction Type

You can enter financial data transactions using the Transaction Type menu, which contains the accounting model and item configuration. You can insert, delete, or export Transaction Types tables.

For using transaction types in conjunction with Core Banking, see Transaction Types Used in Core Banking.

Creating Transaction Types

  1. In FintechOS Portal, click the main menu > General Ledger Configurations > Transaction Type menu item to open the Transaction Types List page.

  2. Click the Insert button to create a new transaction type.

  3. In the newly displayed Add Transaction Type page’s Settings, fill in the following fields:

    • Name: Enter the name of the transaction type.

    • Transaction Code: Enter the code of the transaction type.

    • Process Type: This field associates the process type with the transaction operation type, which makes the connection with the transaction motor of bank accounts. Select one of the processes defined within the system.

      NOTE  
      There is no integration at this point with a payment gateway.
    • Edit Form: Select the form used to edit this transaction type. The lookup only shows forms defined on the Contract Event entity.

    • Transaction Operation Type: The transaction operation type makes the connection with the transaction motor of bank accounts. Select one of the transaction operation types defined within the system.

    • Is System Transaction: Select this checkbox to mark the transaction as neither an account credit nor an allocation of funds but a transaction that does not affect other transactions in the account. System transactions are meant to be used only for accounting. It is used when there's a need of a transaction for the sole purpose of generating accounting entries (accruals, provisions).

    • Is Automatic Transaction: This checkbox marks the transaction as automatic. If you select it, then you cannot select the transaction type within the contract operations.

    • Real Time Process: If you select this checkbox, then the transaction is processed right away. If you do not select it, then the transaction is inserted as a bank account transaction queue record. This checkbox marks the transaction as to be processed in real-time.

    • Only One Draft: If you select this checkbox, there can only be one record of this transaction type in the Draft status created at the contract level.

    • Generate New Contract Version: If you select this checkbox, then a new contract version is generated by this transaction type.

    • Commission Type: Select the commission type applicable for this transaction type. Return fee commissions are filtered out and can't be selected.

    • Return Commission Type: Select the return fee commission type applicable for this transaction type. You can only select fee commissions.

    • Is Clawback Transaction: If selected, this checkbox marks the transaction as generating a clawback commission. The transaction type is to be used in third-party management invoicing activities. Default value: False.

  4. In the Accounting Configurations section, fill in the following fields:

    • Generates Accounting Entry: Select this checkbox to create an entry in the general ledger. It generates records in the Accounting Entry entity.

    • OL Master Entity: Select the entity referenced by the accounting systems.

  5. In the Purge Configurations section, fill in the following fields:

    • To Be Purged: This checkbox marks the transaction as purgeable. Select it so that you can purge or archive records in Draft status.

    • Purge Number of Days: Enter the default number of calendar days that a record can be kept in Draft status before it is purged. For additional information, see the Core Banking System Parameters page. This field is displayed only when the To Be Purged checkbox is selected.

    • Master Purge Entity: Select the master purge entity under which the draft records are. This field is displayed only when the To Be Purged is selected.

  6. Click the Save and reload button.

    NOTE  
    If a transaction type is marked to automatically generate accounting entries (the Generates Accounting Entry checkbox is selected), then the following sections are displayed: Transaction Value Type, Transaction Item Accounting Configuration, and Transaction Accounting Models.