SmartFusion Modules > Tax Collection > Parameters > Transaction

Recent Changes:  
6.157 - Charge transaction code dropdown box will now include Penalty, Interest, FIFA, and Cost transaction types as well.

6.155 - Charge transaction code dropdown box will now be enabled for Adjustment transaction types.

6.122 - Added tooltip on the "Apply payment priority" field that says "A priority of -5 is reserved for convenience fee charges."

6.105 - Added new field for Discount transaction code. This field will be used when calculating the discount transaction and will only be enabled if the transaction type is a charge or adjustment.

6.102 - The override section for fund ledger accounts now includes a digest type option to allow a fund ledger accounts to be setup based the digest status of the bill.

6.73 - The flag to mark a transaction code subject to penalty has been changed to only handle penalty.  A new flag has been added for interest.

6.46 - Fixed issue where in certain instances a blank tax type was not taken into account when posting to fund ledger.

6.20 - Added ability to override fund ledger accounts used for specific tax years and tax types

Introduction

This screen is used to set up transaction codes in the tax collection module

Explanation

Transaction codes are set up for everything that can happen on a bill in tax from payments and exemptions to fixed services and charges. In this screen we set up the fund ledger accounts to post to when transactions use a certain transaction code and many other pieces of information that are type specific but needed by the system to function correctly.

Transaction Code Fields

Transaction Code - transaction code abbreviation used in system
Description - transaction code description
Subject to penalty - only available for transaction types that add an amount to be paid. Determines if these amounts are used when figuring the balance to apply penalties to
Subject to interest - only available for transaction types that add an amount to be paid. Determines if these amounts are used when figuring the balance to apply interest to
Special - This flag marks this code as special and is used in custom printing scenarios.
Do not distribute - This is used for transaction types that create an amount of money that can then be paid. There is an option in system settings that says to distribute payments. This is an override so if for some reason there is a charge you don't want a payment distributed for but for everything else you do
Apply payment priority - Used when distributing payments to determine in which order things should be paid off on a bill. A priority of -5 is reserved for convenience fee charges.
Print order

Payment code to distribute to - This is the payment transaction code to be used when distributing a payment for this transaction code. This is required if the Do not distribute option is not checked.
Penalty transaction code - This is the penalty transaction code to be used when distributing a penalty for this transaction code. This is required when Subject to penalty is checked.
Interest transaction code - This is the interest transaction code to be used when distributing interest for this transaction code. This is required when Subject to interest is checked.
Charge transaction code - This is used for exemption, deferment and adjustment type transaction codes to let the system know which charge transaction code they apply to. Available transaction types to select from include Charge, Penalty, Interest, FIFA, and Cost.
Discount transaction code - This is used for discounts and will only be enabled if the type is a charge or an adjustment. If this value is not set, the discount transaction code on the Tax Years parameter form will be used instead.
Transaction Type - This section is used to select the actual type the transaction code is. Each code should only ever have 1 type selected

• Charge - normal charge you might see on a bill

Potential Available Fields

• Subject to penalty
• Do not distribute
• Apply payment priority
• Print Order
• Payment code to distribute to - required if Do not distribute not checked
• Penalty transaction code - required if Subject to penalty checked
• Interest transaction code - required if Subject to penalty checked

• Payment - used to make payments on a bill

Potential Available Fields

• Apply payment priority
• Print Order

• Adjustment - used in the adjustments screen if a bill amount needs to be increased or decreased for some reason

Potential Available Fields

• Subject to penalty
• Do not distribute
• Apply payment priority
• Print Order
• Payment code to distribute to - required if Do not distribute nor checked
• Penalty transaction code - required if Subject to penalty checked
• Interest transaction code - required if Subject to penalty checked
• Charge transaction code - required when keying negative adjustments through Enter/Edit Adjustments

• Penalty - this transaction type is used when penalties are applied to bills

Potential Available Fields

• Subject to penalty
• Do not distribute
• Apply payment priority
• Print Order
• Payment code to distribute to - required if Do not distribute not checked
• Penalty transaction code - required if Subject to penalty checked
• Interest transaction code - required if Subject to penalty checked

• Exemption - this transaction type is for exemptions which lower a bill amount and apply to certain charges

Potential Available Fields

• Print Order
• Charge transaction code - required

• Deferment -

Potential Available Fields

• Subject to penalty
• Print Order
• Penalty transaction code - required if Subject to penalty checked
• Interest transaction code -required if Subject to penalty checked
• Charge transaction code - required

• FIFA -

Potential Available Fields

• Subject to penalty
• Do not distribute
• Apply payment priority
• Print Order
• Payment code to distribute to - required if Do not distribute not checked
• Penalty transaction code - required if Subject to penalty checked
• Interest transaction code - required if Subject to penalty checked

• Interest - this transaction type is used when interest is applied to bills

Potential Available Fields

• Subject to penalty
• Do not distribute
• Apply payment priority
• Print Order
• Payment code to distribute to - required if Do not distribute not checked
• Penalty transaction code - required if Subject to penalty checked
• Interest transaction code - required if Subject to penalty checked

• Cost - - this transaction type is used when costs are applied to bills

Potential Available Fields

• Subject to penalty
• Do not distribute
• Apply payment priority
• Print Order
• Payment code to distribute to - required if Do not distribute not checked
• Penalty transaction code - required if Subject to penalty checked
• Interest transaction code - required if Subject to penalty checked

• Fixed - this type is used for a charge on a bill based on a fixed service

Potential Available Fields

• Subject to penalty
• Do not distribute
• Apply payment priority
• Print Order
• Payment code to distribute to - required if Do not distribute not checked
• Penalty transaction code - required if Subject to penalty checked
• Interest transaction code - required if Subject to penalty checked

Base Amount - this is only usable when the transaction type is set to fixed to determine what the normal charge for a fixed service should be

Fund Ledger Accounts - This section is used to specify which general ledger accounts should be used when posting transactions using this transaction code. There is always a debit and a credit account specified. For payment transaction codes you can also specify deferred revenue debit and credit accounts. An override section where you can specify that for certain tax year, tax year tax type, and digest type combinations you use a different set of fund ledger accounts. If an override is set up for a tax year and one exists for the same tax year and a tax type the one with the tax type will take precedence. The digest type is always taken into consideration as well. There can be no duplicate overrides created and common setup cannot have a digest type of all and then on or not on digest.

Create a Tax Payment Transaction Code

1. Login to SmartFusion
2. Click Billing
3. Click Tax Collection
4. Click Parameters
5. Click Transaction
6. Click the New button
7. Enter string value into Transaction code text input
8. Enter string value into Description
9. Click the Payment flag within the Transaction Type section
10. Select a Debit account
11. Select a Credit account
12. Click the Save button

Duplicate transaction code provides functionality to duplicate the current transaction code in its entirety to allow users to add a common transaction code quickly.

Note The Payment code to distribute to should be disabled and not required to save once the Payment flag is checked.