Where do we get bank transaction codes in CM?

[Vipparla]

Hi,

When I asked user about Bank Transaction Codes , he is not aware. Are they provided by Bank?

Does bank use multiple transaction codes for same payment type like "Payment".

Beacuse in user guide Type "Payment " is twice and discription and trx source are different.

Thanks in advance

[oteixeira]

Hello.

If you want to load electronic bank statements or use Cash Management's AutoReconciliation feature, you must define, for each bank account, the transaction codes that your bank uses to identify different types of transactions on its statements. You should define a bank transaction code for each code that you expect to receive from your bank.

Hope this helps.
Octavio

[Vipparla]

Thanks,
But,

Are they provided by Bank?

Does bank use multiple transaction codes for same payment type like "Payment".

Beacuse in user guide Type "Payment " is twice and discription and trx source are different

I have some confusion with user guide details.

[tgs100]

In oracle, there are different transactions for cash inflow and outflow like Payments, Receipts, Misc Receipts, etc.

<b>Does bank use multiple transaction codes for same payment </b>

It depends on the bank. Not all the banks use the same software and hence they use single code or multiple code depends on the bank.

For auto reconciliation, the system needs to know
1. Type of transaction (Payment/Receipts/NSF, etc)
2. Check Number (or Cheque number)
3. Amount

The transaction types are identified using the transaction codes. You can define transaction code as, for example, "DEBIT" for payments and "CREDIT" for receipts. If bank does not give the transaction codes, then you have to manually add/modify the transaction code column values.

Cheers,
Saravanan TG

[admin]

Hi,
Please check with your bank if they will provide you data in BAI2/Swift format in order to upload. If they are providing then things are easy otherwise bit difficult. tks