Transaction Types

Transaction types determine whether:

• Transaction updates your open receivables 
• Transaction can be posted to your general ledger 
• If Receivables calculates tax 
• The transaction’s creation sign 
• Whether transactions with this type use natural application only or will allow overapplication.

The transaction type also provides:

• The default transaction class,
• Payment term 
• Printing options for each transaction. 

You can set up AutoAccounting to use transaction types when determining your general ledger accounts. If AutoAccounting depends on transaction type and you change this value, Receivables displays a pop– up window asking you if you want to recalculate all of your general ledger accounts. If you choose Yes, Receivables reruns AutoAccounting and makes the appropriate changes to your accounts (unless the transaction is a chargeback).