Bank transaction code

A bank transaction code represents a type of payment or bank transaction. You must define a transaction code for each type of payment you plan to use. For example, manual checks, system checks, electronic files, lock boxes, credit cards, and bills of exchange. You can also define transaction codes for banking services, such as deposits and withdrawals.

These are the transaction code categories:

• Cash payment: This transaction code represents a type of cash payment, such as a check. You use cash payment transaction codes in Payables.
• Payables electronic transfer ID: These IDs are used during the payables invoice payment process. Payables electronic transfer IDs are client identifiers used for certain electronic payment files.
• Bills of Exchange (BOE) payment: This transaction code represents a payment contract that is similar to a letter of credit. The contract can be a draft issued against a bank account until the maturity date, or for cashing early at a discounted rate. France and Spain frequently use BOEs. You use BOE transaction codes in Payables and Receivables.
• Bank service: This transaction code represents banking transactions that debit or credit your bank accounts. This could be service charges or miscellaneous credits. You use bank service transaction codes in Receivables and Cash.