Studioware comes with many pre-defined transaction types that can be used when you add a financial transaction to an account. For example, transaction types that are included are:
- Administration Fees
- Competition Fees
- Costome Fees
- and many more transaction types.
There may be a scenario that a transaction type does not exist that you need for your Business.
Studioware allows you to create new transaction types.
Studioware also lets you clone (or copy) existing transaction types.
For example, suppose there is a transaction type that you need for student financial accounts that does not exist; that is, not pre-defined by Studioware. However, if there is a transaction that is similar, but you only need a slight change (in the transaction name or description), Studioware will allow you to clone (or copy) a similar transaction type.
Here are the steps to create a new transaction type called "Recital Fees", based on an existing transaction type "Administration Fees". The new "Recital Fees" transaction type, will allow you to record financial transactions related to recitals in Account Receivable accounts. To get started, follow these steps:
- Click on Administration | Transaction Types | Manage
- Type in "Administration Fees" in the search box:
- Click on the "Clone" button
- Change the name of the "Transaction Type" from "Administration Fees-Cloned" to "Recital Fees".
- Enter in a description of the new Transaction Type. The screen appears as follows:
- Click on the "Save" button to save the new transaction type.
- The new transaction type "Recital Fees" is now available in the student financial accounts.
- Repeat the above steps to create additional transaction types.
By careful when you are adding new Transaction Types to ensure that you are adding them to the correct accounts. For example, student accounts are considered "Accounts Receivables", and staff accounts are considered "Accounts Payable". You want to make sure you are adding the new transaction type to the appropriate account type. You can filter all transaction types for student accounts (Accounts Receivable) by using the filtering functionality: