Transactions are the basic financial building blocks in Populi. Each transaction is self-balancing—it debits certain General Ledger accounts and credits others, the sum of the debits matching the sum of the credits. Higher level entities in the financial ecosystem like invoices and payments are built on transactions; each such entity is a unique transaction. Transactions are posted on a particular date, and these posted dates are the basis of how transactions appear (as opposed to some other attribute like transaction type).
Transactions may be voided. Voiding a transaction keeps the record for audit trail purposes, but removes it from reports and negates its effect (if any) on account balances.
Each transaction is identified by a unique transaction number. This is in addition to the unique numbers generated for invoices and payments. So, a given invoice, in addition to its own Invoice#, will also have a unique Transaction# associated with it.
- Sales invoice: A legally-binding document stating that someone owes you a particular amount of money, and when that money is due.
- Sales credit: A legally-binding document that decreases the amount you are owed, even to the point that you might owe them money.
- Customer payment: A record of payment received from a customer (or other non-financial aid payer), usually in response to an invoice.
- Customer repayment: A record of the return of a payment or part of a payment from you to a customer.
- Financial aid payment: Payment from a financial aid source on a student's behalf.
- Financial aid repayment: Money returned to the financial aid source.
- Sales receipt: A record of an immediate exchange of goods or services (that is, the payment and the service or merchandise were traded simultaneously).
- Journal entry: A manually-created transaction that credits one set of General Ledger accounts and debits others.
Where to find transactions
You'll find a filter-able, sortable table of all Transactions listed in Financial under Accounting.
The History tab on Student Financial Profiles shows all of a student's transactions, starting with the most recent at the top. Use the filter drop-down to see transactions of a particular type. Click the transaction # link to see the transaction page, or the Reference link to see the associated Invoice or payment detail.
The General Ledger (often referred to as GL) is the lowest level of Populi's accounting system. Each entry into the General Ledger contains an account number from your Chart of Accounts, and either a credit or a debit. You cannot directly modify the GL other than by generating a transaction (doing so may insert multiple entries into the GL).