I'm viewing the account statement of a parent. What do the transactions and headings (e.g. Trans Date, Description, Source...) mean?
As shown below, transactions are financial records that adjusts (increase or decrease) the running balance of the account. Each row represents a transaction.
Furthermore, each transaction is composed of a transaction date, description, source, amount and posting date, represented by the columns Trans Date, Description, Source, Amount, and Posting Date respectively. A balance column is also available, indicating the running balance of the account. Please refer to the following for the heading/column meanings:
- Trans Date - Transaction date is the date when the transaction occurs (e.g. when you perform the service).
- Posting Date - Posting date determines when the transaction is finalized, posted and displayed to your customers.
- Description - Where available, the description of the transaction (e.g. cheque number).
- Source - Type of transaction. Types include but not limited to the following:
- Credit - A credit transaction. Decreases the running balance of the account.
- ADJ - A charge transaction. Increases the running balance of the account.
- CSH - A cash payment transaction. Decreases the running balance of the account.
- CHQ - A cheque payment transaction. Decreases the running balance of the account.
- CSH or CHQ with the label VOID in the Description column - A void payment transaction. Increases the running balance of the account.
- Amount - Transaction amount. The running balance is adjusted equal to the transaction amount. Any amounts with a bracket (or parenthesis) decreases the running balance.
- Balance - Running balance of the account.
Additionally, Previous balance represents the running balance carried over from the day before the start date of the account statement you are viewing. For instance, if the date range you used to view the account statement or transactions is from February 1, 2008 - February 29, 2008, previous balance is equal to the running balance on January 31, 2008. In other words, if the balance on January 31, 2008 is $100, the previous balance of the account statement with a starting date range of February 1, 2008 is equal to $100.
Current Balance, On the other hand, represents the final running balance of the account statement you are viewing.
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