Transaction Type Identification
Continia uses bank transaction code rules to accurately sort and manage entries within financial statements when handling financial transactions. By utilizing standardized lists such as ISO Transaction Codes and unique Proprietary Transaction Codes, these rules help accurately identify various transaction types, including payments, fees, and other financial activities.
Warning
Do not change the default code rules unless you fully understand their implications. Modifying these codes without proper knowledge can lead to misclassification of transactions, inaccurate financial reporting, and potential compliance issues.
Bank Transaction Code Rules
Continia Banking uses the Bank Transaction Code Rule table to match account types to Bank Transaction Codes. Common combinations and their corresponding account types are pre-stored and automatically inserted upon the installation of the Banking Import App.
Updates to these rules are accessible via the Bank Transaction Code Rules page. By default, the Banking Import Setup enables matching via the Bank Transaction Code Rule, though it can be disabled if necessary.
ISO Transaction Codes
Continia Banking automatically inserts ISO Bank Transaction Codes, which are standardized codes defined by the International Organization for Standardization (ISO), upon installation. These codes ensure uniformity and clarity in financial reporting across different systems and institutions. Continia stores the transmitted ISO bank transaction code in the bank account reconciliation line during import, with descriptions displayed in review and match details.
To update ISO codes, navigate to the ISO Bank Transaction Codes page, and on the action bar, select Update ISO Bank Transaction Codes.
Proprietary Transaction Codes
Banks often create their own Proprietary Bank Transaction Codes, which are unique to each bank and used to supplement standardized ISO codes. These codes are included in MT940 and CAMT statement files. When Continia Banking is installed, the system downloads these proprietary codes along with the standard transaction data. During import, if a statement file includes a Proprietary Bank Transaction Code, the system stores the code within the bank account reconciliation line. Additionally, the code's description is visible on the review page and in the match details for easier reference.
Tip
Descriptions associated with transaction codes are visible on the Payment Application Review Page. This provides users with information about the type of transaction, which can be especially useful when automatic matching fails and manual handling is required.