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
In banking systems, proprietary bank transaction codes are used to classify specific transaction types. These codes vary across banks and systems, requiring a flexible setup to accommodate differences. In Continia Banking, proprietary bank transaction codes and transformation rules help manage these variations efficiently. Banks often develop their own unique codes to supplement standardized ISO transaction codes, and these proprietary codes are included in MT940 and CAMT statement files.
When Continia Banking is installed, the system automatically downloads proprietary bank transaction codes along with standard transaction data. During import, if a statement file contains a proprietary code, the system stores it within the bank account reconciliation line. The code’s description is also displayed on the review page and in match details for easy 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.