Which of the following is a financial transaction?

A financial transaction is either a single individual payment or a credit transaction. A payment financial transaction corresponds to a payment action in the Payment rules engine and a credit financial transaction corresponds to a refund action. Every time the Payment rules engine decides the payment or refund action that needs to be run, the corresponding financial transaction is then run in the Payments Plug-in Controller with the Payments Plug-in.

The Payments Plug-in Controller supports the following transaction types:

• approve
• deposit
• approveAndDeposit
• credit
• reverseApproval
• reverseDeposit
• reverseCredit

Depending on the transaction type, the following are different attributes of the financial transaction:response codeThe response code is a representation of a financial transaction result and is back-end system specific. The response code is used by the back-end system to indicate whether the financial transaction was successful. For example, the response code might indicate that a credit card authorization failed. If your financial transaction has successfully run, set the response code to 0.reason codeThe reason code is a representation of an error condition and is back-end system specific. The back-end system uses the reason code to indicate why a financial transaction has failed. For example, it might indicate that a credit card has expired. When the response code alone cannot determine what error has occurred in a financial transaction, the reason code can be used to determine the error. The response code and the reason code can also be seen as primary and secondary error codes. These codes are used in problem determination whenever the standard plug-in mechanisms do not suffice.reference numberThe reference number is an identifier generated by the payments back-end system during the processing of financial transactions. Back-end systems need reference numbers for processing subsequent and related financial transactions. For example, a deposit transaction requires the reference number of a previous approve transaction. In this case, the reference number is the authorization code returned by the back-end system during the approve transaction.tracking IDThe tracking ID is an optional attribute used by the payments plug-in to identify, on behalf of the merchant, a financial transaction in the payment back-end system. The tracking ID is set by the plug-in during the processing of financial transactions. The plug-in generates this ID to be unique in the plug-in and in the back-end system realm. Although the tracking ID is an optional attribute, it is sometimes the only way to track a financial transaction in the back-end system if an error occurs. For example, if the connection is lost during a financial transaction and the plug-in cannot determine if the back-end system has processed the transaction, the tracking ID can be used to query the back-end system once connectivity is re-established. If the tracking ID is known by the back-end system, then the transaction has reached the back-end system. If the tracking ID is unknown, then the transaction needs to be run again. While the tracking ID is used to identify a financial transaction from the plug-in perspective, the reference number is used to identify a financial transaction from the payment back-end system perspective. The tracking ID is the first identifier of the financial transaction to exist. Once the reference number is obtained from the back-end system, the plug-in no longer need the tracking ID since the reference number is then known by both the plug-in and the payment back-end system. The Payments Plug-in Controller uses the PPCPAYTRAN table to record the basic information of the financial transaction. The extended data of the financial transaction is stored in the PPCEXTDATA table. The PPCPAYTRAN_ID is the ID of the financial transaction with which the extended data is associated.

In accounting, a financial transaction in accounting is an event that impacts on the monetary value of an asset, a liability, or the owner’s equity of a business and causes it to change. A financial transaction is characterized by the monetary impact it has on the financial statements of the business created by recording it’s details in an accounting register called journals. An event that does not impact on the business financially or monetarily is not recorded in the journals.

What is the purpose of recording a financial transaction in accounting?

Business stakeholders like managers, investors and funders need relevant and timely information to help them make financial decisions about the business resources under their control. In accounting, this information is supplied by financial reports that inform stakeholders of the current financial position and performance of the business. By recording financial transactions that impact on the assets, liabilities and owners equity of a business, stakeholders are able to stay constantly informed of the changes taking place in the financial position and performance of the business.

What is a financial transaction in accounting like?

A financial transaction is like a sporting game for a team that is part of a league ladder. The results of each game impacts on the standing of the team in the league which informs the coach, players and administrators (stakeholders) of the position and performance of the team.

Where does the financial transaction fit into the accounting process?

1. What comes before? An agreement is reached between parties to enter into the financial transaction.
2. The financial transaction takes place.
3. What comes after? Source documents are created and processed

What are the different types of financial transactions?

Financial transactions involve a single entry in the journals, stating its date, amount and description. There are four main types of financial transactions that occur in a business. The four types of financial transactions that impact of the business are sales, purchases, receipts, and payments.

• Sales are financial transactions that legally transfer property for money or credit. Sales are a part of revenue that is earned by the business when goods are delivered or when services have been rendered to customer. Sales financial transactions made by extending credit to the customers would be recorded as accounts receivables.
• Purchases are financial transactions that involve the business obtaining the goods or services necessary to make sales. Purchases may be made with cash or using accounts provided by the supplier of the goods or services. This type of financial transaction is recorded in the accounts payable of the business.
• Receipts are the financial transactions caused by the business getting paid for supplying goods or services to another business.
• Payments are the financial transactions that refer to a business paying to another business for receiving goods or services.

What are the financial transaction cycles in accounting?

A transaction cycle is a set of interlocking financial transactions. Many financial transactions can be collated into a small number of transaction cycles. The main transaction cycles relate to customer sales, supplier payment, payroll expenditure, and financier payments.

What are the 4 types of financial transactions?

What are financial transactions?

What are three main types of financial transactions?

Where are financial transactions?