What do I create before creating transaction sources?

You may want to create certain records before creating your transaction sources.

You can optionally create these objects for Manual or Imported transaction sources:

• Transaction types: Define the transaction types that you want to appear by default on transactions assigned to your transaction sources. You select the transaction type you want for a transaction source in the Standard Transaction Type field.

• Credit memo transaction source: Define one or more transaction sources for credit memos before you define a transaction source for invoices. You then select a credit memo transaction source to accompany the invoice transaction source in the Credit Transaction Source field.

  You can use credit memo transaction sources in these ways:

  • Number the credit memos created against invoices differently from the invoices they're crediting.

  • Create a manual credit memo transaction source for credit memo request approvals, when the approved credit memo amount is greater than the open balance on the invoice. For these transaction sources, set the Receipt Handling for Credits option to On Account.

You can optionally create these objects for Imported transaction sources only:

• Invoice Transaction Flexfield: Define the reference information that you want to capture in the Invoice Transaction Flexfield and display on imported transactions, such as a purchase order number.

• AutoInvoice grouping rule: Define the grouping rule to appear by default on imported transaction lines.

• AutoInvoice clearing account: Define an AutoInvoice clearing account, if you intend to enable the Create clearing option. AutoInvoice puts any difference between the revenue amount and the selling price times the quantity for a transaction into this account.