The Transaction Type field defines the transaction code as being an expense transaction code, an advance transaction code or a fee transaction code. This classification cannot be overwritten when making fee and cost transactions. Valid transaction types include:

Expense            Advance           Fee

This field will only be displayed if you are adding or editing the following Types of transaction codes: Type 0 (normal), Type 3 (cost payment), Type 4 (description only), or Type 5 (miscellaneous) transaction.

Fee transaction codes cannot be entered in the Cost file. However, expense and advance transaction codes generally can be used in the Fee file. If you have fee activities for which you will be value billing, set them up as expense or advance transaction codes so Tabs3 will always default to the predefined amount.

Tip: When using a fee transaction code in the Fee file, the Rate Code will default to zero even if a rate or amount has been specified for the transaction code. If you want to use the rate or amount from the transaction code file rather than the client's default rate, you must manually change the Rate Code field or use cost transaction codes instead of fee transaction codes as described in the following.

When using a cost transaction code in the Fee file, the Rate Code will default to "7" if a rate has been specified in the transaction code file or "8" if an amount (and a rate of "0.00") has been specified in the transaction code file. Because of this, if you have certain fee transactions that need to always use a specific rate or amount, set them up as cost transaction codes because they will always default to the desired rate or amount. This is done by changing the Transaction Type from Fee to Expense or Advance.

When defining Type 3 transaction codes (cost payments), this code determines whether the payment will be an expense payment or an advance payment. Type 3 transaction codes cannot have a Transaction Type of "Fee."

You may want to create a Type 4 (description only) transaction code for expenses and one for advances. The Transaction Type determines which group of transactions the transaction will be included with on statements and reports (i.e., Type 4 transaction codes with a Transaction Type of "Expense" will be included in the expense section of statements and Detail Work-In-Process Reports).

Note: In order for Type 4 transactions to be classified as expenses or advances they must be entered using the Cost Entry program. Type 4 transactions entered using the Fee Entry program will always be classified as fees.