Transaction types

A transaction type is a type of financial event that affects an account. You can perform the following transaction types in Smile:

Quote

A formal statement of the cost to provide services and equipment to a customer. An open quote does not affect a customer's account balance. When a quote is closed, Smile adds the value of the quote to the account balance.

Invoice

A list of itemised charges raised against a subscription or account over a given period of time.

Surcharge

An extra fee added to another fee or charge, for example, a fee for a paper bill or a credit card payment.

Receipt

An acknowledgement of a completed payment.

Credit note

An adjustment that decreases the account balance, that is, decreases the amount the customer owes. Credit notes have negative values and appear in the account history and sales reports. You can use credit notes to compensate customers for an inconvenience.

Debit note

An adjustment that increases the account balance, that is, increases the amount the customer owes. Debit notes have positive values and appear in the account history and sales reports. You can use debit notes to correct invoices that have undercharged a customer.

Itemised credit

A credit note that contains an itemised list of the charges within the credit. Itemised credits provide more information about why you issued the credit. For example, a $100 itemised credit may contain an $80 refund and a $20 goodwill credit, which you can track separately in reports. Itemised credits appear in the account history, and the individual items appear in sales reports.

Itemised debit

A debit note that contains an itemised list of charges that make up the debit. Itemised debits provide more information about why you issued the debit. Itemised debits appear in the account history, and the individual items appear in sales reports.

Recipient created tax invoice

An invoice, created by and addressed to a company, from a creditor requesting payment. Smile generates recipient created tax invoices (RCTIs) on behalf of creditors to manage commission payments. RCTIs include GST where applicable.

Credit transferred credit

A transaction that results when a receipt is allocated to an invoice from a different account. A credit transferred credit appears in the account history of the account the receipt is allocated to, that is, the account with the invoice, and decreases the account balance.

Credit transferred debit

A transaction that results when a receipt is allocated to an invoice from a different account. A credit transferred debit appears in the account history of the account that the receipt is allocated from, that is, the account the receipt was originally raised against, and increases the account balance.

Transferred credit

A transaction that results from a transfer of funds between accounts. A transferred credit appears in the account history of the account whose account balance decreases, that is, decreases the amount the customer owes.

Transferred debit

A transaction that results from a transfer of funds between accounts. A transferred debit appears in the account history of the account whose account balance increases, that is, increases the amount the customer owes. Refer to the following table for more information about how transferred credits and debits appear in the account history.