Transaction Types

Transaction Types

The transaction type allows you to classify what type of a transaction you are entering. Building Hope looks at this to determine what action we need to take once a transaction is approved. The types of transactions available along with a description of each is listed below. It is important to note that the only types that result in Building Hope processing a payment are Check Request and Bill.Com.

Commonly Used Transaction Types

  1. Check Request - Means you are requesting that we process a check for this payment using whatever method your company uses for paper checks.  If we email you templates to print onto check paper, we will create the check template, if we print your checks for you, we will print the checks to send. 
  2. Bill.com - Building Hope will electronically send your payment request to Bill.Com to be paid.  Bill.Com will send a paper check to the vendor unless the vendor has signed up to receive electronic payments.  See the Bill.com section for more details on the process.
  3. Record Debit Card - If you use a debit card to make a purchase, use this type. When this type is used, we record the transaction in QuickBooks but do not send any payments. 
  4. Record ACH Transfer - If you do an electronic payment from your bank account (i.e. you go to the vendor’s website and provide your bank account information), use this type and we will simply record the transaction into QuickBooks. We will not actually send money. 
  5. Record Wire - If you do an electronic payment from your bank account directly to a vendor (i.e. you go to your bank and do an electronic wire transfer), use this type and we will record the transaction into QuickBooks.  We will not process any actual payment. 
  6. Record Paper Check - If you have paper checks, you can use this type to record the transaction so that we have the information and can put it into QuickBooks.  We will not write a check, this type is for when you write the check and we just need to ensure it is recorded in the school’s financials. 

Repeating Transaction Types

Repeating transactions are model transactions that are used to create many other transactions.  You create a master or model as a “Repeating …” type, and then CharterAce will automatically replicate the transaction on the schedule that you established.  For more about how Repeating Transactions work, please see that section of this manual. 
  1. Repeating Bill.Com - This type is used for recurring transactions that you want paid by Bill.Com.  For example, if you would like your rent payment spent regularly each month through Bill.Com you can use this transaction type.  View the Repeating Transactions section later in this manual.  The transactions that are created associated with this repeating type are “Bill.com” 
  2. Repeating Check Request - This type is used when you would like a check created on a regular basis.  See the Repeating Transaction section of later in this manual for more information.  The transactions that are created associated with this repeating type are “Check Request” 
  3. Repeating ACH Recording - If you have automatic withdrawals which regularly occur from your bank accounts you can use this type to have us document the transaction.  For example, if you subscribe to a service where a monthly amount is automatically deducted from your checking account.   The transactions that are created associated with this repeating type are “ACH Transfers”. 

Uncommon Types

The following types are uncommon transactions that should only be used at specific organizations for specific purposes.
  1. Reimbursement - Used primarily for organizations that run multiple schools to reimburse across organizations. 
  2. Credit Card - Used to document credit card expenses for reference only.  Building Hope will not generate any type of a payment, this is just used for documentation purposes. 
  3. Purchase Order - This is primarily a carry-over from the old CharterSchool.Info system, the predecessor to CharterAce.   If you are putting in an actual Purchase Order, you should use the Purchase Order feature. 
  4. Expense Advance - This is an old type that was formerly used by the old CharterSchool.Info system, the predecessor to CharterAce. It should no longer be used. 
  5. Imported Check - If an organization used QuickBooks prior to using Building Hope as a back-office service provider, we may import transactions from the general ledger into CharterAce and they will be labeled with the “Imported Check” type.

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