Transaction Setup

Welcome to Transaction Setup

In Mobiloan, transactions are classified into three main categories, each serving a distinct purpose within the system:

1. Loan Transactions

   • These transactions directly impact the loan balance and play a crucial role in reporting, auto-receipting, and other financial processes.

   • Loan transactions are also treated as distinct objects in the back-end, ensuring accurate tracking and management.

2. System Transactions

   • These transactions cover operational activities such as client ledger entries, reconciliation processes, and other system-driven financial operations.

   • They are non-modifiable, meaning they cannot be edited or deleted as they are essential for the overall functionality of the application.

   • System transactions can be easily identified in the Table of Transactions by their light-blue font color.

3. User-Defined Transactions

   • This module allows businesses to create custom transaction categories tailored to their specific administrative and financial tracking needs.

   • User-defined transactions enable the recording and monitoring of various expenditures and income throughout the business’s operational period.

When defining a new transaction category, users must configure the following key details:

• Transaction Name – A clear and relevant name for the transaction category.

• Transaction Class – Specifies the nature of the transaction (Asset, Liability, Expense, Transfer, or Income).

• Supporting Document Requirements – Determines whether a document is required, optional, or not needed to validate the transaction.

• Transactor – Identifies the entity responsible for executing the transaction (Agent, User, Supplier, Client, or Cashbox).

• Transaction Flow – Defines whether the transaction represents “Money IN” (inflow) or “Money OUT” (outflow).

---

Getting Started

To start configuring transaction categories, select an existing category from the table to edit or click the “+” icon to create a new transaction category.

Next, complete the required fields for the new transaction category. An example of Computer Expenses is provided below.

VAT Exempt / Zero Rated

Enable this toggle if the transaction type is not classified as taxable income or expenses. This is done to ensure accuracy in the generation of the Output Vat Report.

Item Description

If the transaction category requires more detailed information, you can enable the "Require Item Description" toggle. This prompts users to provide a more specific description of the cash flow item when recording the transaction. Additionally, you can add a custom Description Help Label to guide users in providing a clear and detailed description.

---

Best Practices for Managing Transaction Categories

At Mobiloan, we recommend that business owners map their existing cash flow items and consolidate them into a simplified, structured list.

• Avoid creating too many similar transaction categories, as this can complicate trend analysis and financial reporting.

• A good starting point is to create transaction categories based on the key line items from your financial statements (e.g., your detailed income statement).

By keeping your transaction categories concise and well-structured, you can streamline financial tracking and improve overall business efficiency.