Default Receipt Code

The Receipting windows allow you to enter one payment amount and have the program automatically disburse the money over the subsidiary accounts; however, the system must know what to put into the transaction columns. Therefore, when it creates payment transactions for each subsidiary account, it uses this value (the default receipt code) to retrieve important transaction information such as description, offset account (i.e., cash), and the target account (i.e., the subsidiary account). The receipt code provides a quick way to create transactions when you are creating payment receipts.

In the example below, one receipt code is created for each subsidiary account.

Each subsidiary control account has a default receipt code.

Once you have defined receipt codes and identified the default receipt code for each subsidiary account, you can create receipts. When the Receipting program creates payment transactions for the AT subsidiary, for example, it goes to receipt code 100 to determine the account numbers and descriptions for the transactions. Receipt code 100 provides the account numbers and the description for the payment transactions.