Within an fund, as defined by a combination of Cost Centre and Source of Funds, the Transaction element distinguishes between items of different kinds. Any account can have income and expenditure transactions, and many have investments and other assets or liabilities. At the highest level, the first character of the code determines whether an item is income, expenditure or belongs on the balance sheet. The detail of the whole code further defines and describes the nature of the item.
Getting the Transaction code right is required for reporting and control purposes.
A UFS standard report can be run to provide a list of all available Transaction codes