Keeping track of your financial status is an important part of any campaign. That's why it's essential to know which transaction to enter into ISP and how to add them.
There are several ways you can add a transaction to the system, whether it's directly from within an entity's record, specifically the Transactions section, or if you've chosen the Add Transaction option under the Accounting tab. Either way, you'll see fields asking for financial data.
Note the red asterisks, as these are marking which fields are required.
To start, click the Type drop down menu to see your list of transaction types to choose from.
Two of the more common transaction types used are Monetary Contribution and Expense but let's take a closer look at some of the fields you'll be adding data to.
Date: This field will automatically populate with the current date. If the transaction occurred on a different date, you can either manually type in the date of the transaction or use the calendar option to the right of the field to select a date.
Account: This field determines which account the funds are either going to (Receipt) or being removed from (Disbursement). If the transaction is a receipt of some kind and it has not yet been deposited into an actual account, select Undeposited and it will be placed in a pool of other transactions where you can then deposit them, by each transaction or in batches, when they are deposited.
**Note that Accounts are also tied to the filing committee used for compliance reporting. This can also have an effect on other fields below.
Election: This field is very important, as it has an effect on aggregate thresholds and compliance reporting. If when adding a transaction you receive a warning that the transaction would cross the aggregate threshold, please check this field and ensure the right election is being used.
Reporting Code (Expenses only): The list of options here will be determined by the Account (and filing committee) selected above. Each filing agency has their own set of Reporting Codes and these can play a large part in determining which line of the report the transaction will pull to.
Compliance Note: This field allows you the ability to provide further details about the transaction to the filing agency. Not all transactions require a Compliance Note, as it can depend on the filing agency's guidelines, but the following transaction types generally require this: Expenses, Accrued Expenses, Non-Monetary Expenses, and Inkind Contributions. If you are unsure if this is required, please consult your filing agency's guidebook or contact them for further direction.
Budget Category: These are used to help you track transactions and sort transactions. If you do not see one that applies, select Uncategorized or a temporary placeholder until you can create one that is more applicable and return to the transaction to use the intended Budget Category.
There are various other fields that will appear depending on the transaction type. One transaction type, the Internal Transfer, has less fields than other transaction types but does have fields others don't: the To Account and From Account fields. The Internal Transfer allows you to track any funds that were moved between accounts found in your database.
When you are ready to add the transaction to the system, click the Add Transaction button. Clicking the Add & New button will add the transaction and clear out most fields for you to add another transaction, if you have more to add.
**Note that some fields are "sticky" fields, meaning the next time you return to add a transaction, the same information will appear. This includes the Transaction Type, Account, Election, and Budget Category.
For Transaction Limits info, click here.
For information on adding Splits or marking the transaction as a Memo, click here.
If the transaction requires Support/Oppose Transaction Tags, click here.
For Donor Checks or other earmarked Transaction Tags, click here.
To learn how to add Contributions to other Committees, click here.
Need to add a Loan Repayment or Forgiveness? Click here.
Adding a Reattribution or Redesignation? Click here.
For Independent Expenditures, click here.
To create a Cash Advance transaction, click here.
For help with adding In-Kind Made transactions, click here.
If you're adding a Bookkeeping transaction, click here.
For Credit Card purchases, click here.
Curious what the color changes are for when adding transactions? Click here.