What is a type code?
An type code is a number used by the bankcard industry to classify suppliers into market segments. There are approximately 600 type codes that denote various types of business (e.g., 5111 Office Supplies, 7299 Dog Grooming Services, 5722 Household Appliance Stores).
Read more about VISA type codes
Acubiz can use this information to help employees with proper cost accounting in credit card transactions.
When a credit card transaction enters Acubiz the type code is read. If there is an expense account which contains the same type code, the credit card transaction will be charged on this cost account.
- You have used your credit card to pay a Taxi.
- Taxi has the type code 4121
If there is a cost account in Acubiz where type code field is filled with 4121 Acubiz automatically make sure that the credit card transaction is charged with Taxi cost. The employee should not even account the cost - Acubiz has already done it for the employee.
All payment places that accept credit cards will be allocated an type code. However, not all types of costs that can be autoaccounted by an type code-match. For example, in Acubiz there are a cost account for Meals and one for Representation. Often, the accounting charged on these may be different, but the type code of the restaurant is the same. It will therefore be inappropriate to have an type code on Meals - as all costs from restaurants will be autoaccounted as Meals. The employee has a tendency not to make a cost change when Acubiz have done it for them.
Enter type code intervals in type Code field on the expense account:
Use the type codes wisely. It is not possible to apply the same type code for two different cost accounts in Acubiz.
Note that posting directly in Acubiz One (App), the posting will have greater strength than the type code setup, and the posting will be as the user has set in Acubiz One.