Financial Transactions Overview

Important! Performing financial transactions for contracts requires significant configuration in the Financial Transactions section of the Setup module. Additionally, some configuration in Odyssey HMS is required. CBORD strongly recommends scheduling training for these modules before performing any financial functionality in a production environment. Contact CBORD Support for more information about training opportunities and how to properly set up ResCenter for financial transactions.

The Financial Transactions (FT) module helps institutions manage charges, payments, and deposits for housing assignments, equipment rentals, and other items. When using contract items, charges generated from the contract items are sent to the FT module where they can be viewed and payments can be applied. 

All financial transactions are based on patron accounts. Whenever charges are generated or payments are accepted, the transactions are associated with a patron. Each transaction is assigned a unique transaction ID, allowing ResCenter users to easily view a transaction’s record. When applying a payment to a charge, the associated transactions are linked together; each transaction can be accessed when viewing an associated transaction.

When moving money between accounts—such as applying a payment to a charge—ResCenter generates Transfer Out and Transfer In transactions. In this scenario, the funds are transferred out of the payment account and transferred in to the charge account.