Transaction Functions: New, Modification, and Cancellation

Transaction Functions

Each transaction version in CORE is classified as having a transaction function. A transaction version is assigned a function when the version is initially created, and it never changes throughout the life cycle of that version. Valid transaction functions are “New”, “Modification”, and “Cancellation”.

When the first version of a transaction is created in CORE, it will have a function of “New”. This introduces the transaction into CORE for the first time.

Once a transaction reaches Final, it can only be changed through a modification process. When this occurs, the transaction Function is then set to “Modification” after the transaction is submitted.

Transactions that are final can only be canceled through a cancellation process. When a Final version of a transaction is canceled (selecting the Discard action), a new Draft version is created and the Function is set to “Cancellation”. When a transaction is canceled, it causes the accounting other impacts of the transaction to be reversed. Once a transaction is canceled, it cannot be modified again.