Transaction data
Transaction data describes a particular business event, such as an invoice amount, quantity sold, receipt date or hours worked. It is entered or imported and combined with standing information to generate accounting records. Completeness and accuracy checks matter before posting because missing or duplicated transactions can leave balanced but misleading accounts. Retain references to supporting evidence.
Worked example
A sales invoice includes customer identifier, date, quantities, prices and applicable tax. Those transaction details generate the receivable and revenue entries when processed correctly.
Common mistake
Do not confuse an individual transaction amount with a standing customer credit limit or an employee’s standard pay rate.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | F1 | Supporting | July 2027–August 2028 |
| ACCA | F2 | Direct | July 2027–August 2028 |
| ACCA | F3 | Supporting | July 2027–August 2028 |
| ACCA | K1 | Supporting | July 2027–August 2028 |
Related terms
Also called: Accounting transaction data