Transaction Object Overview

If your Org has the Ledger enabled, Users can record or request Transactions using the Records in the Financial Summary. The Transaction Object helps to facilitate these actions by storing relevant information.

What is the Transaction Object Used For?

Within Salesforce (and by extension the Litify platform) Objects are essentially data tables used to store information. Within these Objects, there are fields (data table columns) and records (data table rows) that allow users to further define how data is read and handled. 

The Transaction Object is a custom object, one that does not come standard with Salesforce and thus we’ve had to create, that stores information to help in the processing of Transactions. Transactions are requests by a user for either a debit or credit (calculated as a monetary value) towards a Matter’s overall balance. Furthermore, the Ledger displays Transactions so that you can calculate the trust balance and allow your firm to track its out-of-pocket expenses.

Transactions can also integrate with accounting software. This can be helpful as it’s the accounting software that’s used to make actual financial requests, like cutting checks and recording funds that have entered the trust. These communications between Litify and accounting software can be made manually, or triggered automatically when Litify picks up on an event on the accounting side. This communication is integral to a firm's operation, and the Transaction Object helps to store information as it passes between Litify and these external sources. 

How to use Transactions on Litify

See our article on Creating Transactions in Litify Financials for guidance on how to use transactions.

API Name

The Transaction object uses the “litify_fin__lit_Transaction__c” API name.

Permission Sets

The following Permission Sets are needed to fully utilize the Transaction object: 

  • Financial Summary/Ledger: Manage Transactions
  • Financial Summary/Ledger: Delete Transactions

See the Financials setup article for more information about applying permission sets.

Related Objects

The following object is closely related to the Transaction object:

  • Transaction Field Mapping
    • Used to define which fields on a given object map to which fields on transaction. To be used during transaction creation to pre-populate transaction values.

Stored Contextual Information

Every Transaction comes with a field (field name) that records from which tab that Transaction was created. This provides additional contextual information that can then be used to connect-the-dots and get a better understanding of how that transaction relates to a Matter as a whole.

All Fields

The Transaction object uses the following fields to store information.

Field Label

Field Name

Data Type

Account

litify_fin__lit_Account_Source__c

Picklist

Amount

litify_fin__lit_Amount__c

Currency(16,2)

Check #

litify_fin__lit_Check_Number__c

Text(255) (External ID)

Check Info

litify_fin__lit_Check_Info__c

Text(255) (External ID)

Created By

CreatedById

Lookup(User)

Date Paid

litify_fin__lit_Date_Paid__c

Date

Description

litify_fin__lit_Description__c

Long Text Area(32768)

Is Deletable Child Transaction

litify_fin__lit_Is_Deletable_Child_Transaction__c

Checkbox

Item

litify_fin__lit_Item__c

Text(255) (External ID)

Last Modified By

LastModifiedById

Lookup(User)

Memo

litify_fin__lit_Memo__c

Text(255)

Method

litify_fin__lit_Method__c

Picklist

Notes

litify_fin__lit_Notes__c

Text(255)

Originating Tab

litify_fin__lit_Group_Template__c

Lookup(Group Template)

Owner

OwnerId

Lookup(User,Group)

Parent Transaction

litify_fin__lit_Parent_Transaction__c

Lookup(Transaction)

Payor/Payee

litify_fin__lit_Payor_Payee__c

Lookup(Party)

Related Record

litify_fin__lit_Related_Record__c

Text(255) (External ID)

Reporting Amount

litify_fin__lit_Reporting_Amount__c

Formula (Currency)

Requested Date

litify_fin__lit_Requested_Date__c

Date

Status

litify_fin__lit_Status__c

Picklist

Transaction ID

Name

Auto Number

Transaction Type

litify_fin__lit_Transaction_Type__c

Picklist

Transfer Partner Transaction

litify_fin__lit_Transfer_Partner_Transaction__c

Lookup(Transaction)

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