How Fastrak determines the type of transaction
Within the system we have a list of Transaction Types which we obtain from each platform, we then have a field that determines how this transaction should be dealt with (ie Inflow, Outflow or Ignored) within Fastrak.
On occasions some organisations may not want a particular transaction to act how Fastrak has determined what it should be classified as (ie Inflow, Outflow or Ignored). In this case the transaction can be manually amended so that it can be classified based on the customers requirements.
Changing the transaction type
To change the transaction type you will need to initially open the policy within Fastrak where the transaction is stored.
Within the transactions area (This is usually on the right, however this depends on the configuration of Fastrak) you will see all the transactions, you can filter these based on numerous criteria (See the box in red).
Once you have located the transaction you wish to change, you will need to select the 'Pencil' icon on that row (See the green box).
Now select the 'Reverse and Replace' link that appears on the next window
You will now be presented with something like the following image, the 1st line shows the initial transaction, the 2nd line shows a transaction that will void the 1st transaction. You will then be left with the 3rd line which is a replacement transaction, the transaction type field is what determines how the transaction is dealt with (See the red box).
Once the changes have been made, ensure you select 'Save' to make the changes. Once the changes have been saved you should notice 2 extra transactions, both have a source of 'Manual' these are the additional transactions that have been created as part of the process.
If a mistake is made an transaction that has a source 'Manual', you should be able to select the red cross next to it, to remove the transaction. The red cross will only allow the deletion of 'Manual' transactions, non-Manual transactions can only be reversed - this creates an additional transaction that reverses the original transaction.
Transaction types
The following is a list of transaction types and how they are classified when amended via this method
Inflow
Cash Deposit
Contribution
Fund & Purchase
Recode (Wrapper Inflow)
Tax Rebate
Transfer In
TransferInCorrection
Outflow
Inspecie Transfer between accounts
Recode (Wrapper Outflow)
Sell & Withdraw
Transfer Out
TransferOutCorrection
Cash Withdrawal
Ignored
Cash credit from sale
Cash debit for purchase
Conversion In
Conversion Out
DFM Charges
Dividend Received
Income Received
Investment Conversion (Disposal)
Manual adjustment
Notional Distribution
Opening Balance
>Financial Adviser Charges
Original cost adjustment
Other Charges
Platform Charges
Manual price update
Product Provider Charges
Purchase
Sale
Product Provider Charges
Switch In
Switch Out
