Default Accounting Codes

Accounting codes identify the type of product or service purchased and can be configured for employees, merchants, accounts, Merchant Category Codes (MCCs), transactions, and customer codes.

For example, your organization might have one set of accounting codes for a Product chart of accounts segment and another set of accounting codes for a Fund chart of accounts segment.

When you assign a chart of accounts and accounting codes to an entity, you create default accounting codes. PaymentNet automatically allocates accounting codes to transactions using the defaults.

The charts of accounts and accounting codes that can be assigned vary based on the constraints set up by your J.P. Morgan implementation manager. For more information, see Chart of Accounts Constraints.

This section describes how to assign accounting codes to organization entities. For instructions about how to import accounting codes, see Imports.

This section explains the following:

• Assigning Default Accounting Codes to an Account

• Assigning Default Accounting Codes to an Employee

• Assigning Default Accounting Codes to a Customer Code

• Creating Merchant Defaults by Hierarchy

• Creating Merchant Category Code Defaults by Hierarchy