What is the definition of a transaction according to the most complete experts
Rancakmedia.com – Following is an explanation of what transactions mean according to experts, as well as the types that you should know, so that you get the information, see the article below.
The act of transacting is one that is ingrained in society as a whole. You may encounter various forms of transactions in everyday life.
Like when you shop at the market or small market. Transactions also occur in business activities, both large-scale companies and side businesses, because there is a change in wealth controlled by someone.
Transactions cannot be used to describe all business activities because they must be measured using significant measures.
In some types of prospective companies, there are commercial activities that cannot be broadly quantified, and therefore cannot be labeled transactions.
What is the Definition of a Transaction?
The definition of a transaction in general is an activity carried out by an organization or person that is capable of producing changes to its assets or finances.
Some analysts state that the definition of a transaction is an activity company capable of producing changes to the assets or financial condition of the company.
Some examples of transaction activities include selling, buying, paying salaries, and paying for various other products. Every type of transaction activity within a company or organization is always carried out in transaction administration.
The practice of documenting financial changes that are carried out carefully in certain ways is known as "transaction administration".
Every transaction activity is always carried out with transaction administration. In this context, the term “transaction administration” refers to the careful process of tracing financial transactions.
Opinion of Experts About the Definition of Transactions
The definition of a transaction is not only generally stated, but there are also various experts who express their views on the definition of a transaction. These are their credentials:
Murshid
Transactions, according to Mursyidi, include not only the act of buying and selling or getting and paying money, but also the effects it has on things such as losses, flows, fires and other incidents that may be quantified in the form of money.
Sunarto Zulkifli
Sunarto Zulkifli said that the concept of a transaction is a financial or economic activity involving at least two individuals who will exchange, borrow and lend intentionally, immerse themselves in a business partnership, etc.
Indra Bastian
According to Indra Bastian, a transaction is a meeting between a buyer and a seller that benefits both parties and is supported by evidence, data or supporting letters recorded in a journal.
Slamet Wiyono
According to Slamet Wiyono, the notion of a transaction is a financial or economic event that involves at least two parties where both of them will carry out exchange activities, borrowing, conducting a business partnership, and other activities based on their respective wishes or applicable regulations.
Big Indonesian Dictionary (KBBI)
Quoted from the official KBBI website, a transaction is a buying and selling process or agreement between two parties. Settlement or payment activities from one party to another can also be considered as a transaction.
Transaction System
The definition of a transaction system is a transaction documentation system that is carried out periodically which is utilized for different business activities.
There are two transaction systems that have emerged in society, namely cash and non-cash. Cashless transaction methods are growing due to digitalization in the financial industry worldwide.
While fiat paper money transaction systems have established themselves over the past few decades, changes in the cashless world continue to increase their appeal due to the increasing use of the internet and smartphone devices.
The government is also playing an important role in promoting this cashless payment method, which it says can combat unlawful activities on the black market.
The biggest negative of cash is the availability of untraceable methods to trigger and supply the means for unlawful activities.
The paper trail left by electronic money payments will make it easier to detect illegal transactions when no paper money is involved.
Currently, more and more people are using electronic money to make transactions, so less and less physical currency.
Credit and debit cards are becoming more popular because they free people from the need to carry cash around. On the other hand, cards are no longer the future of money for those who want to be cashless.
The growth of internet-connectable mobile devices has given rise to a variety of new payment types. Electronic payments such as PayPal, GoPay, GrabPay, OVO, and Dana are constantly turning into reliable payment methods.
Also, the inclusion of Apple Pay and Google Pay has also increased the community's appeal as it makes it easier for people to make payments directly from their device.
Transaction Actor
Below are the participants of the transaction, including:
Fund Giver
A funder is a person who contributes a sum of money for the purchase of a product or service. Funders will give their money depending on the transaction agreement.
Beneficiary
People who earn money as a result of activities that involve purchasing and transacting a product or service are known as beneficiaries.
The recipient of the money will get the money depending on the previously agreed payment method, amount and time.
Recipients of funds are those who receive money from buying and selling transactions made on a product in the form of a commodity or service.
Types of Economic Transactions
In general, transaction activities that occur are categorized into four, namely:
Internal Transactions
The economic situation of a company can be changed by several kinds of transactions carried out within its divisions. Some examples include messages from superiors to those who are given instructions; changes in financial value due to depreciation; and consumption of office equipment by several divisions.
External Transactions
External transactions are forms of transactions involving partners outside the company and will result in a change in the company's financial status.
Examples include sales transaction activities with other parties, purchase transactions with other parties, and accounts payable payment transactions.
Proof or Transaction Tool
As previously discussed, all transactions must be documented so that accountable evidence is created.
Evidence or transaction tools are classified into various forms, such as:
Evidence of Internal Transactions
Because internal transactions only involve individuals within the company, the tool used as proof of transactions is usually in the form of memos. This memo can be conveyed by superiors to workers or vice versa.
Evidence of External Transactions
External transactions are different from internal transactions, external transactions have a much stronger means of proving the transaction that occurred.
External transactions have a larger number of parties because of this. Some indications of external transactions are:
Debit Note
The debit note serves as proof that the item purchased has been returned. Customers for businesses and customers for companies have the ability to create debit notes.
Invoice
In a company, usually there are credit transactions with proof of invoice transactions. Usually, an invoice is issued by the company as confirmation of the purchase of an item on credit.
Check
An order to the bank to send money to the check holder which serves as documentation of a transaction.
Where this check is held by the client who deposited his money in the bank, the check consists of two parts, the first part is the amount that must be paid as a form of payment to the bank, and the second sheet functions as transaction documentation.
Receipt
After receiving money from one party to another, the receipt serves as proof of the transaction. These receipts can be generated by the money sender, the money receiver, or both.
Receipts have two pages, the first page serves as proof of money paid, and the second page serves as documentation of money brought in.
Transfer form
When a bank receives a demand deposit slip, the bank is instructed to transfer funds from one account to another, and these instructions are printed on the demand deposit slip.
Current account
A checking account is a summary of financial transactions that have been carried out by the account holder that occurred during a certain period of time.
Proof of Memorandum
In most businesses, the owner or chairman of the company will produce a memorandum detailing the financial details of various transactions, such as paying employee salaries or acquiring company real estate.
Proof of Cash In and Out
Proving the receipt of an amount of money in a certain form of documentation is what is implied by the term "proof of cash in". Conversely, proof of cash out is documentation showing that you have spent the money you received from the company.
Proof of Bank Deposit
An official bank document known as a “proof of deposit” is usually provided to customers who deposit money into their accounts.
FAQs
Below is an example of a question and answer about the meaning of transactions according to experts, namely:
What are the proofs of cash transactions?
The seller issues a cash receipt including evidence for transactions paying in cash. It is common practice for companies to duplicate cash receipts, which are then sent to customers and kept by the company itself.
How long is proof of transaction kept?
Based on Law no. 8 of 1997 concerning Company Documents, financial records, accounting evidence, and financial administration supporting data must be kept for 10 years from the end of the company's financial year.
Conclusion
Transaction in general, are activities carried out by organizations or people that are capable of producing changes to their assets or finances. Transactions occur in business activities, both large-scale companies and side businesses.
Thus the article about what is the meaning of accounting according to experts, I hope the article above can be useful and beneficial for all of you.
