Update Trace Account

Introduction

This option enables the retail user to assign trace account functionality to his particular account.

For the purpose of reconciliation, users prefer credits from a failed or suspect transaction to be routed to an account other than the funding account. This account is known as the trace account.

The trace account will be used when a reversal needs to be performed for failed transactions. The reversal logic will first look for a trace account and if the trace account is not present then the ‘From Account’ will be used for reversal.

The user will have the facility to identify which account(s) are to be used as the trace account in the system.

At the time of initiation, the   user will be required to select the trace account to be used for a transaction. As part of the transaction screen, the user will be provided the drop-down list with the list of trace accounts and the user will be expected to select the appropriate account.

If the user has only one trace account, the same would be pre-selected in the drop-down list. If there are multiple trace accounts, no accounts would be pre-selected and the user has to manually select an account.

Navigation

• Click Update Trace Account in the Update Account Preferences screen.

• The Update Trace Account screen is displayed.

What you can do

The table below provides a brief description of the data that should be entered on the screen and the functions you can perform:

Field

Description

ACCOUNT DETAILS

Customer ID

The customer ID number of the selected account is displayed.

Account Type

The type of account, whether, current, overdraft account is displayed.

Account Number

The account number is displayed.

Set as Trace Account

The user can assign the account as trace account be selecting ‘Yes’ from the drop-own menu or vice versa.