Each transaction version is classified as having a certain transaction function. A transaction version is assigned this function when the version is initially created, and it never changes throughout the life cycle of that version. Valid transaction functions are:
New - The first version of a transaction and only the first version of a transaction, has a function of New. This introduces the transaction into the system for the first time.
Modification – For certain transaction types, once a transaction reaches a phase of Final, updates made by that transaction can be changed through a modification transaction (triggered by the transaction menu action of Modify). When this occurs, a new Draft version of the transaction is created whereby the transaction function for this new draft is set to Modification. When submitted, this modified version records the changes or additions recorded in that modification version.
Cancellation – For certain transaction types, once a transaction reaches a phase of Final, the updates from that transaction can only be removed through a cancellation transaction (triggered by the transaction menu action of Cancel). When this occurs, a new Draft version of the transaction is created whereby the transaction function for this new draft is set to Cancellation. When submitted, this cancellation version removes updates made collectively by all prior transaction versions.