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A Transaction in Busha Business is a historical record of any financial activity that affects an account balance. While Transfers represent the process of moving assets, Transactions represent the ledger entries that record all balance changes, providing a complete, immutable history of financial activity.

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What is a Transaction?

A Transaction is a record of a completed financial event that has impacted a balance on the Busha platform. Transactions serve as the official ledger of all account activity, providing a historical record of all balance changes, an audit trail for compliance and reconciliation, user-facing statements for account activity, and reporting data for analytics and accounting.

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Transactions vs. transfers

It’s important to understand the distinction between Transactions and Transfers:
AspectTransferTransaction
PurposeProcess of moving assetsRecord of balance change
LifecycleHas multiple statuses (pending, processing, completed)Always completed
TimingCreated when initiated, updated until completeCreated only when finalized
Use CaseTrack asset movement in progressView historical account activity

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Core Components of a Transaction

Every Transaction contains these essential pieces of information:

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Identification

  • id: Unique identifier for the transaction
  • reference: A tracking reference
  • user_id: The user who owns this transaction
  • profile_id: The profile (business or customer) the transaction belongs to

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Amount and value

  • amount: How much was transacted
  • currency: Which currency (BTC, NGN, USDT, etc.)
  • rate: The exchange rate used
  • is_fiat: Boolean indicating if the currency is fiat
  • is_credit: Boolean indicating if this adds or removes from balance

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Balance information

The transaction response includes a complete snapshot of the account balance:
  • total_balance: Total balance after the transaction
  • available_balance: Balance available for immediate use
  • pending_balance: Funds pending confirmation
  • hold: Funds temporarily held (e.g., for open orders)
  • savings: Funds in savings/locked accounts
This balance snapshot helps you reconcile accounts and verify that transactions were processed correctly.

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Transaction metadata

The meta object contains transaction-specific details:

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Balance snapshot

Shows balance state after the transaction: 
{
  "balance": {
    "total": "610000",
    "available": "610000"
  }
}

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Amount breakdown

Detailed breakdown of amounts: 
{
  "amounts": {
    "fee": "100",
    "amount_paid": "200100",
    "amount_added": "200000"
  }
}

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Fee details

Fee information: 
{
  "fee": {
    "amount": "100",
    "currency": "NGN"
  }
}

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Price information

Transaction pricing: 
{
  "price": {
    "amount": "1",
    "currency": "NGN"
  }
}

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Source/destination details

For deposits and withdrawals: 
{
  "source": {
    "type": "bank_transfer",
    "account_name": "John Doe",
    "account_number": "0320484721"
  }
}

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Crypto transaction details

For blockchain transactions:
  • address: Blockchain address
  • blockchain_url: Link to view transaction on blockchain explorer
  • confirmations: Number of blockchain confirmations received
  • required_confirmations: Number of confirmations needed

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Conversion details

For buy, sell, and convert transactions:
  • credit: What was added to the balance
  • debit: What was removed from the balance (e.g., “USDT 10”)
  • rate: The conversion rate used (e.g., “NGN 1474.86”)
  • fiat_value: Fiat equivalent value
  • fiat_currency: The fiat currency for valuation

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Transaction Types

Transactions are categorized by type to make filtering and reporting easier:
Transaction TypeDescription
Incoming deposits to Busha balances from external sources.
Cryptocurrency purchase transactions where fiat currency was used to acquire crypto.
Cryptocurrency sale transactions where crypto was converted to fiat currency.
Currency conversion transactions within Busha balances (crypto-to-crypto or crypto-to-fiat).
Outgoing withdrawals from Busha balances to external accounts.
Fee transactions for various operations like deposits, withdrawals, conversions, and other services.