Question on Multi-Table Inserts

Is it as simple as running a series of insert statements in succession, passing on the PK of the first table to the next table in the process?  I.e.,

BEGIN

INSERT into table payee(values...)

INSERT into table transrec(values...) # pass in payee_id variable

SELECT *from category (to get cat_id)
INSERT into table transdetails(values...) #pass in transrec_id and cat_id variables

COMMIT

Or is it more complicated than that?