RecTrac 10.1 Reference Guide

RecTrac 10.1 Reference Guide
Chapter 1: Setting Up RecTrac Files
Financial Files
Financial Overview
• By default, RecTrac operates on a real-time cash basis method. This means that as money is received or
disbursed, each transaction is recorded in a general ledger transaction file maintained by the RecTrac
system. If a transaction in any module—Activity, Facility, Pass, etc.—is processed but no money is
received or disbursed, no transaction is recorded in the general ledger transaction file. However, the
household balance by module is updated so that there is complete control over the money that is due or
owed.
• At the end of the day/shift, all cash drawers within the RecTrac system are balanced to the RecTrac's cash
reports. Once cash for the complete system is balanced, the RecTrac system generates a full GL
Distribution Report which is a summary of each bill code and/or tran code reduced to a general ledger
account number. This report provides the overall status of all activity processed during the day or shift for
final management review. The GL Distribution Report is supported by various other more specific reports
available within the Reports � System � System Financial Reports menu.
• The RecTrac General Ledger Interface process creates an electronic file of data summarized the same as
that provided by the GL Distribution Report. This transaction file can be imported into any financial system.
The interface generates all journal entries automatically for subsequent GL account update. The RecTrac
GL Interface eliminates the need to enter this data and ensures accuracy.
Other Highlights:
• Interface accommodates all RecTrac modules.
• Interface can handle single or multiple funds.
• Interface can be imported by any financial system on a batch basis.
• RecTrac provides some accrual processing functions and the results are included in the GL Interface.
• RecTrac allows for multiple refund options:
Refund Apply (credit household balance)
Refund Now (credit cash)
Refund Later by Finance (refund checks created by finance department)
Refund Later by RecTrac (refund checks created by RecTrac)
• All refund options are properly included in the interface for appropriate balance sheet and operating
statement entries.
Financial Building Blocks
The financial building blocks in RecTrac are:
1a. Inventory Items and Tickets
↑
Tran Codes (revenue/discounts)
GL Codes
↑
General Ledger
Account Numbers
↑ ↑
Cost Center Codes
↑
Cost Center
Account Numbers
1b. Activity Section, Facility, Pass Type,
League, Rental Item, Court, Locker and Trip
Fees
Vermont Systems, Inc. 7 06/09/08
↑
Bill Codes (revenue/discounts/suspense)
GL Codes
↑
General Ledger
Account Numbers
↑ ↑ ↑
Cost Center Codes
↑
Cost Center Account
Numbers