RecTrac 10.1 Reference Guide

RecTrac 10.1 Reference Guide
Payment Code Payment Type Description
8 Foreign Currency * Canadian Currency
9 Foreign Currency * Yen
Each foreign currency must be set up with its own exchange rate.
What is the Control Account?
A control account is a holding or suspense account. You may wish to think of this account as an
Accounts Payable account. In RecTrac, we use this term to refer to the Credit Balance Control
Account where monies are held pending some further action—they are funds waiting to be
refunded or applied to a future fee. Balances in the RecTrac Credit Balance Control account are
recognizable as household credit balances. With the RecTrac financial reports, you have a
complete audit trail of all entries into and out of the control account.
Credits to the control account occur if a payment is made without an offsetting fee amount due, or
if a cancellation refund is processed and applied to the household balance. They also occur if
refunds are processed and the check is to be written later (either by RecTrac or Finance
department). In this case, the balance of the RecTrac Credit Balance Control account equals or
acts as a control amount over checks that are pending. The RecTrac Refund Report lists all such
pending checks.
Setting up a control account in RecTrac is necessary for the system to work properly. Your
finance office MUST have a RecTrac control account for the recreation department as well. The
RecTrac Credit Balance Control account is a liability account on your designated balance sheet.
For single or multi-funds departments, when you set up your RecTrac credit balance control
account, you must choose one fund in which to set up the control account. The decision to have a
single control account (as opposed to a control account in each fund) allows RecTrac customers
to "Refund Apply." This means that refund money stays on account for future use in the same or
other modules.
Setup:
1 Go to Files � System � Parameter Codes Maintenance � Static Parameters Maintenance - G/L Info screen. In
the Credit Bal Control fields, enter a GL code and (optional) cost center code that points to a control account in
your general ledger. This is the default control account for RecTrac, and is used whenever more specific
suspense accounts are not defined.
2 If you will be using Lottery Processing for Activity Registrations:
Go to Files � System � Finance Codes Maintenance � Bill Codes Maintenance. Go to the Core Information
screen of each of your AR type bill codes. In the Susp/Wash fields, enter a GL code and (optional) cost center
code that points to a control account in your general ledger for this bill code. During a transaction involving this
bill code, if a control account is needed, it will look here. If you leave this field blank, RecTrac will look in Static
Parameters (see Step 1).
Vermont Systems, Inc. 9 06/09/08