RecTrac 10.1 Reference Guide

Reference Guide RecTrac 10.1
How is the Control Account Used in RecTrac?
Funds flow into the control account
when:
Funds flow back out of the control account when:
� A household overpayment is made � The household overpayment is applied to a new fee or refunded
� A payment has been reversed but not yet
refunded
� A cancellation or void has occurred but not yet
refunded
� A transfer out of one activity or pass has
occurred
� Fee reduction has occurred but not yet
refunded
� A payment made with no fee having been
processed prior
Using Funds in RecTrac
� The reversed payment is refunded
� The proceeds from a cancellation or void are refunded
� The resulting transfer into the new activity or pass has occurred
� The proceeds from the fee reduction are applied to a new fee or
refunded
� A subsequent fee being processed and customer choosing to
auto-apply the household credit to the new fee
For customers who have multiple funds and interface their financial figures into FinTrac, the fund
number MUST be incorporated into the GL and cost center account number as two digits followed
by a hyphen, followed by the GL or Cost Center account number. For example, 01-123456-9000
would mean "fund 1, gl account 123456-9000."
See Also:
What is an Inter-Fund Control Account?
How Are Control Accounts Used in RecTrac?
What is an Inter-Fund Control Account?
This topic only applies if your organization operates with more than one fund.
An Inter-Fund Control account is a holding or suspense account for monies that are owed to/from
other funds. The inter-fund control accounts are considered liability accounts (on multiple fund
balance sheets).
This type of account is used for RecTrac refunds that come out of any fund other than the fund
that contains the RecTrac Credit Balance Control Account. The inter-fund control accounts are
posted to via manual journal entries by Finance; RecTrac does NOT post entries to it. However,
the RecTrac Refund Report will print a summary of refunds by fund with suggested entries to help
Finance.
For examples of how and when the inter-fund accounts should be used, see:
RA GL Entries
RN GL Entries
RF GL Entries
RR GL Entries
6/9/2008 10 Vermont Systems, Inc.