RecTrac 10.1 Reference Guide

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Reference Guide RecTrac 10.1 Refund Type G/L Entries & What Happens When You Use It During the cancellation refund process, the control account is credited in anticipation of refund checks being printed/posted at a later date. We recommend that you do not interface the pay type 98s to Finance, as they will be posting debits to their RecTrac control account when they cut refund checks. If you interface the type 98 entry, it will result in a double-debit in Finance's G/L. When Finance issues the refund checks, you must manually post a debit to the control account for the total amount of refund checks issued, OR you run the RF Offset Post program to debit the Control Account. How To Decide Which Refund Setup is Best process, the control account is automatically debited. We recommend that you do not interface the pay type 98s to Finance, as they will be posting debits to their RecTrac control account when they cut refund checks. If you interface the type 98 entry, it will result in a double-debit in Finance's G/L. RecTrac allows four different refund types, depending on your organization's needs and practices. We recommend the following settings for the Keep 'RR/RF' In The Control Acct As A CR option in Static Parameters Maintenance - G/L Screen. Question If YES, If NO, Question 1 Will you be printing refund checks for RecTrac refunds using the RecTrac Refund Check Print program? Question 2 With Finance printing the RecTrac refund checks, do you want to keep track of a balance within RecTrac's Control Account? Question 3 Will you be able to get refund check totals from Finance whenever RecTrac refund checks are printed? Question 4 Are you willing to post entries in RecTrac periodically as you are notified that Finance has cut refund checks? Turn toggle ON (RecTrac will net out the Control Account balance when you use the Refund Check Print program) Continue to question 2 Continue to question 3 Turn toggle OFF (RecTrac will net out the Control Account balance every day) Continue to question 4 Turn toggle OFF (RecTrac will net out the Control Account balance every day) Turn toggle ON (You would need to post manual entries using the RF Offset Post program to net out the Turn toggle OFF (RecTrac will net out the Control Account balance every day) 6/9/2008 12 Vermont Systems, Inc.
RecTrac 10.1 Reference Guide RN G/L Entries Question If YES, If NO, Control Account balance on a periodic basis) Here is a representation of how the refund type RN, Refund Now would get posted to the RecTrac G/L, and further how it should be treated when interfaced to your Finance system. For illustrative purposes, we are showing a cancellation that affects multiple funds. RN example Fund 1 Fund 2 Fund 3 Step 1a: Cancel three (taxable) RecTrac items and Refund Now (out of the cash drawer) Step 1b: Interface to XYZ Financial System and create (manual or auto) cash offset entry and fund-balancing entries Step 2: Post manual journal entries in XYZ Financial System DR CR DR CR DR CR Revenue1 $17.10 Tax Liability $1.93 RecTrac Control $49.98 Interfund1 Liability $30.45 Cash1 $30.45 RecTrac Control $49.98 Cash1 $49.98 Interfund 1 Liability $30.45 Revenue 2 $16.20 Interfund 2 Liability $16.20 Interfund2 Liability $16.20 Cash2 $16.20 Revenue 3 $14.25 Interfund 3 Liability $14.25 Interfund3 Liability $14.25 Cash3 $14.25 Vermont Systems, Inc. 13 06/09/08
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