RecTrac 10.1 Reference Guide

Reference Guide RecTrac 10.1
RF G/L Entries
Here is a representation of how the refund type RF, Refund Later Finance 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.
RF example Fund 1 Fund 2 Fund 3
Step 1a: Cancel three
(taxable) RecTrac
items
Step 1b: Interface to
XYZ Financial
System and create
(manual or auto)
fund-balancing
entries
Step 2: In XYZ
Financial System,
setup Accounts
Payable for RecTrac
refunds
Step 3: In XYZ
Financial System,
print refund checks
Step 4: Post manual
journal entries in XYZ
Financial System
DR CR DR CR DR CR
Revenue1
$17.10
Tax Liability
$1.93
Interfund1
Liability
$30.45
RecTrac
Control
$49.98
Accts
payable
$49.98
Cash1
$30.45
RecTrac
Control
$49.98
Accts
payable
$49.98
Cash1
$49.98
Interfund1
Liability
$30.45
Revenue2
$16.20
Interfund2
Liability
$16.20
Interfund2
Liability
$16.20
Cash2
$16.20
Revenue3
$14.25
Interfund3
Liability
$14.25
Interfund3
Liability
$14.25
Cash3
$14.25
6/9/2008 16 Vermont Systems, Inc.