RecTrac 10.1 Reference Guide

RecTrac 10.1 Reference Guide
Sales Tax in RecTrac
Setup:
1 Go to Files � System � Parameter Codes Maintenance � Static Parameters Maintenance - G/L Info screen:
You can enter up to five different sales tax rates. For each tax rate entered, pick the general ledger code that
you will post the tax revenue to. Optinally, for each tax rate entered, pick the cost center code that you will post
the tax revenue to.
2 On the POS/Misc screen, select whether you want to round the tax to nearest .05. Checking this option will
round sales tax to the nearest nickel. Leave it blank to calculate to the nearest penny.
3 Go to Files � System � Finance Codes Maintenance � GL Codes Maintenance. For the general ledger codes
linked to your tax tables in Step 1, go to the Core Information screen and select the GL Code Is Used For
Tracking Sales Tax option.
4 Go to Files � System � Finance Codes Maintenance � Bill Code Maintenance. For each bill code that you set
up, go to the Rate Information screen. Select which tax table it uses.
5 For each entity for which you set up fees (e.g., activity sections, facility IDs, pass types, leagues, rental items,
courts, lockers, trips, etc.), link the applicable bill codes. You may link a combination of taxable and non-taxable
bill codes to the same entity.
For example, a snack fee may be non taxable, a t-shirt fee may be taxable at one rate and a lesson fee
may be taxable at another rate.
6 Go to Files � POS � Trans Code Maintenance. For each transaction code that you set up, go to the
Restrict/Features Screen. In the Tax Code field, select the appropriate tax table.
7 Go to Files � POS � Inventory Maintenance � Inventory Maintenance. For each inventory item that you set
up, go to the Core Information screen. Select the appropriate tax table. and link the applicable tran code.
8 Go to Files � POS � Ticket Maintenance. For each ticket code that you set up, go to the Core screen. Select
the appropriate tax table and link the applicable revenue and remittal GL codes.
9 Go to Files � Activity (or Pass or Facility) � Household Maintenance. For each household or organization that
you set up, go to the Core Information screen and select whether this household/organization is taxable or not
taxable.
Daily Processing:
1 Simply rent, sell, reserve or enroll as you normally would. The tax will automatically calculate and charge as
appropriate!
2 To find out how much tax revenue is being brought in, run the General Ledger Distribution Report for the GL
codes that you linked to your tax tables in step 1.
Period End Processing (Optional):
When you remit the sales tax you’ve collected to the state, you may wish to debit the GL codes in
RecTrac that you linked to your tax tables in step 1. Obviously, when Finance remits the tax, they
will be taking care of their general ledger entries.
1 First, to find out how much tax revenue has been brought in since the last remittance, run the General Ledger
Distribution Report for the GL codes that you linked to your tax tables in step 1. Use a date range that
encompasses all activity since your last remittance to the state.
2 Next, go to Period End � Global � Global Misc Income/Exp Postings. Choose Misc as the module and then
click Post Details. Click Add. Complete all fields, using the first GL code that you linked to your first tax table in
step 1. Use the total amount for that GL code as printed in step 11. Be sure that you code the transaction as an
Expense and choose a pay code that you would NOT be interfacing to Finance (e.g., 98) so that you Finance
won’t double-debit the tax liability account. Repeat for each GL code for each tax table.
3 When you are done posting, check your work by re-running Step 11. If you posted correctly, the net
debits/credits for your tax table GL codes should net to $0.00.
End of Day Balancing
At the end of each day, the RecTrac cash balancing process will include printing the Cash Journal
Report and the GL Distribution Report. The Military DAR Report can be run as a substitute for
these two reports. If the net debit/credit totals on the two reports equal, then transactions have
been processed correctly by RecTrac. The Military DAR II Report and the End of Shift Cash Out
program will post over/short amounts against the appropriate G/L codes.
Vermont Systems, Inc. 19 06/09/08