RecTrac 10.1 Reference Guide

RecTrac 10.1 Reference Guide
RN example Fund 1 Fund 2 Fund 3
RA G/L Entries
Cash1
$30.45
DR CR DR CR DR CR
Cash2
$16.20
Cash3
$14.25
Here is a representation of how the refund type RA, Refund Apply 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.
RA 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 2a: In RecTrac,
use part of the HH
balance to pay for
three other (taxable)
RecTrac items; make
a cash payment of
$6.50
Step 2b: Interface to
XYZ Financial
System and create
(manual or auto)
cash offset and fundbalancing
entries
DR CR DR CR DR CR
Revenue1
$22.50
Tax
Liability
$1.65
Interfund1
Liability
$17.85
RecTrac
Control
$37.32
Cash1
$0.40
RecTrac
Control
$42.00
Revenue
1 $18.00
Tax
Liability
$1.72
Interfund
1
Liability
$18.00
Revenue
2 $3.60
Interfund
2
Liability
$3.75
Cash2
$6.10
Interfund2
Liability
$3.60
Revenue2
$9.85
Revenue
3 $14.25
Interfund
3
Liability
$14.25
Interfund3
Liability
$14.25
Revenue3
$14.25
Vermont Systems, Inc. 497 06/09/08