RecTrac 10.1 Reference Guide

Reference Guide RecTrac 10.1
Financial Procedures
Scholarships
How To Decide Which Refund Setup is Best
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?
Sales Tax
Sales Tax in RecTrac
Setup:
Turn toggle ON
(RecTrac will net out
the Control Account
balance when you use
the Refund Check Print
program)
Continue to question 3
Continue to question 4
Turn toggle ON (You
would need to post
manual entries using
the RF Offset Post
program to net out the
Control Account
balance on a periodic
basis)
Continue to question 2
Turn toggle OFF (RecTrac will
net out the Control Account
balance every day)
Turn toggle OFF (RecTrac will
net out the Control Account
balance every day)
Turn toggle OFF (RecTrac will
net out the Control Account
balance every day)
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.
6/9/2008 502 Vermont Systems, Inc.