Key Terms
- Accounts – System used to organize financial data that typically mimics the general ledger. Accounts are made up of line items which are subcategories within the account.
- Chart of Accounts – Chart of accounts that is used in the university financials system. This field typically contains the organization, fund, account, and other information specific to the group. This information combined with the journal number and journal date should be used during the reconciliation process.
- Global Search -Located in the top right corner and performs a system-wide search
- Line Items – Individual pieces of financial data that make up an account. Examples of line items are legal expenses, royalty payments, and distributions
- Cost Recovery Reversal – Credit, typically to the revenue account. Cost recovery reversal is used to calculate the amount that has been recovered via reimbursement. In the event of cost recovery, a user will most likely debit the cost recovery payment account, credit the cost recovery reversal account, and then distribute. To ensure all funds have been distributed, Add revenue, cost recovery reversal, reserved funds available for distribution, then subtract all distributions.
- Cost Recovery Payment – Credit that is applied to expenses that was debited from cost recovery distribution.
- Revenue – Credits that are received that are not for the purposes for reimbursement and are typically subject to distribution per policy.