Accounting Transaction Details
This report details the monthly transaction activity for each General
and Subsidiary ledger account. If there was no transaction activity
for the month, then a detail transaction report will not be printed
for that particular account. Depending on the type of account, General
or Subsidiary, different information will be displayed on this report.
Please review the Explanation
of the Chart of Accounts to understand the differences between
a General ledger and Subsidiary ledger account before proceeding.
Report of Transactions for General Ledger Accounts
The General Ledger account represents the balance sheet, which reflects
the financial position at a specific point in time. GL accounts record
how much is owned by the University (Assets), how much the University
owes (Liabilities) and the difference between the two (Fund Balance
or Net Worth). The Subsidiary Ledger will detail the transactions that
affect the Assets, Liabilities and Fund Balance, which bring the General
Ledger to its specific position in time. General Ledger accounts will
follow the fund accounting equation:
Assets = Liabilities + Fund Balance
Assets - Liabilities = Fund Balance
The Report of Transactions for the GL accounts will detail the
monthly activity under the Account Controls that support the
categories on the General Ledger Fund Group Summary (Balance
7/1, Additions, Deductions, Present Balance, Liabilities, Non cash Assets
and Cash). For instance, let us suppose that the following appears
for a GL account on the General Ledger Fund Group Summary:
| || || || ||
The detail on the Report of Transactions for the above
would appear as follows:
||CM total claim on cash
||CM Total Fund Balance
||CM Total CU Expense Budget
||CM Total CU Surplus/Deficit
||CM Total Revenue Summary-Led
||CM Total Expense Summary-Led
||Fund Balance Change
CM = "current month"
The report begins with the "Account Control" column. This column lists
out the General Ledger 4-digit account controls (similar to the SL subcodes)
that have participated in some balance sheet activity of the fund. Several
of these account controls also serve as summaries. Please refer to the
following FRS webpage for a complete listing of these Account
Remember that these account controls represent asset, liability and fund
balance activities and pertain only to General Ledger accounts. Subcodes
belong to Subsidiary Ledgers and detail the revenue and expense items
that will map up to the General Ledger.
The next column of this report is the "Description" and serves to describe
the activity that the account control is reflecting or the name of the
account control. The "Date" and "TC" columns represent the date that the
activity was posted and the transaction code that was used to create the
change in FRS. Refer to FRS Transaction Codes for
a complete listing of the transaction codes and descriptions. "Ref"
and "2nd Ref" further describe the activity. They may
be such items as Purchase Order numbers, Employee Ids, JV references,
etc. and usually identifies the document that generates the transaction
and/or its source.
The "J.E. Offset Account" stands for Journal Entry Offset Account.
A journal entry (J.E.) records the effects of an internal accounting
change such as an incurred liability, interfund transfer or internal redistribution
of an expense. These types of transactions do not involve an actual exchange
of cash, but will still produce a change in the dollar balances. They
are considered direct updates. Therefore, when such a transaction occurs
there must be an offsetting account to receive the change. That "offset"
account is reflected in this column and is always displayed as a 10-digit
account number. By displaying the account number in this manner one is
able to see the account control affected by the journal entry.
The "Previous Balance" shows how much was attributable to the
specified account control at the beginning of the month before the transactions
displayed under the "Current month" heading transpired. This value
is also the "Total To Date" amount found in last month's report. The "Previous
Balance" is always a total for the account control, whereas the transactions
are all detailed.
The "Total to Date" values in this report correspond to those
shown in the General Ledger Fund Group Summary. Since the General
Ledger Fund Summary indicates for the above example that there are
no Liabilities (Accounts Payable, Notes Payable, etc.) there will be no
account controls of the 2xxx category appearing on the Report of Transactions.
This is also the case for the Non-cash Assets. If the example had indicated
that there had been activity under these categories, then account controls
beginning with '2 ' and '1' would have been seen in this report and would
have summed to their respective totals as reflected in the General
Ledger Fund Group Summary. The account control 1100 appears for the
Cash category, which had activity and has been separated out from the
Non-cash assets. The General Ledger Fund Group Summary also indicated
that there was activity under the Additions & Deductions columns.
Hence, account controls beginning with 4, 5, 93, 95 may appear on the
Report of Transactions.
The last two columns, "Batch Ref" and "Batch date" indicate
the batch that sent the transaction to FRS as well as the send date. The
date does not necessarily reflect when the transaction updated FRS. An
example would be the payroll batches. These amounts update FRS usually
2 weeks after the batch date. Not all transactions will necessarily have
a batch reference or date, especially if the activity was not done through
the batch process. Please refer to Batch References
for a complete listing of the batch references used by FRS.
The "Fund Balance Change" subtotal indicates the net change that
occurred against the fund balance since the last month. In other words,
this is the total of all changes that occurred in the current month.
By subtotaling the "Current Month" column, the result should be
equal to the "fund balance change" value.
The above is a fairly simple example of how the Report of Transactions
relates to the General Ledger Fund Summary. The summary for the
Report of Transactions is displayed on screen 018 of FRS. Now let's
look at how it works with the Subsidiary Ledger Fund Summary.
Report of Transactions for Subsidiary Ledger Accounts
of the Chart of Accounts describes the relationship that exists
between a Subsidiary Ledger account and a General Ledger. The Subsidiary
Ledger provides the detail as to how the General Ledger reached its
current financial position. Please recall that a Subsidiary Ledger must
always maps to a General Ledger…..it records the revenue and expense
activity that affects a particular General Ledger account control for
Assets, Liabilities and Fund Balances.
The Report of Transactions for a Subsidiary Ledger account is
very similar to that for the General Ledger. The first seven columns
are nearly identical. There is a small difference in the first column
where instead of indicating an Account control, the 4-digit code is
referred to as the Object or Sub code. Please refer to the FRS web site,
Subcode Descriptions, for
complete descriptions of these Subsidiary Ledger subcodes.
As explained in the Chart of Accounts, the Subsidiary Ledger account
records the revenue and expense amounts that relate to its General Ledger.
The revenue and expense amounts for the reporting month are detailed under
the "Rev/Exp" column. Monthly changes that affect the budget are
found under "budget entries" and encumbrances that have been liquidated
or added will be shown under the "Open commitment" column. The
user needs to remember that the detail shown on this report is for the
current reporting month only and is not year-to-date like the Account
For help in reading the Report of Transactions or any other monthly
financial report, please go to the website:
http://accountingoffice.uconn.edu/ to find the telephone number
of an accountant that can explain your account activity.