A Balance report lists the general ledger account balances for a Fund. It will include the ledger account number, account title, and the balance in that account. It will total all ledger accounts used by a Fund for an overall Fund balance.
The Transactions report is a detailed financial report that lists all of the transactions, including (dates, description of activity, amounts, and adjustments) within a Fund for a given period of time.
A debit and credit balance on the Fund Detail represents the same information on the Fund Summary report. The debit balance represents the total amount of expenses incurred on a Fund. The credit balance represents the total amount of income received for a Fund.
The Balance report will identify the balance on a Fund. In the Total line, if there is a credit balance on the Balance report for your Fund, this means that your Fund has a balance (income) remaining. If it is negative, the Fund is overspent.
The Balance report will identify if a Fund is overspent. If there is a debit balance (report difference) on your Balance report for your Fund, this means that your Fund is over spent. It will display as a negative number.
The Transactions report is formatted by account codes and expense categories. Activity within a Fund can be identified on the Fund Detail by vendor name, dates, amounts, purchase order numbers, or account codes.
Payments received (income) are normally reflected on the Fund Detail and Fund Summary reports as credits. The account coding for the income (payments) will vary according to the Sponsor/Funder of the Fund. You will need to contact the Accounting Dept. to find out the account code for your payments in order to identify your income on the Balance/Transactions report.
Funder Receivable is a balance sheet account that's used by the Accounting Dept. to identify or label invoices, reports, vouchers and billings that have not been collected. This account is not a typical account that should show up on a Balance/Transactions report; however, it has been known to show up depending on how the reports are generated.
All deficit balances are always reflected the debit side of any Balance/Transactions report. Deficit balances represent total expenses that have exceeded total income/revenues received by program. If your program has a surplus balance, this amount should be reflected on the right side under the credit side of a Balance/Transactions report. Surplus balances represent total revenue/income that has exceeded total expenses.
Salary information is contained in the Salary account, 6110. The detail of this account can be viewed on the Transactions report, or from the Balance report by clicking on account 6110 or the account description. The information contained in the transaction reports will be the pay date, check number, employee name, a description of the transaction, and the amount.
Fringe expense information is contained in the Fringe Pool account, 6501. The detail of this account can be viewed on the Transactions report, or from the Balance report by clicking on account 6501 or the account description. The information contained in the transaction reports will be the pay date, fringe pool entry number, employee name, a description of the transaction, and the amount. The transaction description will contain the check number that was the source of the fringe pool calculation. This is done so fringe entries can be easily matched to the earnings source.
The fringe rate is not displayed on the reports. However, the rate can be calculated for a project by dividing the fringe pool total by the salary total. If there is a mix of full time and part time employees on a Fund, an analysis will need to be done by employee FTE type, because different rates are charged to different groups of FTE’s. If there are discrepancies, it would be appropriate to perform an analysis of the fringe rates for each employee, where the calculation would be to divide an employee’s fringe pool amounts by the employee’s earnings.
Effective, June 1, 2007, after every payroll, an employee’s payroll check/advice number is added to the transaction description field of the matching fringe pool journal entry. Every fringe pool entry can be directly traced to the originating pay check.
You can select a specific date range when you run a report. Run the Transactions report for specified time frames. There are preset choices to help populate the date fields, which can be modified by the user.
We recommend running a Balance report using the “Full Date Range” option. Running a Balance report for a short period of time does not provide any reliable information.
All invoice information can be found under the gl code 0260 named funder receivable. If you see a debit in the gl account 0260 this means that an invoice was submitted to the funder for payment. Please contact your Hektoen Accounting representative for more details regarding your programmatic invoices.
On the Transactions report, there is a Purchase Order column which will display the purchase order number for items that were ordered using a P.O.
For items that have been purchased using a purchase order, which have been invoiced and processed by Hektoen A/P department, the document number column will contain the corresponding invoice number.
With the “Include Encumbrances” option checked, purchase order items that are open and have not been invoiced will display on the report. In this case, the document number field will be blank and the Purchase Order field will contain the PO number.
We have designed the Hector website to operate without any pop-ups with the exception of printing a report. You should not have to make any exceptions to your pop-up rules when using the Hector website unless you are trying to print a report.
Yes. If your assistant does not have a Hektoen email address or user name, speak to Grants Administration and one will be created for them. Once they create their own password and activate their account, the PI can assign that person access to any of your Funds using the “Manage” menu. You can also prohibit them from viewing salary and fringe information on Funds.