Transaction_Summary

Transaction Summary

A Transaction Summary is a condensed report that groups and summarizes asset transactions by type, period, fund, department, or other categories. Unlike the Transaction Register, which lists every individual transaction, the Transaction Summary provides a higher-level overview of asset activity.

It typically summarizes totals for:

  • Additions
  • Disposals
  • Transfers
  • Adjustments
  • Depreciation
  • Reclassifications


Example:
  • Transaction Type    Count    Total Amount
  • Additions    12    $425,000
  • Disposals    3    ($18,500)
  • Transfers    5    $92,000
  • Depreciation    240    ($1,250,000)


Depending on configuration, the report may also group activity by:
  • Fund
  • Department
  • Asset class
  • Location
  • Fiscal period
  • Project


Organizations commonly use the Transaction Summary to:
  • Review overall asset activity for a month or year
  • Support management reporting
  • Reconcile totals before posting to the general ledger
  • Verify depreciation processing
  • Prepare audit and financial statement support


Think of the relationship this way:
  • Transaction Register: Detailed list of every transaction
  • Transaction Summary: Totals and grouped activity summaries
  • Schedule of Changes in Assets: Beginning-to-ending balance reconciliation


In practice:
  • The Transaction Register answers: “What exactly happened?”
  • The Transaction Summary answers: “How much activity occurred overall?”
  • The Schedule of Changes answers: “How did balances change from start to end?”

 

Printing a Transaction Summary

1. Open Connect Asset Management > Reports > Transaction Summary.

2. Select a report.

3. Do you want to include report-only transactions on the report?  

  • Yes, I want to include report-only transactions. Select the Include Report-only Transactions checkbox. The routine will print the transactions that will be updated as a report-only. It's a good option to use to make sure the transactions that will be posted are correct.

  • No, I do not want to include report-only transactions. Deselect the Include Report-only Transactions checkbox.  

3. Which transaction types do you want to include?

The system creates a transaction when a user enters, modifies, or deletes information from the database. All of the transactions the system creates are listed in the Include Transaction Types list. You can select the transaction types to include on the report by selecting the checkbox located next to it.

4. Click Print  (CTRL+P).  

The report prints.

 

 

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