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Understanding 1074

The Department Verification report or commonly called as 1074 report details all the financial transactions related to the cost center.

The 1074 report consists of 6 sections:

  • Revenue and Expense Budget Node Summary (Section 1)
  • Revenue and Expense Budget Node & Account Summary (Section 2)
  • Detailed Transactions – Assets/Liabilities/Fund Equity (Section 3a)
  • Detailed Transactions – Revenue and Expense (Section 3b)
  • Detailed Transactions – Budget Journals (Section 3c)
  • Open Commitments (Section 4)
  • Soft Commitments (Section 5)
  • Balance Sheet (Section 6)

The following link will provide a detailed information on how to read and understand the 1074 report.

How to read the 1074 Report