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.