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Credit Card Reconciliation Process. On this training we will talk about the credit card account, the People soft account and the Banner account. In the.

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Presentation on theme: "Credit Card Reconciliation Process. On this training we will talk about the credit card account, the People soft account and the Banner account. In the."— Presentation transcript:

1 Credit Card Reconciliation Process

2 On this training we will talk about the credit card account, the People soft account and the Banner account. In the general ledger they all have a unique account number. If the deposit number or the paperwork submitted to the cashiers office is not properly identified, a deposit could be posted in the incorrect general ledger account. Account General Ledger account Credit Card 10061 People soft 10011 Banner 10001

3 People soft and Banner. ( Fast and Oasis) According to the location each system has their own numbers by location. Banner People soft 11000 Tampa 21000 Tampa 61000 Sarasota 62000 Sarasota 41000 St. Pete 42000 St. Pete

4 1.Send an email requesting your new credit card merchant (account) to General Accounting. ( 2. A form will be sent to you to provide the merchant name, the contact person, phone number, fax number, email address and campus mail address. 3. We will also need a chart field to post the revenue and the merchant fees. 4. Also specify which credit card types would you like to accept: -Visa.95% - Master Card 1.50% - Discover Card 1.40% - American Express 2.01%

5 Todays training has been design for all departments that are using credit cards, new staff that need to understand the process of reconciling the credit cards. We encourage you to have your PCI compliance test up to date.

6 1. On their website,we can view all our credit card deposit activity, chargebacks, merchant fees at all times. 2. All departments have the access to this website and they are responsible of reconciling on a monthly basis. 3. Starting on 2013 we are not requiring the departments to send us the signed merchant statement. Please reconcile your account and save a copy for audit purposes on your department.

7 1. All credit cards being processed thru touch net are posted on a daily basis by the cashiers office. 2. All departments that send or walk over the credit card deposits to the cashiers office should do them on a daily basis. Please remember the correct chart field, the deposit number and the amount. 3. The deposit number for Visa and Master Card merchants is the last five numbers of the merchant number for example USF Athletics – 8010960064 = 60064 4. For American Express merchants the deposit number is: 376 + the last three numbers of your merchant number for example USF Athletics – 4098139008 – 376008.

8 When sending the cashiers office deposits thru an email please remember to : Attach paperwork with deposit number, amount, date and for ex. if it is a credit card or lockbox deposit since they belong to different general ledger accounts specify what type of deposit it is. Make sure the email was received by the cashiers office and that you have a confirmation from them. Also if it is a correction make sure to write a brief but clear note of what is being corrected.

9 USF University of Department :College of Arts & Science South Florida Deposit Number: 53048 Visa Batch# 319 College of Arts and Science Original Deposit Date: 4/19/2010 Visa / Master Card - Touchnet Please provide copy of original transaction and clearly state the correction for the cashiers office to be able to process. GL UNIT: USF01 Oasis Detail PEOPLESOFT Chartfields Description CodeOper UnitDepartmentAccountFundInitiativeProductProject IDAMOUNT TPA120100440000100100 60.00 Sales Tax Note: This is a posting of outstanding items of the following dates. See details on the back support page. Total Deposit $ 60.00 _____________________________________________ Reviewer NameTelephone _____________________________________________ Preparer NameTelephone

10 All departments that originate their own Miscellaneous Receipts Form should include back up paperwork for example : copy of the invoice, check, credit card slip, etc. All information pertaining the deposit should be included in order to have backup papers for future reference. Do not change in the Miscellaneous Receipts Form the order of the chart field. It is in order for the cashiers benefit.

11 1. The Cashiers Office rules are: take all deposits to the office before 2:30 p.m. in order to be processed the same date. 2. If a deposit number is not on the paper submitted it will be returned to the department. 3. Identify clearly if it is an e check, check, lockbox, credit card and remember all American Express deposits should be posted separate from the Visa, Master Card and Discover Card. 4. If submitting a prior month correction please write a note stating the correction and the original transactions date and amount to facilitate the reconciliation process.

12 1. All departments are responsible of reconciling their credit card account on a monthly basis. 2. Find your Book side at FAST – DATA MART – FINANCE MART 3. The credit card account in the General Ledger is 10061. 4. Compare all deposits posted in your revenue account against your merchant statements information which is your Bank side. 5. It is your responsibility to follow up, dispute and resolve all chargebacks done to your credit card account. 6. Save a copy of your reconciliation for audit purposes.

13 BOOK FINANCE MART BANK MERCHANT STATEMENTS Go to USF portal Data mart Finance Mart On report type: select Balance Sheet Summary Enter the department # and the fund Select : check to enable period selection View Report Select 10999 Total Cash Select account 10061 which is the credit cards GL account Go to Go to merchants and log in with user id and password. Select the date and print or view report online. Compare deposits from the Finance Mart Report with the Merchant statements report from Wachovia Bank.

14 1. The contact person for the department will receive a chargeback document that the bank sends General Accounting and they make a copy and send to the contact person via campus mail. 2. It is your responsibility to print your merchant statement and review if any chargeback has been charged to your account, follow up with the student or owner of the credit card. Dispute and send any information the bank is requesting. 3. Send the appropriate Miscellaneous Receipts form with the posting of the chargeback to the cashiers office. Also remember to write a note and include any backup paperwork.

15 1. All prior month corrections should be stated in a note in the Miscellaneous Receipts form sent to the cashiers. Include as much information to be able to tie the correction to the original transaction. 2. All chargebacks are always in the first page of your merchant statements. 3. All corrections and chargebacks should be posted or corrected in the same month. 4. If a chargeback has not been posted or a correction done, when General Accounting reconciles and finds it they will send you an email informing you of the chargeback not posted. The date in the bank and amount will be provided in the email.

16 The accountant has 30 days to reconcile the accounts for all the credit card departments. There is 30 days to make corrections for the current month. After 60 days all corrections are going to be addressed by the Assistant Controller of General Accounting Department and therefore to the Deputy Controller.


18 Credit Card Statements

19 Go to Log in with your user Id and password Proceed to My Reports Select Online Statements Select the date of the month you want to print Select Format PDF Print statement


21 Go to Log in with your user id and password Select the month you need to view an hit view statement If you need to view a prior month statement go to customize statement Select the month and hit Go Select view E statement Select print Hit print The merchant fees are called Discount Amount on the American Express statements.


23 Please contact Cherie Carson or Noemi Merced in General Accounting to find out if your credit card is still under warranty. New Machines have a cost of $300.00 to be replaced and if under warranty they will replace them for a minimum amount. Elavon will deliver the credit card machine via Federal Express the next day.

24 The credit card accountant reconciling is Noemi Merced General Accounting Manager is Cherie Carson. Phone number (813) 974-4914 Noemi Merced Phone number (813) 974-7686 Cherie Carson Fax number (813) 974-2622 Email address

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