Credit Card Reconciliation Made Simple

(if that is possible)

Presented by: B.C. Worsley

Banking Coordinator924-4362, bsw5w@virginia.edu

Objectives

• A “GL Only Activity Report” that makes sense;

• Alternative process to tick and tie;

• Determine the real figure to reconcile to.

Start with.....

• Understanding: Reconcile the statement from NOVA against the amount the department entered against the amount that was deposited in the bank

• Next, print out a copy of the most recent merchant credit card statements from Nova using MerchantConnect.com

• Then, run the following reports for each credit card clearing project: (most folks will have 3)

Discoverer – GL Only Project Activity Detail –

Central Office Version

Now hold on there, varmit! You a lost me in that there Central

Office....

Run the Discover – GL Only Project Activity Detail

OK. Then lets do it...

Check “No” to run the Central Office Version

Select the Central Office Version

Run the report from 01-Jul-2001 through the end of themonth you are reconciling.

Print only the month that you need. Look for the page numbers in the Print Preview view.

GL_Only Project Activity Detail Report

START WITH THE RIGHT PROJECT TOTAL

• Run from 01-Jul-2001 to present to determine “Project-to-Date” balance.

• Run one month only just shows one month’s Project Totals

GET THE ENTRIES IN “DATE” ORDER, NOT “DOC” ORDER

• SELECT “Tools”• DELECT “A$Doc_Sequence_Value”• ADD “Post date”

Look at the Posted Date-

They are all over the place because they are in “Document # Order”

Correct by deletingDoc Sequence Value…….

And “ADD” ….Posted Date

There, now it’s straight!

Now the Document numbersare all over the place but theline items are in posted dateorder.

Now, let’s look at the bottom line

Project to date is $6,193.00

The month to datereport shows a verydifferent Project Total

So, don’t be fooled if you can balance the month to date report, it will cause you

later on.

Now you have all of the Tools

What sheet?What statement?

Which GL Report?

Match the batch numbers and amounts from the statement from NOVA against the GL report on the settlement sheet

This GL Report

Run from:01-Jul-2001Thru28-Feb-2007

Printed from the endof the last month tillthe end of this month

This is the figure that youbalance to after you have ticked off all of theentries.

Batch info from the statement

This is how you

Use the Settlement

Sheet

Posting info from the GL report

Balance to theProject TotalOn the GL OnlyReport

Attach your GL report and the “on line” report/statement from merchantconnect.com, AmExp or Discovernetwork

These amounts will carry over to next month as “Timing Differences”

Settlement Log

The department did not record the $2,300 item I in Batch #377 it is truly unposted and should

be researched.

Clearing Project total + or -

-750.00Unposted (add dept entries subtract Central Office entries)

+ or - 2,300.00

Timing DifferenceShould be

Minus (-) -300.00

Timing Difference -1,250.00

Adjusted Total -.00

What do you do with the 2,300.00 unposted item from the Department??? The AdjustedTotal = $0.00 but is the Project in balance?

What amount would the Adjusted Total be if we had started with a Positive $750.00??

This is the reconciliation part! Take the GL Only Project total and makeadjustment for timing differences to arrive at $0.00. If you don’t, then there are either unposted entries or some other error (transpositions or omissions)that need to be made to bring the Adjusted Total to $0.00.

Unposted from theBank

If you feel you have all the pieces to thepuzzle then you are done. At least until next month when you start the process all over again

However, if you are a little lost please continue for some helpful hints.

What If I Find an Error on the Account?

• Batch not posted to the Clearing Project by the department – Review the information with the individual who is responsible for entering the data into Oracle. If the batch was overlooked, then make the Oracle entry to record the income.

• Bank/Central Office entry does not match the department entry – Call NOVA C/S terminal support first at 1-800-725-1243, opt 4 and ask why there is a discrepancy with the batch. Be prepared to provide the batch # and details of each transaction. Have your Merchant Account number ready. For WEB, merchants, call ViaKlix at 1-800-377-3962 and select the option “Internet, Wireless or PC product”, option 2. You will need your “Klix” number “4xxxxx”, batch # and total batch amount. It may also be helpful if you were looking at the batch in ViaKlix, Settled transactions” so that you can scroll through the amounts if necessary.

• Where did that amount come from? - Are there adjustments on the credit card statements that are for the same amount, a chargeback or equipment charge?

• Someone at Central Office has made an “Adjustment” or Reverse” that you do not understand (ID IC6Z or JLM3F) - Call BC Worsley at 924-4362.

Couldn’t be me!

If you Need Help?

Barbara A. Worsley (BC) Nova C/S 1-800-725-1243

bsw5w@virginia.edu Nova Voice Auth 1-866-273-0057

(434) 924-4362

ViaKlix/Web C/S 1-800-377-3962

Imelda Carter

ic6z@virginia.edu

(434)924-4202 Discover C/S 1-800-347-2000

Discover Voice Auth 1-800-347-1111

Judy McDaniel

jlm3f@virginia.edu AmEx C/S 1-800-374-2639

(434) 924-4210 AmExp Voice Auth 1-800-528-2121