University of South Florida Credit Card

Presentation

Credit

Card

Recon

cilia

tion

Proce

ss

Banking, Cash collections and reconciliation training:

Today’s 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.

University general ledger accounts:

On this training we will talk about the credit card account, the People soft account and 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

Requesting a new credit card merchant

1.Send an email requesting your new credit card merchant

(account) to General Accounting. (nmerced@usf.edu)

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%

Elavon – Company that process the credit cards

1.On their website https://www.merchantconnect.com,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.

Recording credit card deposits:

1. All credit cards being processed thru touch net are posted on a daily basis by the cashier’s office.

2. All departments that send or walk over the credit card deposits to the cashier’s 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.

Deposits sent to the cashiers thru email

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.

Miscellaneous Receipts Form: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 Code Oper Unit Department Account Fund Initiative Product Project ID AMOUNT

    TPA 120100 44000 01001 0 0   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 Name Telephone

_______________________________ ______________

Preparer Name Telephone

Add all backup paperwork

needed:

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.

Taking deposit paperwork to the cashier’s office:

1. The Cashier’s 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 transaction’s date and amount to facilitate the reconciliation process.

Departments reconciliation:

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.

Department reconciliation:

Book Finance Mart

• 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

Bank Merchant statements

• Go to www.merchantconnect.com

• 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.

Chargeback recording:

1.The contact person for the department will receive a chargeback document that the bank sends to 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 cashier’s office. Also remember to write a note and include any backup paperwork.

All corrections and chargebacks

posting should be on the same month:

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.

General accounting reconciliation process:

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 I will send you and email with details requesting the correction of old outstanding items.

CONTEMPORARY ART MUSEUM

Total DR/CR Debits Posting Previous Month DIT Reclass Equals 1 Total Prior In Bank Debits Debits Bank Equals 1in Books Booked Errors In Bank In Books From Bank in Bank DIT Not Book Posted Not Posted Correction Books

15,974.99 (1,549.00) (90.00) 2,339.50 20.00 300.00 15,074.49 15,086.49 - 312.00 (1,549.00) - - 15,074.49

Date Account Amount Subtotals Posting MEMO Date Account Amount Subtotals MEMO

Errors Previous Previous

In Books Subtotals In Bank Subtotals

2/4/2013 78008 412.00 78008 2,187.00

2/4/2013 78008235020413 8,306.50 2,339.50 2/5/1901 78008 5,555.00 5,967.00 78008 152.50 2,339.50

5,967.00 2/6/2013 78008 425.00 Prior month

2/5/2013 78008237020513 734.99 2/7/2013 78008 309.99 734.99 deposit booked

2/6/2013 78008239020613 165.00 2/8/2013 78008 50.00 in this month

2/10/2013 78008241021013 300.00 Reclass from Banner 2/12/2013 78008 115.00 165.00

2/11/2013 78008243021113 5,627.50 2/14/2013 78008 5,627.50

2/12/2013 78008245021213 2,370.00 (90.00) Deposit difference between 2/15/2013 78008 2,280.00

2/18/2013 78008249021713 (1,549.00) books and bank 2/28/2013 78008 312.00

2/25/2013 78008250022613 20.00

Note: Note:

This part of the reconciliation is the books side where all the deposits This is the bank side obtained from the Merchant statements.

posted by the cashiers will appear. The Account is composed of the merchant number followed by the All deposits that hit the bank are here and any debits or chargebacks will be

batch number and the date. Ex. Merchant number 78008 Batch number 235 Date 020413. on the bottom where it says Bank Debits.

This information is downloaded from Finance Mart or Fast.

2/16/2013 78008 (1,549.00) chargeback

78008

Recap Wachovia

BOOKS Wells Fargo Bank

Bank Debits

Understanding your merchant

statementsCredit Card Statements

Visa, Master card and Discover merchant statements:

Go to

https://www.merchantconnect.com

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

American Express merchant

statements:

Go to https://sso.americanexpress.com

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.

Credit card machine replacement:

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.

Before October 2015 every body in the credit card industry will need to switch to the EMV

Microchip credit cards. So let’s keep in mind that we are soon going to have to buy new credit card machines compatible with the EMV new system.

Credit Cards with Microchips

What is EMV?

EMV is an open-standard set of specifications for smart card payments and acceptance devices. The EMV specifications were developed to define a set of requirements to ensure interoperability between chip-based payment cards and terminals. EMV chip cards contain embedded microprocessors that provide strong transaction security features and other application capabilities not possible with traditional magnetic stripe cards.Where has EMV been adopted?Eighty countries globally are in various stages of EMV chip migration, including Canada and countries in Europe, Latin America and Asia. According to EMV Co, as of December 2013:

What are the benefits of EMV?

The biggest benefit of EMV is the reduction in card

fraud resulting from counterfeit, lost and stolen

cards. EMV also provides interoperability with the

global payments infrastructure – consumers with

EMV chip payment cards can use their card on any

EMV-compatible payment terminal. EMV technology

supports enhanced cardholder verification methods and,

unlike magnetic stripe cards, EMV payment

cards can also be used to secure online payment

transactions.

 

Why are EMV credit and debit cards and EMV payment transactions secure?

EMV secures the payment transaction with enhanced functionality in three areas:

Card authentication

Cardholder verification

Transaction authorization

Information on the specifications and organization is available at http://www.emvco.com

Contact information :

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 nmerced@usf.edu

carsonc@usf.edu