Credit Card Sales Business Process Procedure GL

Transcription

1 Last revised 4/7/2004 Page 1 of 5 Process Process Number Credit Card Sales Business Process Procedure GL Description of Process The following procedures are for the General Accounting area of the Controller s Office of Florida International University (FIU) in order to process credit card sales Input to Process Posting credit card sales made by departments daily on their merchant accounts. This is a result the daily close-outs for each merchant account. Output of Process Revenue from sales/services via credit cards other than tuition Service Level Agreement Required? (If yes, provide a brief description) 72-hour turnaround Step 1 Journals of Daily Credit Card Sales by Department: 1. Each department must close out their credit card registers daily. This must be done at the beginning of each day, before beginning to accept new payments. 2. From the close-out summary, prepare journals, by credit card type, to record the day s net sales total as shown on the close-out. 3. Each department will prepare one journal for the total of each credit card type collected for that closeout. The total of all journals, by credit card type, must equal the total of the day s settlement report or tape. Only one entry is necessary for the total Visa/MC transactions for each closeout. 4. Journals must be given to Controller s for posting within 72 hours of closeout. 5. Controls must be in place so that the person receiving the money from the sale is not the same person making the journal entries to the ledger

2 Last revised 4/7/2004 Page 2 of 5 6. Journals will be processed as follows: General Ledger Journals Journal Entry Create Journal Entry Journal Class = 1) see table below-pick class for type of credit card Unit = FIU01 Add Long Description = Dept. Name and settlement date Ledger Group (default to ACTUALS) Journal Source = Source is defined by location and is associated with a user (See Table #2) Transaction Code (default to GENERAL) accepting credit card payments 1) Journal Classes Journal Descr Pertinent Information AMEX Credit card sales-amex Cr Card Sls, Chargebacks, Disc Fees, or Tax payments DISCOVER Credit card sales- DISCOVER Cr Card Sls, Chargebacks, Disc Fees, or Tax payments VISA/MC Credit card sales-visa/mc Cr Card Sls, Chargebacks, Disc Fees, or Tax payments

3 Last revised 4/7/2004 Page 3 of 5 2) Sourc e Descr Sourc e Descr ADM Admissions PGE Pino Global Enterpreneurship AF Annual Fund PO Purchasin g AFT FIU Annual Fund T.O.P. PPM Panther Print & Mail AR Alumni Relations PRD Payroll Encumbrances PRD ARM Art Museum PRF Continuing Prof Studies AS Arts and Sciences PRP Payroll Encumbrances PRP ATH Athletics PTI Parking & Transportation Inter AUX University Business Office PTN Parking & Traffic North CBA College of Business PTS Parking & Traffic South CBD FIU-CBA-Donations REC Campus Recreation CEE CIVIL & ENVIRONMENTAL ENGINEER SCS School of Computer Science CEN Central Stores SGA SGA CIB CIBER SJM SJMC CS Career Services SLI Spanish Language Institute CSB FIU Career Services BBC SM School of Music CSH Special Events Cashiers SWL Software Licences DMS Document Management Services TBX Theatre Box Office EDU Education TMO Theatre Main Office ELN English Language Institute Nth TO Ticket Office ELS English Language Institute Sth TOI Ticket Office Internet Account ENG English TWI The Wolfsonian, Inc. FA Financial Aid UA FIU University Advancement GA Graduate Admissions UTS UTS Hardware Maintenance HC1 Health Clinic North 1 WCN Wellness Center BBC HC2 Health Clinic North 2 WCU Wellness Center UP HON Honors College WGS Wolfsonian Gift Shop HSE Hospitality Special Events WMA Wolfsonian Misc Aux HST Health & Safety Training WUC Wolfe Univ Center HW1 Health & Wellness 1 HW2 Health & Wellness 2 ID Interactive Design IH Institute for Hospitality IMC International Media Ctr IS International Studies ISE Industrial System Engineering KCC FIU Kovens Conference Center LAC LACC MOD Modern Languages

4 Last revised 4/7/2004 Page 4 of 5 In Lines tab: Click on the Speed Type Magnifying glass. Here, you can find the department ID for the entry. By using speed type, PeopleSoft will populate the fund, class, and program. Provide Account (Use magnifying glass to pick adequate account) Click on the + button to add a new line. Note that the same Chart Field values are carried down from the previous line. Enter the offsetting account to your entry. Entries for credit card sales will always be a credit to revenue and a debit to cash account Chargebacks are the opposite sign. Total Debits and Credits must equal. Click on Edit Journal and hit Process button. Journal and Budget status must both be Valid Accepting Credit Card Payments Notify Controller s Office that a journal is pending posting and provide information pertinent to journal, such as ID #, amount, and date Step 2 Posting Credit Card Sales Journals: General Accounting will review all of the credit card journals processed by the departments, on a daily basis, as follows: 1. Via each Journal Entry a. Journals b. Journal Entries c. Find an existing value d. Journal class = Cr Card Type (Ex: Amex) e. Source = Source established for location f. Edit the journals g. Verify that amount of journal equals credit by bank for that merchant number h. If amounts agree, Click on Process i. Verify that the Journal & Budget Status = V (Valid) j. If the journal status is E (Error), go to errors page for message. Click on the Magnifying Glass icon to the left of the Business Unit. The exception Details page appears k. You can post the journal only when the Journal Status is V and the Budget Status is V. l. On the Lines Tab of the Journal Entry, select the Process to Post Journal m. Click on the Process button n. Are you sure you want to post this journal? = Yes o. Verify that the Journal Status is P (Posted) 2. Via Review Journals and Post in manual Batch (Refer to FIU Reviewing and Posting Journals Procedure) General Accounting

5 Last revised 4/7/2004 Page 5 of 5 Forms Used with Process **Attach sample form(s): APPROVAL SIGNER ROLE DATE FIU GL Lead