Credit Card
Journals
Credit Card Deposit Journal
Instructions
Sample Journal Entry - Record One
Credit Card Batch
Sample
Journal Entry – Record Multiple Credit Card Batches
Departments accept credit cards
for payment of tuition and fees, sales of product or service, and for
donations. Each transaction is subject to a discount and per item fees charged,
by AMEX, Discover, or Visa and Mastercard. AMEX settles sales net of fees.
Discover, MC, and Visa settles the batch and then charges a fee based upon the
amount. Effective September 1, 2010 General Accounting will be responsible for
booking Commission/Fee associated
with AMEX, Discover, Visa, and Master Cards for your department to cost centers
designated by department personnel.
Credit Card Deposit Journal
Instructions
Credit card sales occurring on
or after 9/1/2010 are recorded as follows:
1) No
discount calculated
2) One
Credit card bank line for each batch settlement (if a swipe machine is used) or
each day¡¯s sale report (if a web-interface with automatic settlement is used).
3) Credit
card bank lines will not be separated by card type; the same line will be used
for all cards transmitted in the same batch.
4) Credit
card bank lines will use the last six numbers of the Bank of America
Mastercard/Visa Merchant ID and the date of the batch, in the following
format: 159999 09.02.2010.
5) Credit
Card amounts recorded to the 10512 bank cannot
be combined with cash amounts recorded to the 10510 bank.
6) Beginning
on September 1, 2010, any journal for transactions that occurred after
8/31/2010 that includes a credit card discount calculation will be denied back
to the department.
7) Deposits will require copies of
settlement or sales reports, cash count sheets if applicable, and deposit slips
if applicable.
Sample Journal Entry - Record One
Credit Card Batch
If you are recording one batch
(one printout from your swipe machine or one days¡¯ sales from a web-interface
with automatic settlement), you would record one journal line for all
sales.
If you batch report showed the following ($616 Visa, $7
Amex, $440 MasterCard, $11 Discover, totaling $1,074):
|
Sample of Swipe Machine Batch |
Sample of Web Sales Report Batch |
||
|
|
7.00 11.00 440.00 0 616.00 |
And the last six digits of your Bank of America
Mastercard/Visa Merchant ID number are 159999, your journal would look like
this:
Sample
Journal Entry – Record Multiple Credit Card Batches
If you are recording multiple batch (printouts from multiple
swipe machines that share the same merchant ID, or more than one day¡¯s sales
reports from a web-interface with automatic settlement over the weekend), you
will record one journal line for each batch:
If you have two batch reports with the following sales –
Batch 1 ($616 Visa, $7 Amex, $440 MasterCard, $11 Discover, totaling $1,074),
and Batch 2 ($96 Visa, $782 Amex, $23 MasterCard, totaling $901):
|
Sample
of Swipe Machine Batch 1 |
Sample of Web Sales Report Batch 1 |
||
|
|
7.00 11.00 440.00 0.00 616.00 |
|
Sample
of Swipe Machine Batch 2 |
Sample of Web Sales Report Batch 2 |
||
|
|
782.00 0 23.00 0.00 96.00 |
And the last six digits of your Bank of America Mastercard/Visa
Merchant ID number are 159999, your journal would look like this:
