CREDIT CARD PROCEDURES OBJECTIVE..2 OVERVIEW..2 DEPARTMENT S CREDIT CARD PROCEDURES...3 FINANCIAL SERVICES PROCEDURES... 5 BANK RECONCILIATION 6

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1 CREDIT CARD PROCEDURES TABLE OF CONTENTS OBJECTIVE..2 OVERVIEW..2 DEPARTMENT S CREDIT CARD PROCEDURES...3 FINANCIAL SERVICES PROCEDURES... 5 BANK RECONCILIATION 6 APPENDIX A..16 APPENDIX B...18

2 OBJECTIVE This workshop will provide the participants with an overview of the credit card process. It will also illustrate how to prepare a Credit Card Bank Reconciliation. OVERVIEW A number of departments all over UBC accept credit cards / debit cards as payments either electronically or IVR (telephone system). At the end of each day, the department closes the terminal to trigger the institution to add up all the transactions for the day and forward the funds to a designated UBC Bank Account. The following day, Financial Services extracts these deposits from the Bank s website and prepares a Journal Voucher to credit a predetermined department s credit card clearing account. The department, on the other hand, will process a revenue journal entry at the same time as deposits are made. This entry will clear (debit) the entry made by Financial Services to the credit card clearing account and credit the appropriate revenue accounts. It is important that these be made on a timely basis to ensure that reports are accurate and to ensure that taxes collected are properly transferred to central accounts for remittance to proper government authorities. 2

3 DEPARTMENT S CREDIT CARD PROCEDURES To illustrate the department s function After processing a transaction, the department gives one copy of the receipt to the cardholder and retains one copy for backup. Before the end of the day, the department runs the daily report, total and detailed report, to make sure everything ties back with the receipts. If a discrepancy is discovered, the department should contact the credit card institution to get a backup. Common scenario would be missing receipts, both copies were given to the cardholder. If everything is in order, the department then closes the terminal to forward the funds to the bank. 3

4 After the terminal is closed, the department prepares a revenue Journal Voucher to clear (debit) the entry made by Financial Services to the credit card clearing account and credit the appropriate revenue accounts. As per Internal Audit s requirement, the departments are required to prepare a monthly Bank Reconciliation on all their credit card clearing accounts. Any differences between the amounts credited to the clearing account by Financial Services and the amounts debited to the clearing account can be followed up with either the credit card institution or Financial Services depending on the circumstances. At yearend, the departments are required to submit a Bank Reconciliation on all their credit card clearing accounts to Financial Services. 4

5 FINANCIAL SERVICES PROCEDURES Financial Services logs in to the bank s website to download the credit card transactions on a daily basis. A journal voucher is then prepared to credit a predetermined department s clearing account. In the assumption that the department does not have access to the FMSnQuery, Financial Services will send an excel spreadsheet detailing the credit card transactions for the month. 5

6 BANK RECONCILIATION Bank reconciliation is an important tool to ensure that all the credit card payments are recorded accordingly to the appropriate revenue account. A. GATHER DOCUMENTS NEEDED First step would be to gather all the documents needed to do Bank Reconciliation. A.1 Year to Date GL Balance A.2 Transactions of the month A.3 Merchant Statement A.4 Previous month s Bank Reconciliation A.5 Daily Terminal Total A.1 YEAR TO DATE GL BALANCE FMS nquery (FMIS on the Web) 6

7 General Ledger Ledger Summary 7

8 Type in the Speedchart or Project Grant and click on the Get Chartfields button. For this example, we will be doing 23C

9 Specify the month and year of period you are reconciling and click on the Search button This will give you the total transactions of the month and the Year to Date Balance. 9

10 To extract the detailed transactions of the month, click on the amount under the month and year requested column. The transactions can also be exported to excel by clicking on the icon at the bottom of the screen A.2 TRANSACTIONS OF THE MONTH 10

11 For departments with no access to FMSnQuery, a worksheet is sent to the departments each month listing down all UBC credit card transactions for the month. A.3 MERCHANT STATEMENT The merchant statement is identical to the report of transactions for the month. In some cases, the last item on the merchant statement appears on the following month s report of transactions due to timing difference. See appendix A 11

12 A.4 PREVIOUS MONTH S BANK RECONCILIATION A.5 DAILY TERMINAL TOTAL This report is only used when a discrepancy between the Journal Voucher done by the department and Financial Services for confirmation. See Appendix B 12

13 B. MATCH UP THE PREVIOUS BANK RECONCILIATION OUTSTANDING ITEMS AGAINST THE TRANSACTIONS OF THE MONTH. 13

14 C. CHECK OFF THE AMOUNTS THAT MATCHES UP (DR AND CR) ON THE TRANSACTIONS OF THE MONTH 14

15 D. UPDATE THE BANK RECONCILIATION REPORT TO REFLECT THE CURRENT OUTSTANDING ITEMS. 15

16 APPENDIX A 16

17 17

18 APPENDIX B 18

19 19

20 20

21 21

22 22

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