Procedures to Record PaySchools Online Payments into the Internal Accounts System

Transcription

1 Seminole County Public Schools, Florida INTERNAL ACCOUNTS STANDARD PROCEDURE BULLETIN September 2010 Procedures to Record PaySchools Online Payments into the Internal Accounts System IA-006 The purpose of this bulletin is to provide Internal Account Bookkeepers with procedures to record PaySchools online payment receipts and fees into the Internal Accounts system, and to provide an introduction to the available online reports. I. Overview PaySchools.com offers a convenient way for schools to accept payments online. Refer to the PaySchools Administrator User Guide for detailed information about the PaySchools system and creating your products and categories online. Follow these steps to sign into the PaySchools system: Go to Click on the Admin Only button. This will bring you to the Administrative Access screen. Enter your SCPS address, and the assigned password which PaySchools has given you. You can change this password once you sign in. If you are the authorized Business Administrator for your PaySchools account, you will have access to the Sales Reports only. You will not have the capability to add categories, products, or authorized users. Refer to the PaySchools Administrator User Guide for access rights. II. Sales Reports Once you click on Sales Reports under the Admin Menu, it will take you to the Online Reports screen. The sales reports that are offered include: Printable Sales Report with Detail This report will give you the basic information of the transaction by the transaction date. Customer Name, Address, Sale Date and Time, Approval Code, Notes (which notes the type of payment), Order Total, Convenience Fee, and Total Sale. You may select the Order Detail link to view the entire order from the report. This report can also be exported to an Excel file. Customer Lookup Enter the first few letters or the entire last name of the customer you wish to look up. If no purchases have been made, no information will be available. You may select the Items Purchased link to view all purchases for that customer in the last 12 months. Select View Order to see full details of each order. Financial Summary Report Use this report to reconcile your monthly bank statement. Please note there is a 4 day delay in sending funds to the school s account. This report is generated based on the date the funds were received by the school in your bank account, not the sale date. Enter a single date to see category information or enter a date range to view all deposits for those dates. See Appendix A for sample. Category Reports This report can be used to gather a total for each category or for detailed information for a particular category. You may select to Show Sales Total which will display just the total sales for the date range entered or you may select the Show Transaction Details to view more detailed information about each transaction. If a customer has written a comment at the time of checkout, run the Printable Report (from September 2010 Page 1 of 1 IA-006

2 the Show Totals Report option) or the Export to CSV option to view that information. This report can also be exported to an Excel file. Product Reports This report can be used to gather a total for each product or for detailed information for a particular product. You may select to Show Sales Total which will display just the total sales for the date range entered or you may select the Show Transaction Details to view more detailed information about each transaction. This report can also be exported to an Excel file. See Appendix A for sample. Account Code Summary This report will give you totals based on the account codes that are entered at the Manage Product area. If no code was entered, the program will show "No Code Available" in the Account Code column for that total. Bookkeepers should use this Account Code field to enter the designated SchoolFunds account number in which the sales revenue should be posted to. See Appendix A for sample. The reports which the Bookkeeper would use to record and reconcile daily PaySchools deposits would be the Financial Summary Report and the Account Code Summary. III. Financial/Reconciling Information A. Deposits PaySchools deposits are sent daily in a lump sum for the transactions that took place 4 business days prior (see schedule below). If the scheduled deposit date is a banking holiday, the funds will be deposited the following business day as a separate deposit. PaySchools Money Movement Schedule Transaction Day Deposit Day Monday Friday Tuesday Monday Wednesday Tuesday Thursday Wednesday Friday/Saturday/Sunday Thursday Posting Daily PaySchools Deposits into the Internal Accounts System Each day the Bookkeeper should post the daily PaySchools deposit into the Internal Accounts system. Follow these steps to record your receipts: Run a Financial Summary Report for the current day. This report is generated based on the date the funds are deposited into your school s bank account, not the transaction date. If you enter a single date, you will see category information. See Appendix A for sample. Run an Account Code Summary Report which would give you sales totals based on the account codes. Please remember however that the Account Code Report is based on the transaction or sales date, not on the deposit date, so you would have to enter a run date 4 business days prior to the deposit date to view the transactions that were generated on a given deposit date. See Appendix A for sample. Create one single Official Receipt for the current day s PaySchools deposit. Date your receipt the same date of the PaySchools deposit. PaySchools should be set up as a receiptee in your Internal Accounts system. The Received From field on the new receipt screen should be PaySchools. If your school has sales from multiple products, be sure to break out sales totals per product by using multiple description lines and the correct account number for each product category. September 2010 Page 2 of 2 IA-006

3 Attach the Financial Summary Report and the Account Code Summary to the Official Receipt and file with your monthly receipts. Once you receive your bank statement for the month, reconcile each day s PaySchools deposits to your bank statement just as you would do with your regular monthly receipts. B. Administration Fees The PaySchools administration fee of 3.5% is calculated on each individual transaction and is assessed once each month. On the 1st of each month, PaySchools will generate a statement for the prior month transactions and send an to the Bookkeeper outlining your admin fees and any ATF Reversals (see below). This amount will be deducted from your bank account on the 10th (or next business day) of that month. So, January fees are deducted February 10th, February fees in March 10th and so on. To reconcile these fees, run an Account Code Summary Report for the entire month. This will give you total sales generated through PaySchools for that month. Remember the administrative fee is calculated on total sales for the prior month based on the actual sales (transaction) dates, not on the dates in which the funds were deposited into your school s bank account. Do not use a Financial Summary Report for the month to reconcile your fee. See example below. Account Code Summary for 8/01/10 8/31/10 Administrative Reports - Purchases By Account Code This report is a shopping cart report showing totals by Account Code. This page shows totals on all sales from 8/1/2010 through 8/31/2010 for All Account Codes. Sales on these dates are included. Account Code Total Sales 6005 $ $ Grand Total $ Calculate 3.5% of the grand total. In this example it would be $280 x 3.5% = $9.80. Verify that this is what you were charged by PaySchools. This fee should be allocated to the accounts shown above based on the total sales in each account. Look at the account code distribution in the sample to calculate the proper allocation. Example: a) Account #6005 total monthly sales of $160 x 3.5% = $5.60 b) Account #6014 total monthly sales of $120 x 3.5% = $4.20 Total Fee $9.80 Use the Electronic Payments Journal Entry to record the PaySchools fee using the date in which the fee was posted to your bank account (10 th of the month or next business day thereafter). You may have to create more than one journal entry if you need to allocate the fees to different accounts. Attach to your journal entry(s) a copy of the PaySchools sent to you detailing the fee, as well as your Account Code Summary with your fee reconciliation. Have your Principal sign the journal entry(s) and file in your journal entry file to be available for audit review. September 2010 Page 3 of 3 IA-006

4 C. Reversals PaySchools may be notified by the bank that a customer s e-check did not clear. This could be due to insufficient funds, an invalid account number, or a closed account. PaySchools will reverse the transaction as soon as they receive notification from the bank, which can take 3-7 business days. Reversals CAN NOT be processed in PaySchools from the 1st-10th of each month. So if they receive notification that a transaction done on the 1st was returned, they are unable to enter that into PaySchools until the 11th (or next business day). Reversing the transaction will generate an to the parent and the person whose address is set up at that category level, notifying them that the transaction has been reversed. If the reversal was processed after PaySchools has deposited the funds to your bank account (4 days), it is called an afterthe-fact (ATF) reversal. Those funds will be left in your bank account until after the monthly fees are processed (on the 10 th of the following month). This will give you an opportunity to recollect the funds from the customer. To record a sales reversal from a returned e-check in the Internal Accounts system, create a Returned Check Journal Entry just as you would do when a bank check is returned NSF. If the reversal is an ATF reversal, or after the original funds were deposited into your school s bank account, the funds will be deducted on the 10 th of the following month along with the monthly administration fee. Date the journal entry the date in which the funds were deducted from your school s bank account. Follow the normal Internal Account procedures in collecting the funds due. Contact Ginny Bracco, Internal Accounts Analyst, if you have any questions on this procedure. September 2010 Page 4 of 4 IA-006

5 APPENDIX A Sample Reports 1) Financial Summary Deposits posted to school s bank account on Thursday, 9/16/10 for sales that occurred 4 business days prior on Friday, Saturday, and Sunday, 9/10/10 9/12/10. Administrative Reports - Deposit Summary Report This is a deposit summary report for Seminole County - XXXXXXXX Elementary School. The Banking Offset is adjustable in your Profile Area. If you find that funds arrive a day earlier than this report predicts, you can reduce that number by 1. If you find that funds arrive a day after this report indicates, you can increase that number by 1. This page shows all deposits which should have been added to your individual category account(s) on 9/16/2010 IMPORTANT: This report is based on an ACH file that was generated by PaySchools on 9/15/2010. That money was due to arrive at your Association on 9/16/2010. Based on your current offset of 0 days (change), the funds should be shown added to your account on 9/16/2010. Deposit Date Category Name Route Number Account Number Total Credit 9/16/2010 4th Grade Field Trips xxxxxxxxx xxxxxxxxxxxxx $ /16/2010 5th Grade Field Trips xxxxxxxxx xxxxxxxxxxxxx $40.00 Total $ Deposit Date Route Number Account Number Fee Total Order Total Total Credit 9/16/2010 xxxxxxxxx xxxxxxxxxxxxx $0.00 $ $ ) Account Code Summary Shows the Account Code breakout of sales that occurred on Friday, Saturday and Sunday, 9/10/10 9/12/10, which were posted the school s bank account on Thursday, 9/16/10. Administrative Reports - Purchases By Account Code This report is a shopping cart report showing totals by Account Code. This page shows totals on all sales from 9/10/2010 through 9/12/2010 for All Account Codes. Sales on these dates are included. Account Code Total Sales 6004 $ $40.00 Grand Total $ September 2010 Page 5 of 5 IA-006

6 3) Product Report Sales Total with all Products Seminole County - XXXXXXXX Elementary School Product Report - Sales Total 9/10/2010 to 9/12/2010 9/16/2010 3:07:10 PM Product Name Quantity Sold Total Sales Environmental Center - Mrs. Giddens 2 $40.00 St. Augustine Field Trip - Ms. Huff 1 $45.00 St. Augustine Field Trip - Ms. Lombardi 1 $45.00 Sub Total: $ Convenience Fee Total: $0.00 Total: $ You can also run the above report with transaction detail, and also by Category. September 2010 Page 6 of 6 IA-006