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Deposit
- Credit Card Receipts
Distribution
Director
of Accounting Services
GL
Administrator
GL
Accounting Manager
GL
Accountant
GL
Specialist
GL
Viewer
Related
Procedures
Journals - Processing Manual Journal Entries
Ownership
The
Director of Accounting Services is responsible for ensuring that this document
is necessary, reflects actual practice, and supports University policy.
Unique
Elements
The
differences in the Credit Card receipts journal entry and the generic cash deposit are:
-
the Category.
-
Selecting the correct
Suspense Account string
-
Substituting the credit
cards' daily transfer Authorization number for the Deposit Control Number in
the 'Description' fields of the Debit and Credit lines.
Category = UVA Receipts Credit Cards
-
Deposit Suspense Account = The 'Debit' line of the journal
entry's 'Accounts' field must display the correct Suspense Account string for
your Org, bank deposit location, or credit card merchant number. Each credit
card merchant number and bank deposit location is associated with a unique
Suspense Account in the Integrated System.
-
Aliases for the Deposit Suspense Accounts: Your department
is required to reconcile the Deposit Suspense Accounts monthly; so, it is
particularly important that you know and use the correct Deposit Suspense
Account strings. Each of the Suspense Account strings is attached to an alias
in the Integrated System to help insure you use the correct string. You can
find a list of the suspense accounts and the aliases for your Org, bank deposit
location, or merchant number on the web at Deposit –
Suspense Accounts .
Do
one journal entry for each credit card settlement. Each journal should reflect
a different daily transfer authorization number instead of the Deposit Control
Number required for cash deposits.
Reconciliation
Requirement
All
Deposit journals REQUIRE specific information in the Description fields of the journal header, Debit, and Credit
lines to insure proper reconciliation with Cash Management. Since the Description fields are not validated by the system, users must
remember to include the required information and approvers must check for it.
IMPORTANT!!
FOR CREDIT CARD DEPOSITS:
-
Insure you have used the correct Suspense Account string in the Debit
line.
-
The Authorization number of the daily transfer is substituted for DCN
in a cash deposit. The Line Description field MUST display the credit card
daily transfer Authorization Number first in both the Debit and Credit
line(s). The Credit Line Description
field may include explanatory text AFTER the Authorization Number and date. This text will be displayed in reports and
should describe the funds deposited (i.e. conference fees, ticket sales, etc.).
Effective: 05/03/04
Revision: 1 12/05/03
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