CREDIT CARD REVENUE RECONCILIATION
To determine the actual amount of their credit card revenue, associations using ECommerce to process credit card payments must reconcile their bank credit card deposit statement, the E-Commerce ACH Report and the LAMPS Bank Reconciliation Report to verify that they all match. This process consists of two steps: 1. Verify that the amount of revenue recorded in LAMPS balances with the credit card transactions that are processed through E-commerce. 2. Verify that the amount processed through E-Commerce balances with the amount deposited into the association’s bank account.
LAMPS and E-Commerce Verification
1. In LAMPS Reports, in the Accounting module, select Bank Rec. Details and enter the desired dates. The Details report provides a breakdown of all transactions by day, by transaction type (Cash, Check and Credit Card) and by member, and provides each member’s name. On the report, identify the credit card transactions.
2. At E-Commerce, pull up the ACH Payment Detail Report for the same date range as the LAMPS Bank Rec. Details Report. Use the ACH Report rather than the Group Summary Report as the ACH Report shows all transactions by member names. This makes it easy to make a name-by-name comparison between the two reports. (See Additional Information for instructions on accessing ECommerce.)
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3. Compare the credit card transactions on the LAMPS Bank Rec. Details Report to those on the ACH Report. Transactions that appear on the Bank Rec. Details Report but not on the E-Commerce ACH Report are said to be “in transit” due to the time required for E-Commerce to deposit the funds into the association’s bank account. Add the daily credit card transaction totals on the Bank Rec. Details Report then subtract the transactions in transit. Verify that the result equals the Gross Amount of Invoice total on the ACH Report.
E-Commerce and Bank Verification
1. From the bank credit card deposit statement, determine the sum of the credit card transactions (minus any returns). 2. Compare the bank credit card deposit statement total to the Net Association Portion total on the ACH Report. Verify that the amounts match. NOTE: Through the LAMPS accounting process, the total Gross Amount of Invoice is posted to the General Ledger of the association’s bank account. E-Commerce deposits the total Net Association Portion amount. To account for the difference, which equals the Transaction Fee Gross Amount, the association must make a manual journal entry in its third party accounting software. The bank account must be credited and the Credit Card Fee Expense/Bank Charges account must be debited for the Transaction Fee Gross Amount.
Additional Information
A. It may be easier to work with the Bank Rec. Details Report and the ACH Report in Excel spreadsheet format. In LAMPS Reports, use the export feature on the Reports toolbar.
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In E-Commerce, click Save As rather than Run Report.
B. There are two ways to access the E-Commerce Reports. 1. First Method a. On the realtor.org home page, in the Do It Online section, click Pay Dues. The Sign In page displays.
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b. Enter your EPOE User Name and Password and click Login. The ECommerce page displays.
c. On the main menu, click Organization Reporting Menu. The Organization Reporting screen displays. Select from the Reports menu.
2. Second Method a. On the realtor.org home page, click NRDS. The Sign In page displays.
b. Enter your EPOE User Name and Password and click Login. The NRDS page displays.
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c. Click POE Connect to NRDS. The NRDS home page displays.
d. On the NRDS home page, in General Information, click Access E-Commerce.
e. On the main menu, click Organization Reporting Menu. The Organization Reporting screen displays. Select from the Reports menu.
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