Docstoc

best credit card transfer

Document Sample
best credit card transfer Powered By Docstoc
					                Credit Card and E-Check Accounting Process

Initiate Credit Card and E-Check Accounting

All receipts (cash, check, credit card and e-check) will be recorded in the Schoolbooks
general ledger checking account. If your school accepts credit cards and/or e-checks you
will need to set up the following accounts:

      Credit Card Control Account

      E-Check Control Account

These accounts should be set up as cash accounts. See instructions for General Ledger
Account Maintenance.

Deposit Reconciliation Process

If your school accepts credit cards and/or e-checks the total receipts from the receipt
Journal will be greater than the amount of cash and checks available for deposit. The
Deposit Reconciliation Form must be completed anytime the receipt journal includes
payments by credit card or e-check. Best practice would be to update the Receipt Journal
and prepare the Deposit Reconciliation Form daily.

      Update receipt Journal (This should only be done when you are ready to make a
       deposit) and enter the total on the Deposit Reconciliation Form.

      Print credit card machine settlement tape and enter total credit card receipts on the
       Deposit Reconciliation Form. This amount is to be subtracted from total receipts.

      Print e-check settlement tape and enter total e-check receipts on the Deposit
       Reconciliation Form. This amount is to be subtracted from total receipts.

      Verify that the total amount of the deposit agrees with cash and checks on hand to
       be deposited. Investigate and resolve any difference.

      Enter the beginning and ending receipt numbers on the Deposit Reconciliation
       Form.


Required Cash Transfers

      A Cash Transfer is required to reclassify the credit card receipts to the Credit Card
       Control Account each time a deposit is made. Debit or increase the Credit Card
       Control Account and credit or decrease the Checking Account for the total
       amount of the credit card receipts.


D:\Docstoc\Working\pdf\cc795c47-a83a-4d39-b610-e7fbb44b025a.doc
      An Cash Transfer is required to reclassify the E-Check receipts to the E-Check
       Control Account each time a deposit is made. Debit or increase the E-Check
       Control Account and credit or decrease the Checking Account for the total
       amount of the E-Check receipts.


Monthly Reconciliation Process

Each month you should reconcile the amount in the Credit Card Control Account and the
E-Check Control Account to the amounts credited on your bank statement. Credits on
the bank statement should correspond to the entries in the Credit Card Control Account
and the E-Check Control Account.

      A Cash Transfer is required each month to reclassify the Credit Card receipts
       clearing the bank to the Checking Account. Debit or increase the Checking
       Account and credit or decrease the Credit Card Control Account for the total
       amount of the Credit Card receipts credited on the bank statement. The Balance
       remaining in the Credit Card Control Account should be the Credit Card receipts
       posted that have not cleared the bank.

      A Cash Transfer is required each month to reclassify the e-check receipts clearing
       the bank to the Checking Account. Debit or increase the Checking Account and
       credit or decrease the E-Check Control Account for the total amount of the e-
       checks credited on the bank statement. The Balance remaining in the E-Check
       Control Account should be e-check receipts posted that have not cleared the bank.




D:\Docstoc\Working\pdf\cc795c47-a83a-4d39-b610-e7fbb44b025a.doc