Reconciliation Procedures

Payment Card Reconciliation Procedures

Reconciliation of credit card sales is the responsibility of the Business Manager or the account owner where delegated.  Regular reconciliation insures deposits are accurate and timely.  We recommend weekly reconciliations, but at a minimum monthly.

We have provided you with an example of a monthly reconciliation to demonstrate how easy it is to create an excel spreadsheet, list daily sales, and reconcile to the general ledger.

A few items to remember:

  1. MasterCard/Visa/DiscoverCard sales are combined and funded as one deposit.  American Express is funded separately.
  2. Generally, MasterCard/Visa/DiscoverCard combines Friday, Saturday, and Sunday sales and funds them as one deposit.  In our example you can see that Friday, November 7th, Saturday, November 8th, and Sunday, November 9th were received on Wednesday, November 12th.  American Express may combine batches, although there is no consistent pattern.  Your spreadsheet will help you determine which days are combined and posted as one amount on the general ledger.
  3. MasterCard/Visa/DiscoverCard sales are generally funded within two (2) business days of the settlement date.  American Express sales are generally funded within three (3) days of the settlement date.
  4. Our example is for the month of November only.  There are timing differences where late October sales are received and posted in early November and late November sales are received and posted in early December.  Your spreadsheet will be an ongoing list of sales, making it easy to see timing differences.

Note:  Letters have been superimposed onto the spreadsheet of daily credit card activity and the Touchnet batch settlement report to show relationships between the two. Additionally, numbers have been superimposed on the daily credit card activity and the general ledger reports to show the relationships between the two.

Procedure:

  1. Create an Excel spreadsheet to input daily credit card activity.
  2. Column headings would be:   DATE    MC-VISA-DISC     AMEX         TOTAL.

 

  1. For each day list credit card sales by card type using TouchNet Batch Settlement report or application report or credit card terminal batch settlement report as source documents.

A TouchNet account is used in this example.

 

  1. Daily batch totals from the source document and daily spreadsheet totals should equal for each day.
  2. Depending on where you have requested credit card revenue to be posted, pull General Ledger reports for the reconciling period from Self-Service BannerGL-ez, or Asset & Liability reports.

 

  1. Compare General Ledger postings to spreadsheet to insure all sales have been received and posted to the General Ledger.
  1. If there is a discrepancy or you need assistance, please feel free to call the Merchant Card Coordinator.