Credit Card Reconciliation Made Simple

(if that is possible)

Presented by: B.C. Worsley Banking Coordinator 924-4362, [email protected]

Objectives

• A “GL Only Activity Report” that makes sense; • Alternative process to tick and tie; • Determine the real figure to reconcile to.

Start with.....

• Understanding : Reconcile the statement from NOVA against the amount the department entered against the amount that was deposited in the bank • Next , print out a copy of the most recent merchant credit card statements from Nova using MerchantConnect.com

• Then , run the following reports for each credit card clearing project: (most folks will have 3) Discoverer – GL Only Project Activity Detail – Central Office Version Now hold on there, varmit! You a lost me in that there Central Office....

OK. Then lets do it...

Run the Discover – GL Only Project Activity Detail Check “No” to run the Central Office Version

Select the Central Office Version

Run the report from 01-Jul-2001 through the end of the month you are reconciling. Print only the month that you need. Look for the page numbers in the Print Preview view.

GL_Only Project Activity Detail

Report

START WITH THE RIGHT PROJECT TOTAL

• Run from 01-Jul-2001 to present to determine “Project-to-Date” balance.

• Run one month only just shows one month’s Project Totals

GET THE ENTRIES IN “DATE” ORDER, NOT “DOC” ORDER

• • SELECT • DELECT ADD “Tools” “A$Doc_Sequence_Value” “Post date”

Look at the Posted Date They are all over the place because they are in “Document # Order”

Correct by deleting Doc Sequence Value…….

And “ADD” ….Posted Date

There, now it’s straight!

Now the Document numbers are all over the place but the line items are in posted date order.

Now, let’s look at the bottom line Project to date is $6,193.00

The month to date report shows a very different Project Total So, don’t be fooled if you can balance the month to date report, it will cause you later on.

Now you have all of the Tools

What sheet?

What statement?

Which GL Report?

Match the batch numbers and amounts from the statement from NOVA against the GL report on the settlement sheet

This GL Report Run from: 01-Jul-2001 Thru 28-Feb-2007 Printed from the end of the last month till the end of this month

This is the figure that you balance to after you have ticked off all of the entries.

This is how you Use the Settlement Sheet Batch info from the statement Posting info from the GL report Balance to the Project Total On the GL Only Report

Settlement Log The department did not record the $2,300 item I in Batch #377 it is truly unposted and should be researched .

Attach your GL report and the “on line” report/statement from merchantconnect.com, AmExp or Discovernetwork These amounts will carry over to next month as “Timing Differences”

This is the reconciliation part! Take the GL Only Project total and make adjustment for timing differences to arrive at $0.00. If you don’t, then there are either unposted entries or some other error (transpositions or omissions) that need to be made to bring the Adjusted Total to $0.00.

Clearing Project total Unposted (add dept entries subtract Central Office entries)

Timing Difference Timing Difference Adjusted Total

+ or + or -

-750.00

2,300.00

Should be Minus (-)

-300.00

-1,250.00

-.00

Unposted from the Bank What do you do with the 2,300.00 unposted item from the Department??? The Adjusted Total = $0.00 but is the Project in balance?

What amount would the Adjusted Total be if we had started with a Positive $750.00??

If you feel you have all the pieces to the puzzle then you are done. At least until next month when you start the process all over again However, if you are a little lost please continue for some helpful hints.

What If I Find an Error on the Account?

Couldn’t be me!

•

Batch not posted to the Clearing Project by the department

overlooked, then make the Oracle entry to record the income.

– Review the information with the individual who is responsible for entering the data into Oracle. If the batch was •

Bank/Central Office entry does not match the department entry

– Call NOVA C/S terminal support first at 1-800-725-1243, opt 4 and ask why there is a discrepancy with the batch. Be prepared to provide the batch # and details of each transaction. Have your Merchant Account number ready. For WEB , merchants, call ViaKlix at 1-800-377-3962 and select the option “Internet, Wireless or PC product”, option 2. You will need your “Klix” number “4xxxxx”, batch # and total batch amount. It may also be helpful if you were looking at the batch in ViaKlix, Settled transactions” so that you can scroll through the amounts if necessary.

• •

Where did that amount come from?

- Are there adjustments on the credit card statements that are for the same amount, a chargeback or equipment charge?

Someone at Central Office has made an “Adjustment” or Reverse” that you do not understand

(ID IC6Z or JLM3F) - Call BC Worsley at 924-4362.

If you Need Help?

Barbara A. Worsley (BC) [email protected]

(434) 924-4362 Nova C/S Nova Voice Auth ViaKlix/Web C/S Imelda Carter [email protected]

(434)924-4202 1-800-725-1243 1-866-273-0057 1-800-377-3962 Discover C/S Discover Voice Auth 1-800-347-2000 1-800-347-1111 Judy McDaniel [email protected]

(434) 924-4210 AmEx C/S AmExp Voice Auth 1-800-374-2639 1-800-528-2121