How Do I Record Credit Card Settlements?

Although credit/debit card transactions must be recorded in myUFL (see myUFL Toolkit), physical delivery to Treasury Management’s Cashiers area is not required for the deposit’s paperwork.

Some Important Points to Remember About Credit Card Deposits

  • Credit/debit card transactions must be settled daily before 9pm. This process is also called ‘batching out,’ and results in the funding of the UF bank account.
  • The deposit must be recorded in myUFL by the following day regardless of amount. Treasury Management will process your deposit daily.
  • Visa, Master Card, and Discover payments must be combined into one amount for each terminal.
  • American Express deposits must be made separately from Visa & Master Card payments (still one deposit for each terminal that processes an AmEx card).
  • Deposit Transmittal forms are not required to be sent to Treasury Management to complete the deposit.
  • Keep a copy of the Deposit Transmittal as well as a copy of the settlement tape on file.

When Entering the PeopleSoft Deposit ‘Payment ID’

Use your three-digit location code followed by:

  • VI – for Visa/MasterCard/Discover
  • AX – for American Express settlements

Example:

Merchant Name Location Code
UF CAREER RESOURCE 018
Payment ID on PeopleSoft deposits
For VI/MC/DI settlements: 018VI
For Amex settlements: 018AX

Additional Information

Treasury Management will budget check your deposit and notify you if there is a problem. Please contact Payment Card Operations at 392-9057 or Treasury-CreditCards@ad.ufl.edu if you have any issues with either your credit card machine or your deposit.

Consult the Cash, Collections, Receivables and Investments section of the Directives & Procedures for additional information.