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 daily settlement must be recorded in myUFL by means of a departmental deposit by the following day – regardless of the amount. Treasury Management is budget checking deposits daily.
- Visa, MasterCard, and Discover settlements must be combined into one PeopleSoft deposit amount per terminal.
- American Express deposits must be made separately from Visa & Master Card settlements (still one deposit for each terminal that processes an AmEx card).
- 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
|Merchant Name||Location Code|
|UF CAREER RESOURCE||018|
|Payment ID on PeopleSoft deposits|
|For VI/MC/DI settlements:||018VI|
|For Amex settlements:||018AX|
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.