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Recording Credit Card Settlements in myUFL

Directive Statement

Credit and debit cards must be settled daily before 9:00 pm and the daily settlement must be recorded in myUFL by means of a departmental deposit by the following day, regardless of the amount.

Reason for Directive

To ensure the timely entry of deposit transactions into myUFL.

Who Must Comply?

All University departments.

Procedures

  1. Only employees with the security role UF_AR_CASHIER can record deposits in myUFL
  2. To obtain this role, employees must take:
    • PST021 – Making Deposits in myUFL
    • TRM200 – Explaining UF Cash/Check Controls and
    • PST956 – Online Journal Entry 9.1

Please note, TRM200 – Explaining UF Cash/Check Controls is recommended for all employees involved in the deposit process, even if they are not entering deposits in the myUFL system. 

Credit Card Deposits

Credit or debit card transactions must be recorded in myUFL, but physical delivery to the University cashier is not required for the deposit’s paperwork.

  1. Credit or debit cards must be settled daily before 9:00 pm (called “batching out”), which results in the funding of the UF bank account
  2. The daily settlement must be recorded in myUFL by means of a departmental deposit the following day – regardless of the amount
  3. VISA, MasterCard, and Discover settlements must be combined into one myUFL deposit amount per terminal
  4. American Express deposits must be made separately from VISA, MasterCard and Discover settlements (still one deposit for each terminal that processes an American Express transaction)
  5. Keep a copy of the Deposit Transmittal as well as a copy of the settlement tape on file
  6. Follow the steps in the UF HR Toolkit – Deposits to enter the deposit into myUFL
  7. Treasury Management will budget check deposits daily

“Payment ID” for Credit Card Deposits

The Payment ID will be the three-digit location code followed by:

  • VI for VISA/MasterCard/Discover settlements
  • 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

Last Reviewed

05/01/2020: reviewed content

Resources

Accepting Credit Card Payments via eCommerce (Internet)

Accepting Credit Card Payments via Swiping Machines

Refunds to Credit Card Transactions

Toolkits

UF HR Toolkit – Deposits

UF HR Toolkit – Deposit Transmittal

Contacts

Treasury Management: (352) 392-9057

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