21.1.6 Reconcile Credit/Debit Card Transactions
Policy Statement
Merchant Card Services posts transaction totals to Banner each day. Each business day units must reconcile their internal sales records with the amounts posted to Banner. Clearing funds can be used only when approved as an exception by University Accounting and Financial Reporting (UAFR).
Units must also perform a monthly reconciliation to ensure that the credit card sales log matches the amounts posted to the Banner General Ledger.
Procedure
To reconcile credit/debit card transactions:
Reconcile Daily
- Follow the reconciliation steps contained in the Financial Reporting training guide.
- If there is a discrepancy, contact Merchant Card Services as soon as possible at merchantcardhelp@uillinois.edu.
Reconcile Monthly
- Each month reconcile all accounts to be sure all revenue has been posted properly in Banner.
- If your unit has been approved by UAFR to use a clearing fund to record the initial sale, prepare journal vouchers to further distribute the revenue internally. Ensure that the clearing fund reconciles to zero balance at the end of each month.
Merchant Card Training Resources for Payment Card Transactions and Reconciliation job aids and webinars.
Retrieving General Ledger Reports (GL 102)
Last Updated: April 4, 2014 | Approved: Senior Associate Vice President for Business and Finance | Effective: November 2008