Documenting and Depositing Sales

Payment Cards

Documenting, verifying and validating sales

Departments that have been approved by Office of External Sales can accept payment cards for the sale of goods and services.

The individual merchant(s) (departments that are accepting the revenue) should verify and validate payment card sales on a daily basis prior to 6:00 PM by following these steps:

1. Obtain transaction reports by creating batch reports on the terminal or in their software.

2. Balance transaction reports to payment card receipts. See the HyperCom terminal and or the vendor software operating manual for information on how to do this.

3. Important Close out terminal or software. Refer to the terminal and or software operating manual to find out how to "close out" the terminal. The department will not receive its revenue if this step is not completed.

   NOTE: All payment card sales should be presented for payment within twenty-four hours of the sale. If not, they will be charged at a higher rate (the next rate level up). For more information refer to the University fee schedule.

4. Balance sales activity to the cash register. This is crucial if you have a cash register and there are internal procedures on balancing daily receipts. Basically, this is matching the receipts with the revenue received. This is how you prove your revenue.
5. Retain transaction reports, terminal receipts or payment card slips. Keep the copies for a minimum of 24 months. Safeguard the copies according the PCIDSS standards. For more information consult the Merchant Services Guide.
6. Post payment card sales to the department sales journal or log for internal management (optional). This step will help you to be sure that all terminal closings are complete.

Crediting Accounts Receivable and Departmental Accounts

Accounts Receivable

When applicable, credit Accounts Receivable accounts.

The crediting procedure varies by department.

See also the Administrative Policies: Managing Billings and Receivables Using the Enterprise Financial System (EFS) and Managing Nonsponsored Billings and Receivables Using Approved Departmental Systems.

Department Accounts

Funds are credited to the departments account. If applicable, redistribute funds to proper revenue source using a Journal Entry.

Monitoring EFS Reports for Accuracy

If there are any disputed transactions, the bankcard processor will send the department a fax outlining the disputed transaction(s). The department has 12 days to respond to the bankcard processor who will then explain options/instructions.

Review of Month-end Statements to Verify Accuracy

Review fees to make sure they are accurate. You can do this by viewing the monthly fee statement sent to your department. It is strongly suggested to sign up to view the statement online to save time and energy. To get online access go to Wells Fargo.

Cash or Check

The procedure for this using the Enterprise Financial System (EFS) is currently being developed. For more information, contact Stacy Hebdon at: 612-624-5858 or s-hebd@umn.edu.

Electronic Funds Transfer

The procedure for this using the Enterprise Financial System (EFS) is currently being developed. For more information, contact Stacy Hebdon at: 612-624-5858 or s-hebd@umn.edu.