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Accepting Credit Cards: How the Accounting Process Works
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Summary: If your department accepts credit cards for goods or services, read about the accounting process. |
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How it works |
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Account setup |
General Accounting will set up a general ledger-clearing account to record the payments you receive by credit card.
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Funds receipt |
After the credit card activity is transmitted to Chase Merchant Services, UCSD will receive the funds in its main depository account.
- For Visa or MasterCard, this takes about two days after transmittal.
- For Discover and American Express, this takes about three to four days after transmittal.
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Funds posting |
General Accounting posts the funds and any associated fees to your department's clearing account.
- At this time, any fees for Visa, MasterCard, or American Express are automatically removed from the clearing account and posted to your department's fees expense account.
- You need to post any Discover fees yourself.
- Once a month, Chase charges UCSD for equipment rental and other specialized fees. General Accounting automatically charges these fees to your fee expense account
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Process review |
Shortly after your first set of transactions have occurred, General Accounting will contact you to review any questions you might have regarding the credit card process. At this time, you will need to provide written documentation on the implementation of the various hardware and software security requirements.
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Account reconciliation |
It is your responsibility under University Cash Management guidelines (BUS-49) to reconcile your clearing account.
- Reconcile your account on a monthly basis.
- Send a copy of your reconciliation for each fiscal quarter to General Accounting, Mail Code 0953.
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Questions? Contact Armando Carlsson, (858) 822-0247.
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