All payment card activity at James Madison University must be approved by the Assistant Vice President for Finance prior to implementation.
Procedures for payment card activity for Local/Agency Fund accounts are included in Section 3045, "Local/Agency Funds".
This form is required to transmit deposit information and payment card refund information for Treasurer of Virginia revenue items for input to the Financial Information System.
The payment card version of the Deposit Transmittal Form is only available from the University Business Office and is not available online .
The original payment card version of the Deposit Transmittal Form is sent to the Financial Reporting Office at MSC 5715. The department must keep a copy for departmental files.
When depositing payment card transactions, the form must be delivered to Financial Reporting on the deposit day.
Following are instructions for preparation of the FIS Deposit Transmittal Form. Enter information in the following categories ONLY.
DC #: Enter the Deposit Certificate number on the Deposit Transmittal Form using a sequence of numbers provided by the University Business Office.
Prepared By: Name of the person completing the form, initial beside typed name.
Dep. Date: Enter the date the deposit is being made.
Date: Enter the date the form is prepared.
Phone/E-Mail: Phone number and/or e-mail address of the preparer.
Bank Code: Enter TV for Treasurer of Virginia deposits. (Consult Financial Procedures Manual section 3045.300, "Local/Agency Funds" for deposits to Deptid#s starting with an 8.)
MSC: Enter the MSC of the preparer.
Bank Acct.: Enter CH03 for Treasurer of Virginia payment card deposits. All payment card deposits, and ONLY payment card deposits, are CH03.
Amount: Enter and verify the total amount of the deposit, if completed electronically this total is automatically calculated.
Line Count: This field will automatically populate.
Explanation: Indicate any additional facts related to the origin and/or the nature of the deposit. The batch settlement confirmation number may be listed here.
Payment Cards: Only option available on the payment card version of the Deposit Transmittal Form.
Discover/MasterCard/Visa: Select if the deposit is for Discover/MasterCard/Visa transactions. The deposit will arrive from FNBO (First National Bank of Omaha).
American Express: Select if the deposit is for American Express. The deposit will arrive from American Express.
Dept. ID #: Enter the six-digit department identification number. Refer to Section 2010, "Department Numbers" Numerical Listing.
Account #: Enter the six-digit revenue source code. Refer to Section 2020, "Revenue Account Codes and Definitions".
Description of Deposit: Indicate the origin and/or nature of the deposit.
Amount: Summarize the receipts by revenue account codes and Deptid#s and enter the amount for each code. For unidentified items, list each amount collected separately. Payment Card amounts must be recorded, by day, on a separate Deposit Transmittal form. These amounts should not be included with cash and check receipts.
D/C: Enter a "C" if the deposit is a credit to Dept. ID # ; enter a "D" if the deposit is a Debit to the Dept. ID.
Total: Enter and verify the total amount of the deposit, if completed electronically this total is automatically calculated.
Notes for payment card deposit preparation:
> Payment card terminal sales are always batched once a day at the end of the day for every payment card machine within an authorized departmental location.
> All refunds must be made by payment card only – no refund checks. If the deposit you are making has refunds included in the total, list the sales on the deposit transmittal as a "C" credit and the refunds as a "D" debit to get a "net" total.
> The department MUST utilize www.merchantsummary.com and www.americanexpress.com (if American Express is accepted) everyday to retrieve actual Deposit Dates and Deposit Totals. All departments have been given access to these sites for their respective merchant numbers. Step by step procedures or access to these sites can be obtained by contacting the E-Commerce Coordinator in the University Business Office at x84674. By using these sites correctly, James Madison University ensures it is in compliance with the Commonwealth of Virginia’s CAPPS manual which states:
|"There MUST BE A ONE-TO-ONE MATCH between the deposit entry that posts to the Treasurer's bank account [a deposit from FNBO or American Express] and the deposit total reported in CARS [as prepared by the department on the Deposit Transmittal Form]. The AMOUNTS MUST BE THE SAME regardless of the method of input to CARS. DEPOSITS MUST BE SEGREGATED BY TYPE so that different types of deposit activity are not commingled on a deposit form (i.e., cash deposits should be separated from credit card receipts)."|
Treasurer of Virginia Deposit Certificate numbers are obtained through the University Business Office. The department should maintain an Excel spreadsheet of these numbers to keep track of the DC # used, deposit date, amount, and card type deposit. The department must only use the numbers within their sequence and restart the sequence each July 1. If a department runs out of numbers within their designated sequence within the Fiscal Year, contact the University Business Office for another set of numbers—do not go past your designated numbers!
A written reconciliation is required comparing revenue deposited to University monthly FIS reports. Auxiliary Enterprises accounts (Nos. 3xxxxx) are reconciled by comparing the department's internal records to University monthly FIS reports. Educational and General Accounts (Nos. 1xxxxx) are reconciled by comparing revenue transaction documents to University monthly FIS reports.
NOTE: Payment card chargebacks (when the bank retrieves funds from the university's local bank account due to a customer disputed payment card charge) must be reimbursed by the department immediately regardless of resolution issues. The University Business Office will prepare a deposit transmittal form to record the debit transaction to the local bank account. An accounting voucher will be prepared charging the department that the chargeback belongs to and forwarded to the department for coding completion and authorizing signature. The department must then forward these forms to Accounts Payable to MSC 5712 for payment processing.
Departments processing payment card activity on–site are responsible for reconciling their FIS Monthly detail reports as described in Financial Procedures Manual Section 3035. The individual responsible for preparing the deposit should NOT be assigned this responsibility.
If differences other than timing differences are encountered, contact the University Business Office to determine the proper adjustment. For transaction research assistance, contact e–firstname.lastname@example.org.