Paymentech Credit Card Receipt Entries

Credit card transactions are captured through:

• Credit card machines
• Cash registers
• Over the telephone
• Through the Internet

The information captured is sent to the Paymentech processor, which settles daily in the following ways:

• The Visa and MasterCard transactions are settled on a daily basis
• Discover Card transactions are forwarded to Discover Card
• American Express transactions are forwarded to American Express

When the card providers settle with Paymentech the receipts are credited (deposited) to the University's bank account.

• Visa/MasterCard deposits are recorded the next day.
• Discover Card and American Express are recorded in two to four days.
• The Visa/MasterCard and Discover Card providers settle for the gross amount and charge a merchant fee at the end of the month.
• American Express settles for the net amount of the daily receipt, which is the gross amount less the merchant fees.

The journal entries created by Treasury Services are based on the settlement at the end of each day. There are four separate entries booked based on the three different card types.

• Visa/MasterCard and Discover Card merchant numbers have one amount per card type credited to the associated speedtype each day for the total receipts.
• The Visa/MasterCard and Discover Card entries are booked for the gross amount of the total receipts
• The American Express entries are booked in two separate journal entries one for the net amount of the total receipt and an adjustment entry for the merchant fees, which also credits the clearing account.
• The entries have the card type indicated in the description, reference the merchant numbers and are dated according to the date of the transactions.

The entries generated by the department to record the specific revenue accounts with the offset to the clearing account can be booked either by daily detail transactions or in summary by daily total receipts.

It is suggested that the department entries be broken down by card type, but this is not required.

If the department needs to have the detail transactions that relate to the summary entries booked by Treasury Services, that information is available on the Paymentech system that each department should have access to. If you do not have this access or do not know how to use this access please contact Treasury Services, Mac Hafen, D-166 ASB, telephone 422-7801, e-mail mac_hafen@byu.edu

The Receivable Clearing accounts that are credited by Treasury Services and debited (charged) by the department according to card type are:

• 1825 Visa/MasterCard
• 1826 Discover Card
• 1827 American Express

If there is any information that a department needs, training on how to use Paymentech's resource online, or help with making the department journal entry please communicate with us.

Mac Hafen	Marion Golding
D-166 ASB, Brigham Young University	D-148 ASB, Brigham Young University
Provo, UT 84602-1128	Provo, UT 84602-1128
801-422-7801	801-422-4436
mac_hafen@byu.edu	marion_e_golding@byu.edu

Following is an example of how the journal entries are recorded from Treasury Services and how the department journal entries can be recorded.

Treasury Services Paymentech Credit Card Entries

Description	Speedtype	Acct	Class	Debit	Credit	Reference	Date
Example 1
Paymentech Merchant Revenue	49890305	1000	09170	500.00		Merchant #	06/01/2001
Paymentech Merchant Revenue	Dept	1825	00000		500.00	Merchant #	06/01/2001
Example 2
Discover Merchant Revenue	49890305	1000	09180	125.00		Merchant #	06/01/2001
Discover Merchant Revenue	Dept	1826	00000		125.00	Merchant #	06/01/2001
Example 3
Discover Merchant Revenue	49890305	1000	09180	125.00		Merchant #	06/01/2001
Discover Merchant Revenue	Dept	1826	00000		125.00	Merchant #	06/01/2001
Example 4
Amex Merchant Revenue	49890305	1000	09190	234.38		Merchant #	06/01/2001
Amex Merchant Revenue	Dept	1827	00000		234.38	Merchant #	06/01/2001

Department Summary Entry

Description	Speedtype	Acct	Class	Debit	Credit	Reference	Date
Visa/MasterCard Deposits	Dept	1825	00000	500.00			06/01/2001
Discover Card Deposits	Dept	1826	00000	125.00			06/01/2001
American Express Deposits	Dept	1827	00000	250.00			06/01/2001
Credit Card Receipts	Dept	Rev1	00000		700.00		06/01/2001
Credit Card Receipts	Dept	Rev2	00000		75.00		06/01/2001
Credit Card Receipts	Dept	Rev3	00000		100.00		06/01/2001

Department Detail Entry

Description	Speedtype	Acct	Class	Debit	Credit	Reference	Date
Visa/MasterCard Deposits	Dept	1825	00000	500.00			06/01/2001
Discover Card Deposits	Dept	1826	00000	125.00			06/01/2001
American Express Deposits	Dept	1827	00000	250.00			06/01/2001
Customer 1	Dept	Rev1	00000		200.00		06/01/2001
Customer 2	Dept	Rev1	00000		350.00		06/01/2001
Customer 3	Dept	Rev2	00000		100.00		06/01/2001
Customer 4	Dept	Rev3	00000		75.00		06/01/2001
Customer 5	Dept	Rev3	00000		150.00		06/01/2001