Processing Credit Card Journals

Beginning September 1, 2010, General Accounting will record the actual credit card commissions and fees for all departments on a monthly basis. Therefore, departments will no longer include estimated credit card commissions and fees on their journals.

The new procedure will simplify the creation of credit card journals for departments, since they only need to record the gross revenue for credit card sales.

The new procedure will also eliminate the time required for Bank Reconciliation to reconcile and adjust estimated credit card charges booked by departments to actual charges on the bank statement.

Bank Reconciliation sent an email to all department contacts for credit cards to obtain a cost center for General Accounting to use in booking the monthly credit card commissions and fees.

Instructions for credit card journals and a list of credit card merchants are located on the Bank Reconciliation website.

If you have any questions, please contact Gretta McClain, Manager of General Accounting, at 713-743-8729 or grmcclai@central.uh.edu