Accounting Information

Reviewing Monthly Statements

Each month, the Merchant Department will be sent a statement for the previous month’s activity.

 

This will include breakdowns for daily activity, credit card interchange rates, authorization rates, and equipment/services charges.  It is the Merchant's responsibility to review monthly statements for accuracy.  If a charge is incorrect, the merchant must contact FSO-Bursar Campus Banking and Merchant Services within 60 days of statement date in order for Bank of America to correct the charges.

 

See a Sample Statement for an explanation of how to read your monthly statement.

 

Reconciling FRS to Account Activity

Point of Sale (POS) machines, Dial Pay Merchants, and eCommerce systems will be settled daily. Funds are received electronically and deposited directly into the University MasterCard/Visa account on behalf of the department. All revenue (credit) and refund (debit) transactions will be auto-booked to the departmental FRS account based on the merchant number. In order to transfer funds to another FRS account, the department completes an Excel Spreadsheet referred to in the Autoposting Distribution Procedures. Departments should reconcile their FRS accounts monthly to verify that receipts, refunds and transfers have been posted correctly. Please be aware of the timing of deposits. FRS deposits occur generally at least 48-60 hours from transaction date.

 

Chargebacks

From time to time a customer may dispute a credit card payment they have made with The University of Arizona. This dispute is called a chargeback. The department is notified by FSO-Cash Accounting office by fax or email when a chargeback has been received. You may also view chargeback information through the Bank of America subscribed online service. For those merchants using American Express, you will receive an email to review the chargeback online.

 

Merchants must respond directly to the acquiring bank within the "respond by" date provided in the chargeback notification. Merchants must provide the requested information or appropriate documentation to demonstrate the legitimacy and appropriate processing of the original transaction. The acquiring bank has sole authority to determine if the chargeback will be reviewed and the cash receipts returned to the merchant.

 

Upon receipt of a chargeback reversal notification and entry, FSO-Cash Accounting will perform appropriate accounting entries to reflect the chargeback reversal.