Reconciliation

The aggregated totals of payment card transactions processed by each payment card acquirer are automatically posted to the Banner general ledger each day. Each merchant's ID associated terminal ID posts transactions to a single Banner CFOAPAL. Units that use iPay also have their aggregate transaction totals posted to the Banner GL on a daily basis.

Each unit is responsible for reconciling its internal sales records to the amounts posted in Banner. Because one Merchant ID is used for the centralized online payment system but multiple CFOAPALs may be used in one transaction, the posting rules differ slightly from what is described above. A unit can use as many CFOAPALs as needed per payment for its processing requirements.

Visa or MasterCard transactions are combined together when posting to a CFOAPAL. American Express and Discover activity is posted separately. Not all CFOAPALs can be used to record payment card revenue. All CFOAPALs must be verified by University Accounting and Financial Reporting before being used.

For information on how to view and reconcile reports of payment card transactions, see our Training Resources' page section on Banner Recordkeeping for Payment Card Transactions.