Credit Card Reconciliation – User Support & Training Finance Business Solutions
Credit Card Reconciliation Finance Systems Training Finance Business Solutions – User Support & Training Agenda • • • • • • • • • • What is Credit Card? Process flow Add to favorites Identify cards that needing reconciliation Customise your screen layout Reconcile a statement Reconcile personal expenditure Disputed Transactions Statements & Attachments Reports NS Financials Overview Asset Management Expenses Credit Card eProcureme nt Accounts Payable Purchasing Billing General Ledger Accounts Receivable What is Credit Card? • Credit Cards are issued to employees to pay for Travel and University expenses. • Eliminates the need for employees to claim reimbursable expenses. • Assets should not be purchased with the Credit Card. • Cards are to be reconciled monthly or they could be cancelled. • No Receipt – Choose GST code NIAO. Responsibilities UNSW Credit Card Procedure http://www.fin.unsw.edu.au/files/CreditCard/Credit_Card_Procedures.pdf UNSW Finance Website – Credit Card Services https://www.fin.unsw.edu.au/OurServices/FinancialOperations_CreditCard.ht ml • Cardholder • Reconciler • Manager/Approver Cardholder Responsibilities - UNSW Business Purposes / NOT personal expenses Personal Expenses must be reimbursed - Reconciled monthly – Must notify Reconciler/Card Administrator of extended absences - Provide Reconciler with – Chartfields, Invoices/Receipts and Supporting Documents - No Tax Invoices or Receipts – Transaction Declaration form required. - Identify disputed transactions promptly and action immediately - Cardholder and their manager to sign statements. Reconciler Responsibilities - Reconcile no later than 14 days after the end of the statement period. - Notify Card Administrator if rec cannot be completed within timeframe. - Ensure disputes are raised immediately. Staff should also notify Cardhelp if they have flagged an item as in dispute. - Print Statements only after receiving notification at the end of each statement period AND only after each transaction has been reconciled. - Attach Receipts/Tax Invoices/Supporting Documents to the statement. - Before sending on to Accounts Payable - Cardholder & the Cardholders Manager must sign. Manager / Approver Responsibilities - Confirm all transactions are for UNSW business purposes and have an attached Tax Invoice or Receipt and supporting documentation where appropriate - Ensure reconciliations are correct – Comments, Chartfields, Tax Codes - If approving transactions without supporting Tax Invoices or Receipts, ensure they have signed the Cardholders signed Transaction Declaration form and Tax Code changed to NIAO for these transactions - Sign all statements after confirming transactions & reconciliations - If absent for UNSW for extended periods, delegate authority and notify Accounts Payable – [email protected] Process Flow Cardholder makes purchase. Bank sends daily file to UNSW and direct debits UNSW’s bank account monthly. Card Administrator loads file daily. Yennie Fadjar Ext. 53885 Reconciler YOU Reconciles transactions daily, weekly or monthly. Prints Statement monthly when email received. Arranges for Cardholder and their Manager to sign the Statement. Scans receipts & signed statement and add as Credit Card Attachment in NS Financials Compliance Officer performs audit of Statements. Compliance Officer records Statement as received in NSF (returns Statement if receipts missing etc). Workflow e-mails Statements: 1. When to Print Statement 2. Compliance Officer - Overdue Statement & Documentation Reconciliation Reminders: 1. Transactions overdue - 21 day reminder email Budget Checking Errors: 1. Budget Checking Errors The Credit Card Menu Searching for statements Searching for statements Customise your screen layout Customise your screen layout Customise your screen layout Customise your screen layout Customise your screen layout Customise your screen layout Each purchase must have: 1. A Business Purpose 2. An Expense Type 3. Comments 4. Chartfield Combination /Accounting Distribution 5. Approval Reconciliation steps 1 1. A Business Purpose 2. An Expense Type 3. Comments 4. Chartfield Combination /Accounting Distribution 5. Approval 2 3 4 5 Comments 1. Modem 2. Shaleen Batra 3. Replace existing faulty modem Comments are mandatory – they will appear in the reports // Exercise 1: Single Line Go to Reconcile Statement Select any transaction line and reconcile the item: Business Purpose Expense Type Comments Chartfield Distribution incl. GL Account Code Status Chartfield Combinations Use the defaults or one of the following FUND: OP001 DEPT: CEIC PROJ: N/A OR FUND: OP001 DEPT: PHYS PROJ: N/A Split Chartfields / Accounting Distribution Account Distribution Icon Exercise 2: Multiple Chartfields Use the existing transaction line Select the distribution icon: Select the Distribution Icon Update the Amount or Percent field Select to add a new Distribution line Update the Chartfield Distribution on the second line Status Chartfield Combinations Use the defaults or one of the following FUND: OP001 DEPT: CEIC PROJ: N/A OR FUND: OP001 DEPT: PHYS PROJ: N/A Mixed Supply GST Invoice? Ensure the GST code in system matches to Tax Invoice Does the tax calculated by the system agree to GST on Tax invoice? GST 1/11th of Total invoice/sale price Look out for items marked with symbols Invoices may also show GST calculations Mixed Supplies – need to enter Taxable items and GST free items on separate lines with GST code (Telstra bills, Cabcharge, Hotels, Travel, basic food, etc) Calculate the pre GST amounts for taxable totals prior to reconciliation When Does GST Apply? When is it applicable? Taxable supply for consideration in course of furtherance of carrying on enterprise connected with Australia registered or required to be registered not GST free or input taxed Taxable sales price includes GST pay GST on sales claim GST on purchases 1/11th of Total invoice/sale price When is it not applicable GST free sales Basic food - meat, milk, bread, fruit and vegetables Most education, child care, health Most exports – goods within 60 days Can claim a input tax credit on purchases Input Taxed sales Residential property Financial transactions Cannot claim GST credit Exercise 3: Group Invoice Task In groups of 2 or 3 review each of the 9 invoices Indicate which of these is for: Taxable items only Tax Free items only both Taxable and Tax Free items – that is have a mixed GST treatment and would require splitting lines Taxable Invoices: GST = 1/11th of the Total Tax Free Invoices: GST = $0.00 Mixed Treatment Invoices: GST NOT = 1/11th of the Total Important: Invoice & Systems Tax Match Taxable Invoices: GST = 1/11th of the Total Tax Free Invoices: GST = $0.00 Invoice 1 – Officeworks Invoice 2 – Redcoal Invoice 4 – Optus * Invoice 6 – Apple Store Invoice 7 – Cabcharge * Invoice 8 – Integrated DNA Technologies Invoice 3 – Boris FX Invoice 9 – Voyager * You may wish to consider the use of BULK Purchase orders for these suppliers. - prior payments received - previous unsettled charges - tax free items Mixed Treatment Invoices: GST NOT = 1/11th of the Total Refer to Finance Knowledge Base under Purchasing for guidance – The systems will automatically apply a GST FREE default to FX transactions. Invoice 5 – Coles Randwick Taxable Items – GST – Tax Free Items – Total - $ 7.21 .72 33.67 $ 41.60 Tax Invoice Examples Splitting Lines Note: When you split a line it is split, you cannot unsplit it. If you make a mistake you will need to be creative. STA Tax Invoice Example Is the GST Amount 1/11th of the Invoice Total? This invoice includes both taxable and tax free items NS Financials – Credit Card Reconciliation • Merchant Fee is taxable - $19.83 + $1.98 GST • Remaining charges - $1,453.79 Tax Free Business Purpose : Travel International & Expense Type : Airfare International - Defaults VAT code to FRAO (tax free) NS Financials – Credit Card Reconciliation • Merchant Fee is taxable - $19.83 + $1.98 GST • Remaining charges - $1,453.79 Tax Free NS Financials – Credit Card Reconciliation • Merchant Fee is taxable - $19.83 + $1.98 GST • Remaining charges - $1,453.79 Tax Free NS Financials – Credit Card Reconciliation Business Purpose : Expense Type : • Merchant Fee is taxable - $19.83 + $1.98 GST • Remaining charges - $1,453.79 Tax Free Travel International Other GST, or Transact Fee GST-Intl Airfare - Defaults VAT code to AO (taxable) Exercise 4: Mixed GST – Split Line Select an AUD transaction line Reconcile the transaction: Select a Business Purpose & Expense Type Enter comments for the transaction item Select the Distribution Icon & complete the Chartfields Ensure only the line you want to spilt is selected (ticked) Select Split Line Enter description (e.g. Tax Free Item) & Update the Amount Select to add a the second line Enter description (e.g. Taxable Item) & Confirm the Amount Select OK to confirm the split Note: once you do this you cannot reverse the split. Update the VAT for the Tax Free line to FRAO Update Status & Save Disputed Transactions Raise disputes promptly and advise the Card Administrator – [email protected] Disputed Transactions Business Purpose Other Expenses Expense Type Other GST/ No GST Account 6486 Disputed Transactions Exercise 5: Dispute a Transaction Select any transaction line Reconcile the transaction: Select Business Purpose Other & Expense Type Other GST / No GST Enter comments for the transaction item Select the Distribution Icon & complete the Chartfields Note the GL Account Code should be updated to 6486 Update Status & Save Select the Disputed Transactions tab Enter the Amount in Dispute Enter the Description “In Dispute” You would also usually email the Card Administrator to advise a dispute has been raised – [email protected] You should include the Cardholder Name & ID, Merchant, Amount Disputed Personal Spend Default GL Account – IMPORTANT: DO NOT CHANGE ACCOUNT: 7573 No Receipts - Transaction Declaration Form IMPORTANT: CHANGE VAT CODE TO NIA Exercise 6 & 7: No Invoice & Personal Spend Select any transaction lines Reconcile a transaction for an item without an invoice/receipt: Select a Business Purpose & Expense Type Enter comments for the transaction item Select the Distribution Icon & complete the Chartfields Select the No Invoice tick box Update the VAT for the line to NIAO Update Status & Save Reconcile a transaction for a Personal Expense: Select Business Purpose Private Expend & Expense Type Private Expend Enter comments – 1. Personal Expense, 2. Name, 3. To be reimbursed to UNSW Select the Distribution Icon & complete the Chartfields Note - Do not change the GL Account: 7573 Update Status & Save Print Statement Print Statement Print Statement Statement Signature Requirements Line Manager signature on the statement is mandatory and this responsibility cannot be delegated. Cards that fail this audit are in danger of being cancelled. Adding Scanned Attachments Print your statement and have the cardholder and their manager sign it (this is an ATO requirement). Once you have scanned your signed statement and receipts for the period (click here for tips on scanning) you should attach them electronically to your statement in NS Financials. You can scan them into one file or several files, it is up to you. Adding Scanned Attachments Go to the Credit Card Attachment menu and search for the cardholder and statement period that you are loading the attachments for. Adding Scanned Attachments Use the Add Attachment button to add attachments to the statement. If you have multiple attachments you can keep pressing the Add Attachment button until you have loaded all your documentation. Adding Scanned Attachments When you have loaded your attachments press the Save button. It is NOT necessary to send your hard copy documentation to Accounts Payable. Reports Standard Reports Print Statement Statements should be printed within 21 days of the online statement date. Only when e-mail is received with permission to print. Credit Card Transactions Purchase Summary by Vendor Expected Credits Support & Guidance • Finance Website – Accounts Payable - Credit Cards http://www.fin.unsw.edu.au/OurServices/FinancialOperations_CreditCard.ht ml • Credit Card Services Yennie Fadjar, Card Administrator Ext. 53885, Email [email protected] • UNSW Credit Card Procedure http://www.fin.unsw.edu.au/files/CreditCard/Credit_Card_Procedures.pdf • Online Training Tool http://www.fin.unsw.edu.au/NSF_KnowledgeBase/OnlineTrainingTool.html • Quick Reference Guides http://www.fin.unsw.edu.au/NSF_KnowledgeBase/QRG.html User Support & Training Questions? • Finance Website – Training https://www.fin.unsw.edu.au/NSF_KnowledgeBase/FKB_Training.html • Training Enquiries Rohin Whitford, Finance Trainer Ext. 53550, Email [email protected]
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