BANK RELATED TOPICS

Credit Card Merchant Accounts:

Establishing a Credit Card Merchant Account for your department - All new merchant account requests, whether Internet or Point of Sale, must be submitted to Treasury Management - contact telephone numbers 732-445-2789 and 732-445-2788. Treasury Management will provide you with the proper forms and information to process your application. The following credit cards are currently available for merchant application:

• MasterCard
• Visa
• Discover/Novus
• American Express

Point of Sale (POS) Merchant Accounts - Generally refers to payments made with a credit card either in person, by written authorization or by phone. These transactions require daily batching and must be recorded on a Cash Transmittal (CT) form. The Cash Transmittal and a copy of the batch totals must be submitted to the Cashier's Office on a timely basis.

Internet Merchant Accounts and WOLP - (Web On-Line Payments) - A department may establish an internet merchant account to accept payments via the internet through a departmental website. Through the WOLP system, payments are automatically forwarded for credit to the University's bank account and all transactions will post to the General Ledger account designated by the department. The department will receive a daily report of their transactions. Prior to developing the website the department should contact Dina Laurence - Project Manager, Office of Information Technology (OIT) at 732-445-7392 or email: dlaurence@acs.rutgers.edu to discuss the website requirements. For departments that do not utilize the University's WOLP application, Cash Transmittals must be prepared and processed through the Cashier's Office.

Merchant Fees - A merchant fee (sometimes referred to as a "Discount Fee") is charged to the University for each credit card transaction. The University allocates or charges the fees back to the departments based on their percentage of total monthly credit card sales. For more detailed information contact Sieglinde O'Connor at 732-445-2099 or email: oconnors@rci.rutgers.edu .

Chargebacks - A credit card chargeback occurs when a cardholder or card issuer (Visa/Mastercard, Discover, or American Express) disputes a transaction charged to their account and the resolution process results in a favorable decision to the cardholder. The chargeback is the reversal of a prior sales transaction. There is a Notification and Retrieval Process which is time-sensitive and if the department chooses to dispute the chargeback it is critical to respond and provide appropriate documentation within the allowed timeframe. It is sometimes possible to avoid or dispute a chargeback - see process details below.

Credit Card Chargeback Notifications and Retrieval Process:

• Ticket Retrieval (request for copy of credit card transaction)
  The credit card holder is requesting documentation of the original transaction such as:

• A credit card sales slip with signature
• An invoice
• Proof of delivery of goods and services
• A copy of the cashed refund check (front & back)



• Chargeback Notification
  The issuing credit card company (i.e. - Mastercard, Visa) is advising that a chargeback is pending and a debit to our account may be avoided by providing proof that the charge is valid. (See above documentation)

• Chargeback
  A debit is issued to our bank account for a transaction disputed by the cardholder. The funds are then held in an account pending the outcome of the response furnished by the University department who initiated the transaction to either accept or challenge the chargeback.

• Challenge
  The department can challenge a chargeback within the designated timeframe by submitting a response to substantiate the charge along with the appropriate back-up documentation. Examples include:

  • Original sales slip with signature
  • Invoice (reason for payment)
  • Proof of delivery of goods/services
  • Non-refundable fees - A copy of the University Policy detailing the terms and obligation for the particular charge.
  • Indicate whether the item was an in-person, telephone or internet transaction
  • Copy of the cashed refund check (front & back)
  • Proof of refund issued to the credit card
  • Name and address match (Internet Transactions)
  
  

  The response should be as precise and detailed as possible. In addition to submitting to the documentation, return the first page of the chargeback advice and check the appropriate box at the bottom of the page.

• Accept the Chargeback
  If the chargeback is valid and the cardholder is entitled to the credit, indicate such in your response, include the first page of the merchant advice and check the box authorizing the charge at the bottom of the page.

Wire Transfers / Electronic Funds Transfers (EFT) or ACH

• Incoming Funds - The "Notification of Incoming Electronic Funds Transfer" (NIEFT) form should be completed and returned to Lisa Crandall, University Accounting - Room 300 ASB, Busch Campus, or email: lisacran@rci.rutgers.edu. This form should be used to notify University Accounting that your department is expecting incoming funds via EFT or ACH for credit to your account. University Accounting needs this information to properly identify and credit the funds accordingly.
• Outgoing Wire Transfers or Electronic Payments - Refer to: http://rias.rutgers.edu/forms/wire.doc

Cancelled Checks - To request a copy of a cancelled check, complete the "Request for Copy of Cancelled Check" form and submit to Dianne Intoccia at Room 300 ASB, Busch Campus, or email: dgi@rci.rutgers.edu. (click here for Cancelled Check Request form)

COLLEGE FEE DISTRIBUTION - College fee revenues are distributed on a semester and summer session basis. Allocations are made twice per semester at 85 % and 15%. Any remaining balance will be distributed as a 3rd allocation after the Spring semester. Contact Eli Djambinov, at 732-445-5014 or email: edjam@rci.rutgers.edu for questions concerning Student Fee Allocations.

SUMMER SESSION / WINTER SESSION - The Office of Unrestricted Funds is responsible for monitoring, recording and reconciling Summer and Winter Session revenues and expenses and for distributing such surplus funds to the appropriate campus or University Provost. Questions related to financial transactions should be directed to Eli Djambinov at 732-445-5014 or email: edjam@rci.rutgers.edu and all other questions related to Summer and Winter Session programs and fees should be directed to the appropriate campus office:

Summer Session:	New Brunswick	http://summersession.rutgers.edu/
	Newark	http://summer.newark.rutgers.edu/
	Camden	http://summer.camden.rutgers.edu/
Winter Session:	New Brunswick	http://wintersession.rutgers.edu/
	Newark	http://winter.newark.rutgers.edu/
	Camden	http://winterim.camden.rutgers.edu/

ACADEMIC SUPPORT FEES - Academic Support Fees are recorded for the following self-supporting academic programs: Summer Session, Off Campus Credit (Continuing Education) Programs, non-credit Continuing Education programs and Special Session Programs. Academic Support Fees related to Special Sessions, such as Winter Session, are recorded by the respective campus and monitored by the Office of Unrestricted Funds. Contact Eli Djambinov, at 732-445-5014 or edjam@rci.rutgers.edu for questions regarding Academic Support Fees.

OFIS - Online Financial Information System - The RU Online Financial Information System (OFIS) selective access table is maintained and updated in the Office of Unrestricted Funds. Application for access should be submitted to Nancy DeVera, University Accounting, Room 300 ASB, Busch Campus, or email: ndevera@rci.rutgers.edu. Once access is established, notification will be sent to the requestor. The OFIS form must also be submitted either to remove an individual's access or to change existing access. You may obtain the Request for Access Form at http://www.rci.rutgers.edu/~univcont/Forms/OFIS Form.pdf.

PETTY CASH FUNDS - Petty Cash funds can be established by requesting and submitting a completed questionnaire (click here for Petty Cash Fund Request form) to Brenda Crawley, University Accounting, Room 300 ASB, Busch Campus or email: blcraw@rci.rutgers.edu. In addition, a check request must be prepared through RIAS to establish the fund. Reimbursement of an existing Petty Cash Fund can be initiated with the preparation of a check request through RIAS and submission of all original receipts for expenditures made from the fund. All receipts should first be submitted for proper departmental approval and then forwarded to University Accounting. Any questions regarding a Petty Cash Fund should be directed to Brenda Crawley at 732-445-2029. For further information about Petty Cash regulations and procedures, refer to the University policy library, Section 40.2.7, http://policies.rutgers.edu/PDF/Section40/40_2/40.2.7.pdf.

TRAVEL ADVANCES - Travel advances are available to full-time employees in the University's payroll system and requests should be made at least two weeks prior to travel. They can be requested for transportation, lodging, meals, and incidentals when needed. Travel advances for transportation can be requested up to 90 days prior to the departure date. Travel advances are considered a personal charge to the individual requesting the advance and requests of more than $100 per day for meals and incidentals require a justification letter be submitted along with the Employee Travel Advance form (link to on-line form at http://rias.rutgers.edu/forms/traveladvance.doc ). An approved TABER with appropriate receipts must be submitted within 60 days of the traveler's return to their work site to reconcile how the advance was used or to indicate the amount to be repaid to the university. Outstanding travel advances for completed trips must be settled before subsequent advances will be issued. Disbursement Control will release the advance check no earlier than two weeks prior to the departure date with the exception of transportation expenses that can be distributed up to 90 days in advance of the departure date. Any questions regarding travel advances should be directed to Lisa Robinson at 732-445-3354 or email: lisajr@rci.rutgers.edu. For further information about Travel Advance regulations and procedures, refer to the University policy library, Section 40.4.1, http://policies.rutgers.edu/PDF/Section40/40_4/40.4.1.pdf.

FOREIGN DRAFTS - Foreign vendors may be paid in the currency of their country by foreign draft. To request payment by foreign draft, the description field on the check request, purchase order or TABER should indicate "MUST BE PAID IN XXX" (XXX = currency type - i.e.: EUR - Euro). A fee for this service will be charged to the departmental account.

ACCOUNTS RECEIVABLE - GENERAL UNIVERSITY - The department of Unrestricted Funds is responsible for the recording and collection of all non-student accounts receivable and the preparation of monthly statements. Questions concerning non-student accounts receivable should be directed to Brenda Crawley at 732-445-2029.

FEDERAL APPROPRIAITONS: SMITH-LEVER AND HATCH PROGRAMS - The department of Unrestricted Funds is responsible for the cash management of Federal Appropriations for the Smith-Lever and Hatch Programs including monthly reconciliation and maintenance of the Federal Letters of Credit for the Hatch and the Smith Lever Funds, and the reconciliation and verification of the annual federal fiscal year financial report.

NEW ACCOUNT REQUESTS - To request a new Unrestricted Designated or Auxiliary account, contact Maria DeJesus at 732-445-2108 or email: mduarte@rci.rutgers.edu. State a brief explanation for the purpose of the account and include the suggested title for the account. A New Account Questionnaire will be forwarded to you or you may complete the online form (click here for New Account Request form). After completion of the questionnaire, return to Maria DeJesus, Room 300, ASB, Busch Campus or email mduarte@rci.rutgers.edu. In order to expedite the process, complete the form in its entirety, be sure to obtain necessary approvals, include a budget of anticipated revenues and expenses and indicate another account to cover any potential overdrafts. The requestor will receive notification when the account has been approved.

UNIVERSITY TRAVEL DIRECT BILLING OPTION - The Direct Billing Option is used for the purchase of air and rail tickets through any of the University's preferred travel agencies using the Travel Order Form. This form may be obtained through Material Services. Effective October 1, 2004 responsibility for the Direct Billing reconciliation process was transferred to the Office of Unrestricted Funds. All original Travel Order Forms (copies are not accepted) should be sent to:

University Accounting
Attn: Eli Djambinov
65 Davidson Road
Room 300 ASB - Busch Campus
Piscataway, NJ 08854

Questions pertaining to the Direct Billing Option should be directed to Eli Djambinov at 732-445-5014 or email: elidjam@rci.rutgers.edu.

INVENTORY OBSERVATION AND VALUATION - Prior to year-end, various University departments will be contacted by Accounting staff to schedule test counts of their physical inventories. It is assumed that inventories held by departments are safeguarded and properly valued at year-end. Accounting staff will visit the site of the physical inventory, perform a test count and valuation of randomly selected inventory items, test proper cut-offs, review for obsolescence and then reconcile the inventory balances to the General Ledger. General questions concerning the scheduling of inventories should be directed to Bruce Johnson at 732-445-2095 or email: brucej@rci.rutgers.edu.

CURRENT UNRESTRICTED FUNDS ACCOUNT STRUCTURE

2-88200 - 2-89799	Designated Funds - Unrestricted accounts internally designated to support a variety of programs. These funds are resources received by the University that have no restrictions place on them by external sources. Balances in these accounts are carried over at year-end.
3-70000 - 3-79999	Regular Auxiliary Funds - These accounts are self-supporting accounts and are not related to instruction. Budgets are established by the department. Examples include Athletics, Housing, Dining, Golf Course.
3-80000 - 3-89999	Miscellaneous Auxiliary Funds - These accounts are self-supporting accounts and are not related to instruction. Balances in these accounts are carried over at year-end. Examples include Student Centers, Recreation Centers.