How to Reconcile Transactions
Run through a 3rd Party
Follow the steps below in order to locate reconcile the funds obtained through your payment card software.
STEP 1
- Reconcile your transactions daily.
- Your 3rd Party Processor must provide a list of daily transactions. Pull a report or ask the processor for this list.
STEP 2
- Log into Wells Fargo CEO.
- Do a search for your transactions, by name and by date. *Remember: The deposit dates will be one or two days later than your transaction dates. Deposits are the gross amount of all the transactions within one business day, deposited by Card Type (Visa/MC(together), American Express, Discover).
- Match gross amounts by day & card type from your reports to the deposits listed in CEO.
STEP 3
- Prepare a Departmental Deposit form.
- Send form with a copy of your report to Income Accounting and Student Loan Services.
- Make sure that reports sent to Income Accounting do not contain the full card numbers.
What if I can’t find a deposit or transaction?
Call the Wells Fargo Help Desk at 1-800-451-5817 or Income Accounting at 585-5686 for assistance.
What if we only use our merchant account once a year?
No problem. Your account will remain active for the next time you need to use it. No reconciliation during your down time is necessary.
