This explains how Wepa funds are routed, recorded, and invoiced.
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Wepa Payment Types:
Step
How Wepa funds are collected and routed:
1
Wepa collects funds through:
Wepa Accounts
Credit Card
Student Cards (Campus Cards)
2
Transactions made using a Wepa account or credit card will be processed by Wepa and collected directly by Wepa. No funds will be routed to Biola for these purchases
3
Transactions made using Student Cards (Campus Cards) are processed through the campus card readers (Transact) managed by Auxiliary Services
4
All funds collected by Transact using campus ID's are then routed to the Copier fund/org in the Income Offset Account: 101000-301030-75150
This should be deposited at the end of every month
Wepa Invoices
Step
Understanding how Wepa invoices for lease and per print services
1
Wepa invoices Biola at the end of every month for:
The contracted lease amount
And, the funds collected through the Campus Card
Minus the markup rebate generated by the markup price the client pays at checkout.
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2
Biola collects all the Student Card funds while Wepa collects all the funds for transactions made with a Wepa Account or Credit Card. However, for each payment type Wepa and Biola are to split the funds, with Biola taking the larger percentage due to the markup rate.
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3
To adjust for the difference, Wepa invoices us for the Student Card revenue while substracting the Markup revenue thereby accounting for the difference shown in the invoice above.
4
In this example shown, Biola had a net profit of $1,562.23.
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Accounting Codes
Step
Assigning the correct accounting codes
1
On the invoice - 'Kiosk Lease', which is an annual budget approved on a standing PO, should be charged to account: 101000-301030-71710
2
On the invoice - 'Campus Card' (Student Card), which is also an annual budget approved on a standing PO, should be charged to account: 101000-301030-71201
3
On the invoice - 'Markup Rebate' should be credited to account: 101000-301030-71201
4
Not shown on the invoice but stated above - all funds collected through Campus ID's (Transact) will be routed to the income offset account: 101000-301030-75150
5
By assigning these codes, this will properly balance the GL while also account for each of the line items on the Wepa invoice.
