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
What it looks like
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 rate 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 (this is represented in the column 'User Revenue').
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 Revenue thereby accounting for the difference shown on the invoice in Step 1.
How this is calculated:
The highlighted numbers in Step 2 represent the amounts owed to the other party from the funds collected. When you take $1,364.85 and subtract it from $1,413.38 ($864.19 plus $549.19) the difference is $48.53.
In the example shown, Biola had a net profit
$48.53 minus the Kiosk Lease of $1,495 equals the invoice total of $1,446.47.
Biola deposits all of the $3,008.70 collected from Transact and pays the invoice amount of $1,446.47.
This leaves Biola with a net profit for the month 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.
