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Introduction

This explains how Wepa funds are routed, recorded, and invoiced.

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Wepa Payment Types:

StepHow 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 

StepUnderstanding 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. 

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.

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. 


Accounting Codes

StepAssigning the correct accounting codes 
1On the invoice - 'Kiosk Lease', which is an annual budget approved on a standing PO, should be charged to account: 101000-301030-71710
2On 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
3On the invoice - 'Markup Rebate' should be credited to account: 101000-301030-71201 
4Not 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
5By assigning these codes, this will properly balance the GL while also account for each of the line items on the Wepa invoice.
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