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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 servicesWhat 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. 


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.


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 on the invoice in Step 1. 

In the 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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