Digital Payments Program: Credit card transaction fee

Starting February 2024, the Digital Payments Program (DDP) credit card transaction fees will be allocated using summary journal lines instead of individual entries. 

Due to an impact to the manual cash reconciliation functionality, the use of ad hoc bank transactions as the operational transaction for allocating transaction fees to faculties and departments have been discontinued. 

As of February 2024, the Digital Payment Program credit card transaction fees will be allocated using summary journal lines. Instead of posting one journal line for each transaction fee recorded for a payment or refund. Transaction fee amounts will now be totalled up and posted as an allocation journal entry for each worktag combination. 

For example, if there were originally 10 payments of $10 and the transaction fees per payment came to $0.50. Instead of posting 10 allocation entries of $0.50 each, you will now see an allocation entry of $5.00 against your original revenue worktag. 

We recognize that identifying the transaction fee to the original payment may be important to you. If you need to tie the transaction fee to the original payment, please reach out to the Digital Payment Program team at dpp.support@ubc.ca. 

Please note the following information related to this journal voucher: 

• The journal voucher is created using Accounting Journal EIB 
• The journal source is “Pre_Approved_EIB” 
• Line memo is “FY24 Jan DPP Transaction Fees Chargeback” 
• The ledger account and spend category remains as 6300 and SC0064 respectively 

We are currently working to automate the process to create accounting journals that post each transaction fee in its own journal line. However, this won’t be available until after the IT production freeze. In the meantime, we will continue the summary posting method we employed as of January 2024.