Here are the daily, monthly, and annual tasks you should be undertaking to reconcile your MIT merchant account.

Daily reports and reconciliations
  • Check the Transaction Detail Report and the Transaction Exception Report every day to verify that your transactions have been processed successfully. If you are uncertain about why a charge or credit was refused, review the Understand Failed Transaction Codes page.
  • Settle and reconcile your batches. Ensure that the “settled” and “submitted” balances align with the credit card records.
  • Process authorizations for goods and services.
  • Reconcile the amount that has been processed with the amount deposited to your bank account.
  • Identify and resolve chargebacks.
  • Please note that all revenue will be deposited in U.S. dollars.
Monthly monitoring and reporting
  • Reconcile your monthly bank statement to SAP.
  • Supply VPF with the required tax reporting if taxes are applicable.
  • Monitor credit activity and ensure appropriate approval(s).
  • Confirm that credits are valid and not being processed by an individual for personal gain.
  • Measure and analyze historical trends in financial and operational performance to ensure that credit card activity is meeting expectations.
  • Review transaction history for suspicious activity.
Annual renewal and updates
  • Submit the PCI self-assessment questionnaire (SAQ) and complete the annual renewal process.
  • Provide updated PCI/PA-DSS certifications and SAS 70 for any third party provider you are using for credit card processing.

The Details

Daily reports and reconciliations
  • Check the Transaction Detail Report and the Transaction Exception Report every day to verify that your transactions have been processed successfully. If you are uncertain about why a charge or credit was refused, review the Understand Failed Transaction Codes page.
  • Settle and reconcile your batches. Ensure that the “settled” and “submitted” balances align with the credit card records.
  • Process authorizations for goods and services.
  • Reconcile the amount that has been processed with the amount deposited to your bank account.
  • Identify and resolve chargebacks.
  • Please note that all revenue will be deposited in U.S. dollars.
Monthly monitoring and reporting
  • Reconcile your monthly bank statement to SAP.
  • Supply VPF with the required tax reporting if taxes are applicable.
  • Monitor credit activity and ensure appropriate approval(s).
  • Confirm that credits are valid and not being processed by an individual for personal gain.
  • Measure and analyze historical trends in financial and operational performance to ensure that credit card activity is meeting expectations.
  • Review transaction history for suspicious activity.
Annual renewal and updates
  • Submit the PCI self-assessment questionnaire (SAQ) and complete the annual renewal process.
  • Provide updated PCI/PA-DSS certifications and SAS 70 for any third party provider you are using for credit card processing.

Did You Know?

MIT has a custom data repository that includes all merchant transaction information. Visit the MIT CyberSource reporting portal to learn more.
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