Resources

Why don’t I see an Ad Hoc Bank Transaction for a credit card transaction that I expect to see?

It generally takes 2-4 business days for the credit card payments fully process and get to Bank of America.

If you do not see the transaction right away, you will likely see it in a few days.  If after 5 business days, you still are not seeing the Ad Hoc Bank Transactions, you can reach out to askfinance@virginia.edu.

See – How does the process work for revenue that comes in through the Merchant Account? FAQ for more information

How do I see the details for Merchant Account transactions?

Merchant Account transactions get batched together at the end of the day for each device, so you will not see the individual transactions or details on your Ad Hoc Bank Transaction.

Credit Card Transaction online

How does the process work for revenue that comes in through the Merchant Account?

The process for getting revenue into the University starts with a point-of-sale system. When a transaction is started in a point-of-sale system, that system contacts a payment processor to verify the payment. The payment processor is Elavon. When the payment processor is contacted about a payment, they check with the credit card company to confirm the payment. The credit card companies respond with an “approve” or “deny” message, which is sent back to the point-of-sale system. This process only takes a few seconds.

What is Fixed Assets Accounting?
Our mission is to ensure the ongoing fiscal integrity of the University through the effective management of all of its Fixed Assets (Land, Buildings, Infrastructure, Equipment, Vehicles, Software, Library Books, etc.) policies. This includes the review and analysis of capital building projects, the capitalizing of all University Fixed Assets, the maintaining of an accurate Fixed Assets System, and the conducting of annual inventory audits. The Fixed Assets Accounting Group is responsible for providing financial reporting to the University, the Commonwealth, and other regional and national agencies, including federal sponsors such as NASA and the Department of Defense. We are also responsible for administering the Equipment Trust Fund (ETF) program.