- Upon receipt of the items ordered with the Purchasing Card, the Cardholder will enter the date of receipt on the Transaction Log, ensure accuracy of the order, verify that sales tax was not assessed, and verify that the receipt provides line item detail (item description, quantity, and dollar amounts).
- A valid business purpose is required for every transaction and must be entered on the log. Information on writing a valid business purpose may be found here.
- The Cardholder will reconcile the Transaction Log, bank statement, and supporting documentation. Examples of supporting documentation include original sales slips, cash register receipts, paid invoices, order forms, and receiving reports that provide line item information, item description, quantity, and dollar amounts. Purchasing Card charge slips/sales drafts, faxed copies, photocopies, or online order forms are not adequate support alone (see notes on next page).
- Items ordered and entered on the Transaction Log, but not included in the current bank statement, should be carried forward to the next month's Transaction Log. The Cardholder can transfer the information to a new Log that will be used for the next bank statement, or the Cardholder can copy the current Transaction Log and cross off those orders that have not posted to the current bank statement and use the copy of the log for the next bank statement. Transactions entered on the Transaction Log do not require special sorting.
- The Cardholder will staple the original bank statement, Transaction Log, and supporting documentation together. Note: Do not place tape over any text on the receipt. Supporting documentation must be sorted in the order that the transactions appear on the bank statement.
- Never store PCard statements with the full PCard number. PCI rules allow only for the last 4 digits to be visible. Redact the PCard number before the document is scanned/copied to maintain PCI compliance.
- The bank statement, Transaction Log, and supporting documentation will be kept in a jacketed manila file folder. The jacket folder has closed sides, lessening the chance of packing slips and register receipts being lost.
- Both the Cardholder and the Department Head must sign the monthly Transaction Log.
- The Cardholder may retain the monthly file folders for a maximum period of 30 days after the monthly statement date.
- The Cardholder will deliver the monthly file folder to the Purchasing Department within 30 days of the statement date. Example: The statement dated 2/5/2005 should be delivered to the Purchasing Department no later than 3/5/2005.
- The Cardholder will confirm that all transactions have posted to appropriate Index/Account codes.
Guidelines for Preparation of PCard Monthly Reconciled Statements
The following are guidelines to ensure PCard Bank Statement, Transaction Log and supporting documentation are complete, legible and scan ready upon receipt in the Purchasing Department.
- Bank Statement, Transaction Log and supporting documentation must be stapled on the top left hand corner not paper clipped. This should be the only staple.
- Stickies, 'sign here' tags or post it notes of any kind must be removed throughout the supporting documentation.
- All receipts smaller than 8 1/2 x 11" (or standard size paper) must be taped not stapled on all four sides to a blank piece of white paper. Do not use colored paper.
- Only attach receipts to one side of page.
- Only use clear tape to adhere your receipts to 8 1/2 x 11" size white paper in portrait view.
- When using recycled paper, place a large 'X' on the side that is not to be scanned.
- All signatures must be in blue or black ink.