Reconciliation

The procurement card eliminates the time and effort spent on generating purchase requisitions and process (printing, signing, mailing, distributing and filing) purchase orders. It also reduces the number of personal reimbursements issued by accounts payable.

Paper Statement

Whenever a packing slip or a sales receipt is received by a cardholder, the slip/receipt should be placed in a secure location until the monthly credit card statement arrives. The card holder should receive a paper credit card statement by the 10th of the following month. All receipts/slips and backup documentation should be matched against the individual transactions listed on the credit card statement and attached to the back of the statement in transaction order. In addition, the card holder should indicate the organization ID number that will be charged for that transaction and what it was purchased for along side the transaction information on the statement. The completed statement should then be signed by the cardholder and sent to their supervisor for review and signature. Once reviewed, the supervisor should then sign the statement and sent it to the Controllers Office. If the procurement card is “departmental “ in nature, the Department Head is responsible for reconciling the monthly credit card statement and forwarding it to the Controllers Office.

Neglecting to promptly review and submit the reconciled statement or frequent lack of complete documentation may result in the loss of the procurement card.

On Line Reconciliation

In addition to the paper statement received every month. Cardholders are required to reconcile all transactions on line at Paymentnet. When the cardholder makes a purchase using the procurement card, that transaction is posted at the JP Morgan/Chase Paymentnet website. Paymentnet notifies users when transactions are posted and awaiting review. Cardholders are required to go on line and complete all reviews prior to the 10thof the following month. The Paymentnet system is available 24/7 on line from any computer. Instructions on how to access Paymentnet and complete transaction review are located in the Appendix.

Failure to complete on-line review will result in the credit card being turned off until proper reconciliation can take place. It can take up to 10 working days to reactivate a procurement card.