Record Keeping and Transaction Reconciliation

The Cardholder is responsible for maintaining records of every transaction made with the PCard. These records should be reconciled to the “PCard Statement” each billing cycle. Documents must be retained for the current fiscal year plus three (3) preceding years according to official University Record Retention Guidelines.

Online electronic approval and supporting documentation (receipts, Food Justification Forms, etc.) must be uploaded into GCMS by the 10th of the month. If the 10th falls on a weekend or a holiday, documentation must be uploaded by the preceding business day. Documentation received after the deadline may result in a 30 day suspension for the first offense.

Reconciling PCard Expenditures

  • The billing cycle closes on the 3rd of each month.
    • If the 3rd falls during a weekend or a holiday, the cycle will close the preceding business day.
  • The cardholder will reconcile the statement electronically using Global Card Management System (GCMS). 
  • The cardholder will make detailed entries into the Transaction Summary through GCMS showing a detailed description of the purchase including how it was a valid business expense, department account number, and the object code that best reflects the item purchased.
    • Examples of appropriately Specific Descriptions:

      Jane Pioneer went to Austin, TX, October 12-15, 2020 to attend National Nurses' Association Conference to present research and represent TWU.È
      Not Specific Specific
      Book Microsoft Excel Manual
      Office Supplies Glue, erasers, folders for department use.
      Food Completed Food Justification Form
      Lab Supplies Latex gloves. hemostats
      Registration Jane Pioneer went to Austin, TX, 10/12-15/2020 to attend National Nurses' Association Conference to present research and represent TWU. 
       
  • If a transaction contains items requiring more than one object code, split the transaction to account for both object codes.
    • Example: food and copy paper purchased in one transaction at Target. Food object code is 7315 while copy paper is 7300.
  • The cardholder will forward the Supporting Documentation (receipts, Food Justification forms, etc.) to Procurement & Contract Services by uploading your receipts directly into GCMS. 
  • Supporting documentation includes: 
    • itemized receipts
      • Food Justification Forms
      • packing slips
      • vendor hold screenshot, if applicable
      • emails of approval from 
        • Office of Technology for technology purchases
        • Facilities for furniture purchases
        • Marketing and Communications for advertising purchases
        • Human Resources for job listing purchases
      • advertising tear sheets
      • delegate forms - Department Cards only
      • PCard check out logs - Department Cards only
  • The cardholder will notify Account Approver/Manager that reconciliation is completed and ready for approval electronically in GCMS.
  • The Account Approver/Manager will electronically approve each transaction online in GCMS ensuring the Cardholder made each purchase in compliance with the University’s procurement card policies and procedures; and there are sufficient funds in each account to cover all transactions.

Reconciliation of all transactions must be completed in GCMS and all receipts and supporting documentation must be uploaded into GCMS by the 10th of each month. If the 10th falls on a weekend or a holiday, the due date becomes the business day before the 10th. 

Page last updated 1:48 PM, June 29, 2020