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, Expense Report and Supporting Documentation MUST be received in the Coordinator’s office by the 20th of the month (if the 20th falls on a weekend, documentation MUST be received by the preceding Friday). Documentation received after the deadline will result in an automatic 30-day suspension for the first offense.
How to submit monthly documentation when you have used your PCard:
- The Cardholder will receive the monthly credit card statement from Citibank.
- The Cardholder will reconcile the statement electronically using Global Card Management System (GCMS).
- The Cardholder will make detail entries into the Transaction Summary through GCMS showing a detailed description (be specific), account number and the object code to which the charges apply. When complete, run an Expense Report and print.
- The Cardholder will forward the Expense Report and Supporting Documentation to Procurement Services in one of three ways:
- Scan and send to YOUR TWU email address, then forward to firstname.lastname@example.org – preferred method (you must send information from a TWU email address.)
- Campus Mail
- Hand delivery
- 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.
Supporting Documentation includes:
- Detailed sales receipts (debit or credit) in same order of Expense Report. Slips and receipts must be taped (no staples) to 8 ½” x 11” sheets for scanning purposes. Long receipts need to be cut and taped. Tape should not be applied over merchant’s name or dollar amount.
- Credit card slips with itemized purchases
- Tear sheets for advertisements
- Food Purchase Justification form
- Statement of business purpose if charges were made for a meeting, social event, registration or food (MUST include the 5 Ws – Who? What? Where? When? Why?)
- Any Missing Document or Credit Confirmation Forms
Examples of appropriately Specific Descriptions:
|Book||Microsoft Excel Manual|
|Office Supplies||Glue, erasers, folders|
|Food||Completed Food Justification Form|
|Lab Supplies||Latex gloves. hemostats|