Pcard Reconciliation Requirements and Supervisory Review

Pcard reconciliation requires a review of all transactions, including purchases, refunds, and credits, to ensure accuracy and compliance with company policies.

Supervisors are responsible for reviewing pcard reconciliations to ensure that all transactions are properly accounted for and that employees are adhering to company policies.

A thorough review of pcard reconciliations can help identify any discrepancies or errors, and prevent financial losses due to unauthorized or duplicate transactions.

Supervisors should review pcard reconciliations on a regular basis, such as monthly or quarterly, to ensure that employees are staying within budget and adhering to company policies.

You'll receive an email notification from JP Morgan Chase (JPMC) on the 6th of each month, alerting you that a statement is available. This notification is crucial, as it sets the clock ticking for the reconciliation process.

The cardholder must print and review the JPMC statement for accuracy within five business days of the email notification. You'll want to double-check that everything looks correct before moving forward.

To reconcile your p-card transactions, you'll need to list the business purpose of each transaction on the Summary Log. This helps ensure that all charges are accounted for and can be justified if needed.

A certification of the charges must be completed through the SUNY Employees Services Web Portal. This involves uploading required documents, including the SUNY certification printout, Monthly Summary Log, Statement, and Supporting Documentation for each charge.

The SUNY portal certification must be completed within 2 weeks of the date of the email notification from the program administrator. Missing this deadline can lead to delays in the reimbursement process.

Here's a list of required documents for certification:

Reconciliation issues can be a real headache, especially if you're not aware of the consequences. P-card holders who don't reconcile their transactions and submit their approved statements to Financial Services by the due dates may have their PCards suspended at the discretion of Accounts Payable.

If you're contacted by Accounts Payable and given the opportunity to reconcile your transactions, be sure to do so by the time indicated in the email. If you fail to reconcile your transactions, Accounts Payable reserves the right to suspend your PCard.

Don't think that just meeting the final deadline will save you – individuals who continue to require targeted reminders about unreconciled transactions may also have their PCards suspended at Accounts Payable's discretion.

Here are some key facts to keep in mind:

Deadlines may be tighter for the last cycle of the fiscal year, so be sure to check the table posted on the FAST PCard website for exact dates.

As a cardholder, it's essential to keep track of your expenses and ensure they are accurate. This includes verifying the transactions on your statement against your records.

Cardholders should also review their statements regularly to catch any discrepancies or errors. For example, if a transaction is not recognized, it's crucial to contact the vendor or the card issuer immediately.

As an approver, it's your responsibility to ensure that all transactions are legitimate and comply with company policies. This includes reviewing the transaction details, such as the date, amount, and merchant name, to verify that they align with company procedures.

Supervisors are responsible for reviewing and approving all cardholder transactions on a monthly basis. This task is typically assigned to the supervisor listed on the cardholder authorization form.

To complete the review, the supervisor must sign the monthly summary log, either electronically or physically, as printed by the cardholder. Alternatively, they can print and sign the statement retrieved from the JPMC Payment website.

Designated reviewers can be given read-only access to the JPMC website, allowing them to review transactions without making changes. This is in accordance with the Internal Control Responsibilities of state Agencies, which requires all transactions to be reviewed and approved for proper expenditure.

If the reviewer disagrees with the monthly statement, they must request document verification and the reason for any discrepancy from the cardholder. This ensures that any errors or discrepancies are addressed promptly.

Supervisors must also inform the Program Administrator of any changes to cardholder or reviewer status, including transfers or terminations. This helps to maintain accurate records and ensure compliance with internal controls.

All original documentation must be retained by the department for a minimum period of six years plus the current year. This includes any supporting documentation for transactions, such as receipts or invoices.

As a cardholder, it's essential to review and reconcile your PCard transactions in a timely manner. Each cycle, you must review, reconcile receipts, and recode all PCard transactions in FAST PCard by the respective “Reconciliation Deadlines” as noted on the Financial Services FAST PCard website.

You can find procedures on how to complete the online reconciliation of your VISA PCard on the Support page. This is a crucial step to ensure all transactions are accurately recorded.

To complete the reconciliation, you'll need to attach itemized receipts and invoices for all transactions to the reconciled monthly statements. Make sure these receipts list the details of purchases, as submission of credit card receipts without this information is not acceptable.

For expenses related to travel and meetings, be sure to indicate the purpose, dates, and names of other attendees. This will help ensure transparency and compliance with university policies.

If you identify non-eligible charges on the statement, attach a reimbursement cheque for those transactions, payable to KPU (no cash). This will help prevent any discrepancies or errors.

Once you've completed the reconciliation, your supervisor must review, sign, and approve the statement. This is a critical step to ensure all transactions are legitimate and compliant with university policies.

Here's a quick checklist to ensure you're meeting your responsibilities:

As the Approver, it's your responsibility to ensure that all transactions are properly approved and accounted for. This involves reviewing itemized receipts for all transactions in the cycle period.

To do this, you'll need to submit itemized receipts for all transactions. This can be done online, and it's a good idea to attach receipts to the statement to keep everything organized.

You're also responsible for ensuring that all charges incurred comply with the Purchasing Card terms and the Business and Travel Expense Policy and Procedures. This means checking that all charges are eligible and that the correct coding has been applied online to the charges.

If there are any non-eligible charges, you'll need to attach reimbursement cheques totalling the ineligible amounts to the statement. You'll also need to notify Financial Services if the "Reconciliation Deadline" has passed and changes need to be made by journal voucher.

In some cases, you may need to charge transactions against a budget other than the one you have signing authority for. If this is the case, you'll need to attach a copy of correspondence with the authorized budget holder to the statement.

Here's a list of the key responsibilities you have as the Approver:

Stress the importance of transaction reconciliation from the start and annually, referencing it in your internal P-Card agreement and addressing it in an annual P-Card quiz.

Deadlines may be tighter for the last cycle of the fiscal year, so refer to the table posted on the FAST PCard website for exact dates.

Individuals who have not reconciled their PCard transactions and submitted their approved statements to Financial Services by the due dates may have their PCards suspended at the discretion of Accounts Payable.

To avoid suspensions, create separate training on how to reconcile (for cardholders) and approve transactions (for managers), and make five-minute “how to” videos available on your organization’s intranet.

Establish default accounting/budget codes for each cardholder’s transactions to make the reconciliation process easier and help the accounting process.

Automatic email notices can be implemented to remind cardholders each time they have one or more new transactions to reconcile, depending on your issuer/the technology used.

Here are some strategies to improve the reconciliation process:

To effectively implement a reconciliation process, it's essential to stress the importance of transaction reconciliation from the start and annually. This involves ensuring your internal P-Card agreement references transaction reconciliation.

You can also create separate training on how to reconcile (for cardholders) and approve transactions (for managers). This training should be distinct from the initial training on P-Card policies and procedures, and should be provided when a new cardholder uses the card or when a manager first needs to perform the approval task.

Enhance your training efforts by making five-minute “how to” videos available on your organization’s intranet. This can be done using the built-in screen recording feature on Windows 10.

Consider reading: When to Make Credit Card Payments

To improve the reconciliation process, consider making it easier for cardholders to perform their tasks. This can be done by providing mobile access, if needed, or appointing proxy reconcilers for cardholders who are not routinely at a computer.

Establish default accounting/budget codes for each cardholder’s transactions. This will help the accounting process and reduce the need for cardholders to manually change codes for each transaction.

Publish a list of reconciliation deadlines for the year on your intranet, and make it prominent. Include a link to instructions for what to do if a cardholder knows they’ll be out on a particular deadline.

Get it on their calendars by sending an annual recurring meeting invitation that reminds them of each deadline in the year ahead.

Send an email reminder to cardholders and managers a day or two prior to each deadline. This will help ensure they stay on track and don’t miss any deadlines.

Make transactions available for reconciling as soon as they post to a P-Card. This can be done by implementing a daily upload of transactions into the ERP system.

Implement automatic email notices to cardholders each time they have one or more new transactions to reconcile. This will help them stay on top of their reconciliation tasks and avoid missing deadlines.

Here are the steps to implement these strategies:

If you're a repeat offender, be aware that you'll face consequences. Mandatory refresher training is one possible outcome.

To get their attention, departments may be hit with an internal chargeback, which affects their budget. This can be a wake-up call for offenders.

Managers and VPs will also be notified via email about the offender's actions. This can impact their job performance review, earning a "ding" that might not be desirable.

In severe cases, card suspension or permanent card closure/cancellation might be necessary. However, it's essential to make P-Cards desirable again, as non-card purchase-to-pay processes can be cumbersome.

To avoid delayed payments, keep payments to the card issuer separate and independent from the reconciliation process.