Ingersoll Rand Deadline to Have All Receipts Uploaded and Attached to the Transaction Every Month

VISA PCard Reconciliation Requirements

VISA PCard Reconciliation Requirements

The following outlines of import requirements for the Cardholder and Approver to adhere to when completing monthly VISA PCard reconciliations.

For the Cardholder

Each cycle, the cardholder (or delegate) must review, reconcile receipts, and recode all PCard transactions in FAST PCard past the corresponding "Reconciliation Deadlines" as noted on the Fiscal Services FAST PCard website.

• Procedures on how to complete the online reconciliation of your VISA PCard can be found on the Support page.
• Itemized receipts and invoices for all transactions must be attached to the reconciled monthly statements following the guidelines in the Business and Travel Expense Policy and Procedures.  (Submission of credit card receipts that practise not listing details of purchases is not appropriate).
• For expenses related to travel and meetings, please signal the purpose, dates, and names of other attendees (for meetings).
• Identify non-eligible charges on the statement and attach a reimbursement cheque for those transactions (payable to KPU - no greenbacks.)
• Reconciled statements must exist reviewed, signed, and approved by your supervisor (i.e. one-over-i*).
• Approved statements must exist received by Financial Services by the "Submission Deadline" equally identified on the FAST PCard Deadlines.

*Where the PCard statement contains transactions that may do good an private, the direct supervisor of that individual, regardless of whose purchase carte du jour the transaction is charged, must qualify the transaction.  The statement must also be authorized by an individual who has signing authorisation on the fund/arrangement paying for the expenditure, who may be the aforementioned as the straight supervisor.  This is as well a requirement for grantees where the grantee is also a claimant on their own fund (refer to Signing Say-so Policy BD011 (East.9)).

For the Approver

Information technology is the responsibility of the Approver of the statement to ensure that:

• Itemized receipts for all transactions in the cycle menstruum are submitted;
• All charges incurred comply with the Purchasing Card terms and the Concern and Travel Expense Policy and Procedures;
• Where non-eligible charges were incurred, reimbursement cheques totalling the ineligible amounts are attached to the statement;
• The correct coding has been applied online to the charges; or, if the "Reconciliation Deadline" has passed, that Financial Services has been notified of changes that need to be made past journal voucher;
• Where transactions are to exist charged against a budget other than a budget for which the Approver has signing authority, a re-create of correspondence with the authorized upkeep holder should be attached to the statement.

Late Submissions/Failure to Reconcile PCard Transactions

Due to the ascension in the fraudulent use of credit cards, it is imperative that reconciliations are completed online and statements are canonical and submitted to Financial Services each month on a timely basis.

• Individuals who have not reconciled their PCard transactions and submitted their approved statements to Fiscal Services by the due dates may accept their PCards suspended at the discretion of Accounts Payable.
• Individuals with unreconciled transactions will be contacted by Accounts Payable and given the opportunity to reconcile their transactions before the bike's transactions are batched and candy.  If those individuals neglect to reconcile their transactions by the time indicated in the email, Accounts Payable reserves the right to suspend the cardholder's PCard.  (Notation that there is a lag before a suspended bill of fare can be re-instated).
• Individuals that continue to require targeted reminders well-nigh unreconciled transactions may also have their PCards suspended at Accounts Payable'southward discretion, despite meeting the final borderline included in the email.
• Suspensions for this reason will be monitored in conjunction with suspensions for non-submission of approved PCard statements.  Bill of fare privileges may exist revoked with the PCard confiscated for an undetermined amount of time.

NOTE: Deadlines may be tighter for the concluding wheel of the fiscal yr. Refer to the table posted on the FAST PCard website for exact dates.

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Source: https://www.kpu.ca/finance/fastpcard/pcard-recon-requirements

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