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STATEMENT RECONCILIATION

A weekly statement is processed every Wednesday for each purchasing card with activity and is sent to the individual cardholders through campus mail. The statement will show all transactions posted to the account. On the same day, a summary spreadsheet is sent to Accounting for payment processing through ISRS Cost Allocation.

It is the responsibility of the employee cardholder to verify the correctness of the billing by performing the following reconciliation:

• Verify that all items included on the weekly activity statement are correct. Compare your individual receipts to the weekly statement. Make sure your itemized receipt MATCHES the amount on your statement. It is your responsibility to get the correct receipt from the vendor. Make sure all returns/credits and disputed items are taken care of.
• Staple the original itemized receipts in order behind the statement.
• The cardholder must sign the statement to verify the correctness of the billing and to verify that the goods have been received. Signing the statement indicated that all charges on the card are in compliance with University policy and procedures.
• The individual designated as the responsible person for the cost center associated with each card must also review and sign each statement. If the cardholder is also the responsible person for the cost center, then a second signature from someone within that work a rea is required.
• Statements will not be accepted without two proper signatures.
• Retain a copy of all receipts and statements. This will be your documentation for returns and verification of disbursed transactions against the cardholder’s cost center.
• Submit reconciled statements to the Business Office – Purchasing Department – Somsen 205D. They must be received by the time frame indicated on the cover sheet sent with each weekly statement. Vacation or extended leave conflicts are your responsibility to resolve. Your internal procedure should include a backup plan for submitting statements on time in your absence. Violation of this deadline may result in deactivation of your card.
• Purchases made during the last calendar days of the fiscal year will be charged to the fiscal year in which the date of transaction is posted by the vendor.
• All transactions are audited for compliance.

Last Modified: Friday, March 23, 2012 2:24 PM by