Policy Title
Policy Number
Version
Contact
Effective Date
Approved By
Credit Card Reconciliations
309
DRAFT 0
Candy Shin, Chief Financial Officer
Credit Card Reconciliations
Policy
Corporate credit cards are provided to IRIS personnel to improve efficiency in
payments. All users must ensure that corporate credits cards are used appropriately
and submit monthly reconciliations with sufficient documentation to clearly identify
each transaction’s business purpose.
Purpose
This policy provides instructions for managing the use of corporate credit cards.
Scope
This policy applies to all credit card accounts used in the conduct of IRIS programs
and other activities. Managing the use of corporate credit cards includes monthly
reconciliations of each cardholder account and maintaining the supporting
documentation for all corporate credit card charges.
Responsibilities
IRIS Financial Services is responsible for administration of the cards, including:
 Selection of provider (American Express)
 Payment of bills
 Managing the issuance of cards
 Monitoring proper use of cards
 Maintaining the documentation related to the IRIS corporate credit cards
Corporate credit card holders including Program Managers (and other approved
employees) have the responsibility to ensure that the corporate credit cards are used
solely for business purposes and for reasonable charges. The cardholders are also
responsible for collecting the supporting documentation for all charges and
completing a monthly worksheet for these charges to be submitted to Financial
Services timely each month.
Procedures
A. Request for Corporate Credit Card
Program Managers or other Supervisors may request corporate cards to be issued
for employees under their supervision. The request will be reviewed and
approved by IRIS management based on an employee’s work requirements and
compliance with IRIS policies. A corporate card may be cancelled at any time,
with immediate notification to the cardholder.
An employee may receive one of the three corporate credit card accounts
maintained by IRIS:
 American Express @ Work
 American Express – Gold
 VISA
Employees will sign a Credit Card User Agreement indicating their acceptance of
this policy
B. Monthly Reconciliation Requirements
Original receipts for services/merchandise must be submitted within 3 weeks of
the business office request for reconciliation with the credit card statement. If
the cardholder fails to submit all supporting documentation by the deadline,
the Business Office will notify the cardholder that the credit card will be
cancelled.
Other acceptable documentation includes:




Internet purchases – printout of confirmation page;
Telephone purchases – sign and submit copy of the page the item was
purchased from, or alternative documentation to support the charge;
Business meals – dated, itemized receipt, names (and affiliation when
available) of all attendees, and a brief description of the purpose of the
meeting;
Travel expenses – original receipts should be attached to the employee travel
expense report. The Business Office will reconcile those expenses between
the credit card statement and travel expense report.
The cardholder and IRIS Program Manager (or Supervisor) shall review and approve
all charges on the statement.
C. Restrictions
Credit cards may not be used for cash advances.
Credit cards may not be used for solely personal purchases. Occasional personal
charges that are incidental to a business transaction shall be clearly identified as such
and reimbursed to IRIS promptly.
D. Cancellation
Upon termination of employment, employee will surrender the card to the Business
Office and remains liable for any charges which are not substantiated IRIS business
expenses.
Misuse of the card will result in cancellation of the card. In instances of misuse, IRIS
retains the right to recover any monies from the cardholder. Misuse can also lead to
disciplinary action against the staff member concerned.
CREDIT CARD USER AGREEMENT
I,
, as an employee of IRIS, accept
personal responsibility for the safeguard and proper use of the IRIS credit
card #
, which has been assigned to me for use in
the performance of my job, in accordance with the terms outlined below.
I will not use the credit card for any inappropriate purpose. Inappropriate
purpose consists of the following:
 Cash advances
 Personal purchases
I will provide all necessary documentation to the Business Office in a timely
fashion.
I understand that IRIS will disallow my use of the corporate credit card for
violation or misuse of the credit card.
I understand that I will be held personally responsible for any inappropriate
charges I incur to the IRIS credit card, and payment for any such
inappropriate charges is hereby authorized to be withheld from my
paycheck.
I will promptly surrender the credit card upon my termination of
employment with IRIS.
Employee Signature
Date
Manager Signature
Date
Business Office Signature