ProCard Reconciliation Best Practice
Purpose
The intent of this reconciliation best practice recommendation is to communicate strategies that streamline the entire ProCard process
while following audit compliant procedures. These are guidelines, incorporating key elements of internal control that were developed
through a collaborative effort with the campus and have demonstrated cost and time savings. Departments should establish their own
ProCard guidelines addressing timeliness of duties and who is responsible for specific functions to demonstrate segregation of duties.
Departments are not required to use these recommendations.
Allocation of Budgets and Account Codes
JPMC PaymentNet is an allocation tool, which means you should use the system to assign appropriate budgets and object codes to each
purchase. Transaction reconciliation should not take place in PaymentNet. Only one user, either the cardholder or an assigned reviewer
with fiscal knowledge and authority, is required to login into PaymentNet to:
1.
2.
3.
4.
5.
allocate charges to proper budgets and object codes
ensure appropriate taxes are issued to the purchase
enter pertinent information into the transaction note box
check a Review box
print the UW Transaction Detail with Notes & Accounting Codes report at the end of the monthly accounting cycle
(cardholder must always sign along with another reviewer with budget authority)
Reconciling to Transaction Detail Report
Someone other than the cardholder reconciles each transaction to the UW Transaction Detail with Notes & Accounting Codes report
using source purchase documentation for verification, reviewing purchases for reasonableness and to detect and, if necessary, correct
errors. This is the only step in which source documentation needs be used to reconcile transactions.
1.
2.
3.
Match each transaction on the Transaction Detail report to its corresponding source document and support and verify that it is
allowable and that the quantities and amounts are correct
Investigate and resolve any discrepancies as necessary
a. Reasonableness is satisfied when discrepancies are within 10% of expected cost, not to exceed $100, 1 (given this
latitude it’s still the department’s decision to establish what is reasonable)
When finished, sign the UW Transaction Detail with Notes & Accounting Codes report
a. This signature documents reconciliation and demonstrates segregation of duty requirements when the cardholder
signature is also present
b. A signed and dated report is required to verify that expenditures have been reviewed for appropriateness
My Financial Desktop Reconciliation
Match transactions from the UW Transaction Detail with Notes & Accounting Codes report. Transactions appearing on MyFinancial
Desktop that are not on the Transaction Detail report will need to be investigated. All other matched transactions satisfy MyFinancial
Desktop reconciliation requirements.
An automated ProCard Exceptions report is currently being developed. When this report is ready for use, it will be sent to a department
budget manager on the seventh business day of the month, the day after ProCard transactions are uploaded into MyFinancial Desktop.
The ProCard Exceptions report compares PaymentNet transaction data with MyFinancial Desktop transaction data. Any transaction
exceptions need to be investigated. All other matched transactions satisfy MyFinancial Desktop reconciliation requirements.
Source Documentation Retention
Electronic or paper communication supporting the completion of the lifecycle of a transaction meets the criteria for documentation.
Anything that provides evidence for a transaction, a record of who performed each action pertaining to a transaction, and a record of
1
Note: For grant budgets, there is a risk that an external audit may deem a portion of the cost unallowable should the supporting
documentation not match the figure charged. Departments should be aware of this risk when implementing this policy. The risk of this
occurring is minimal and should not deter a department from implementing this recommendation.
Last Revision: May 14, 2009
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who has the authority to perform such activities are appropriate for these purposes. Source documents need to be retained in
accordance with the UW Retention Schedule.
ProCard purchasing documents are:
1. Monthly "UW Transaction Detail with Notes & Accounting Codes" report
2. Evidence of purchase approval include:
a. Email authorization
b. Department form
c. Department blanket authorization for individual cardholder
3. Original invoice or receipt from vendor or:
a. Faxed invoice from vendor
b. Email invoice from vendor
c. Electronic or printed online payment screen from vendor
d. Scanned invoice or receipt
4. Confirmation of receipt of goods include:
a. Signed packing slip by receiver of goods
b. Email verification by receiver of goods
c. Signed transaction log by receiver of goods
d. “Received by” signature and date on invoice by receiver of goods
e. Receipt for items purchased in-store
f. Itemized bill from restaurant with list of attendees and purpose of event
5. Perjury Statement when any of the above requirements cannot be satisfied
Role Responsibilities and Authorizations
Cardholder (in PaymentNet)
 CAN be assigned budget & object code allocation duties in PaymentNet
 MUST sign UW Transaction Detail with Notes & Accounting Codes report
Reviewer (in PaymentNet) note: can also be the reconciler
 Instead of the cardholder CAN be assigned budget & object code allocation duties in PaymentNet
Reconciler (to Transaction Detail report) note: can also be the reviewer
 MUST reconcile transactions with source documents to the UW Transaction Detail with Notes & Accounting Codes report
 MUST sign or a person of delegated budget authority MUST sign the UW Transaction Detail with Notes & Accounting
Codes report
Reconciler (to MyFinancial Desktop) note: can also fulfill any of the roles above
 MUST reconcile MyFinancial Desktop transaction exceptions (TIP: use the ProCard Exceptions Audit report)
Last Revision: May 14, 2009
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