P-card Reconciliation
Cecilia McClay
Procurement Services
www.bc.edu/pcard
Class Purpose
To explain the University requirements for p-card
reconciliation and the different responsibilities of:
1)
2)
3)
4)
Cardholders
Departmental P-card Administrators (or P-2)
Service Centers
The P-1
Responsibilities
P-1
•
•
•
•
Must assign the Departmental P-Card Administrator
Is aware of all p-card holders in the department/s.
Must run a report annually listing all current cardholders
Must take responsibility of a card when an employee leaves or is on
medical leave until it is deactivated on PeopleSoft
Service Centers
• Take the role as Departmental P-Card Administrator for smaller
departments or departments without administrators.
• Provide administrative support to departments by creating
requisitions, p-card applications, p-card troubleshooting, budget
transfers, etc
Responsibilities
Cardholder
•Purchase goods for the department : must be familiar with what is
allowed and what is not allowed on p-card as well as provide noncontracted suppliers with the tax exempt certificate. (available at:
bc.edu/tax)
•Should be using BC’s contracted suppliers whenever possible.
•Pull his/her statement on a monthly basis
•Match statements to receipts
•Maintain the documentation for Internal Audit. (best practice: scan
receipts along with the statement and put into a secured server)
•Monitor his/her p-card activity on a regular basis.
•Inform the P-2 of any missing receipts and document it.
•Turn in his/her card on the last day of employment
Departmental P-Card Administrator Responsibilities
•Reviewing policies and fund requests with cardholder
•Ensuring that best practices are used whenever possible for small dollar invoices
(under 5000.00), encouraging the use of p-card and its value to the University by
saving on transactional costs, and limiting the amount of small dollar vouchers,
purchase orders and reimbursements where allowable.
•Creating departmental accounts for p-card and cardholders using PeopleSoft Pcard screens
•Determining and setting individual limits as determined by the department and
University standards
•
•Maintaining and updating cardholder information
•
•Updating cardholders of any policy or other changes affecting p-card use.
•Troubleshooting issues within the department
Departmental P-Card Administrator Responsibilities
•Deactivating p-cards for employees who have left the University, have moved to
another department, or should no longer have access to the applicable chart
string.
•Maintaining adequate budgets in the p-card accounts, including monitoring Pcards for low budget.
•Making or requesting budget transfers.
•Reconciling of cardholder statements to PeopleSoft accounts.
• Reviewing transactions for compliance with University as well as restricted funds
policies and procedures and ensuring cardholders are familiar with the restrictions
•Identifying possible fraud issues.
• Reviewing cardholders policies for receipt requirements designated by the
University and the department.
•Reviewing and monitoring p-card needs for fiscal year end.
What receipts is the cardholder required to save?
– All receipts from non-contracted vendors no matter
what the dollar amount
– *All receipts from contracted, level 3 suppliers over
$1000.00
– All receipts for meetings and meals, including any
BC Dining facility, along with a list of attendees and
business purpose. If there are more than 10 people,
then a group may be listed. ie: snacks for new
employee orientation, total attendees: 21
*Receipts for Level 3 Suppliers
Receipts for purchases under $1000.00 do not need to be held for
Contracted Level 3 Suppliers. Level 3 Suppliers provide line item data
which can be viewed in PeopleSoft Financials. This rule does not apply
to grants. (all receipts for grants must be saved.)
AirGas/Linde Gas
Allied Waste
Anixter
Apple Computer (APL On-Line ONLY)
Science Cylinders
Rubbish Removal
Network Needs
Macintosh Computers and Peripherals- NOT FROM
ANY APPLE STORE
Auto Zone
Boston Bean
CDW
Dell Computer
Federal Express
Fisher Scientific
Henry Schein
Pitney Bowes
VWR
WB Mason
Facilities Vehicle Needs
Coffee and Tea
Computer Peripherals
Dell Computers
Express Mail Provider
Primary Lab Supply Provider
Medical Supplies
Postal Meter, Postage-On-Line
Secondary Lab Supplies
Office Supplies
How long are receipts held?
University Sponsored, Fund Code 100, 920 (student
agencies) 220 (gift accounts) and 820 (capital projects)
3 fiscal years
Grants: Fund Code 500 and 120: life of the grant plus a
minimum of three years after the submission of the final
expenditure report for restricted, funding agencies,
contract or grant funds ledger accounts
Reconciliation and Access-on-line
Every cardholder and Administrator MUST have access
to US Bank’s Access-on-line.
https://access.usbank.com
THE CARDHOLDER: Pulling a statement from US Bank
account information>statement>select billing cycle
US Bank provides 24 months of statements. Usually, a statement
covers transaction beginning the 26th of the month and ending the
25th of the following month.
Cardholder: US Bank Statements
Reconciliation through reports. Pulling up all statements at
once
The Transaction Detail Report is a total report of all statements for the
month of all cardholders. This report provides all transactions for the date
parameters entered. Select: Reporting>financial management>transaction
detail
Access-on-line reports: statements
Choose a cycle date for statements which are available by the 26th of each
month. Make sure the start date and end dates are the same month on the first
day. For example, to obtain September 2014 statements for all cardholders,
select the start date as: 9/01/2014 and the end date as 9/01/2014. The setting
must be on “cycle date”.
Access-on-line reports: statement
Change the format to EXCEL
For departments with only one chartstring, the fields will default into the bank #, the agent
# (Boston College) and the company # (represents a particular chartstring)
Access-on-line reports: multiple statements
For multiple chartsrings, drill into the field on the right
and select multiple accounts.
Access-on-line reports: multiple statements
Access-on-line reports: multiple statements
Access-on-line reports: statements
The transaction detail report will look like this:
PeopleSoft: query: BC_PCARD_DATA_BY_DEPT
Transaction detail report from US Bank can be compared, side
by side to the PeopleSoft query: BC_PCARD_DATA_BY_DEPT
PeopleSoft query report and Access-on-line Transaction Detail
Report can be totaled and compared. If there is no variance,
reconciliation is complete.
Reconciled P-cards
Both reports should be saved to a secure serve and
recorded as: “reconciled p-card accounts, “dated”.
These reports should readily available for Internal
Audit should the department be audited.
They should always balance but if they do not,
please contact pcard@bc.edu
Please note: If the cardholder is responsible for the
PeopleSoft reconciliation then another person in
the department, preferably a supervisor must
review the cardholder’s purchases and sign the
reconciliation.
Checking real-time balances
Access-on-line: account information>cardholder account profile>cardholder’s
name or credit card number>view a managing account>authorization limits
Checking real-time balances
Checking real-time balances
Compare to PeopleSoft Budget Detail Screen. The variance is due
to a pending transaction not yet in PeopleSoft for $1148.38
The Custom Velocity Limit should equal the amount budgeted in the pcard account in PeopleSoft.
Budget Overview Report in PeopleSoft Financials
This report is a useful tool for determining the correct
categories (or GL accounts) of p-card purchases.
Commitment control> review budget activities>budget
overview (full instruction are in hand-out)
P-card charges are split into the correct categories
Common p-card issues
1) Out of funds: US Bank decline will say , EXCEED VELOCITY LIMIT
Solution: a budget transfer must be done into the p-card account. If it is done before
3 pm, the monies will be available by noon on the next business day.
2) PAYPAL: PayPal is a more secure option when checking out (if given the option).
If a business is established, then PayPal will be coded as that business (ie: Eagle
Print). However, if a business is not incorporated, then the p-card will decline. The
MCC Code will be “professional services”. If you have no other option, please
contact pcard@bc.edu to have the restriction temporarily lifted.
3) Address Verification: In this day and age of constant internet fraud, many
business are verifying all of the information associated with the p-card. Please
know the demographic information associated with the p-card before placing an
order. Most cards are listed the BC Standard address but this info can be checked
under “demographic information” in Access-on-line.
4) Card Activation: BC does not use social security #’s. Cards need to be activated
by 4 numbers provided in the same envelope as the p-card.
5) Fraud alerts: any decline listed as ADS 1, ADS 11, Caution account: the card is
on a fraud alert and the cardholder needs to contact US Bank directly to verify
charges
Common Internal Audit Violations and Red Flags
Split Transactions: FY14 yielded almost $100,000 in
split transactions.
Shared P-cards: All buyers in a department should
have their own p-cards
P-cards not deactivated after an employee leaves the
department
Sales Tax Paid: FY14: 722 transactions equaling
$34,000.
No Reconciliation of P-card
DATA SECURITY
DATA SECURITY
•Maintain the confidentiality of P-card information
stored on your computer by using only a Server to
store this sensitive information.
•Never store credit card information on your desktop.
•Remember: Some Access-on-Line reports have credit
card data. This column should be deleted before saving
reports.
•NEVER put credit card numbers in e-mail.
•Empty recycling bin after deleting sensitive
information.
Business Ethics Hotline
Anonymously report ethical concerns
www.bc.ethicspoint.com
1-855-327-4477
Tools Provided:
Complete P-card Labs for Cardholders and
Departmental P-card Administrator:
www.bc.edu/pcard