On a monthly basis, the cardholder or another verifier (such as a department administrator or administrative assistant) must reconcile card transactions. If there is an error on the account, the cardholder must contact the supplier to resolve the error or dispute the transaction in the Works online portal. After charges are verified, they must be routed to the approver. The person designated as the approver must:
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have authority over the account charged;
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not report directly or indirectly to the cardholder, and
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not be the beneficiary of the transaction.
Approvers must know and enforce the policies and procedures of the university and must report violations to the PCard Administrator within thirty (30) days of the purchase in question. The approver must sign the reconciliation after reviewing.
Documentation Retention
As required by Internal Revenue Service (IRS) regulations and Office of Management and Budget (OMB) circulars, all purchases must be properly documented. Transactions must be supported by original itemized receipts. Internet purchases require a copy of the order confirmation itemizing all costs. If required documentation previously described is not available, an explanation must be documented and filed with the monthly statement reconciliation. All transactions must include an explanation that supports the business purpose in terms that would be clear to an external reviewer. Documentation must be maintained in compliance with the university’s record retention policy.