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Campus Administrative Training Series / Bloomington Financial and Administrative Resource Page
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P-Card Audits and Reconciliation

Activity: P-Card Audits and Reconciliation
Financial Policy: N/A
Related Policies: University Purchasing Policies
http://policies.iu.edu/policies/categories/financial/index.shtml#Purchasing
Other Relevant Policies
http://policies.iu.edu/policies/categories/financial/index.shtml
Additional Forms: Change Account Number:
http://www.indiana.edu/%7epurchase/pcard/account.shtml

Things to Know:

  • Audits and Suspensions: Campus accounting offices will review cardholder statements and receipts on a monthly basis. The IU Internal Audit Department may also conduct periodic audits of cardholder transactions and supporting documentation. Additionally, the IU Purchasing Card Administrator will review transaction activity reports to ensure cardholders are adhering to the IU policies and procedures.
  • Cardholders must submit monthly P-Card statements with original itemized receipts to his/her campus accounting office on a timely basis. It must be received by the 10th of the following month. Failure to comply with this policy may cause card privileges to be rescinded.
  • If there is one statement over 90 days or there are three or more statements for any one individual cardholder that meet any of the following criteria, card privileges will be temporarily suspended:
    • Statement has not yet been forwarded to your campus accounting office
    • Statements lack acceptable supporting documentation
    • Statements have any other unresolved problems, such as: Indiana sales tax charges not refunded, unallowable purchases cannot be reimbursed, and unapproved hospitality purchases made on card
  • Card suspension means the cardholder will be unable to use the card to make any purchases until the outstanding problems have been resolved and card privileges have been re-instated.
  • Repeated occurrences of card suspension may be cause for permanent card cancellation.
  • Please feel free to contact your campus P-card manager with any questions about what constitutes an allowable charge or acceptable supporting documentation.
  • If the IU account number that you have designated for your card should change or expire, it is your responsibility to inform an IU Purchasing Card Manager, in writing, of the change and the effective date.
  • Financial Information Systems and P-Card Document Reconciliation:
    • For every P-Card, a Financial Information Systems (FIS) P-Card Document (PCDO) will generate daily that lists the day's transactions. Each transaction will charge the default object code 4190 and the default account assigned to the card. Cardholders may select a different default object code (with the exception of 5000, 4200 or 5055). The PCDO will route to the account manager of the default account assigned to the card or an assigned delegate. The account manager's responsibilities include the following: •Verify each transaction against the original receipt
    • Review purchase for adherence to IU policy
    • Change object code from 4190 to one that accurately reflects the charge incurred.
    • Make account redistribution decision and change as needed
    • Verify object code for accuracy – 4190 must be changed
  • The PCDO document will follow organizational routing already established, but will not route to Contracts & Grants (C&G) if the charge should be redistributed to a C&G account. C&G charges are reviewed after the fact and if it is later determined that the charge does not comply with the provisions of the contract or grant the account manager will reimburse the account.
  • Disputes or discrepancies regarding payments are processed in Netservice. These types of disputes are not handled by disapproving the PCDO document in the FIS. Once the discrepancy is resolved in Netservice, then a negative PCDO document will appear in the FIS at a later date.
  • Payments to American Express are made from a consolidated IU statement sent to FMS. Cardholders are sent monthly P-Card statements for reconciliation purposes.
  • If the IU account number that you have designated for your card should change or expire, it is your responsibility to inform an IU Purchasing Card Manager, in writing, of the change and the effective date. Please use the Change Account Form.
  • See IU Purchasing Newsletters
    http://www.indiana.edu/%7epurchase/resources/newsletters.shtml