Reconciler Training Part 3
Part 3: Paper Copy Process: Receipts & Statements
Reconcilers are required to have an original receipt for every PCard purchase. Cardholders have been trained to turn receipts into Reconcilers within three (3) business days of purchase.
If the cardholder has not submitted a receipt for a transaction, delay approval of the charge until a receipt or a Request for Exception to Required Receipt form is submitted. Also annotate the charge in the memo area of FAST indicating a receipt is in the process of being collected.
It takes about 3-5 days for vendor charges to appear in the FAST system.
In addition, Cardholders have been trained on required components of a receipt. Familiarize yourself with these requirements because you will need to ensure all the information is there.
Receipt Requirements are discussed in Reconciler Training Part 7
A Cardholder Activity Statement is available in FAST on the 10th day of every month for Cardholders who have had transactions (debits or credits) during the previous month's billing cycle (5th of one month through the 4th of the following month). No statement is produced if there are no transactions.
What do I do with this statement?
Cardholder activity statements must be signed by the cardholder, cardholder's supervisor, and reconciler and sent to PCard Services with copies of the non-travel related receipts by the end of the month in which the statement appears in FAST. Example: statements for the period 2/5/14 through 3/4/14 (February statement) should be sent to PCard Services no later than the last day of March 2014. These statements and receipts may be sent via email attachment to Pcardreceipts@usf.edu or in hard copy to PCard Services via campus mail to SVC 1072.
The reconciled statements will be stored in the department. State of Florida record retentions schedules require that voucher-related materials be stored for five (5) years. Original copies of PCard receipts should be retained by department for five years. Receipts for charges paid from grants/projects, should be retained for five years after final reporting of the grant.
Reconciled statements should be stored by Group, by Cardholder, by month and by year.
CAUTION: Reconciled statements can be required at any time for post-audit.
Reconciling Receipts to Statements • A Checklist:
- Keep PCard receipts handy for the monthly statement reconciliation.
- Keep receipts by Cardholder, then by the date charge was received in FAST; this will allow easy matching to the Monthly Statement.
- Ensure each commodity receipt has all the proper components of a receipt. Match each charge on the statement with a PCard receipt.
Original receipts will be stored with each Cardholder's report. If the receipt is on thermal paper and will fade, you must photocopy the original. Write or stamp on the copy: "Original receipt is a thermo fax document."
The reconciliation process for travel-related PCard charges is not the same as the process described above for commodity charges. Travel-related charges are routed to the Cardholder's wallet in the FAST Travel Module and ultimately reconciled by pulling the charge into the traveler's Expense Report. If a travel-related charge does not automatically route to the wallet, the charge should not be approved and reconciled in the PCard Module. Instead, a request should be sent to the Travel Help Desk requesting the charge be moved to the wallet. More detailed information regarding travel-related charges can be found on the Travel Department website.
Copies of receipts for travel-related charges should be attached to the Receipt Package that is provided to the Travel Department at the time the Expense Report is submitted.
Please note that travel-related charges will still appear on the Cardholder Monthly Activity Statement.
Caution: If the traveler owes USF money, a receipt showing the funds were repaid must be submitted to the Travel Department with the Expense Report Receipt Package. Owing USF funds means unallowable charges were put on a PCard. This is considered misuse. Misuse of PCards can lead to serious consequences.
Important: PCard participants are required to show than an Expense Report was filed for every travel PCard transaction. Failure to document this can lead to suspension of PCard privileges for the Cardholder.
The following signatures are required on the reconciled Monthly Cardholder Activity Statement:
- Cardholder's Supervisor