Hello. Seamas Matchett (Supervisor, Accounts Payable) and Izzie Kingsley (P Card Accounting Assistant) here with some tips for reconciling your Procurement card. Procurement cards are also known as Pcards and Purchasing Cards.
We hope that this week’s tip will help you to reconcile your Pcard on time each month.
Cardholders are required to reconcile their PCard transactions on a monthly basis in the FAST Purchasing Card application. Reviewing transactions, updating tax amounts, and allocating transactions to the appropriate FOAPAL ensure that university funds are used appropriately.
TIP:
You can reconcile any time after the purchase is posted on FAST Pcard up to the deadline. A best practice is to reconcile receipts in FAST as they are charged to the Pcard. This only takes a few moments and ensures that you are not rushing to meet the deadline. Then at the end of the month, you just have to send the receipts and the FAST card statement with your supervisor’s signature within 10 days of the deadline.
If you miss the deadline for submitting your paperwork, you will receive a reminder warning from Accounts Payable. If your submission is not received by the date indicated in the email, a warning will be issued and if not received by the date indicated in the warning, your card could be suspended.
How can I find out how to reconcile my Pcard?
- Need Help? The Pcard User Guide has step by step instructions for reconciling your Pcard and other helpful information.
- Need Help? Purchasing Card System training, which covers reconciling transactions, is offered each summer through the FACTS program.
- Information on procurement cards and how to obtain them can be found through Purchasing Services or by reading the Procurement Card Policy (listed alphabetically on the University Secretariat website).
Next week we’ll talk about the importance of original documents.