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.
This week’s tip about Pcards and taxes is a quick one.
When reconciling your Pcard,
- make sure that the taxes shown in FAST match what appears on your receipt and
- if the taxes don’t match, change the taxes in FAST to match your receipt.
This also applies if the receipt is in American dollars.
Why is this important?
Your department is reimbursed for some of the tax you pay. If you don’t accurately account for the taxes paid, you may not receive the tax refund that your department is entitled to.
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).
This is the end of this tip series on reconciling your Pcard. Izzie and I hope that it has been helpful.