Per policy, every Procurement Card transaction must be properly reconciled in a timely fashion. The reconciliation process ensures that the transaction was appropriate, and correctly documented.
Procurement Card reconciliation should be completed as soon as possible after the transaction has occurred.
A Procurement Card document in the Kuali Financial System (KFS) is automatically created for each transaction and appears in the KFS Action List of the fiscal officer or Procurement Card reviewer.
The fiscal officer or Procurement Card reviewer is required to completed each of the following on the Procurement Card document:
- Entering an appropriate Object code that identifies what type of expense was charged on the card. A default Object code of PCRD appears for each transaction, but must be changed to reflect the correct expense type.
- Entering the Account(s) that should be charged for the transaction.
- Adding a NOTE advising how the purchase supports one of the business purposes of the university (teaching, research, public service, patient care).
- Electronically attaching a signed receipt or other supporting documentation that identifies what was purchased.
- Identifying any sales tax that was/was not collected. This ensures that any taxes due to the California State Board of Equalization are paid as required.