Once you have a Procurement Card, you must take the same care with it that you do your own credit cards. In addition, there are certain reporting responsibilities prescribed by policy.
For in-store/in-person purchases the cardholder must sign and date the credit card receipt. Usually the signature that a store collects during the purchase process is electronic and not included on the cardholder's copy of the credit card receipt. In these situations, the cardholder should sign their copy of the credit card receipt immediately upon completion of the purchase. The cardholder's dated signature certifies that the cardholder made the purchase, and that the item(s) listed on the credit card receipt were authorized and for official university business. This receipt should then be given to the Fiscal Officer as soon as possible.
Always obtain the appropriate source documentation from the supplier for every purchase and forward it to your Fiscal Officer. Source documentation, usually a receipt, must contain details of the item purchased. It is especially important to maintain complete source documentation for charges made against a Procurement Card assigned to a federally funded account.
Reconcile the monthly Procurement Card bank statement(s) against source documentation or a purchasing log. Check for any erroneous charges, returns, or adjustments and ensure proper credit is given on subsequent bank statements.
In order to reconcile Procurement Card transactions, a cardholder should maintain a "purchasing log" which indicates each transaction that occurs on a Procurement Card. This purchasing log can be used to reconcile the monthly statement and to assist with any returns or disputes.
The purchasing log may be written or typed, or a pre-printed form may be used. A folder containing copies of purchase requests, web page order confirmations and store receipts can also act as a purchasing log. At a minimum, the log should indicate:
- Transaction Date
- Dollar Amount
- Name of Supplier
- Description of Item purchased
Below are three purchasing log examples:
For your convenience, we also provide an Excel format Purchasing Log template.
Procurement Card numbers are considered confidential, and proper care should be taken with the card and any documentation that contains the card number. Card numbers should be removed or made illegible on all documentation, including copies filed at the department. Never give your card number or lend your Procurement Card to anyone, including coworkers. Destroy old cards in a manner that ensures the card number and expiration date are no longer legible.
Establishing Proper Controls
You are responsible for safeguarding the card, and for all purchases made with it. It's important that you work with your departmental staff (e.g., KFS fiscal officer) in establishing proper internal business control procedures and processes to ensure that all expenditures are compliant, accurate, and appropriate.
Contact U.S. Bank, the police (if appropriate), your fiscal officer and the Procurement Card administrator if your card is lost or stolen.
If fraudulent charges appear on your monthly statement, the Dispute Reporting Form should be completed.