Presentation on theme: "Procurement Card *Accounting and Auditing* Charlie Sinex Accounts Payable Manager CATS Presentation August 15, 2007."— Presentation transcript:
Procurement Card *Accounting and Auditing* Charlie Sinex Accounts Payable Manager CATS Presentation August 15, 2007
Presentation Focus Procurement card document (PCDO) FIS document General ledger accounting document Monthly statement audits Best practices
Purchasing p-card website Other key links: Restricted purchases: Exception to policy form (only true exceptions, requires Fiscal Officer signature):
Transaction flows Cardholder and vendor transaction begins the process.
Transaction flows - nightly Each night, IU processes a transaction file from GE Capital. Creating a PCDO document Transaction post date PCDO document creation – next day or Monday for Friday transaction post dates
Transaction flows - weekly On Tuesday, Accounts Payable processes payment to GE Capital for the transactions posted Monday through Friday of the prior week. Paying the Bill
Transaction flows - monthly Department submits statement and receipt documentation for audit By the 10 th of the month following statement end date Original itemized receipts are required The Audit Process
The General Ledger Process
PCDO and General ledger accounting PCDO documents route according to the default account set-up in the FIS p-card table. The initiator of the document is either the Fiscal Officer or the PCDO Delegate. The document is actually initiated by the system. On rare occasion the default account is not set-up prior to the transaction posting, this document is initiated by and routes to csinex.
General ledger entries do not book until final approval so, PCDO approval should be given as soon as accounting can be determined Object code 4190 must be edited Object code 4025 must remain Hospitality (HO) The following editing is permitted First in routing may edit accounts and object code – PCDO will route for approval according to FIS accounting Second in routing may edit to accounts for which s/he is the FO or Delegate
Object code hints and reminders HINT: The default object code for your p-card can be other than REMINDER: The approved object code should accurately reflect the nature of the transaction.
Questions so far?, General ledger?, Routing?, ????????
The Audit Process
P-card Audit Requirements Statements and supporting documentation must be submitted for audit by the 10 th of the month following the statement date Original itemized receipts must be submitted with the monthly statement Documentation should be complete and the purchase complies with IU policy
A smooth p-card audit Submit the all pages of the statement including Cardholder name Card number (audits key on last eight digits) All transaction lines and Statement total Attach the receipt documentation in order of transaction per the monthly statement Keep a copy for your department files for 3 fiscal years plus the current year
Hospitality Approval forms should accompany hospitality purchases. The approval number should be written at the top of the receipt. Exception to Policy Forms (only true exceptions) must be signed by the Fiscal Officer and should describe the purchase and the effort to obtain the proper documentation. Audit issues are communicated to the Fiscal Office and PCDO Delegate via . Prompt resolution including the document as reference will facilitate communication.
Questions??? ????? Thanks for your attendance and your attention. Charlie Sinex,