Reconciling Your P-Card Statement
Cardholders will receive a Cardholder Statement of Account monthly which will list all the transactions charged during that cycle period. Statements are not issued for months that contain no transactions.
The purchase transaction log must be approved and signed monthly by someone other than the cardholder. At least one of the signatures must be authorized for the fund(s) and organization code(s) being charged. Multiple signatures may be required if multiple fund/org are charged that require different authorizations. As an alternative, a signature or signatures on the monthly cardholder statement is acceptable as long as all items are properly reconciled against the cardholder’s purchase transaction log.
- The approval signatures must be dated.
- Reconcile your P-Card Statement against your approved purchase transaction log when you receive your monthly statement:
- use a check mark or other annotation
- the bank statement date should be recorded on the purchase transaction log next to the reconciled items
- If an item is entered on a purchase transaction log, but has not yet appeared on the monthly credit card statement, that item simply remains open and the statement date column is left blank.
- All receipts must be attached to the corresponding monthly purchase transaction log.
- Cardholder statements should be filed with the monthly logs and attached receipts.
- If you have an issue with a transaction, work directly with the merchant for a resolution.
- Invalid charges on your P-Card statement should be disputed with the bank within 60 days.
It is required that a Travel and Entertainment Expense Report be completed, properly authorized and reconciled to the Bank Statement.
Once a travel log has been approved the journal vouchers processed in Banner for the expenses must be posted to the appropriate budget.
The travel log must be authorized prior to completing and posting the journal vouchers in Banner.
You have two options available for logging travel expenses:
- Keep a monthly Travel and Entertainment Expense Report and reconcile the log the same day every month. Each month you need to reimburse yourself or Rensselaer, if necessary. You cannot carry a balance forward to the next month.
- Reconcile a Travel and Entertainment Expense Report or each trip and keep an incidental log for miscellaneous expenses (e.g., lunches, mileage). Reconcile the incidental log each month on the same day as stated above.