For all Procurement Card transactions, the department maintains the official record of the transaction. Unlike purchase orders, invoices, journal entries, etc., there will be no record of the transaction administered centrally. In the event of an audit the department will be contacted to provide documentation supporting the business purpose of any Procurement Card transactions under review. It is critical that departments establish sound documentation and record keeping procedures to insure that the following questions can be answered:
Each Procurement Card transaction must be supported by one or more of the following:
All food receipts must show the complete details of the items purchased.
A credit card receipt with only a total amount is not acceptable per the outside auditors.
If none of these are available, an internal order form or other internally generated statement detailing purchase will be required.
Procurement Card receipts for chart strings and PTAEO’s must be retained for 7 years.
It is expected that the department maintain Procurement Card transactions for the current fiscal year or PTAEO year within the department. Records for previous year(s) should be sent to Records Management – clearly indicating: PROCUREMENT CARD TXNS, the sending department, the chart/PTAEO string, and fiscal period covered. These records should be BOXED SEPARATELY and CLEARLY LABELED.
We strongly suggest that departments establish a record keeping system similar to the following:
The cardholder supplies the original receipt, order form, packing slip, or charge slip to the Procurement Card approver within the department as soon as possible after the transaction has occurred.
The following information should be noted on every receipt:
Upon receipt of the JPMorganChase monthly Cardholder Statements, the cardholders and/or card approver should review the cardholder activity, initial and date that all receipts have been received. Receipts should be attached to the statement and filed in the cardholder’s hanging file.
All Procurement Card receipts must be filed individually by the Cardholder name. Procurement Card receipts are kept in a separate file or folder (they should not be filed with other Financial transaction information, i.e. Purchase Requisitions, Request for payments, and/or invoices for other types of transactions), organized by date and fiscal year.
Procurement Card receipts should be checked for regularly. If the card approver does not have documentation for these transactions, the cardholder should be contacted immediately and the necessary documentation secured. The card approver should note that the purchase has been checked in the Procurement Card System by clicking on the Receipt on File box (ROF).
At the beginning of each new fiscal year, the previous fiscal year’s Procurement Card account files will be forwarded to Records Management clearly indicating the nature and dates of the records. Departments may elect to keep the previous fiscal year records as well as the current fiscal year’s records on-site if storage allows.
If charges have not been processed to your account for credit card transactions, please notify the Procurement Card Manager to determine the status of your transactions.
Last Updated: 5/19/10