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Purchasing Card Record Keeping
As with any charge card, you must retain the sales slip, cash register receipt, invoice order form and packing slip for your protection.

Cardholders should always obtain an itemized receipt for each transaction. An itemized receipt is defined as an invoice, cash register receipt, sales slip, or packing slip which contains an itemized list of goods purchased, with dollar amounts, and the name and location of the supplier. An employee of the supplier must sign handwritten receipts. If a cash register tape does not have descriptions, write them on the tape. Any transaction without a properly substantiated receipt is subject to reimbursement of the university by the cardholder.

Only local meals are allowed on the Purchasing card and they must be an allowable expense per University Expenditure Regulations. Receipts must be itemized and must include the group name, reason for the meeting and list of attendees. Credit card slips are not sufficient for audit purposes. You must also include these three things for any food/beverage purchase.

Travel related expenditures are allowed on the PCard, except for meals and mileage for personal vehicles. Receipts must be itemized, and a signed copy of the Travel Request must be attached to the expense report.

You will need to log onto the issuing bank’s website in order to print your statement every month.  The website address is https://access.usbank.com .

Reconciliations should be completed by the last day of the following month. The reconciliations, along with the appropriate receipts and other documentation, must be retained in the cardholders department.  A copy of your signed credit card statement must be sent to Accounting & Financial Services by the last day of the following month. The cardholder and account manager must sign the credit card report. If the reports are not sent to Accounting & Financial Services by the last day of the following month, your card account will be suspended. Any cardholder whose card is suspended for 3 months will have their card privileges revoked.

 

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Modified 11/14/2018
Article ID: 467