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Queen's University
 

Reconciling Accounts

If you have been issued a Queen's Procurement Credit Card (P-Card), your responsibilities include ensuring that monthly reconciliations are completed on time. All transactions must be reviewed and settled monthly as per the posted dates on the SPS website . The Organization Short Name used on the Access Online Website is qu (site is not case sensitive).

It is the cardholders responsibility to ensure there card is reconciled each month by the posted dates either by themselves or designated individual who the cardholder may give authority to.  Failure to reconcile on a monthly basis will result in the card being cancelled. Copies of the approved reconciliations/statements must be kept on file with original copies of receipts attached.  As previously noted, these must be kept for a minimum of 7 years (longer terms may be required for research projects).

You may also contact the Credit Card Program Assistant  for one on one training specific to Queen's University which we are happy to provide anytime. 

With the authority to purchase comes the responsibility for maintaining adequate documentation of the transaction. It is the responsibility of each unit to develop a process and assign responsibility for document retention in accordance with Queen's University's Records Management Policy.

 

Reviewing 

Purchasing Card transactions are posted to the P-Card settlement system usually within 1 to 3 business days.  

Cardholders or a designated reviewers will log on to the proper website using their web browser. Each card must have an assigned reviewer. The reviewer is the individual responsible for regularly verifying transactions on the settlement system, changing default coding, adjusting HST where applicable (HST showing on screen must match the HST showing on the required documentation), adding business purposes, where required, and maintaining supporting documentation. The receipt/invoice must match the charge shown on the US Bank website identically.  An acceptable receipt needs to show the following:  Company Name, Date, Items purchased, Cost of items purchased and all applicable taxes, shipping charges etc. 

If it is a foreign transaction, the invoice/ receipt would need to match the amount shown in the "Source Currency Amount" on the "Summary" tab screen on the US Bank website.  If a invoice from a foreign supplier shows the supplier has charged Canadian taxes, (it will usually be charged in the currency of the supplier) the reconciler must convert the taxes shown into Canadian dollars. Please click on Account Information, then Cardholder Account Statement,  access the appropriate month's statement and scan down until you locate the transaction, you will be able to see what rate was used to convert the US amount to Canadian.  Take the amount of tax shown on your invoice and multiply it by the rate that was used and input the converted amount in the National tax box on the "Tax and Allocation" tab on the US Bank website. 

When reconciling with the new Chart of Accounts  numbers, the Fund, Department and Account(please use the proper Account ID code that best describes your purchase) are mandatory and must have all spaces filled in with appropriate numbers for your department.  If you do not have a Program, Class, or Project these sections will prefill with zeros.  These may be changed during reconciliation if required,  if not please leave zeros in the spaces.  Any section stated as a "Filler Do not Use" should have a dash in the applicable field.  This field must have a dash or the entry cannot be submitted. 

The Credit Card Program Assistant  has the ability to change default GL account codes should the need arise.   

While individual cardholders most commonly reconcile their own P-Card, departments and faculties are encouraged to designate one individual in their cost center to maintain records and review transactions in Access Online for all cards in that cost center. 

If the default "Chart of Accounts" number has been changed during the reconciliation process and there are any errors in the input, Financial Services will re-key the entry back to the default "Chart of Account" numbers.

Once the transaction is loaded onto the settlement system, authorized users will need to reconciled each and every transaction by the reconciliation dates on Strategic Procurement Services website to make any of the necessary changes which were noted above.  When all transactions for a given cycle date have been reviewed, a "Cardholder Activity Statement" must be printed, signed by the cardholder and supervisor within the allotted reconciliation timeframe. 

Please note that a "Cardholder Activity Statement" needs to be printed and signed by both the cardholder and the supervisor every month even if there are no transactions posted for the month. 

 All original corresponding receipts for the current month are to be attached to the "Cardholder Activity Statement"  and  filed locally.   Even if there are no transactions for the current month the "Cardholder Activity Statement" must be printed and signed by the cardholder and the supervisor for future audits.

If you have a dispute with an item or amount charge to your card by a supplier, it is the cardholders responsibility to contact the supplier and resolve the dispute.  Do not click the "Dispute" button on the US Bank site.  You only contact US Bank if you deem the transaction charge is a "Fraud".  If you have any question please contact the Credit Card Program Assistant.

Failure to reconcile could result in incorrect GL accounts being charged as well as incorrect taxes being remitted.   If you have any questions regarding access to the P-Card settlement system (password problems) or reconciling the card, please refer them to the Credit Card Program Assistant (see Contact List). 

A backup reviewer needs to be designated in the case where the reviewer will be absent during the month end reconciliation cycle process.  Cardholders must forward all supporting documentation, including credits to the P-Card, to the person in your department who has been assigned responsibility for document retention in a timely manner.  All transactions will be posted regardless of whether they have been marked as reviewed.

Original receipts must be kept on file for all transactions.  These receipts will assist in the verification of the online transaction history and are to be filed with the signed "Cardholder Activity Statements" in the department for seven years for audit purposes.  If it is a research project receipts may have to be retained longer.  Consult Financial Services for the correct retention period for research projects.

Documentation

Whether a purchase is made in person, via telephone, over the internet, by fax, or by email, the cardholder must obtain a sales receipt or a Procurement Credit Card (P-Card) sales slip (the same document you receive when you use your own personal credit cards) from the merchant. An acceptable receipt must show the following:  Date, Supplier name, Description of items purchase, cost of items purchase and all applicable taxes and shipping charges.  The amount of the invoice must match the charge to the card exactly.  If it does not match exactly the cardholder must go back to the supplier and request a new invoice/receipt.  Purchases made on your card are charged to a pre-established default general ledger account code (default cannot be a sponsored fund).  When purchasing item(s) over the internet, print the order and confirmation showing items purchase, date, cost, etc., for confirmation and auditing purposes as this may be the only receipt issued.

Receipts must be kept for a minimum of 7 years.  If receipts are for a Research project please contact Financial Services for the time period over the 7 years receipt must be maintained for.

Note:  Please ensure documentation is accessible to at least one other person in your department during a temporary leave of absence from the University (e.g., sabbatical, sick leave, maternity leave, etc.)

Missing Receipts

While all efforts should be made to acquire and retain original receipts, in the event that documentation for a purchase is missing or receipts are lost or misplaced, the cardholder may contact the supplier and try to obtain a duplicate receipt/invoice. 

Managerial Oversight

Once a P-Card has been reconciled, it is necessary for documentary and audit purposes for your manager to sign off on the printed monthly cardholder activity statement in order to ensure managerial oversight and adherence to the University Procurement Card Policy.

Kingston, Ontario, Canada. K7L 3N6. 613.533.2000