Recording
and Coding Purchases
Reconciliation Procedures
Fiscal Year-End
7.0 Recording, Coding and Reconciling Purchases
Recording
and Coding Purchases
Ministries must put systems
in place to facilitate recording purchase details and account coding for each
transaction to ensure that statements can be reconciled.
As a minimum, cardholders
must record:
- date of purchase;
- item and quantity;
- supplier name;
- account coding
- dollar amount; and
- identity of expense authority
who approved the purchase.
Cardholders must retain
all documentation pertaining to their purchases, including receipts, invoices,
fax follow-up letters, contracts, printouts of Internet order confirmations
and emails or other forms on which expense authorities initiate expenditures.
The Purchasing Card Transaction
Register form FIN 121 has been developed to assist cardholders in tracking
their purchases, or ministries may develop and use their own paper or electronic
version.
Reconciliation
Procedures
Purchasing card statements
will be made available to cardholders after the end of the billing cycle, which
is the third day of the month. Electronic statements are available within 24
hours of the end of the billing cycle. Paper statements (if requested) usually
take two weeks to be sent to the cardholder. It is the responsibility of the
expense authority to ensure that cardholders reconcile their statements to their
transaction registers in a timely fashion and submit them to their expense authority
for approval and processing.
Fiscal
Year-End
Ministries must ensure that
purchases are recorded in the correct fiscal period. This may require the accrual
of the April 3rd purchasing card statement. Ministries should be mindful that
there may be some April purchases appearing on this statement. April purchases
should not be included in the year end accrual.
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