Procurement Card Reconciliation Requirements
Timely processing of procurement card statements and transactions is essential in the fight against fraud. The verification of transactions is a vital control for the procurement card program in ensuring that receipts meet policy requirements and in detecting fraudulent transactions. The timely distribution of charges allows the approval process to be completed by the deadline. Electronic approval affirms that the charges are distributed properly and purchases are university-related expenditures. The deadline helps ensure that the university makes prompt payments to the card provider. One of the findings issued to departments by the Office of Audit and Compliance involves the untimely verification, distribution and electronic approval of charges.
There is documentation on procurement cards, including lessons on how to print statements, reconcile, deal with disputed charges and supplemental receipts as well as an overview/tips document available at https://irishelp.tennessee.edu/gm/folder-1.11.2080.
To track approvals, use the Workflow History report (ZWF_HISTORY). Instructions can be found at https://irishelp.tennessee.edu/gm/folder-1.11.2063. Choose the lesson for parked documents. Be aware that if you have distributed charges to multiple funds, the procurement card distribution may have to be approved by multiple approvers.
If you have any questions, please contact the IRIS Helpdesk (email@example.com).