Are source documents reconciled to Purchase Card Statements on a monthly basis?
• Ideal Answer: YES. Reconciling the source documents (receipts) to the monthly Purchase Card transaction report assures proper accountability over all approved charges. By routinely reconciling, one can immediately identify any erroneous charges or abusive transactions. • Is the reconciliation done independently (i.e. the reconciler is not a “designated user” or has access to the card)? • Ideal Answer: YES. There should be an independent reconciliation and review for appropriateness of supporting documentation to the Purchase Card Statement on a monthly basis. The possibilities of errors and/or inappropriate charges could occur without your detection. • Is the reconciliation reviewed periodically by a supervisor or an independent party? • Ideal Answer: YES. The occasional review and initialing of the reconciliation by a supervisor or independent party would accomplish this requirement. This provides oversight of the process to ensure it is being done, on a timely basis. • Has the card
Related Questions
- I am an Approving Official. Do I forward receipts and backup documents to the OSD/WHS Purchase Card Program Office with my Invoice (monthly billing statement) for payment?
- Are source documents reconciled to Purchase Card Statements on a monthly basis?
- What documents should I submit when I purchase the HDFC Bank ForexPlus card?
