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Monthly [billing cycle] review and approval of purchasing card transactions is required at the department level and appropriate documentation must be maintained.
Every bank statement entry must be supported by a receipt. If a credit is issued, some form of documentation relating to the original transaction should be provided if there is no current documentation. All documentation that does not appear on your statement may be held in a "pending" folder for timely retrieval and reconciliation for future statements.
Once the statement is reconciled and reviewed, the cardholder must sign and date the monthly statement. The date reflected on the statement should be within 45 days of the end of the billing cycle (13th of every month). By signing the monthly statement, the cardholder will be certifying that the purchases are consistent with all University policies and procedures. All supporting documentation should be stapled or clipped to the bank statement to facilitate auditing. Any historical information may be written on the documentation for a clear concise picture of the transaction for audit purposes.
If you find that you are missing a receipt, the vendor may be able to assist you with this; or, you may request a copy of the sales draft from the bank. Please remember that JPMorgan Chase will charge $5 for each copy provided and retains copies for 118 days from the transaction date, after which all copies are destroyed.
Monthly statements and supporting documentation should be filed by fiscal year and maintained in a designated, secure location. Maintain all records in a manner that allows for timely retrieval, as required by internal and external auditors. We will provide you with Purchasing Card envelopes to assist you with this.